Bangkok--19 May--Siam Commercial Bank
Siam Commercial Bank joined hands with ACE Life Assurance to launch “Retired Chill Chill Financial Plan”, a high-value retirement plan alternative designed to meet every retirement needs. Available in two packages – Super Life and Super Protection Plus, the new retirement plans promise to cover ‘every monthly expense, medical costs and fortune to leave behind’. The new products are expected to encourage consumers to start planning for their retirement today, for a carefree post retirement life as Thailand is entering the period of an ageing society.
SCB First Executive Vice-President and Head of the Bancassurance Division Ms. Araya Phuphanich said that “SCB realize the importance of financial planning for retirement as Thailand will enter an ageing society in the next 20 years. By then, citizens with age 60 years will account for 30% of the country’s population. With extensive experience in financial planning for customers of retirement age, SCB truly understands specific needs of this customer segment and continues to develop financial products to meet every retirement needs. We are joining forces with ACE Life Assurance Public Company Limited to develop the “Retired Chill Chill Financial Plan”, with an aim to encourage people to begin planning for retirement early and offer an alternative for working people who aspire for a financially secure and happy retired life. Available in two packages: Super Life and Super Protection Plus, the high-value financial plans are designed to meet all retirement needs and promise to cover ‘every monthly expense, medical costs and fortune to leave behind’.
“As Thailand is approaching an ageing society in just next two decades, SCB strongly believes that the Thai society needs to be more aware and well-prepared for retirement planning. Purchasing insurance plan is a good alternative. In partnering with ACE Life Assurance, a world’s leader in insurance and retirement financial planning, we are confident that Super Life and Super Protection Plus will bring optimal benefits to our customers.”
According to, Country President of ACE Life Assurance, Sally O'Hara “ACE Life has researched the ageing society and needs of Thai people post retirement in Thailand. The Retired Chill Chill Financial Plan, jointly developed with Siam Commercial Bank, offers high protection and benefits and helps customers to better plan for their life after retirement. Super Life is an annuity plan, designed for people aged between 20 and 50 years, who start planning early. Super Life offers 16% of the sum assured as an annual annuity payment. Super Life is available in two plans – Plan 1) premium payment until 55 years old for the individuals aged between 20 – 50 years, who receive the annuity from 55 – 90 years; Plan 2) – premium payment until 60 years old for customers aged between 20 – 55 years, who receive the annuity from 60 – 90 years. Customers can choose to receive their annuity benefits as either monthly or annual payments. Further, Super Life offers life coverage at 105% of the total premium paid, or the cash value depending on whichever is higher. Plus, policyholders can enjoy an income tax deduction up to Baht.300,000 (in accordance with the announcement of Revenue Department No. 172 and 194, granting tax exemption for insurance premiums not exceeding Baht 100,000 and Baht 200,000 respectively).
Lastly, Super Life is easy to apply for, with no medical checkup or health questions required.
Super Protection Plus is a life and health insurance plan for customers aged between 50 – 75 years. It offers protection until 90 years of age and life cover up to Baht 400,000. Also, Super Protection Plus provides a daily indemnity during hospitalization of Baht 1,000. Unused benefits can be accumulated for use in future years and maturity benefits can be bequeathed to family members. Super Protection Plus is available in two plans – a 10 years premium payment plan and a plan where premiums are paid up until 90 years of age. Both are eligible for tax deductions of up to Baht 100,000. Plus, this plan is also easy to apply for, with no medical checkup or health questions required. We’re confident that Super Life and Super Protection Plus from ACE Life Assurance will enable today’s customers to live a secure and comfortable life.”
“Retired Chill Chill Financial Plan” is SCB’s beginning of retirement planning product. As the needs of this customer segment are varied, as a leader in bancassurance market, SCB will continue to develop new products to best meet their requirements. Customers can seek advice for retirement planning and purchase insurance products at all SCB branches nationwide or contact SCB call center at tel. 02-777-7777.