What is Life Insurance?

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Currently, I see that there are many life insurers operating in the Vietnamese market. I am planning to purchase life insurance for myself but do not have a comprehensive understanding of life insurance. I would like to ask, according to the law, what type of insurance life insurance is? How does it differ from non-life insurance? What types of life insurance are included? I look forward to receiving an explanation. Thank you.

According to Clauses 12 and 18, Article 3 of the Insurance Business Law 2000:

Life insurance is a type of insurance business for cases where the insured person is alive or deceased.

Non-life insurance is a type of insurance business covering assets, civil liability, and other insurance operations not belonging to life insurance.

Generally, it can be seen that life insurance is insurance for individuals whether they are alive or deceased. Non-life insurance is for assets, civil liabilities, etc. (not insurance for individuals).

According to Clause 1, Article 4 of Decree 73/2016/ND-CP:

Life insurance includes:

- Whole life insurance;- Endowment insurance;- Term insurance;- Mixed insurance;- Annuity insurance;- Investment-linked insurance;- Pension insurance;- Other life insurance operations as stipulated by the Government of Vietnam.

Sincerely!

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