Is personal accident insurance compulsory for students in Vietnam?

Is personal accident insurance compulsory for students in Vietnam?

Personal accident insurance for student, similar to student accident insurance, is a type of insurance that helps cover medical expenses and provides financial support to students in case of accidents or illnesses during their studies and participation in physical activities.

Personal accident insurance for student is a type of health insurance. The insured object of a health insurance contract is human health. Types of health insurance services include health, personal accident, and medical expense insurance.

Personal accident insurance for student often has a broader coverage, including illnesses and diseases in addition to accidents.

Therefore, personal accident insurance for student is not mandatory.

*Note: The information is for reference only./.

Is personal accident insurance compulsory for students in Vietnam? (Image from the Internet)

Is it necessary to purchase personal accident insurance at the beginning of the school year in Vietnam?

According to Clause 3, Article 4 of Decree 146/2018/ND-CP (amended by Points a and b, Clause 2, Article 1 of Decree 75/2023/ND-CP), students belong to the group of subjects supported by the state budget for premium payments.

According to Point a, Clause 5, Article 9 of Decree 146/2018/ND-CP (amended by Points a and b, Clause 4, Article 1 of Decree 75/2023/ND-CP), the methods of health insurance premium payment for students are stipulated as follows:

Every 3 months, 6 months, or 12 months, students, or their parents or guardians, are responsible for paying the required health insurance premium as stipulated in Clause 2, Article 10 of Decree 146/2018/ND-CP to the social insurance agency;

Thus, students are among the subjects required to participate in compulsory health insurance and are supported by the state budget for health insurance premiums.

Personal accident insurance for student (as a type of health insurance) is a voluntary form of insurance for students.

Based on Clause 15, Article 4 of the Insurance Business Law 2022, health insurance is a type of insurance for cases where the insured person is injured, has an accident, gets sick, or requires health care.

Personal accident insurance for student is a type of health insurance. The insured object of a health insurance contract is human health. Types of health insurance services include health, personal accident, and medical expense insurance.

Therefore, as mentioned above, personal accident insurance for student is voluntary and not required to be paid at the beginning of the school year.

However, for the betterment of children when they go to school, parents should consider purchasing this insurance for their children.

What benefits are available when purchasing personal accident insurance for student in Vietnam?

Based on Article 34 of the Insurance Business Law 2022, when purchasing personal accident insurance for student, the following benefits are available:

- The policyholder themselves;

- Spouse, parents, children of the policyholder;

- Siblings or others who have a nurturing or dependent relationship with the policyholder;

- Anyone who has financial or employment relations with the policyholder;

- Anyone whom the insured person agrees in writing for the policyholder to purchase health insurance for.

At the time of entering into the insurance contract, the policyholder must have insurable interests.

It can be understood that the benefits of parents purchasing personal accident insurance for their children ensure complete coverage for their health.

What contents are included in the policies for personal accident insurance for student in Vietnam?

Based on Article 17 of the Insurance Business Law 2022, the following primary contents must be included in the policies for personal accident insurance for student in Vietnam:

- The policyholder, the insured, the beneficiary (if any), the insurer, or the branch of a foreign non-life insurer;

- The insured object;

- The insured amount or the value of the insured asset or the limit of liability;

- The scope of insurance or insurance benefits; insurance rules, conditions, terms;

- The rights and obligations of the insurer, the branch of a foreign non-life insurer, and the policyholder;

- The insurance period, the effective date of the insurance contract;

- The insurance premium amount and payment methods;

- The claims, payment methods;

- The methods for dispute resolution.

Additionally, the contents of the contract of personal accident insurance for student will also follow the provisions in Chapter 3 of Circular 67/2023/TT-BTC as follows:

[1] The policyholder, the insured, the beneficiary of the life insurance contract, or the health insurance contract

...

[2] The insured amount

- The insured amount or the method for determining the insured amount is agreed upon by the policyholder and the insurer in the insurance contract.

...

[3] The insurance benefits, the scope of insurance

- The insurance benefits, scope, and exclusion clauses must be clearly stated in the insurance rules, conditions, and terms. If the insurer or the branch of a foreign non-life insurer provides conditional insurance (providing insurance in case the insured's participation conditions do not meet the insurer's standards), this must be clearly stated in the insurance contract.

...

[4] Insurance rules, conditions, terms

...

[5] The rights and obligations of the policyholder of life insurance contracts and health insurance contracts

...

[6] The rights and obligations of the insurer, the branch of a foreign non-life insurer

...

[7] The insurance period

- The insurance period is calculated from the time the insurer or the branch of a foreign non-life insurer begins to provide insurance coverage until the end of the insurance period. This must be stipulated in the insurance contract.

- For pension insurance contracts, the premium accumulation period and the pension insurance benefit period must be clearly stated.

[8] The effective date of the insurance contract

...

[9] The insurance premium amount and payment methods

...

[10] Payment of insurance money

...

[11] Methods of dispute resolution

...

>>> See the full content in Chapter 3 of Circular 67/2023/TT-BTC (from Articles 9 to 19).