Muang Thai Life Assurance (MTL) is tapping the elderly market with the launch of a new life insurance product "Silver Readiness by MTL".
Chief Executive Sara Lamsam said the company is responding to Thailand becoming an aged society with this strategy.
MTL is also determined to continue developing comprehensive products, services, innovations and partner ecosystems for all lifestyles, he said.
Under the strategy, MTL is launching "Smart Silver Campaign" and "Smart Silver Plus Campaign" insurance plans for seniors.
Mr Sara said the packages provide comfort for all types of senior lifestyles, covering a variety of ailments such as Alzheimer's disease, hemorrhagic stroke and ischemic stroke.
The packages also offer coverage for illness or injury, including permanent inability to perform at least three out of six of daily activities, with a continuous disability period of at least 180 days. These activities include mobility and the ability to get dressed, bathe and eat. Broken bones are also covered.
Customers can choose to receive either a lump sum benefit or a monthly benefit.
The beneficiary can include either a dependent care facility or nursing home on MTL's list of ecosystem partners, or places that meet the Public Health Ministry's criteria for location, safety and service standards.
The insured can choose to receive an annual or monthly annuity, paying the benefit to the care facility. This helps ease concerns about the burden of medical expenses for elderly people, he said.
Policyholders' age can span from 40-80, with long-term coverage lasting until 81.
MTL joined forces with leading nursing homes in Thailand to provide services for customers including The Senior (physical therapy hospital), The Senior Ratchayothin, The Senior Nursing Home, Hanno-Vejpong Geriatic Center, Siri Arun Wellness Center, The Senizens by Chersery Home, Chersery Home Premium Senior Care, Chersery Home Senior Care Bang Bon, Health at Home Care Center and ViMUT Wellness Bangna Wongwaen.
MTL is also preparing to expand the network of nursing homes in other areas.
Mr Sara said MTL continues to connect with its ecosystem partners in various businesses to expand service coverage.
The company joined hands with Fuchsia Venture Capital Co, a subsidiary of Muang Thai Group Holding, to invest in both domestic and international startups creating technologies, products and services for seniors.
The scope of investment includes health technology, biotechnology and living technology for a better, healthier and more sustainable life, reported Bangkok Post.