Group Single Premium Endowment
Group Endowment is a new designed insurance program which main objective is for both private and Government section employee's savings before the retirement, whereas, providing full coverage on life in case of all causes to death while the policy is still effective.
 
Benefits
The benefits offered to the insured member are described below:
  1. Lump Sum Savings When Policy Contract is Due
    When the insured is at the age of 60, he will be receiving his savings in a lump sum from all amount of insurance plus accumulated dividends as a retirement fund.
  2. Death
    In case of the insured's death while the policy is still effective, the insured's designated beneficiary shall be paid the amount of insurance plus accumulated dividends.
  3. Cash Value
    If the insured resigns from the company and terminates from a membership of the insurance, the insured shall be paid the cash value plus accumulated dividends.
How to Establish a Group Endowment Program
Group Endowment Program can be conveniently established provided that the employer realizes the advantage of establishment to prepare a retirement fund for his employees, and help them to save the money by salary deduction. The followings are the establishment procedure in brief:
  1. The business manager/owner agrees to establish Group Endowment Program according to the Policy Schedule introduced by American International Assurance Co., Ltd. (AIA).
  2. Encourage the employees to join this (voluntary) program.
  3. The establishment shall base on not less than 50 employees and the joining percentage not less than 30% of all eligible employees.
  4. The employees select monthly premium rate that they wish to pay in line with the stated Plan Schedule and allow deduction on their salary account.
  5. The employees select monthly premium rate that they wish to pay in line with the stated Plan Schedule and allow deduction on their salary account.To loosen the burden of business manager/owner, AIA allows the company/organization to make a contribution to the employee's sum assured.
  6. The business manager/owner is able to define benefits or a contribution which shall be paid to the employee joining this program in order to boost their morale and prolong their services with the company/organization.
The Advantages of Group Endowment Program Establishment
Business manager/owner will be gaining the following advantages:
  1. Being able to organize a retirement fund for employees without any additional expense.
  2. Unload burden on company/organization's finance for the preparation of retirement fund and compensation in case of death occurred.
  3. Encourage employee to do the routine savings in accordance with each one's capability.
  4. Building financial stability for employee throughout years of services with the company.
  5. Building a feeling of security to employee's family by correlative insurance coverage and savings.
  6. Boosting employee's morale to devote the effort to work for the company/organization.
  7. Creating harmonious relationship between business manager/owner and employees.
Apart from the above benefits, the employee shall also be granted as follows:
  1. The security and living stability to themselves and family.
  2. Steady savings for the future.
  3. Convenience to join the program by monthly salary deduction.
  4. Two objectives fulfilled on both savings and insurance coverage at the same time.
How to enroll this program
The employee who is eligible for this program shall possess the following qualifications:
  1. Working as a full time employee with the age of 16-55 years old.
  2. Eligibility to join the program on policy effective date or next policy anniversary.
  3. Completed the application form and approved by AIA.
  4. Select the amount of insurance from any stated Plan.
  5. Being able to change the amount of insurance on the next policy anniversary.
  6. Allow business manager/owner to settle the premium by salary deduction.
Schedule of Benefit Plan
To simplify the program for more understanding, the schedule of benefit plan shall be classified as follows:
 
Plan 100 = Monthly premium payment of Baht. 100.-
Plan 200 = Monthly premium payment of Baht. 200.-
Plan 300 = Monthly premium payment of Baht. 300.-
Plan 400 = Monthly premium payment of Baht. 400.-
Plan 500 = Monthly premium payment of Baht. 500.-
Plan 600 = Monthly premium payment of Baht. 600.-
Plan 700 = Monthly premium payment of Baht. 700.-
Plan 800 = Monthly premium payment of Baht. 800.-
Plan 900 = Monthly premium payment of Baht. 900.-
Plan 1,000 = Monthly premium payment of Baht.1,000.-
Maximum Savings
Plan 2,000 = Monthly premium payment of Baht.2,000.-