Property Mortgage Shield Property Insurance (Home Plus)

Complete coverage. ​
Family bear no liability.*

Absolute risk-free home insurance.

*In case of death from accident and purchase of coverage for the full loan limit, full loan term, and normal loan payment records according to the bank loan contract.​​

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Key Features
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Insurance Details
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Benefits
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Protection period of your own choice

5 - 30 years

 

Single premium payment

Takes care of the entire contract

 

100% coverage

of the starting sum insured
In case of death from accident


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Insurance Details

Buyer is a home financing client of K-Bank

Insured period

5 - 30 years

Insurance premium payment period

One time

Insurable age

20 - 60 years of age

(Age must not exceed 65 years, inclusive of the coverage period)

Minimum sum insured

200,000 baht

Note: Underwriting of the insurance shall be conducted based on the criteria set by the company.

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Benefits

Note: The above coverage is based on the assumption that the customer has a history of normal loan payments according to the bank's loan agreements.

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Coverage and Conditions

Coverage
  • If death occurs in circumstances as listed below, the contract shall terminate:
    • If death from injury due to accident within 180 days of the date of accident, the coverage shall be equal to the sum insured as of the contract start date
    • If death from other causes aside from injury due to accident within 180 days from the date of accident, the coverage shall be equal to the reducing sum insured on the month that the insured dies as in the table of reducing sum insured in the policy
  • One of the following cases for total permanent disability:
    • In case of total permanent disability in which the disability is proven to have occurred before reaching the policy date in the year the insured becomes 75 years old and the disability continues for no less than 180 days, the company shall pay the benefit equal to the reducing sum insured in the month that the total permanent disability begins, as in the table of reducing sum insured in the policy, and the contract shall terminate
    • In case of total permanent disability due to clearly proven loss or with clear medical indication that the insured has become totally permanently disabled, the company shall pay the benefit equal to the reducing sum insured on the month that total permanent disability begins as in the table of reducing sum insured in the policy, and the contract shall terminate
Integrity of the insurance contract
Should the policy holder and/or the insured member knowingly misrepresent any fact and fail to disclose that fact to the company, if that fact becomes known to the company, that may lead the company to charge a higher premium or decline to enter the insurance contract; the insurance contract shall become void according to Section 865 of the Civil and Commercial Code by which the company may nullify the contract and refuse to pay according to the policy.
Circumstances that the company does not cover
  1. The insured voluntarily commits suicide within 1 year of the contract date
  2. The insured is intentionally killed by the beneficiary
  3. The insuring or insured party misrepresents his or her actual age, and the company is able to prove that upon entering the insurance contract, the actual age falls outside the insurance premium rate limit based on the normal trade of the company
There are eight exceptions to paying benefits in case of total permanent disability, as follows:

The company shall not cover any loss or disability that occurred directly or indirectly, wholly or partially, due to the following causes or occurring during the following times:

  1. Suicide, suicide attempt, or self-harm
  2. When the insured commits a crime with severe offense or while being arrested or fleeing arrest
  3. During war (declared or undeclared), invasion, or other act of a foreign enemy, civil war, revolution, rebellion, riot, or act of terrorism
There are 17 exceptions to paying benefits in case of death from accident, for example,

there is no coverage for accidents caused by or as a consequence of causes or occurring during the following times:

  1. When the insured member rides or travels on a motorcycle
  2. When the insured member commits a crime with severe offense or while being arrested or fleeing arrest
  3. When the insured member performs duty as a soldier, police officer, or volunteer, and is operating on duty in a war or in a crime suppression action. But if the operation is prolonged for more than 30 days, the company shall return the premium from the period of participation in the war operation or crime suppression operation until end of the operation. After that, the insurance policy shall continue its effectivity until the end of the insured period as stated in the insurance policy table, etc.
Life Insurance Provider

Life Insurance Company

Muang Thai Life Assurance Public Company Limited

Life Insurance Broker

Kasikornbank Public Company Limited as the brokerage firm
License No. Chor. 00024/2546

Note:

  • KASIKORNBANK PCL, as life insurance broker, presents life insurance products and facilitates payment of premium only. Muang Thai Life Assurance Public Company Limited is responsible for the conditions, coverage and entitled benefits as stated in the insurance policy conditions.
  • Buyer should have an understanding in details of the coverage and conditions before making a decision to purchase an insurance every time.
  • Underwriting is subject to the Company’s rules.
  • Benefits, coverage and exclusions shall be in accordance with the conditions stated in the insurance policy. Please study the additional details in the policy.

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Frequently Asked Questions

What is Property Shield Home Plus ?

It is a guarantee for home loans as a group with a one-time premium payment. It is intended to protect the family of the borrower from liability in case of unforeseen events.

  • In case of death or permanent disability, the coverage is according to the reduced amount of the sum insured in the month of the insured’s death
  • In case of death caused by accident, the coverage equals 100% of the sum insured
What is the minimum duration of coverage ?

The insurance period can be selected to match the loan period, from 5 to 30 years.

How is the premium calculated ?

The premium differs depending on the gender and age of the applicant, the insurance period, and the amount of the sum insured.

What is the reducing sum insured ?

It is the sum insured as specified in the table showing the decreasing sum insured. The sum insured will decrease each year, consistent with the amount the insured owes. (The duration of the insurance period must be equal to the period of the loan. Also, the insured must have a good history of regular payments on the loan agreement with the bank.)

Can the premium be used as a tax deduction ?

Only life insurance premiums are eligible for personal income tax deduction, as per the declaration of the Revenue Department director general regarding Income Tax Notification no. 172 issued on December 30, 2008, for an insurance term of 10 years and above.


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