Life insurance policy: Refund of premium paid of Vietnam if you refuse to continue participating in insurance?
- Refund of premium paid of Vietnam if refusing to continue participating in insurance?
- What are the objects and benefits of a life refund of premium paid of Vietnam policy?
- Regulations on paying life insurance refund of premium paid of Vietnam and cases where no compensation or insurance payment is required?
Refund of premium paid of Vietnam if refusing to continue participating in insurance?
Pursuant to Article 35 of the Law on Insurance Business in 2022 stipulates as follows:
"Article 35. Time to consider participating in insurance
For insurance contracts with a term of more than 1 year, within 21 days from the date of receipt of the insurance contract, the insurance buyer has the right to refuse to continue participating in insurance. In case the insurance buyer refuses to continue participating in insurance, the insurance contract will be canceled and the insurance buyer will be refunded the premium paid after deducting reasonable expenses (if any) according to the agreement. agreement in the insurance contract; insurance enterprises are not required to compensate or pay insurance premiums upon occurrence of the insured event."
Thus, within 21 days from the date of receipt of the insurance policy, the insurance buyer has the right to refuse to continue participating in the insurance, the insurance buyer is entitled to a refund of the refund of premium paid of Vietnam after deducting the expenses. reasonable fees.
Life insurance policy:Refund of premium paid of Vietnam if you refuse to continue participating in insurance? (Image from the internet)
What are the objects and benefits of a life refund of premium paid of Vietnam policy?
Pursuant to Article 33 of the Law on Insurance Business in 2022 stipulates as follows:
"Article 33. Insured objects of life insurance contracts, health insurance contracts
1. The insured object of a life insurance contract is a person's life span.
2. The subject matter of a health insurance contract is human health."
Pursuant to Article 34 of the Law on Insurance Business in 2022 stipulates as follows:
"Article 34. Insurable interests of life insurance contracts, health insurance contracts
1. The insurance buyer has insurable interests for the following people:
a) The insurance buyer himself;
b) Wife, husband, father, mother, child of the insurance buyer;
c) A biological brother, sister, younger brother or another person who has a nurturing or alimony relationship with the insurance buyer;
d) Persons having financial interests or labor relations with the insurance buyer;
đ) The insured agrees in writing for the insurance buyer to buy health insurance for him.
2. At the time of entering into an insurance contract, the insurance buyer must have insurable interests."
Thus, the object and benefits of a life insurance contract are specified as above.
Regulations on paying life insurance refund of premium paid of Vietnam and cases where no compensation or insurance payment is required?
Pursuant to Article 37 of the Law on Insurance Business 2022 stipulates as follows:
"Article 37. Life insurance premium payment
1. The insurance buyer may pay the refund of premium paid of Vietnam once or several times according to the time limit and method agreed in the insurance contract.
2. In case the premium is paid many times and the policyholder has paid one or several premium periods but cannot pay the next premiums, the time limit for extension of premium payment is 60 days.
3. The parties may agree to restore the validity of an insurance contract that has been unilaterally terminated as prescribed in Clause 1, Article 26 of this Law within 2 years from the date of termination and the insurance purchaser the outstanding insurance premium has been paid.
4. In case the insurance buyer fails to pay or fails to fully pay the insurance premium, the insurance enterprise may not arbitrarily deduct the premium from the refundable value of the insurance contract without the consent of the purchaser. insurance and may not initiate a lawsuit to claim the insurance buyer to pay the refund of premium paid of Vietnam. This provision does not apply to group insurance."
Pursuant to Article 40 of the Law on Insurance Business 2022 stipulates as follows:
"Article 40. Cases where compensation and insurance payments are not required
1. Insurance enterprises and branches of foreign non-life insurance enterprises are not required to compensate or pay insurance premiums in the following cases:
a) The insured dies by suicide within 2 years from the date of payment of the first premium or from the date the insurance contract is reinstated;
b) The insured dies due to the intentional fault of the insurance buyer or the intentional fault of the beneficiary, except for the case specified in Clause 2 of this Article;
c) The insured suffers permanent disability due to the intentional fault of the insured himself or the policyholder or the beneficiary, except for the case specified in Clause 2 of this Article;
d) The insured dies as a result of execution of the death sentence;
đ) Other cases as agreed in the insurance contract.
2. In the case of multiple beneficiaries, if one or several beneficiaries intentionally causes death or permanent disability to the insured, the insurer or branch of the foreign non-life insurance enterprise In addition, they still have to indemnify and pay insurance premiums to other beneficiaries as agreed in the insurance contract.
3. In the case specified in Clause 1 of this Article, the insurance enterprise or branch of foreign non-life insurance enterprise must pay the insurance buyer the refund value of the insurance contract or the entire premium amount. Insurance has been paid after deducting reasonable expenses (if any) as agreed in the insurance contract, except for the case specified in Clause 2 of this Article. If the insurance buyer dies, the refund will be settled in accordance with the law on inheritance.
Thus, the cases in which no compensation and payment of life insurance are required are specified as above.
The Law on Insurance Business 2022 takes effect from January 1, 2023.
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