Siam Commercial New York Life launches 3 new savings policies

Bangkok--Jun 26--Siam Commercial New York Life Following aggressive marketing strategy, Siam Commercial New York Life Insurance PCL (SCNYL), the joint venture company of Siam Commercial Bank and the American insurer, New York Life International today announces the launch of 3 new endowment policies, to capture the growing consumers' demands in the continued decline of interest rate environment. Mr. Donald Carden, SCNYL's president and chief executive officer said our newly launched policies are geared to serve consumers looking for new savings vichele amid of downward trend of low interest rate. They also aim to response to consumers' behaviors that change quickly and serve needs of all market segments. SCNYL's new savings products include New York Life Save Lite, New York Life Quick Cash and New York Life Tax Saver. New York Life Save Lite, an endowment policy, requires paying premium for 20 years and provides protection coverage until the age of 70. It caters for both savings and retirement fund and suit for all target group. Besides low premium rate, the policy offers maximum benefit returns at 558% and protection coverage at 300% of sum insured throughout the policy period. The benefit returns include receiving 6% of face amount every three years, starting from 3rd year through 18th year, totaling 6 times. The insured will also gets 30% of sum insured on 20th policy anniversary in addition to 8% annual pension of policy's face amount, from the 21st year through 69th year. Moreover, on maturity date the insured will receive 100% of policy's face value. This policy is offered to 0 up to 50 years old people and minimum face value is 100,000 baht. New York Life Quick Cash, 20-year-endowment policy, offers life security and protection with low rate premium and fast benefit returns throughout policy period. It requires 20-year premium payment with 20-year-protection period. Insured will receive 2% cash of policy's face value from 2nd policy anniversary to 5th year. 3% cash of sum insured would be paid on 6th policy anniversary to 10th policy anniversary and increase to 4% of sum insured from 11th policy anniversary to 15th policy anniversary. From 16th year to 19th year, 5% cash of face value would be paid to insured. Insured age is from 0-70 years and minimum face amount is 100,000 baht. New York Life Tax Saver, a short-term savings policy, is specially designed to serve low interest rate environment. Apart from providing higher investment returns than savings rate of the banks, this policy also gives tax deduction privileges and 12-year-protection coverage, while requiring paying premium for only 8 years. The underwriting criteria ranges for people aged 0 up to 70 years. The minimum sum assured is 200,000 baht. The benefit returns include receiving 150% of face value on maturity date with 100% protection of sum insured throughout policy period. The insured will also leverage tax deduction value of 50,000 baht annually and the maximum tax deduction amount accounts for 400,000 baht during the entire policy period. The underwriting criteria ranges for people aged 0 up to 70 years. The minimum sum assured is 200,000 baht. "To be competitive in the market, we offer guaranteed rate of 4% for all 3 new savings policies, which is higher than current interest rate of the banks. With more attractive benefits return, protection coverage and tax deduction privilege, we are confident that these policies would be one of the best and most competitive savings vehicle for Thai consumers". Mr. Carden pointed out. SCNYL also expects these products would expand its client bases and boost sales income in the second half this year. This year it projects total premium to increase by 23% over last year results of 1,411 billion baht. During January to May this year, the company achieved dramatic growth with first year premium of 421 million baht, an increase of 84% over last year period and 4 times higher than industry's growth of 29%. Its total premium reached 794 million baht, jumped by 51%, compared to 5% industry's growth rate. SCNYL is now ranked 8th place in term of both total premiums and new business premiums, according to Thai Life Association Assurance's statistic during January to April this year. For more information, please contact Khun Nantawan Kijthanacharoen Public Relations Department Tel. 0-2655-3000 ext. 3839 Fax. 0-2256-1517 Email : [email protected] End. -NM-

• ข่าวSiam Commercial Bank
• ข่าวthe joint venture
• ข่าวNew York Life
• ข่าวo:fin
• ข่าวo:loc