Can adopted children buy life insurance for their adoptive parents in Vietnam?

Can adopted children buy life insurance for their adoptive parents in Vietnam? If I have paid insurance premiums for a period of time and then suspend, will I lose that insurance money in Vietnam?

My name is Dang and I am legally adopted by my parents. I see that my parents' health is a bit poor these days, so I want to buy personal insurance for my parents. Is it possible according to the regulations? In case I'm paying but I can't afford to pay anymore, will I lose all the money I paid?

Can adopted children buy life insurance for their adoptive parents in Vietnam?

Pursuant to Article 24 of the 2010 Adoption Law, consequences of adoption are as follows:

1. From the date of delivery and receipt of an adopted child, the adoptive parents and adopted child will have all the rights and obligations between parents and child; and the adopted child and other members of the adoptive parents family will also have the rights and obligations between them under the law on marriage and family, the civil law and other relevant laws.

2. At the request of adoptive parents, competent state agencies shall decide on the change of the full names of adopted children.

Change of the full names of an adopted child aged 9 or more years must be consented to by such child.

3. The nationality of an adopted abandoned child shall be determined according to the nationality of the adoptive parents.

4. Unless otherwise agreed upon between the natural and adoptive parents, from the date of delivery and receipt of the adopted child, the natural parents no longer have the rights and obligations to care for. nurture, provide financial support for, represent at law, pay damages for, manage and dispose of personal property of, their child already adopted.

In addition, Article 31 of the Law on Insurance Business 2000 stipulates objects of person insurance contracts.

1. The objects of person insurance contracts shall be the human age, life, health and accidents.

2. The insurance buyers may only buy insurance for the following persons:

a) The insurance buyers themselves;

b) Their spouses, children and/or parents;

c) Their blood brothers and sisters; person with ties of fostering and financial support;

d) Other persons, if the insurance buyers have the interests that can be insured.

So according to current regulations in Vietnam, compared to the case you mentioned, from the moment you become a legally adopted child of your father or mother, you have same rights as a biological child. Therefore, you can buy personal insurance for your parent in Vietnam.

Can adopted children buy life insurance for their adoptive parents in Vietnam? (Image from the Internet)

If I have paid insurance premiums for a period of time and then suspend, will I lose that insurance money in Vietnam?

In addition, Article 35 of the Law on Insurance Business 2000 regulates payment of life insurance premiums

1. The insurance buyers may pay the insurance premiums in lump sum or in installments according to the time limit and mode agreed upon in the insurance contracts.

2. Where the insurance premiums are paid in installments and the insurance buyers have already paid the premiums in one or several installments but cannot further pay the insurance premiums in subsequent installments, the insurance enterprises may, within 60 days after the extension of the time limit for premium payment, unilaterally suspend the performance of the contracts, the insurance buyers shall have no right to reclaim the already paid insurance premium amount if the duration for which the insurance premiums have already been paid is under two years, except otherwise agreed upon by the parties.

3. Where the insurance buyers have already paid the insurance premiums for two years or more while the insurance enterprises unilaterally suspend the performance of the contracts as provided for in Clause 2 of this Article, the insurance enterprises shall have to refund to the insurance buyers the returned values of the insurance contracts, except otherwise agreed upon by the parties.

4. The parties may agree to restore the effect of insurance contracts already unilaterally suspended from their performance as provided for in Clause 2 of this Article within two years from the date the contracts are suspended and the insurance buyers have already paid the outstanding insurance premium amounts.

According to regulations in Vietnam, if you do not pay insurance premiums, your insurance contract will be suspended. However, the amount you have paid can be refunded, unless you and the insurance business have a different agreement.

Best regards!

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