Economy
SCB and FWD Launch 'Infinity Legacy 120' Insurance for Thailand's Aging Population
SCB and FWD have introduced a new life insurance product offering coverage up to age 120, targeting the growing demographic of centenarians in Thailand.
According to a report by Khaosod Online, Siam Commercial Bank (SCB) has partnered with FWD Insurance to launch 'Infinity Legacy 120,' a life insurance policy designed to facilitate intergenerational wealth transfer. The product offers coverage until the policyholder reaches 120 years of age and accepts applicants up to 90 years old.
This initiative responds to Thailand’s transition into a fully aged society, where individuals over 60 now account for more than 22% of the population. With the number of Thai citizens aged 100 or older exceeding 40,000, the product is marketed as a tool for estate planning and tax management. SCB notes that insurance payouts are generally not classified as taxable inheritance, providing liquidity for heirs.
For residents and long-term expatriates, this development highlights the evolving financial landscape in Thailand as the country adapts to increased life expectancy. While the product aims to address the 'Great Wealth Transfer,' potential policyholders should note that specific terms, conditions, and eligibility requirements are determined by the insurer. Interested parties should consult directly with SCB or FWD representatives to confirm how these financial instruments align with their personal estate planning needs, as this report does not constitute financial or legal advice.