Permanent Partial Disability Insurance 2.0 (BAOVIET Life)
The BAOVIET Life Permanent Partial Disability Insurance 2.0 product provides financial protection against permanent partial injuries resulting from accidents. It pays a percentage of the Sum Insured based on a defined injury schedule, provided the injury is a direct consequence of an accident, diagnosed by a specialist within 180 days, and adheres to specific maximum payout limits.
Key Takeaways
Benefits are paid as a percentage of the Sum Insured based on the official injury schedule.
Maximum payout is capped at 100% of the Sum Insured per accident or per policy year.
Policyholders have a 21-day 'free look' period to review the contract after receiving it.
Claims must be filed within 30 days of the event and resolved by the insurer within 30 days.
Coverage is annual, renewable based on the insured's age and premium payment status.
What specific benefits does the Permanent Partial Disability Insurance provide?
This insurance product offers financial compensation for permanent partial disabilities caused by accidents, paying a percentage of the Sum Insured (STBH) according to a detailed injury schedule. To qualify, the injury must be a direct consequence of the accident, diagnosed by a specialist physician, and occur within 180 days of the incident. The policy enforces a maximum payout limit of 100% of the Sum Insured, applicable either per single accident or across the entire policy year. However, coverage is strictly excluded if the injury results from intentional acts, hazardous activities, or legal violations.
- Payment is a percentage of the Sum Insured based on the official injury schedule (e.g., Loss of 1 eye: 55%; Loss of 2 ears: 75%).
- Payment conditions require the injury to be a direct consequence of the accident, occurring within 180 days, and diagnosed by a specialist doctor.
- Maximum benefit payout is limited to 100% of the Sum Insured per accident or per policy year.
- Exclusions include intentional self-inflicted injury or policyholder misconduct.
- Exclusions cover participation in hazardous activities (skydiving, racing, diving).
- Exclusions apply to legal violations (theft, illegal racing, resisting public officials).
- Exclusions include driving under the influence of alcohol or illegal drugs/stimulants.
- Exclusions cover acts of war, terrorism, or nuclear/chemical/biological weapons.
How should policyholders file a claim and what is the resolution timeline?
Policyholders must initiate the claim process promptly to receive benefits, adhering to strict timeframes defined in the policy. The policy stipulates a 30-day deadline for submitting a request for settlement, calculated from the date the policyholder became aware of the insured event. The complete claim file must be compiled and submitted within one year of the accident. Once the insurer receives all necessary and complete documentation, they commit to resolving the claim and issuing payment within 30 days, ensuring a timely disbursement process.
- The deadline for requesting claim settlement is 30 days from the date the event was known.
- The complete claim file must be prepared and submitted within 01 year of the insured event.
- The insurer must resolve the claim within 30 days of receiving the complete documentation.
What rights and options does the policyholder have regarding the contract?
Policyholders are granted several important rights, ensuring flexibility and protection regarding their contract terms. Upon receiving the policy document, the policyholder is entitled to a 21-day “free look” period for consideration, during which they can terminate the contract without penalty. Policyholders also have the option to terminate the product early, receiving a refund of the premium based on a specified surrender value ratio. Furthermore, if the policy lapses, it can be reinstated within 24 months, provided certain conditions are met. Policyholders may also request a reduction in the Sum Insured if minimum requirements are satisfied.
- Policyholders have a 21-day consideration period starting from the date of contract receipt.
- Early termination of the product is allowed, with a premium refund based on the surrender ratio.
- The policy can be restored to active status within 24 months of lapse.
- The Sum Insured may be reduced if minimum policy conditions are met.
How are the insurance term and premium calculated for this product?
This insurance product operates on an annual basis, with a standard insurance term of one year, requiring regular renewal. The calculation of the insurance premium is determined by several factors, including the chosen Sum Insured, the payment frequency (periodic), and the occupational risk classification of the insured individual. Recognizing potential payment difficulties, the policy includes a grace period for premium payments. Policyholders are granted a 60-day extension to pay the renewal premium after the due date, ensuring continuous coverage during this period.
- The standard insurance term is 01 year.
- Premiums are calculated based on the Sum Insured, payment frequency, and occupational risk.
- A grace period of 60 days is provided for the renewal premium payment.
What are the general rules governing the policy's effectiveness and renewal?
The general provisions establish the operational framework for the policy, covering its effective date, renewal process, and mutual obligations. The product becomes effective simultaneously with the main policy or while the main policy is already in force. Renewal occurs annually, subject to review based on the insured's age and the premium paid. Both the insurer (Bảo Việt) and the policyholder have a mutual obligation to provide accurate information. The policy outlines conditions for conditional acceptance, termination, and includes clauses regarding dispute resolution and the priority of application rules.
- The policy's effective date is simultaneous with the main policy or when the main policy is active.
- Renewal is annual, subject to review based on age and premium payment.
- The insurer may grant conditional acceptance of coverage.
- Both the insurer and the policyholder have an obligation to provide accurate information.
- The policy defines multiple scenarios leading to contract termination.
- Provisions cover dispute resolution and the priority of application rules.
How are key terms like 'Accident' and 'Policyholder' defined in the contract?
The appendix provides precise definitions essential for interpreting the policy terms and conditions accurately, minimizing ambiguity during the claims process. A policyholder or insured person must meet specific criteria regarding age and residency in Vietnam. Crucially, an “Accident” is defined as an objective, direct, and singular event. The policy also details the scope of acceptable medical professionals and facilities (“Doctor/Medical Facility”). Finally, “Reasonable Costs” are defined, often subject to a decreasing ratio based on the policy year, ensuring clarity on reimbursable expenses.
- Policyholders/Insured must meet age requirements and reside in Vietnam.
- An 'Accident' is defined as an objective, direct, and singular event.
- Definitions specify the scope of acceptable doctors and medical facilities.
- “Reasonable Costs” are subject to a decreasing ratio based on the policy year.
Frequently Asked Questions
What is the maximum amount payable under this disability policy?
The maximum benefit payout is capped at 100% of the Sum Insured. This limit applies either to a single accident event or cumulatively across the entire one-year policy term, whichever limit is reached first.
What is the deadline for submitting a claim after an accident occurs?
Policyholders must request claim settlement within 30 days of becoming aware of the insured event. However, the complete required documentation must be compiled and submitted to the insurer within one year of the accident.
Can I cancel the policy shortly after purchasing it?
Yes, the policy includes a 21-day 'free look' period, known as the consideration period. This time starts from the day you receive the contract, allowing you to terminate the product without penalty.
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