The difference between insurance and mutual funds

The difference between insurance and mutual funds

life insurance

1. Ordinary insurance group / coupled with investment

Contracts of 10 years or more, operating expenses can be deducted up to 100,000 baht.

2. Pension insurance group

- Paid in installments after retirement Can be deducted not more than 15% of assessable income but not more than 200,000 baht

- If including RMF, SSF, PVD, GPF, NDS, must not exceed 500,000 baht

3. Group health insurance

- Types of coverage in case of illness or injury It is a serious disease that has medical expenses. The actual deduction is not more than 25,000 baht when combined with general insurance not more than 100,000 baht.

- Health insurance for parents can be deducted according to the actual amount, but not more than 15,000 baht.

Pros: There is no purchase limit. And get the benefits of protection and can use insurance premiums to reduce

Limitations : Low returns compared to funds. Have a health condition involved may not be able to buy insurance

suitable for creating insurance for the family or for long-term savings and have welfare benefits to cover medical expenses in case of illness

Mutual Funds (SSF/RMF)

1. Savings Fund (SSF)

- You can invest in all types of securities, both dividend-paying and non-dividing.

- Risk levels available from low-high

- can be used for tax deductions between 2020-2024

- Must invest for 10 years according to the conditions

- Tax deduction up to 30% of assessable income not exceeding 200,000 baht

- If including RMF, SSF, PVD, GPF, NDS, must not exceed 500,000 baht

2. Retirement Mutual Fund (RMF)

- Invest in all types of securities but no dividend payment

- No minimum purchase but have to buy continuously every year without violating the conditions

- Tax deduction up to 30% of assessable income not exceeding 500,000 baht

- If including RMF, SSF, PVD, GPF, NDS, must not exceed 500,000 baht

Advantages: There are various returns on investment. You can choose to invest according to your risk. and have the freedom to manage

Restrictions : Limited purchases that do not exceed the specified conditions. If it exceeds, you will have to pay tax for the excess.

Suitable for those with a tax base of 15% -35% who want to use tax deduction privileges by investing.

However, the important thing in choosing a tax plan is liquid cash flow that must be taken into account in terms of value so as not to affect the family's financial liquidity Because insurance or investing will have various conditions such as time involved, so you should study it carefully. and taking into account the ability to comply with the conditions for the benefit of himself and his family in the future

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