ttb happy retire 90

Retire without worry. Easy to plan, And pay short-term premium

Product highlights

Annuity for your spending

Receive annuity benefit 15% of sum assured every year from age 60-90. (guaranteed benefit)

Opportunity to grow your money

Opportunity to receive an extra PAR benefit 5% of extra sum assured* (if any). Extra sum assured is accumulated PAR bonus from the 1st policy anniversary date until the insured reaches 60 years old. (Non-guaranteed benefit)

Short-term savings, long-term annuity pay out

5-year premium payment period for the coverage up to age 90.

Tax deductible

Life insurance premium is eligible for tax-deductible benefit up to THB 200,000 per year (according to the revenue department’s regulations).

Coverage and benefits

Receive annuity benefit 15% of sum assured every year from age 60-90. (guaranteed benefit).
Received total pension throughout the contract 465% of the sum assured.
Opportunity to receive an extra PAR benefit 5% of extra sum assured* (if any).
Death benefit cover both before and after receiving the pension.

Example of benefits

A company employee, male, age 40 wishes to plan for retirement. He wants to have annual income of THB 60,000 after retirement. Therefore, he decides to purchase an insurance policy at THB 400,000 of sum assured with premium of THB 203,600 per year.

Benefit details

Issue Age	20 – 55 years
Coverage Period	Until age 90
Premium Payment Period	5 years
Sum Assured	Minimum: THB 50,000
Premium	Depend on the gender, age and sum assured
Mode of Payment	Annual / Semi-annual

Annual cash return

From the end of policy year where the insured reaches the age of 60-99 years receive annuity benefit 15% of sum assured.

Maturity Benefit

Total annuity payout 465% of sum assured.
Opportunity to receive an extra PAR benefit 5% of extra sum assured (if any).
Remark : Extra sum assured is accumulated PAR bonus that the company considers allocating to the insured by accumulating from the 1st policy anniversary date until the policy anniversary date that the insured reaches 60 years old, subject to the conditions, terms, and PAR calculation methods which is based on investment returns after deducting company expenses, and company performance that the company considers allocating to the insured.
Total annuity payout 465% of sum assured.

Before Annuity Period
(From the policy effective date up to the day before the policy anniversary date that the insured reaches 60 years old)

Receive either of the following benefits, whichever is higher : Surrender value or 100% of sum assured, or 120% of total premium paid.
Accumulated dividend (if any).

During Annuity Period
(From the policy anniversary date that the insured reaches 60 – 90 years old)

Receive benefit of the total premium paid minus regular annuity already received or the amount equivalent to the present value of unpaid portion of 15-year annuity, whichever amount is greater.

Receive either of the following benefits, whichever is higher : Total premium paid minus accumulated annuity benefit paid or the amount equivalent to the present value of unpaid portion of 15-year guaranteed annuity benefit.
The remaining of accumulated dividend after deducting an extra PAR benefit that the insured has received (if any).

Terms and conditions

Required Application Documents

A fully completed GIO Application Form and SIO Application Form signed by.....both the applicant and the seller.
Insurance Proposal Form which is signed by both the applicant and the seller.
A copy of identification card, certified true with an original signature.
- For Juvenile Applicant (aged under 17), if the applicant does not apply for identity card yet, Birth Certificate will be accepted.
- For Foreign Applicant, please provide a copy of passport, visa and a copy of work permit which is up to date with the latest information, including answer all the questions on Declaration Form for Non-Thai national.
For Juvenile Applicant (aged under 17), please provide a copy of identification card of the legal representative, certified true copy with an original signature.
For the applicant with risk occupation and/or with greater than or equal to more than THB 2 million premium, please provide Customer Due Diligence Form.

Note

This product is a life insurance product not a bank deposit. For the maximum benefit from the policy, the policyholder should continuously pay the premium throughout the premium payment period as well as holding the policy contract until its maturity. In case the policy contract is terminated prior to its maturity, the applicant may not receive cash benefit in the amount equivalent to the maximum policy benefit he/she is entitled to, or in the amount equivalent to all the premium paid.
The applicant should read, study, and understand the proposal before deciding to buy an insurance. Once receiving the policy contract, please read details, terms and conditions thoroughly.
Premium paid on annuity plans is tax deductible up to 200,000 Baht, or a maximum of 300,000 Baht per year (in case there is no life insurance premium from other plans), but shall not exceed 15% of taxable income. When combining with contribution to the funds of the same type such as Government Pension Funds, Aids Funds under the Private School Law or SSF/RMF funds, altogether shall not exceed 500,000 Baht in one taxable year.

Underwritten by

TMBThanachart Bank Public Company Limited, in its capacity as the insurance broker, will facilitate the insurance transaction and premium payments only, while Prudential Life Assurance (Thailand) Public Company Limited will be responsible for providing the coverage and benefits as stated in the insurance contract.

Frequently asked questions

What is the annuity benefit provided by Happy Retire 90?

answer : There are 2 portions of annuity benefit paid from the end of the policy anniversary date that the insured reaches 60-90 years old as follows:

Annuity 15% of the sum assured, and
An Extra PAR benefit 15% of the extra sum assured.

What is the extra sum assured?

answer : Extra sum assured is the dividend that the company considers allocating to the insured by accumulating from the 1st policy anniversary until the policy anniversary date that the insured reaches 60 years old.

What is an extra annuity?

answer : An Extra PAR benefit is an on-top benefit paid once a year at 5% of the extra sum assured. Extra annuity will be paid from the year the insured reaches the age of 60 until the age of 90 (end of contract).

An Extra PAR benefit is a non-guaranteed benefit subject to the terms, conditions and methods on dividend calculation and based on investment returns after deducting company expenses and the operating results that the company consider allocating to the insured. The company will inform the amount of an Extra PAR benefit to the insured at the end of the policy year where the insured reaches full age of 60.

What is life coverage provided by Happy Retire 90?

answer : Life coverage is divided into 2 parts:
1)Before annuity period: the company will pay benefits either at 100% of the sum insured or the surrender value or 120% of the paid premium, whichever amount is greater, together with accumulated dividend (if any).
• The company will pay either of the following benefits, whichever is higher : Surrender value or 100% of sum assured, or 120% of total premium paid.
• Plus Accumulated dividend (if any).
2)During annuity period : the company will pay benefits either at the total paid premium minus the total regular annuity already received or the amount equivalent to the present value of unpaid portion of 15-year regular annuity, whichever amount is greater, together with remaining accumulated dividend after deduction of extra annuity already received by the insured. The payment will be made at one time.
• The company will pay either of the following benefits, whichever is higher : Total premium paid minus accumulated annuity benefit paid or the amount equivalent to the present value of unpaid portion of 15-year guaranteed annuity benefit.
• Plus the remaining of accumulated dividend after deducting special annuity benefit that the insured has received (if any).

What is the premium of this insurance plan?

answer : Premium will depend on the gender, age and sum assured.

Is the premium paid on annuity plan tax-deductible and how?

answer : Premium paid on annuity plan is tax deductible up to 200,000 Baht, or a maximum of 300,000 Baht per year (in case there is no life insurance premium from other plans), subject to the Revenue Department’s regulations.