Premium Payment Support Insurance Due to Death (BAOVIET Life)
This insurance product provides crucial financial support by covering the periodic or basic premiums of the main policy if the Insured dies. This ensures the main policy remains active, maintaining its benefits for the remaining term. Coverage begins from the next premium due date following the death and continues until the policy term ends, offering essential long-term security.
Key Takeaways
The policy covers main product premiums upon the Insured's death.
Coverage maintains the main policy's benefits until its expiry.
A 21-day free-look period allows for policy cancellation and refund.
Claims must be filed within one year of the insured event occurring.
Policy reinstatement is possible within 24 months of termination.
What core benefits and exclusions apply to the Premium Payment Support policy?
This policy provides a critical benefit by supporting the payment of periodic or basic premiums for the main insurance product if the Insured (NDBH) passes away. This support begins immediately from the next premium due date following the death and continues until the policy reaches its full term or the main product terminates, ensuring continuous coverage. Crucially, all benefits associated with the main product are fully maintained throughout this support period. However, coverage is strictly excluded in cases involving intentional fault by the policyholder, dangerous activities like racing or skydiving, or death resulting from criminal violations or high blood alcohol concentration while driving.
- The insurer supports the periodic or basic premium of the main product upon the Insured's death.
- Support lasts from the next due date until the end of the policy term or main product termination.
- Main product benefits remain fully effective during the premium support period.
- Temporary insurance is available upon payment of the estimated premium, capped at 100 million VND for the supported premium.
How should policyholders file and resolve claims for insurance benefits?
To initiate a claim, the Policyholder (BMBH) must notify the insurer of the risk event within 30 days of becoming aware of it. Following notification, the complete claim dossier must be compiled and submitted within one year from the date the insured event occurred. The insurer requires specific documentation, including the formal claim request, official proof of death such as a death certificate or autopsy report, and relevant medical records and identification papers. Policyholders are obligated to provide all information truthfully and completely during this process to ensure timely resolution and avoid delays in the 30-day settlement period mandated for valid claims.
- Notify the insurer of the risk event within 30 days of knowledge.
- Complete the claim dossier submission within one year of the event date.
- Required documents include the claim request, proof of death, medical records, and identification papers.
- The insurer must resolve the claim within 30 days of receiving all valid and complete documents.
What are the key rights and options available to the policyholder?
Policyholders are granted several important rights, starting with a 21-day free-look period immediately following policy issuance. During this time, the Policyholder can choose to reject the product, resulting in policy cancellation and a full refund of premiums paid, excluding any medical examination fees. If the policyholder decides to terminate the product prematurely after the free-look period, the insurer will pay a surrender value based on a defined rate. Furthermore, if a policy lapses due to non-payment, the policyholder retains the right to request reinstatement within 24 months of the termination date, provided all outstanding fees and debts are settled.
- Exercise the 21-day free-look period for cancellation and premium refund (minus medical fees).
- Request early termination, receiving a surrender value based on the policy's surrender rate.
- The surrender rate is 0% in the first two years, increasing to 100% from the third year onward.
- Request policy reinstatement within 24 months by paying all outstanding premiums and debts.
What are the rules governing the policy term and premium payment structure?
The policy term for this premium support product is flexible, requiring a minimum duration of five years and extending maximally until the Insured reaches 70 years of age, specifically up to the end of age 69. Importantly, the term of this supplementary product cannot exceed the remaining premium payment term of the main insurance product it is designed to support. Premium calculation is determined by several factors, including the annual or basic premium of the main product, the chosen policy term, and the Insured's age and gender. A 60-day grace period is provided for late premium payments, after which the policy will terminate if the full amount remains unpaid.
- Policy term ranges from a minimum of 5 years up to the Insured reaching age 69.
- The term must not exceed the remaining premium payment period of the main product.
- Premiums are calculated based on the main product's premium, term, age, and gender.
- A 60-day grace period is allowed for late premium payments before policy termination.
What general procedures and obligations govern the insurance contract?
The contract requires the Policyholder to complete the application process by submitting all necessary documents and paying the estimated premium. The policy becomes effective on the date the Policyholder submits complete documents and pays the sufficient estimated premium, coinciding with the effective date of the main product. A fundamental obligation for both the Policyholder and the Insured is the truthful and complete declaration of all relevant information; failure to do so may result in contract cancellation or adjustment of conditions. Furthermore, the Policyholder must notify the insurer of any changes to contact information, residence, or occupation within 30 days.
- Policy application requires completing the dossier and paying the estimated premium.
- The effective date aligns with the main product's effective date upon full submission and payment.
- The insurer reserves the right to conditionally accept the policy, adjusting benefits or exclusions.
- Misstatements regarding age or gender may lead to premium/benefit adjustments or policy cancellation.
Frequently Asked Questions
What is the free-look period for this policy?
Policyholders have a 21-day free-look period starting from policy issuance. If canceled during this time, the policyholder receives a full premium refund, minus any costs incurred for medical examinations.
Under what circumstances is the insurer exempt from liability?
Exclusions include suicide within the first two years, intentional fault by the policyholder, involvement in dangerous activities, criminal violations, high BAC while driving, or death related to war, terrorism, or nuclear events.
How long does the insurer have to settle a claim?
The insurer must resolve the claim within 30 days of receiving all valid and complete required documents. If the case involves a court ruling, the 30-day period begins from the date the effective judgment is issued.
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