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2. SAVINGS PLANS
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This insurance category includes both an insurance component and a savings component. It provides life insurance protection against the uncertainties of life while also accumulating a cash value over time.
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Savings Plans (Life Endowment Cover)
Life Endowment Cover policy, which is sometime known as Savings Plan policy. Usually, you will be given CASH Coupon every year before the maturity date (which is fixed at certain no. of years). You can either cash out the coupon to use or, to save it at the prevailing interest rate.
While the Life policy does not has cash coupon payment, but you still encash out money if you were to surrender the policy or, to take up a policy loan. In this case, it will help you to save a lot of funds when you can cash out during your golden years.
Since both policies are exposed to the same investment environment, the effective rate of return therefore is about the same. However, the Life policy provide better coverage, in term of death and disabilities, as well as medical and cash return.
Thus, it depends on your purpose of having to purchase the plan, and how it can fit into your whole insurance program.
Please Contact Us today
to lean more about Savings Plans Insurance coverage in Thailand.
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