Special travel insurance for the upcoming New Year period
In PattayaOne the message that The Office of the Insurance Commission and 16 insurance companies have collaborated in creating a special and very cheap Travel Insurance to protect travelers from risk during the upcoming New Year Festival.
It was announced that the insurance offers two policy options:
- For a premium of 7 baht (!) between 50.000 and 100.000 baht is paid out in the event of death, loss of organs and limbs or complete disability. In addition, 5.000 baht is paid to cover the costs of cremation or burial, if one dies from illness.
- For a small increase in the premium to 10 baht, the medical costs in the event of an accident are reimbursed up to a maximum of 5.000 baht.
The insurance is now available from the Government Savings Bank and is valid for a period of 30 days between 1 December 2018 and 31 January 2019. Policyholders must be aged between 20 and 70 years. The message does not state whether the insurance can also be taken out by foreigners.
Postscript Gringo:
It is a nice offer and it can therefore be expected that many Thais who travel during the mentioned period will take out insurance in this way. But what “bothers me” is the relationship between price and benefits. Now suppose that 2.000 people die in that period, we will not talk about the people who become permanently disabled. Those 2000 people (an assumption that is not too high) have all taken out insurance for 10 Baht. This means that with a payment of 100.000 Baht, at least 20 million Thais must be insured to make payment possible. I have my doubts whether this project can be successful!
Source: PattayaOne
Gringo, you assume that all deceased are insured (because 100% benefit), but that only 40% (20 million of the target group of -rough estimate- of 50 million) take out insurance. Those numbers don't match.
It is not actually travel insurance but accident insurance. The risk for the insurer is very low. This type of insurance is even often offered free of charge in the Netherlands. For example as part of a customer card.
Exactly Peter, In the Netherlands is a “comparison site” that offers dental insurance with only cover for dental care in the event of accidents. The implementation costs of that insurance and the premium for it are apparently so low that it can be offered free of charge.
Gringo, between 50.000 and 100.000 Baht will be paid out.
50.000 will probably be paid on death, to cover cremation costs.
Then expensive medical treatments are not necessary.
Moreover, it is Government Savings Bank, which as the name suggests will undoubtedly belong to the government.
Many of the people for whom the insurance is intended often already receive free care, so it will not be too expensive for the government, and the insurers have undoubtedly made good agreements with the GSB.
What could cost money is that 5.000 Baht on death in illness, if people close to the point of death decide to take out that insurance.
I suspect that this is not prohibited with this temporary insurance policy.
Whether that insurance also applies to foreigners is the question, but the insured amounts do not seem worth worrying about.
I got an insurance of 3.000.000 Baht in my savings account, if I die in an accident.
The next of kin can get quite drunk from that.
Too bad I don't have it myself.