MLT says new products appeal to long-term savers
MUANG THAI Life Assurance Plc (MLT) says it has introduced end-of-year products with tax-deduction benefits, meeting the needs of customers seeking long-term savings and offering tax planning, while also emphasising retirement planning to create a stable income to support an ageing population.
President and chief executive officer Sara Lamsam said that because of the current economic fluctuations and relatively low interest rates, consumers have begun searching for new investment models with better returns, and ones that suit their risk appetites to meet their long-term savings goals and fully exercise tax-deduction benefits.
MLT recently extended the sales period of the Muang Thai UL 1 Sin Perm Sap under the campaign “Beyond Savings 1”, in which it offers an investment opportunity along with life coverage. That means the principle remains when the policy is held to maturity, while also offering tax deduction benefits.
MLT said for people seeking tax planning with guaranteed returns and consistent savings, the it is offering another attractive life insurance product – Muang Thai Smart Saving 10/6. It said the product is suitable for working people who are seeking a savings plan and want to earn fixed returns.
The National Statistics Office reported that Thailand became an ageing society since 2005, with the population of older persons reaching 10.4 per cent of the entire national population. ‘
Thailand is expected to become an aged society by 2024-2025, with the population of older persons surpassing 14 million people or 20 per cent of the national population.
Data from the life insurance industry in 2014 showed that the Thai population had reached 62 million.
Among the retired population – aged 60 or more and numbering eight million – less than 10 per cent or 800,000 people live comfortably in retirement.
The rest are living below standards, with many having to continue to work to earn an income and many depend on the government’s senior allowance to survive.
