Bangkok--Oct 4--Aziam Burson-Marsteller
In a bold move to strengthen its positioning in the Thai life insurance market, Millea Life Insurance (Thailand) PCL has launched the new "Peace of Mind 2" product that offers policyholders long-term protection in five important fund groups and with three free privileges all designed to enhance essential protection in the core areas of daily living. Additionally, the company announced that it expects to issue 1,000 new insurance policies by the end of 2005 with first-year premiums (FYP) of 17 million baht in total.
According to Mr.Tsunenori Sawaki, President, "Peace of Mind 2 is another of our very important life insurance products adopted from the 'Need Based Sales' concept to really meet all the basic needs of our policyholders."
"The Peace of Mind 2 package provides solid peace of mind for families by offering protection plans included in five distinct funds: funds for monthly expenses, education, funeral expenses, medical expenses, and retirement," said Mr. Sawaki.
Premium payments for Peace of Mind 2 are shorter than the term of coverage.
Customers can choose either of two options, i.e. 1) a 20-year premium payment plan and 2) premium payments until the insured person reaches the
age of 60, with the term of coverage until the insured person reaches the age of 85.
In addition, three special privileges are offered including:
1. Funeral Need Benefit
Eligible to receive up to 300,000 baht in cash within 24 hours to ease the burden of expenses incurred from the death of the policyholder.
2. Conversion Privilege
Eligible to convert Family Care Plus to Whole Life or Endowment policy without undertaking medical examination or showing evidence of insurability.
3. Waiver Premium Rider
Premium payments shall be waived in the event of total permanent
disability (the conditions are subject to the Company's guidelines).
Peace of Mind 2 is ideal for customers who want long-term protection and working people who are responsible for taking care of their families. For
the 20-year premium payment program, the applicable age range is between 20-55 years of age. Alternatively for the premium payment program that runs until the policyholder reaches the age of 60, the applicable age range is between 20-50 years old. The minimum assured sum is 100,000 baht.
The insured person who lives until 85 will receive 100% of the sum assured at the end of the policy contract. During the period when the policyholder
is paying premiums, the insured persons who suffer from any one of 45 critical illnesses as defined by the company will receive 100% of the sum assured for further medical treatment. Included among the 45 diseases are invasive cancer, cardiomyopathy, paralysis, liver failure, kidney failure, Alzheimer's disease, Parkinson's disease, HIV through blood transfusion, and occupationally acquired HIV.
In the event of sudden death during the period when premiums are being paid, the beneficiary will receive 100% of the insured amount plus monthly
compensation equivalent to the insured amount as indicated in the supplementary contract. The monthly payment will be valid until the end of the premium payment term. In case of death after the end of the payment term, the beneficiary will receive 100% of the sum assured.
Peace of Mind 2 will be available via agency channel, starting from October 3, 2005. Millea Life expects to issue 1,000 new policies by the end of
this year with anticipated FYP of 17 million baht.
Corporate information
Founded in 1997 under name "Thai Charoen Life Assurance PCL". In 2001, joint venture with Tokio Marine and Fire Insurance, the oldest and biggest
insurance company in Japan, and renamed to "Millea Life Insurance(Thailand) PCL.
With a registered capital of 700 million baht, Millea Life Insurance (Thailand) PCL is a strategic alliance of 3 renowned and financially solid partners including Millea group, Thai Charoen Commercial Group established
by Khun Charoen Siriwattanapakdi and BankThai PCL.
Millea Group and Millea Holding have been regarded as the largest group of insurance business in Japan and the eighth largest group of insurance
business in the world with operations in 133 cities in 36 countries and regions around the world.
For more information
Contact: Kamolmas
Aziam Burson-Marsteller
Tel: 0 2252 9871
[email protected] End.