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BANGKOK 19 January 2019 20:20
keskeseksa

Life Insurance scam

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I wonder how many Expats (and Thai people alike) have been suckered into buying a pseudo life insurance from a reputable bank which is in fact a lousy investment on a decade or even 20 years at a ridiculous 2%, with a clause that if you die a relative may receive the money you already invested + a small bonus? Many low income Thais have contributed to this scheme i.e. 500 baht/month for x period and have to wait 20 years to redeem their cash. If they miss a payment they lose all. My banker snuck the policy along with the paperwork to sign when I opened a new account so I only realized it when I was automatically debited for the annual payment: 300,000 baht per year for 5 years and I must wait 11 years to cash my investment back. If I miss a payment I lose almost all. The low income Thais I know who subscribed, usually from a relative, have all discontinued. As for myself I will go to court because my case is clearly fraudulent, but I am posting because I wonder how many expats have been asked to contribute to this scam. 

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300K per year is quite a big amount. Especially when you not were aware of it. I am not sure if you have a chance in court, as I guess you wrote a contract which clearly state that this amount have to be paid every year for the next 5 years.

And yes, I guess many foreigner have committed to something similar, but not with so high amount like you.

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My daughter in law, Thai, signed up for one of these and since her divorce is unable to continue payments. 

She couldn't believe it when the bank told her she was going to lose most of it.

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In my case there is clear fraud because the banker lied. She made my sign documents to open an account and added the insurance policy documents without telling me that it was not part of the opening of the account. The fact that I am a foreigner and that at no time I received a translation plays in my favor. 

 

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I am now trying to find out how much commission the banker received. It must be a huge amount if he/she was ready to carry on this deception. 

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26 minutes ago, cooked said:

My daughter in law, Thai, signed up for one of these and since her divorce is unable to continue payments. 

She couldn't believe it when the bank told her she was going to lose most of it.

I believe there are thousands of people in the same situation as you, but I would consult with a lawyer, just in case.

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1 hour ago, keskeseksa said:

In my case there is clear fraud because the banker lied. She made my sign documents to open an account and added the insurance policy documents without telling me that it was not part of the opening of the account. The fact that I am a foreigner and that at no time I received a translation plays in my favor. 

 

Can you proof she did not inform you?

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34 minutes ago, stevenl said:

Can you proof she did not inform you?

Yes, I have a witness and I don't think they even have an English translation for the policy.

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9 hours ago, keskeseksa said:

300,000 baht per year for 5 years and I must wait 11 years to cash my investment back.

So after 11 years you will get your money back, plus interest. No problem!

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55 minutes ago, keskeseksa said:

 

Yes, I have a witness and I don't think they even have an English translation for the policy.

I sincerely hope you'll be able to nail her good in court.

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1 hour ago, keskeseksa said:

Yes, I have a witness and I don't think they even have an English translation for the policy.

 

9 minutes ago, Myran said:

I sincerely hope you'll be able to nail her good in court.

I would like to know the outcome. As this is nothing which is heard often here.

I am not sure if the missing English documents are enough, but hope the best. 

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17 hours ago, keskeseksa said:

I am now trying to find out how much commission the banker received. It must be a huge amount if he/she was ready to carry on this deception. 

The commission for Life insurance can run to 40% in Thailand - very high compared to approx 15% for all other insurances

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Contact Bank of Thailand. Same happened to me. They are known for doing this, these banks. Took a few months but BOT made them give it all back.

Try to get the teller sacked, I did. Was unsuccessful but got her moved out of the city, so that gave me some payback.

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On 1/11/2019 at 9:40 PM, HampiK said:

 

I would like to know the outcome. As this is nothing which is heard often here.

I am not sure if the missing English documents are enough, but hope the best. 

My lawyer told me he is taking the case. He only goes to court if he wins. I am 100 %

 confident to get my money back.

Edited by keskeseksa

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2 hours ago, thequietman said:

Contact Bank of Thailand. Same happened to me. They are known for doing this, these banks. Took a few months but BOT made them give it all back.

Try to get the teller sacked, I did. Was unsuccessful but got her moved out of the city, so that gave me some payback.

This is the best news I got from ThaiVisa so far. I will keep you up to date on what happens, I know the assistant manager is very concerned about her reputation and I think she won't want to go to court so I hope for a compromise, that will save on court time and expenses. 

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