Muang Thai Insurance

[Tacho De Lao]

Hi Folks,

I wanted to hear from people about their experiences dealing with Muang Thai Insurance. Why I want to know is I have a policy with them but it one of the types that are kind of insurance disguised as a savings account. Want to know about dealing with them for a payoff of the policy if it becomes necessary. My account is like this.

I pay 28,000 Baht a year. The term is for 20 years. I started it 7 years ago. I've made 7 payments. 13 more to go. It is supposed to work like this. If I die before the 20 years is up, say for example next year, my wife gets 500,000. if I die in an accident or on a holiday like Fathers Day(cruel irony. Yes we have a kid which is why I did this) she gets 1,000,000. If I make it to the 20 years, we get all that we put in and about 50,000 in interest.

Had anybody heard about friends or other people with a similar plan/policy and how did it turn out for them? Any problems? I was told they are pretty large and dependable. True or not? Should I worry about my wife having problems getting a pay out? Are they like any other insurance company helll bent on not paying out money? I recently asked them for a printout of what I have paid and the balance etc and they said they didn't do that. This kind of sent up a red flag for me Why would they not let me see this on paper?

If anyone has personally dealt with them or knows something about them, I would appreciate hearing about it.

Thank you

[crazygreg44]

i generally wouldn't trust any of these "insurance" companies in Thailandm, that's fer sure. There might be som many hidden backdoors for them so you or your wife use the claims. Terms which are in the smallpint which you cannot understand.

And by the way, any company that would promise me to pay back all my contributions after 20 years plus a 50,000 THB gratification, that alone is A BIG RED FLAG .

But what do I know ? Maybe it is a safe thing to do. THailand has a law system, and the Insurance has to comply

Edited December 6, 2014 by crazygreg44

[Overcome]

Sounds like a fairly standard 20 year endowment plan with some embellishments for marketing purposes. Until 25-30 years ago this was the predominant product design for insurance based long term saving in most markets but has largely been replaced by unit linked or 'unbundled' products which can be more clexible but also are less demanding on the capital of tge insurer.

This type of plan has some advantages in terms of the guaranteed minimum amount at maturity as well as if you fall off your perch early. The biggest disadvantage is the very poor investment returns if you decide to pull put early - especially before the plan has got to at least 50-60% of its term. But after 7 years out of the 20 for the policy you are well on the way to that not being an issue.

I wouldn't have concerns about the company and to echo a point made in another topic recently Thailand's insurance industry is well regulated and that covers financial adequacy as well as market conduct, product terms, pricing, and customer service.

Without reading the actual policy terms these comments are a best guess but in my opinion you have a policy well worth hanging on to and running it to maturity.

[Overcome]

And by the way, any company that would promise me to pay back all my contributions after 20 years plus a 50,000 THB gratification, that alone is A BIG RED FLAG .

[Overcome]

Actually that is very achievable. Just remember the company has the first year premium for 20 years, the second premium for 19 years, the third for 18 years and so on ... even with conservative investment returns there is sufficient to cover sales commission, administration costs, life insurance coverage costs and still provide that guaranteed outcome to the client as well as presumably making a profit for the company as well.

Compounding interest or investment returns plus time - 20 years - can work magic!

Sorry I stuffed up the formatting.

And by the way, any company that would promise me to pay back all my contributions after 20 years plus a 50,000 THB gratification, that alone is A BIG RED FLAG .

[chaiyapoon]

Muang Thai is a very big insurance company with offices in most large towns.

Insurance is sold through a network of mobile agents not the offices.

My girlfriend is an agent and has been for more than five years She has offered to speak to your wife if that would heip.

PM me if this would be of use.

[internationalism]

as it looks they don't have any forms in english and even their online application lists thai citizenship as the only option, does anybody knows english speaking agent who can help to properly process this application?