By The Nation
The initiative offers greater convenience and saves time for buyers, as they no longer need to go to a Bank branch or submit any documents.
Wirawat Panthawangkun, the bank’s senior executive vice president, says there are three insurance plans from which to choose.
1. PA Plus Value: Pay Bt1for premium per day, or just Bt365 per year, and receive Bt5,000 of medical expense reimbursement each incident (no incident limit), and up to Bt100,000 of life insurance benefits.
2. PA Plus Protection: Pay Bt3 for premium per day, or Bt990 per year, and receive Bt15,000 of medical expense reimbursement each incident (no incident limit), and up to Bt250,000 of life insurance benefits.
3. PA Plus Life Coverage: Pay Bt8 for premium per day, or just Bt2,800 per year, and receive Bt100,000 of medical expense reimbursement each incident, up to Bt500,000 of life insurance benefits and Bt2,000 of daily income compensation.
Wirawat said that the PA+ is a policy aimed at protecting Thais regardless of their income against damages caused by accidents. Thailand now has the highest number of road casualties in ASEAN, with 22,491 people dying in road accidents each year, or 60 persons a day on average; 74 percent of them are motorcyclists. Thai RSC Road Accident Data Centre said that a total of 532,900 road accident cases were reported from January to June, with 9,083 people dead from such accidents. In addition to road accidents, which are the most common accident type, Thai people also suffer from other accidents caused by slipping or falling. Such accidents may not be immediately fatal, but can cause serious injuries such as hip fractures – causing problems in body movement – and head injury.
These statistics also show that there is a high risk of being involved in an accident. However, only 30 per cent of the Thai population, or 21.8 million Thais, have personal accident insurance, with an average medical expense of Bt25,000-Bt50,000 per case. This suggests that Thai consumers overall do not give much importance to personal accident insurance, although it can help them manage risk and reduce expenses that may occur, such as medical costs, that are trending higher whether you receive treatment at a private or public hospital, or use your social insurance benefits. In some cases, personal accident insurance may help the insured cover all their expenses and receive medical treatment in a timely manner from the hospital located nearest the accident spot. Aside from daily compensation while being treated at a hospital, the policyholder may get compensation in the case of disability or accidental death per the conditions specified in the insurance policy. The premium is also fixed throughout the duration of the insurance contract, and will not be subject to any change as seen in other types of insurance, while prospective policyholders do not have to provide their medical history.