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OIC launches ‘Seven Baht Plus’ micro insurance policy

Dec 25. 2019
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By THE NATION

The Office of Insurance Commission (OIC) officially launched its ‘Seven Baht Plus’ micro insurance policy on Wednesday (December 25), led by secretary general Sutthipol Thaweechaikan.

The micro insurance, he said, specifies that buyers must be entrepreneurs buying it for the protection of workers or customers, or people purchasing it as a group.

The micro insurance is available at Government Savings Bank and on Shopee, the e-commerce website, from December 15 2019 to January 2020.

Eligible buyers must be twenty to seventy years old. Protection period of the insurance is set for thirty days, beginning from the date of purchase, at a premium of Bt7.

The policy covers covers four cases:

First, an insured person will get Bt100,000 of coverage if he/she loses his/her life, hand, foot, vision, or being disabled permanently from an accident. The coverage does not cover an insured person's loss in cases of murder, assassination, and/or motorcycle accident.

Second, an insured person will get Bt50,000 if he/she dies or being disabled permanently in a murder, assassination, and/or motorcycle accident.

Third, an insured persons will get Bt5,000 of coverage for their funeral. This benefit does not cover death caused by illness in the first fifteen days of the protecting period.

Fourth, an insured person will get Bt150 per day for compensation if they are injured in an accident and is admitted as an in-patient to a hospital.

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