5 notes to fully enjoy the benefits when participating in life insurance

(Baonghean) - For nearly 20 years since life insurance appeared in Vietnam, millions of families and life insurance participants have been financially protected from life risks.

In Nghe An, in the first 6 months of 2017, Prudential paid insurance benefits with a total amount of nearly 30 billion VND for 5,088 cases.

Prudential is an insurance brand chosen by many people. Photo: PV

Life insurance has become more familiar today as a tool to help people save and invest in a disciplined manner to carry out future plans. However, not many people, even though they have participated in life insurance, clearly understand its benefits and grasp the necessary things to truly enjoy those benefits.

So what should insurance buyers keep in mind when participating in life insurance:

1. Determine and consider your needs, financial ability and health status to choose the most suitable life insurance product for you. You should ask the insurance agent to advise you in detail on the terms in the insurance application form, the rules and specific terms of the insurance product you want to buy.

2. Read and study the insurance application and insurance contract carefully. If you are not sure, ask the agent for further explanation, especially the exclusions, insurance benefits, detailed illustrations of insurance benefits, and insurance premiums. Currently, insurance buyers can easily find information about life insurance through customer service centers, electronic information portals (websites), Facebook pages of businesses or can also contact the customer service hotline of the business, for example, Prudential's toll-free number 1800 1247.

3. Fully and honestly declare your current health status, medical history, where you have been examined before; do you drink alcohol? Do you use drugs or addictive substances?... The health assessment (if any) by the insurance company before issuing the contract does not replace the obligation to honestly declare of the insurance buyer. Later, when an insurance event occurs, insurance companies often organize an assessment and investigation before paying the insurance money.

4. Sign yourself, declare fully and accurately the personal information and health status required by the insurance company in the insurance application form.

5. The most important thing is to proactively pay the full and timely periodic insurance premium to maintain the validity of the contract and ensure insurance benefits. Insurance companies have many different channels to support customers in paying premiums such as: Bank transfer, electronic information portal, customer service center, agent... With Prudential, customers can also pay premiums through the Vietnam Post network or Viettel transaction counters.

Do insurance companies care about customer interests?

Insurance companies in Vietnam operate under the close supervision of the Ministry of Finance and must strictly comply with the Law on Insurance Business, Government Decrees and Circulars of the Ministry of Finance guiding the implementation of the Law on Insurance Business.

Furthermore, with increasing competition from the market, insurance companies are constantly striving to improve customer experience, maximize services and products, and especially always aim to pay insurance benefits quickly, simply and transparently.

According to the Insurance Supervision and Management Department, as of June 2017, the total benefit payments of the entire insurance industry reached about VND 7,217 billion, an increase of 23.61%, in which Prudential was the leading enterprise with VND 2,707 billion. In 2016, Prudential was also the leading company in insurance payments in the market, accounting for nearly 40% of the total payments of the entire industry.

To ensure their rights, customers need to be honest when declaring health information to the insurance company. Photo: PV

In Nghe An, in the first 6 months of 2017, Prudential also paid insurance benefits with a total amount of nearly 30 billion VND for 5,088 cases. In which, there were cases where insurance buyers received insurance benefits of up to billions of VND.

In short, life insurance is a game that requires honesty, transparency and kindness. If the parties participate in the right spirit, they will certainly enjoy the full benefits of life insurance in a legitimate way.

PV