Thai woman moans on Pantip - my life insurance premium went down by 200,000 baht on withdrawal

[webfact]

Thai woman moans on Pantip - my life insurance premium went down by 200,000 baht on withdrawal

 

Picture: Sanook

 

A Thai woman has gone on the Pantip forum to say that she was deceived by a bank.

 

But posters have told her that she shouldn't have been so gullible.

 

Sanook said the woman went to a bank with the intention of putting one million baht into a fixed deposit.

 

They told her she would get a better interest rate if she opted for life insurance. They allegedly told her that her initial premium could never go down if she needed to withdraw the money.

 

She was told that she would get 20,000 interest a year for 15 years and a million at the end of the policy period.

 

In addition if her husband died before then the payout would be a million baht.

 

When she ran into financial difficulty she went to the bank to withdraw the initial outlay but was given only 788,000. The bank said they were withing their rights according to the policy.

 

She took it fearing it might drop further if she didn't.

 

Posters suggested that she should not have believed claims that she could get her million back before 15 years. This was standard with life insurance policies.

 

The bank was not named in the Sanook report.

 

Source: Sanook

 

-- © Copyright Thai Visa News 2018-08-17

[Get Real]

She broke a contract, that she should have been reading and signed it. The is an act and a proof of understanding the full extent of the contract.

Most people have to pay in one way or another when they break a contract. You are supposed to read it, and not belive what the counterpart is telling you.

[inactiveposter]

Ah, the old joke - How do you make a small fortune in Thailand? Start with a large one.

[Kasset Tak]

Don't trust banks and insurance companies as all they do is take your money and try to trick you out of as much as they can!
My bank told me that I had to get a more expensive VISA card but that it would include accident insurance... it turns out that: you have to be a Thai citizen for that insurance to apply (that part was written only in Thai and not in the English translation of the documents), there is no rules that say that I as a foreigner must have that card, and the bank refuse to change to a cheaper card as I signed the documents/contract for 3 years (and in that contract it states in ENGLISH that an insurance is included with the card... and again in THAI it say that it only apply for Thai citizens!!!) ...and they did it just so that they could charge me another 2000 Baht a year!

So yeah, the 3 biggest crooks out there are:
Banks
Insurance companies
Lawyers

[Just Weird]

2 hours ago, inactiveposter said:

Ah, the old joke - How do you make a small fortune in Thailand? Start with a large one.

Exactly the same conditions exist for insurance policies worldwide, this is not particular to Thailand in any way.

[Bluespunk]

4 hours ago, webfact said:

The bank was not named in the Sanook report.

If the allegations this woman makes are true, the bank is guilty of fraud or at least, deceitful behaviour. 

 

Others deserve to be warned. 

Edited August 17, 2018 by Bluespunk

[thaichiro]

Always have someone with you to read a contract before signing if you are not capable of doing so yourself, or take it home with you to have another check it over so you are clear of the ins and outs before signing. Otherwise, DONT SIGN!!!

[gropes]

18 hours ago, Kasset Tak said:

Don't trust banks and insurance companies as all they do is take your money and try to trick you out of as much as they can!
My bank told me that I had to get a more expensive VISA card but that it would include accident insurance... it turns out that: you have to be a Thai citizen for that insurance to apply (that part was written only in Thai and not in the English translation of the documents), there is no rules that say that I as a foreigner must have that card, and the bank refuse to change to a cheaper card as I signed the documents/contract for 3 years (and in that contract it states in ENGLISH that an insurance is included with the card... and again in THAI it say that it only apply for Thai citizens!!!) ...and they did it just so that they could charge me another 2000 Baht a year!

So yeah, the 3 biggest crooks out there are:
Banks
Insurance companies
Lawyers

Certainly the Royal Commission into Banks and Superannuation Funds in Australia would support the first on your list; fees for services not provided, fees charged to deceased persons etc.

[Number 6]

What most likely occurred is that the sales agent told her whatever she wanted to hear to close the deal, even if factually incorrect. But...what will carry water in the court is the contract.

[mikebell]

19 hours ago, Kasset Tak said:

My bank told me that I had to get a more expensive VISA card

Anybody else fallen foul of Bangkok Bank's refusal to give a Visa Debit card such as I have had with them for 12 years?  My ATM card now only has Unionpay on it & I have twice been embarrassed by companies refusing to accept it.  I can have a VISA Credit card providing I keep a million baht with them.  I wonder if this account pays any interest?

[Iquot70]

Breach of contract, in general it's stated in the contract that if you breach it, you have to pay something. I think it's the same every where in the world. For the other comments about ATM cards I don't quite understand. If you are eligible to have a bank account (means you are able to provide ALL the relevant documents, such as proof of address, work permit or other permanent visa etcetera), you can actually open a bank account, get perfectly working ATM cards, credit cards and even a cheque book. I speak for myself, I have two bank accounts on SCB and Kasikorn, for both I have perfectly working debit cards, never refused so far (15 years in Thailand) and even an AMEX credit card, the latter is not widely accepted but it still works on line and many other shops. To be noted that each debit card and the AMEX card, have included an inpatient insurance. Couple of years ago, I needed to be hospitalized for a bad infection at Bangkok Hospital; when dismissed I was able to use the insurance of one debit card (paid with the card but no money was deducted from my account) to its total limit and I used the second debit card to cover the remaining sum, and again not a satang was deducted from my account, full paid by both insurances. I don't know you guys why you always brag that nothing works in Thailand, but I am perfectly regular in my papers and I never had, in 15 years any such problem. I would suggest to make your position in the Kingdom regular, so to enjoy all the benefits this country has to offer.

 

PS

As I work in Thailand, I also posses a social card. I used it few times and it was a pleasure to discover that I can get medicine for free (Did it at Camillian hospital BKK, I actually didn't know, they ask me the social card and then told me everything was free at that time), and even teeth cleaning for a couple hundreds bath in any dental clinic I choose. That's something I do regularly...

 

PPS

I'm not rich, I don't have, not nearly, a million baht in my accounts, never had... Still I have two perfectly working debit cards and one perfectly working AMEX card. I don't have check book currently because I don't like that system anyway, however I had it in the past and again it was working perfectly. I guess you're in the kingdom with the wrong papers...

Edited August 18, 2018 by Iquot70

[lapamita]

27 minutes ago, mikebell said:

Anybody else fallen foul of Bangkok Bank's refusal to give a Visa Debit card such as I have had with them for 12 years?  My ATM card now only has Unionpay on itVISA Credit card providing I keep a million baht with them.  I wonder if this account pays any interest?

Thaibanks are really working good.

as of bangkokbank

Visa debit is now union pay , they changed 2 yr ago, and i not happy, bcs unionpay many time no works . but with name oon it (printed) they have only unionpay now.the old visa debit w name is off. a visa debit is aviable but without printed name.

For creditcrad

BBL Creditcards aviable for foreigners, the pack a master and visa creditcard ,is free of yearly fees. it incl a payback ( for ex bigc vouchers.for 100k spend 500) . I f y foreigner you must open a fdixed deposit ( aplicable rate is hanging out on signs in bbk bank,and are same as normal deposits ,not less )) at the moment 1,xx, your creditcard exist as long y  deposit exist,means you make an automatic extension,for easy.

their is no minimum requirment. but 100k its really the minmum,for have an adequate creditline. monthly charge would be done by savingsbook or billing. The card on aplication is " secured creditcard". You do not need any paperwork or Wp or anything if y already have a savings AC

i am happy since 20yrs

 

and ofr lifeinsurances sold in Banks (any) , people greddy and sellers i the bank dont know in many trimes even the conditions,meaning in western countrys they in the knowledge of selling shit or not fit products, here they have a lack of knowledge, thte advisors and the clients. Some insurance agents selling here healthinsurance from AIA ,and dont know even that they sell a lifeinsurance with an ADD ON , whats than the healthinsurance. Agent and clients  have a fatal leak of understanding

 

Edited August 18, 2018 by lapamita

[JWRC]

Kasset Tak,, I would have added Real Estate salesman/women to that list of people never to be trusted.

[jethro69]

On 8/17/2018 at 8:10 AM, Kasset Tak said:

the 3 biggest crooks out there are:
Banks
Insurance companies
Lawyers

Pretty sure there is still room to squeeze politicans and the pharma somwhere in between  ???

[Thechook]

On 8/17/2018 at 4:19 PM, Just Weird said:

Exactly the same conditions exist for insurance policies worldwide, this is not particular to Thailand in any way.

Just had a royal commission in Australia and the banks and insurance companies were found to be involved in all sorts of criminal activity and defrauded it's customers out of hundreds of billions of dollars.  They were fined 2 million 

[mikebell]

22 hours ago, lapamita said:

Thaibanks are really working good.

as of bangkokbank

Visa debit is now union pay , they changed 2 yr ago, and i not happy, bcs unionpay many time no works . but with name oon it (printed) they have only unionpay now.the old visa debit w name is off. a visa debit is aviable but without printed name.

For creditcrad

BBL Creditcards aviable for foreigners, the pack a master and visa creditcard ,is free of yearly fees. it incl a payback ( for ex bigc vouchers.for 100k spend 500) . I f y foreigner you must open a fdixed deposit ( aplicable rate is hanging out on signs in bbk bank,and are same as normal deposits ,not less )) at the moment 1,xx, your creditcard exist as long y  deposit exist,means you make an automatic extension,for easy.

their is no minimum requirment. but 100k its really the minmum,for have an adequate creditline. monthly charge would be done by savingsbook or billing. The card on aplication is " secured creditcard". You do not need any paperwork or Wp or anything if y already have a savings AC

i am happy since 20yrs

 

and ofr lifeinsurances sold in Banks (any) , people greddy and sellers i the bank dont know in many trimes even the conditions,meaning in western countrys they in the knowledge of selling shit or not fit products, here they have a lack of knowledge, thte advisors and the clients. Some insurance agents selling here healthinsurance from AIA ,and dont know even that they sell a lifeinsurance with an ADD ON , whats than the healthinsurance. Agent and clients  have a fatal leak of understanding

 

Thanks for clearing that up.

[Just Weird]

9 hours ago, Thechook said:

Just had a royal commission in Australia and the banks and insurance companies were found to be involved in all sorts of criminal activity and defrauded it's customers out of hundreds of billions of dollars.  They were fined 2 million 

That Royal Commission did not find that "the banks and insurers were involved in criminal activity", it found, so far, that two institutions were, AMP and Commonwealth Bank and AMP was found to have lied to regulators, not defrauded clients.  So far. 

 

Neither has the Commission said that "hundreds of billions" (what?) of dollars had been defrauded from customers.  But this is Thaivisa and I wouldn't expect accurate comments from most posters here.

 

But what has that nonsense that you "quoted" got to do with this woman's case where she cashed in a policy with a Thai company before the end of it's term, therefore incurring penalties as per the policy conditions?  Policies work like this, a customer agrees to invest a sum of money for a contracted term and, in return, the insurer promises certain benefits as long as the funds remain invested.  Taking funds before the end of the term is breaking the conditions of the investment so the investor is penalized.  it's as simple and as reasonable as that.

[Nobbie49]

Thaibanks are really working good.
as of bangkokbank
Visa debit is now union pay , they changed 2 yr ago, and i not happy, bcs unionpay many time no works . but with name oon it (printed) they have only unionpay now.the old visa debit w name is off. a visa debit is aviable but without printed name.
For creditcrad
BBL Creditcards aviable for foreigners, the pack a master and visa creditcard ,is free of yearly fees. it incl a payback ( for ex bigc vouchers.for 100k spend 500) . I f y foreigner you must open a fdixed deposit ( aplicable rate is hanging out on signs in bbk bank,and are same as normal deposits ,not less )) at the moment 1,xx, your creditcard exist as long y  deposit exist,means you make an automatic extension,for easy.
their is no minimum requirment. but 100k its really the minmum,for have an adequate creditline. monthly charge would be done by savingsbook or billing. The card on aplication is " secured creditcard". You do not need any paperwork or Wp or anything if y already have a savings AC
i am happy since 20yrs
 
and ofr lifeinsurances sold in Banks (any) , people greddy and sellers i the bank dont know in many trimes even the conditions,meaning in western countrys they in the knowledge of selling shit or not fit products, here they have a lack of knowledge, thte advisors and the clients. Some insurance agents selling here healthinsurance from AIA ,and dont know even that they sell a lifeinsurance with an ADD ON , whats than the healthinsurance. Agent and clients  have a fatal leak of understanding
 

Can someone translate this for me?


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