Life Insurance And Saving Policy

[Dodobird]

Hi everybody,

Sometime early last year, my g/f told me that she has bought a 15 years saving insurance policy (Bancassurance's Gain 1st 220 Life Insurance And Saving Policy marketed by Bangkok Bank)

for 16,700.00 bahts/ and the annual premium payable thereafter is 8,400 bahts.

She has request me to deposit 700 bahts into her account every months so that the bank can deduct the premium from her account. Since this is the only money (700 bahts) she asked from me, I obliged.

However, yesterday we received a notice from Bangkok Bank saying that gf has to pay 16,700 bahts and not 8,400 bahts. We went straight to the Bangkok to confront the officer who sold her the insurance, but she denied that the annual premium is 8,400 bahts and insisted that she told my gf the annual premium is 16,700 bahts. I was very angry and told her to cancel the policy and close her bank account with immediate effect.

I got more furious when she told my gf that she will not get a single satan if she will to cancel the policy.

Can someone enlighten me on this? My doubt is...this is a "saving" policy and it is slightly more than a year old which warrant some pro-rate premium refund back, isn't it. Also, What about the 4% cash return of the total sum assured on the 2nd year Look at this

[Trickcyclist]

any value is probably all gone in commissions to the salesperson.

[ericthai]

I think you might have lost everything she paid in. My wife had a Life insurance policy in Thailand for her mother. They guy asked she her mom is or has been sick, she told them she was in the hospital but was now out and at home. He told her no problem she signed all the papers and paid for three years, her mother then died and they refused to pay out the policy said her mom had a pre-existing condition she tried to tell them the agent said this was no problem etc etc but no luck. After going to the main office they finally have her back some of her money, only 30,000 baht which the policy was for 300,000 baht. We got the number for the insurance commission they did nothing told her they would check into but never took any information to investigate it. I think it's best to stay away from insurance in Thailand. By the way she cancelled her policy and her dad's policy and same thing did not get any money back.

Good luck....

[aussiebebe]

Very common to fall foul of a clause whereby you get nothing if you cancel within an intial starting period. It looks like fraud, but the policy seems (on the Bangkok bank website) to offer 'a lump sum payment of 186% of the original sum insured' after 15 years, if you don't die. Could this be where the confusion originated? your gf could have been told that if/when she gets the payout - it will be the equivilant of paying 8,400baht per month for 15 years? just a thought.