Insurance is divided into many types of products according to the subject matter, the nature of the activity or the mode of participation. However, the easiest way to distinguish different types of insurance is in terms of social and economic aspects. So about the matter “What types of insurance are there in Vietnam” Let’s find out with LSX in the article below.
Legal grounds
- Law on insurance business 2022
Commercial insurance
There are 3 types of commercial insurance on the market including life insurance, non-life insurance and health insurance as follows:
Life insurance
According to the Law on Insurance Business, Life Insurance is a type of insurance business in case the insured person lives or dies. Life insurance has 7 types of insurance as follows:
Term life insurance is an insurance profession in which the insured lives up to a certain term, whereby the insurer must pay the insurance premiums to the beneficiaries, if the insured still lives to the specified term agreed in the insurance contract.
Term life insurance is an insurance business for the death of the insured within a certain period, whereby the insurer must pay the insurance money to the beneficiary, if the insured dies within the specified period agreement in the insurance contract.
Mixed insurance is a combination of term insurance and term insurance.
Whole life insurance is insurance that covers the death of the insured at any time during his or her life.
Periodic payment insurance is an insurance business in case the insured lives up to a certain term; After that time limit, the insurance enterprise must make periodic insurance payments to the beneficiaries as agreed in the insurance contract.
Retirement insurance is an insurance service in case the insured reaches the specified age and is paid insurance premiums by the insurance enterprise as agreed in the insurance contract.
Investment-linked insurance is a life insurance product that combines both risk protection and profitable investment. Currently, life insurance companies are deploying two universal life insurance products and unit-linked insurance products in the investment-linked insurance business.
Health insurance
Health insurance is a type of insurance for the insured person’s injury, accident, illness, disease or health care paid for by the insurer as agreed in the insurance contract. . In health insurance, there are three types of insurance:
Personal accident insurance is an insurance product for cases of bodily injury or death due to an accident.
Medical insurance: Commercial medical insurance, also known as health insurance of non-life insurance companies, aims to support medical expenses when participants are unfortunately at risk of illness. disability, accident…
Health care insurance is an insurance product that supports treatment costs and benefits participants in case of illness, disease, surgery, accident, maternity…
Non-life insurance
Non-life insurance is a type of property insurance, civil liability and other insurance operations that are not part of life insurance. Non-life insurance is divided into the following insurance operations:
Property insurance and damage insurance: Property insurance is an insurance product for property objects including real things, money, papers worth money and property rights.
Insurance of goods transported by land, sea, inland waterways, rail and air.
Aviation insurance: “Aero insurance is insurance specifically for the operation of aircraft and the risks related to the process of transportation by air (including goods and people)”
Motor vehicle insurance is an insurance product for motor vehicles to indemnify the vehicle owner in the event of an unfortunate accident involving people, the vehicle or the goods on the vehicle. In addition to the compulsory insurance, motor vehicle owners and voluntary products can be purchased: Insurance for physical damage to vehicles; Accident insurance for drivers, car attendants and occupants; Car owner’s insurance for goods transported on the vehicle.
Fire and explosion insurance is a product that compensates for damage that occurs to the insured’s property when there is an unfortunate risk of fire and explosion.
Hull insurance and shipowner’s civil liability: Hull insurance is a product that compensates for damage that occurs to the hull, machinery and equipment of the ship due to perils of the sea/river caused, or due to unexpected accidents. “Shipowner’s Civil Liability Insurance is insurance for the risks associated with statutory liabilities and expenses which the shipowner, manager, operator, charterer (excluding charterers) voyage) must pay for third-party damages caused by the operation of the ship or boat, including damage to people and property.”
Liability insurance is an insurance product for risks related to legal liabilities or the obligation to compensate for damage caused by the insured’s fault to other organizations or individuals.
Credit insurance and financial risks: Credit insurance is an insurance product for loans that help borrowers repay bank loans in the event of an unexpected risk.
Business loss insurance is an insurance business for property risks in the production and business process of an enterprise.
Agricultural insurance is a type of insurance for production objects in the agricultural, forestry and fishery industries, whereby the insurance buyer pays the premium and the insurance enterprise compensates the insured when the occurrence occurs. Insurance events (According to the Decree on Agricultural Insurance).
Insurance provided by the State
Deposit insurance
According to the Law on Deposit Insurance, Deposit Insurance is a guarantee to return the deposit to the insured of the deposit within the insurance payment limit when the deposit insurance participating organization falls into the state of insolvency. pay deposits to depositors or go bankrupt.
Health Insurance
According to the law on health insurance: Health insurance is a form of compulsory insurance applied to the subjects prescribed by the Law on Health Insurance for health care, not for profit purposes provided by the State. implementation organization.
According to the Law amending and supplementing a number of articles of the Law on Health Insurance 2014, the maximum monthly health insurance premium payment is equal to 6% of the monthly salary or the base salary… depending on the subject. But the State supports from 30% to 100% of health insurance premiums for some subjects such as people with meritorious services to the revolution, near-poor households, students…
Social insurance
According to the Law on Social Insurance: Social insurance is a guarantee to replace or partially compensate an employee’s income when his/her income is reduced or lost due to illness, maternity, work accident, occupational disease. employment, end of working age or death, on the basis of contributions to the social insurance fund.
Compulsory social insurance is a type of social insurance organized by the State that employees and employers must participate in. The monthly contribution rate of Vietnamese employees is equal to 8% of the monthly salary/base salary to the retirement and survivorship fund.
Voluntary social insurance is a type of social insurance organized by the State in which participants can choose a payment level and payment method suitable to their income and the State has a policy to support insurance premiums. society for participants to enjoy retirement and survivorship benefits.
The regimes of compulsory social insurance include:
Sickness;
Maternity;
Occupational accidents and diseases;
Retirement;
Mortality.
The regimes of voluntary social insurance are retirement and survivorship.
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Contact LSX
Finally, hope this article is useful for you to answer the question about “What types of insurance are there in Vietnam?” If you need any further information, please contact LSX Law firm: at +84846175333 or Email: [email protected]
Please see more
- Where to buy compulsory car insurance in Vietnam?
- Is health insurance in Vietnam subject to VAT?
- General provisions on insurance contracts in insurance business in Vietnam
Frequently asked questions
Insurance is an activity through which an individual is entitled to an insurance benefit by means of a contribution to himself or to a third person in the event of an accident. This allowance is paid by an organization, which is responsible for all risks and compensates for losses according to statistical methods.
Insurance premium is the sum of money that the insurance buyer must pay to the insurance enterprise according to the time limit and method agreed by the parties in the insurance contract.
Prohibited acts in the insurance business include:
Insurance business, reinsurance business, reinsurance transfer, insurance brokerage without establishment and operation license.
Activities of insurance business, reinsurance business, reinsurance transfer, and insurance brokerage are not within the scope of the license.
Acting as an insurance agent or providing ancillary services for insurance when operating conditions are not satisfied as prescribed by law.
Committing fraudulent acts including:
– Collusion with beneficiaries to settle illegal compensation and insurance payments;
– Forging documents, intentionally falsifying information in the claim file, insurance payment;
– Forging documents, intentionally falsifying information to refuse compensation or insurance payment when the insured event has occurred;
Self-inflicted damage to property and health to enjoy insurance benefits.
Threatening or forcing the conclusion of an insurance contract.
Conclusion: So the above is What types of insurance are there in Vietnam?. Hopefully with this article can help you in life, please always follow and read our good articles on the website: lsxlawfirm.com
