FWD Insurance is urging consumers to plan taxes intelligently by pairing life and health coverage with solid protection. The company cites two benefits: tax privileges and comprehensive coverage that meets real-life needs.
A recent survey, Consumer Survey 2023: How to adjust your savings for the future as time counts down, conducted by SCB EIC, shows that Thais are increasingly prioritizing savings. The study found that 37% of consumers can consistently save each month, with those earning 50,000 baht or more per month showing a higher rate of consistency at 66-76%. The findings point to a trend among younger generations to manage finances proactively for the future.
The report also indicates that saving paired with protection is becoming a preferred choice for new generations seeking both financial security and tax benefits. In response, FWD Insurance offers life and health insurance options designed to help customers plan taxes effectively, save with confidence, and enjoy life to the fullest.
David Korunić, Chief Executive Officer for Thailand & Cambodia at FWD Life Insurance PIC, said: “Tax planning through life insurance maximizes available tax privileges to create added value—transforming tax deductions into protection and a stable financial future. Policyholders gain coverage, savings, and post-retirement income, laying a sustainable foundation for life and empowering people to celebrate living with confidence.”
FWD Insurance outlines three core strategies for tax planning:
Wealth Builder
Targeted at individuals beginning to build financial strength through goal-oriented savings, with up to a specified baht in tax deductions. Example products include Easy E-Save 10/5, a savings life insurance plan with a five-year premium period and ten-year life protection, which can be paired with Easy E-Health for comprehensive hospitalisation coverage up to 1,500,000 baht annually.
Smart Investor
For investors seeking to combine life protection with investment opportunities through unit-linked life insurance, aiming for potential growth. Options include FWD Ultra Linked 99/99 (life coverage until age 99; premiums from 12,000 baht per year; sum insured 8–200 times the basic premium) and FWD Future Linked 99/9 (life coverage until age 99; nine-year premium payments; coverage up to 50 times the basic premium). Coverage duration depends on fund performance and the insured’s age.
Retirement Planner
For those seeking financial confidence in retirement with an annuity plan that provides steady income and a fulfilling lifestyle, along with deductions up to 300,000 baht. Example product Easy E-Retire 90/5 offers a five-year premium period, with annual annuities from age 60 to 90 and a potential pension bonus tied to the sum assured as the insured ages.
Key tax deduction benefits from insurance premiums are summarized as:
Health insurance premiums: deductible up to 25,000 baht
General life insurance premiums: deductible up to 100,000 baht
Combined deduction for general life and health insurance: up to 100,000 baht
Pension insurance premiums: deductible up to 200,000 baht; combined with life insurance, total deductible may reach 300,000 baht
Health insurance for parents: deductible up to 15,000 baht, provided parents’ income does not exceed 30,000 baht per year
Life insurance for a spouse: deductible up to 10,000 baht if the spouse has no income and the couple files jointly
Regardless of the plan chosen for tax deductions, discipline and regular monitoring of financial status remain essential.
FWD customers can manage finances and tax-benefit plans through Omne by FWD, a one-stop digital platform that lets users manage policies, receive saving-plan recommendations, and access real-time updates anytime, anywhere for more efficient planning.
Considerations before choosing a policy
Assess real needs: select a plan that matches desired coverage, not just tax benefits.
Plan your budget: choose a premium payment plan that fits spending ability without straining daily expenses.
Study policy details: understand conditions, scope, exclusions, risks, returns, and charges.
Understand premium payment and coverage periods: different insurance types have different timelines.
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