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BAOVIET Accidental Death & Serious Injury Insurance Guide
This BAOVIET Life insurance product provides essential financial protection against accidental death and serious injury resulting from covered events. It offers varying benefit levels, including a maximum of 200% of the Sum Assured for specific commercial flight accidents, and 100% for other accidents. The policy clearly defines eligibility criteria, specific exclusion events, and detailed procedures for policy activation and claim submission.
Key Takeaways
Accidental death benefits can reach 200% of the Sum Assured for specific travel incidents.
Serious injury claims are compensated based on the insured person's age and injury severity.
The policy excludes intentional self-harm, high-risk sports, and acts of war or terrorism.
Policyholders are granted a 21-day free-look period after receiving the contract.
Claim notification must be submitted to the insurer within 30 days of the event occurrence.
What are the insurance benefits provided under this policy?
The policy primarily offers two core benefits: compensation for Accidental Death and compensation for Serious Injury resulting directly from an accident, as detailed in Article 1. The payout structure is designed to provide enhanced coverage for specific high-risk scenarios, such as commercial air travel, while ensuring standard coverage for general accidents. Furthermore, the Sum Assured (STBH) paid out for both death and serious injury is adjusted based on the age of the Insured Person during the initial years of the policy, ensuring full coverage is reached by age four.
- Accidental Death: 200% of the Sum Assured (STBH) is paid when death occurs while traveling as a passenger on a registered commercial flight.
- Accidental Death: 100% of the STBH is paid for death resulting from all other covered accident causes.
- Age-Based Payout: The Sum Assured is reduced for young children (20% before age 1), gradually increasing to 100% from age 4 onwards.
- Serious Injury Due to Accident: Compensation is paid if the injury is a direct consequence of the accident and occurs within 180 days.
- Serious Injury Conditions: The injury must satisfy the criteria listed in Appendix 2 (Injury List), and only the single most serious injury will be compensated.
What events are excluded from the insurance coverage?
The policy clearly outlines specific circumstances and activities that void the insurer's liability, ensuring clarity regarding non-covered events, as stipulated in Article 2. These exclusions generally fall into categories involving intentional misconduct, participation in extremely dangerous activities, illegal behavior, and catastrophic events outside of normal risk parameters. Understanding these exclusions is crucial for policyholders to manage expectations regarding claim eligibility and coverage limitations.
- Intentional Fault: Includes injuries or death caused intentionally by the Policyholder or Beneficiary, or resulting from self-inflicted injury.
- High-Risk Activities: Excludes aviation activities (unless traveling as a commercial passenger) and participation in dangerous sports or recreation, such as skydiving, racing, or diving.
- Legal Violations & Stimulants: Excludes incidents resulting from criminal acts (e.g., theft, intentional assault) or driving while under the influence of alcohol or drugs exceeding legal limits.
- Natural Disasters & Special Events: Excludes losses caused by major natural phenomena like earthquakes and tsunamis, as well as geopolitical events such as war or terrorism.
- Other Risk Factors: Excludes risks arising solely from the insurer's (BVNT's) own underwriting or risk assessment processes.
Who is eligible for coverage and who receives the benefits?
The policy defines three key parties: the Policyholder (BMBH), the Insured Person (NĐBH), and the Beneficiary, establishing clear roles and responsibilities under Articles 3 and 19. The Policyholder must be a legally competent adult residing in Vietnam and is obligated to provide honest and complete information during the application process. The Insured Person must meet specific age requirements, which dictate both initial eligibility and maximum renewal age, ensuring the coverage is targeted toward the intended demographic.
- Policyholder (BMBH): Must be an individual aged 18 or older, residing in Vietnam, and possessing full legal capacity.
- Policyholder Obligation: Must ensure honest and complete declaration of all relevant information, as required by Article 19.
- Insured Person (NĐBH) Age: Must be between 0 and 60 years old on the policy's effective date.
- Renewal Age: The policy can be renewed annually up to age 69, provided the individual has maintained continuous coverage for five years.
- Beneficiary Priority Order: Benefits are paid first to the designated Beneficiary, second to the Policyholder (if no Beneficiary is named), and third to the legal heir.
When does the policy take effect and what is the term length?
The policy term is generally one year, commencing from the Product Effective Date, as detailed in Article 11. The policy becomes effective only after two conditions are met: the insurer (BVNT) accepts the application, and the Policyholder pays the sufficient provisional premium (Article 15). Policyholders also benefit from a crucial 21-day Consideration Period (free-look period) after receiving the contract, allowing them time to review the terms and potentially cancel the policy with a premium refund, minus administrative fees.
- Policy Term (Article 11): The coverage lasts for one year, starting from the Product Effective Date or the date of renewal.
- Product Effective Date (Article 15): The policy takes effect upon BVNT's acceptance and the Policyholder's payment of the required provisional premium.
- Renewal (Article 16): Annual renewal is considered if the Insured Person meets the specified age conditions (Appendix 1.2) and pays the necessary premium.
- Consideration Period (Article 7): Policyholders have 21 days from contract receipt to review and potentially terminate the policy, receiving a premium refund (excluding administrative fees).
How are claims processed and policy rights managed?
The claims process requires prompt action from the Policyholder, starting with risk notification within 30 days of the event, followed by the submission of a complete file within one year (Articles 4 and 5). The insurer is committed to resolving the claim within 30 days of receiving all valid documentation. Beyond claims, Policyholders retain several important rights, including the ability to terminate the policy early with potential fee refunds after the third year, reinstate a lapsed policy within 24 months, and request a reduction in the Sum Assured.
- Risk Notification: The insurer must be informed of the risk event within 30 days of the Policyholder becoming aware of the incident.
- File Submission Deadline: The complete claim file must be submitted within one year from the date the covered event occurred.
- Required Death Claim Documents: Include the request form, death certificate extract, accident records, and personal identification documents.
- Required Serious Injury Documents: Include the request form, accident records, medical records, and the official assessment form (if applicable).
- Benefit Resolution Timeline (Article 6): Claims are typically resolved within 30 days of receiving complete and valid documents.
- Policy Reinstatement (Article 9): A lapsed policy can be restored within 24 months from the termination date.
- Early Termination Refund (Article 8): Policyholders receive 0% refund in the first two years, but 100% of the premium is refunded from the third year onwards.
Frequently Asked Questions
What is the maximum benefit paid for accidental death?
The maximum benefit is 200% of the Sum Assured, specifically if the accidental death occurs while the insured person is traveling as a passenger on a registered commercial flight. Other accidents resulting in death yield 100% of the Sum Assured.
What are the age requirements for the Insured Person?
The Insured Person must be between 0 and 60 years old on the policy's effective date. Renewal is possible annually up to age 69 if the policy has been continuously maintained for five years prior to the renewal date.
How quickly must a claim be filed after an accident occurs?
The policyholder must notify the insurer of the risk event within 30 days of becoming aware of it. The complete claim file, including all necessary documentation, must then be submitted to the insurer within one year of the event date.
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