FWD Insurance recommends 'smart' insurance choices for tax savings with complete protection

FWD Insurance invites consumers to plan their taxes intelligently with life and health insurance that serves as both a financial tool and a source of protection. The company highlights dual benefits: tax privileges and comprehensive coverage that truly meets life's needs.

According to the latest survey titled "Consumer Survey 2023: How to adjust your savings for the future as time counts down," conducted by SCB EIC , Thais continue to prioritise savings. The study found that 37% of consumers can save regularly each month as planned, while among those earning 50,000 baht or more per month, the proportion of consistent savers rises to 66-76%. This reflects a growing trend among younger working generations to manage their finances for the future more proactively. The findings also indicate that saving combined with protection is becoming a preferred choice for new generations seeking both financial security and tax benefits. In response, FWD Insurance is offering life and health insurance options that enable everyone to plan their taxes effectively, save with confidence, and live life to the fullest.

Mr. David Koruni?, Chief Executive Officer for Thailand & Cambodia at FWD Life Insurance Plc. (FWD Insurance), said: "Tax planning through life insurance means maximising the benefits of available tax privileges to create added value transforming tax deductions into investment for protection and a stable financial future. Policyholders not only enjoy tax benefits but also gain coverage, savings, and post-retirement income. This lays a sustainable foundation for life, empowering everyone to Celebrate living with confidence."

To address diverse financial goals, FWD Insurance presents three key strategies for tax planning:

Wealth Builder - For individuals who want to start building financial discipline with goal-oriented savings, enhancing long-term stability while claiming up to 100,000 baht in tax deductions (as stipulated by the Revenue Department). Examples include Easy E-Save 10/5 - A savings life insurance plan with a short premium payment period of 5 years and 10-year life protection. For health preparedness, customers can pair it with Easy E-Health, a comprehensive health insurance plan covering inpatient hospitalisation with an annual lump-sum coverage of up to 1,500,000 baht.

Smart Investor - For investors seeking to combine life protection with long-term investment opportunities through unit-linked life insurance, balancing security with potential growth. Options include FWD Ultra Linked 99/99, a unit-linked policy offering life coverage until age 99, with premiums starting from 12,000 baht per year and sum assured of 8-200 times the basic premium. FWD Future Linked 99/9, providing life coverage until age 99 with premium payments for 9 years and coverage of up to 50 times the basic premium.* Coverage duration depends on fund performance, surrender value, and the insured's age.

Retirement Planner - For individuals aiming for financial confidence in retirement with an annuity plan that ensures steady income and a fulfilling lifestyle, along with tax deductions of up to 300,000 baht (as specified by the Revenue Department). Easy E-Retire 90/5 - A retirement annuity plan designed for financial preparation in later life. Premiums are paid over a short 5-year period, with annual annuity payments starting from age 60 to 90, and an additional pension bonus of up to 28% of the sum assured as the insured ages ensuring a secure post-retirement income stream.

FWD Insurance summarises the key tax deduction benefits from insurance premiums as follows:

• Health insurance premiums: deductible up to 25,000 baht.
• General life insurance premiums: deductible up to 100,000 baht.
• Combined deduction for general life and health insurance: up to 100,000 baht.
• Pension insurance premiums: deductible up to 200,000 baht, and when combined with life insurance, the total must not exceed 300,000 baht.
• Health insurance for parents: deductible up to 15,000 baht, provided parents' income does not exceed 30,000 baht per year.
• Life insurance for a spouse: deductible up to 10,000 baht, if the spouse has no income and the couple files jointly.

No matter which financial plan customers choose for tax deduction purposes, discipline and regular monitoring of financial status are essential. FWD Insurance customers can easily manage their financial and tax-benefit plans through the Omne by FWD application a one-stop digital platform that allows users to manage policies, receive saving plan recommendations, and access real-time updates anytime, anywhere for more efficient financial planning.

Considerations before choosing an insurance policy

FWD Insurance recommends that customers take the following key factors into account before selecting a policy:

Assess real needs - Choose a plan that matches desired coverage, not merely for tax deduction purposes.

Plan your budget - Select a premium payment plan that fits comfortably within your spending ability without affecting daily expenses.

Study the policy details carefully - Understand the policy conditions, coverage scope, exclusions, risks, returns, and charges before making a decision.

Understand premium payment and coverage periods - Each insurance type differs in duration and payment structure; choose one that aligns with your goals and financial situation.

Consult a professional - Seek advice from FWD Insurance agents or certified financial advisors if uncertain.

Interested individuals can learn more about insurance products and tax-deduction benefits at www.fwd.co.th, through FWD Insurance agents nationwide, or by contacting the FWD Customer Service Centre at 1351.