By coverage, there are 7 basic types of life insurance: Whole life insurance; Term life insurance; Term insurance; Mixed insurance; Periodic payment insurance; Investment-linked insurance; Pension insurance.
From many perspectives, life insurance is divided into different types. According to the participating method, there are individual insurance and group insurance. According to participants, there is insurance for children, insurance for breadwinners and retirement insurance. In the form of a contract with primary insurance and supplementary insurance. More specifically, divided by insurance coverage, there are 7 basic types of life insurance: Term life insurance; Term insurance; Lifetime insurance; Mixed insurance; Periodic payment insurance; Investment-linked insurance; Pension insurance.
- Term life insurance
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. In Vietnam, term insurance is still regulated under the Law on Insurance Business, but in fact most life insurance companies do not deploy this product.
See more: bảo hiểm nhân thọ generali
- Term insurance
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.
For example, Manulife – An Peace of Mind and Joy Life is for 18-60 years old with the following attractive benefits:
- Short-term payment (3/5/10 years), long-term protection (15/20/30 years)
- 100% of the Sum Insured for the Death Benefit
- Accidental Death Benefit: in addition to the above-mentioned Death Benefit, the Company pays more:
○ 300% of the Sum Insured on death as a passenger on a commercial flight
○ 200% of the Sum Assured in case of Accidental death due to public transport; elevator, fire in public building
○ 100% of the Sum Assured in case of Accidental death due to other circumstances
- Serious Cancer Benefits
- Enjoy the full refund benefits with peace of mind.
See more: mua bảo hiểm ung thư
- Lifetime insurance
Whole life insurance is insurance that covers the death of the insured at any time during his or her life. Currently, life insurance companies rarely launch new life insurance products.
- Mixed insurance
Mixed insurance is a combination of term insurance and term insurance. This is one of the key insurance products of insurance companies in Vietnam.
For example, Take the Wings to the Future product with 5 attractive benefits:
- Protects both mother and child during pregnancy against the risks of pregnancy complications, birth defects or death
- Protect your baby against unforeseen risks such as serious illness or total permanent disability from the very first moment
- Education fund equivalent to 150% of the sum insured at the end of the policy year so that your child can enjoy the most advanced education
- Attractive enrollment benefits of up to 100 million VND as a reward to mark your child’s hard study years
- Fee-free benefits and financial support will ensure that the contract continues to be valid and the child is still protected and guaranteed an educational future if the parents are unfortunately at risk.
- Periodic payment insurance
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.
- Investment-linked insurance
Investment-linked insurance is a life insurance product that does not divide interests, premiums and insurance benefits into two parts, namely the insurance part and the investment part. The two most typical products of the investment-linked insurance product line are universal life insurance and unit-linked insurance.
- Retirement insurance
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.
