Life Insurance: AIA Senior Happy

Even if you are struggling with health problems, AIA Senior Happy is ready to cover you.

Please note this page is for informational purposes only and should not be taken as medical or financial advice. For policy terms and conditions please consult an agent.

AIA Requirements

• Accepting applicants aged 50 to 70 years
• Make premium payments until the age of 90
• For expats: work permit, spousal visa, or retirement visa.
• Proof of a 1-year visa in Thailand
• Proof of income in Thailand (can be retirement income or spouse)
• Application department may request additional documents

Senior Happy Overview & Pricing

• Policy Overview
• Pricing Table

Policy Overview

AIA Senior Happy is a life insurance policy that can be taken out by people aged between 50 and 70 years old. The policy itself continues until the end of the policy period, which is 90 years old. 

The premium you pay will depend on the sum assured that you require and can be between 50,000 THB and 200,000 THB. Please discuss the required amount with your aia agent.

If the policyholder dies within the policy period, AIA will pay out the sum assured to the policyholder’s beneficiary. 

In some cases the policy surrender value, or the total premium paid can be higher than the sum assured, in which case will result in AIA paying the larger amount to the policy holder instead.

Here are a few more benefits:

• AIA Senior Happy has a fixed premium, meaning that once you purchase the policy, your monthly or yearly premium doesn’t increase. 
• The life insurance premium can be used as an income tax deduction, as stipulated by the law.

Pricing Table

Below you’ll find the AIA Senior Happy pricing tables. Please note that the sum assured and premiums are in Thai Baht. Also, the premiums are annual premiums which are paid yearly. 

If you want you can also pay monthly, quarterly, or every 6 months. All premium payments are made directly to AIA Thailand.

Note:

• AIA Senior Happy plan has coverage starting at 50,000, until 200,000 THB, however, the table above is an example of a sum assured of 100,000 and 200,000 THB. If you want a different sum assured please send me a message and I’ll calculate the premium for you.
• All payments are made directly to AIA, not the AIA agent. AIA will never ask you to pay an agent.

To learn how to apply and pay please read below in this article.

Benefits and Life Coverage of AIA Senior Happy

You can download and read about the benefits and life coverage in the AIA Senior Happy brochure. There are 3 types of coverage depending on the insured and policy year:

1. The insured is alive until the end of the policy period (age of 90),
2. Death occurs in the 3rd year and onwards, 
3. Death occurs within the first 2 years of insurance.

1st Situation: The insured is alive until the end of the policy period

Let’s start with the most hopeful situation where the policyholder lives until 90, which is the end of the policy period. Let’s see what happens:

• On reaching 90 years, the policy will terminate and the insured will stop paying.
• AIA will pay the policyholder the highest amount owed, even if death didn’t occur. 
• The highest amount can be either the sum assured amount (e.g. 100,000, 200,000), the cash surrender value, or the accumulated received premiums.

The exact amount paid out will depend on your premium contributions and the duration of your payments.

In the policy it outlines how AIA will pay out the benefit. Let me give you an example to explain “the highest amount of benefits”. 

Sally started paying for her policy at 60 years old, and she reaches 90 without dying. Her sum assured is 200,000 THB, but her total premium contribution she paid was over 400,000 THB. She will receive the higher amount of 400,000 THB, instead of just the 200,000 THB sum assured.

In the previous example, if Sally bought the policy at 60 but died 2 years later, her 200,000 THB sum assured would be higher than her total premium payments. The 200,000 THB will then be paid.

2nd Situation: Death in the 3rd year and onwards

This benefit payout will be similar to the first situation where the insured reaches 90 years of age.

3rd Situation: Death within the first 2 years of insurance

There are two instances where death occurs within the first 2 years of buying this policy. If death occurs because of an accident, or because of a disease.

Death because of an accident in the first 2 years

If the policy holder dies from an accident within the first two years, he/she will receive 102% of the premium paid plus the sum assured (e.g. 100,000 THB or 200,000 THB).

There are some exclusions from accidental death: This product will not cover death resulting from any of the following causes:

1. Murder or assault and battery with intent.
2. Suicide or self-inflicted injury or an attempt to commit such an act, whether sane or insane.
3. Infection other than infection or tetanus or rabies occurring as a direct result of the accidental Injury

Death because of a disease in the first 2 years

If the policy holder dies from an illness or disease within the first two years, then he/she will receive 102% of the premium paid, but not the sum assured amount.

AIA Terms and Conditions when applying for this policy

The applicant has the duty to provide true information when applying for insurance. Any concealment of the truth or declaration of false statements may cause the insurance company to cancel the insurance contract or refuse to pay the claims under the insurance contract.

The applicant is advised to study and make thorough understanding about the benefit illustrations before making a decision to purchase the insurance. After receiving the policy, please study the details and the terms and conditions as specified in the policy contract.

The terms and conditions of coverage will be specified in the policy issued to the policyholder.

Frequently Asked Questions

Here are some questions people ask about the AIA Senior Happy policy. If you have any other questions please don’t hesitate to ask me.

What is AIA Senior Happy?

AIA Senior Happy is a life insurance policy from AIA Thailand. It provides a payout if death occurs during the policy period, or if the policy holder survives until the end of the policy period. This policy is unique because customers can purchase this policy even if they have pre-existing health conditions or diseases, and they are not asked any screening questions.

Is this a standalone policy, or can I attach other health policies?

AIA Senior Happy is a standalone life insurance policy. It is a main policy, and no riders can be attached.

What happens if I die from an accident within the first two years?

If the policyholder dies from an accident within the first two years, he/she will receive 102% of the premium paid, plus the sum assured (e.g. 100,000 THB or 200,000 THB). Please read the brochure to see the accidental death exclusions.

What happens if I die from an illness or disease within the first two years?

If the policyholder dies from an illness or disease within the first two years, he/she will receive 102% of the premium paid, but not the sum assured amount.

Can I buy more than 1 policy for myself?

Yes, you can have more than one AIA Senior Happy policy, however, the total sum assured may not be more than 200,000 THB per person. This means that it is possible to purchase a 100,000 THB policy today, and another 100,000 THB policy later.

How do I apply for the policy?

All AIA insurance applications are submitted in person through an AIA agent. If you live in Chiang Mai, I can submit for you. Alternatively, most cities in Thailand have an AIA office that you can visit.

How do I pay for the policy?

Is Senior Happy the same as the AIA product called Senior OK?

Senior OK is a similar product to Senior Happy but has different payout benefits.

Is there another name for the AIA Senior Happy?

AIA Senior Happy is the marketing name of AIA Lifetime 90/90 (No Dividend)