Showing posts with label insurrance. Show all posts
Showing posts with label insurrance. Show all posts
Insurance almost appears in all areas of social life from human life, health to daily activities such as money, construction, ... And even in agricultural production (cultivation, animal husbandry) insurance also contributes, agricultural insurance plays an important and essential role for farmers to limit damages caused by risks.
  • Supporting 90% of agricultural insurance premiums for poor farmers   /   Vietnam will cooperate with Switzerland as agricultural insurance

Under the provisions of the amended Insurance Business Law 2010 : Agricultural insurance is a non-life insurance business, with insurance coverage being risks arising in the field of agricultural production and rural life. including risks associated with: crops, livestock, supplies, goods, factory materials. 
Agricultural activities often face the following risks:
  • Weather risks: are risks associated with unpredictable and unpredictable weather phenomena.
  • Risks of agricultural production: risks related to factors such as pests, diseases in plants and animals ...
  • Economic risks: risks related to fluctuations in prices of agricultural products and input materials due to unpredictable fluctuations of the market.
  • Financial risks and commercial activities: these risks are caused by the impact of other production sectors on agriculture.
  • Institutional risks: are risks arising from state agricultural policies.
  • Environmental risks: risks due to negative impacts of external activities affecting agricultural production environment.
In the face of such risks, it can be seen that agricultural insurance plays a very important role, reducing losses to farmers against unintended risks such as:
What is insurance farming

  • Agricultural insurance contributes to limiting production-related risks, ensuring a stable source of income for farmers;
  • Agricultural insurance helps farmers feel assured of production, increasing labor productivity;
  • Agricultural insurance provides a certain amount of capital for farmers. 
Previously, the Prime Minister once signed Decision 315 / QD-TTg (amended and supplemented by Decision 358 / QD-TTg ) on the pilot implementation of agricultural insurance applied in the 2011-2013 period. Accordingly, the support level of the State and the beneficiaries is given as follows:
  • Support 100% premium for farmers and poor agricultural production households participating in pilot agricultural insurance.
  • Support 90% of insurance premiums for farmers and individuals near poor in agricultural production to participate in piloting agricultural insurance
  • Support 60% of insurance premiums for farmers and non-poor individuals and agricultural producers participating in pilot agricultural insurance.
  • Support 20% of insurance premiums for agricultural production organizations participating in pilot agricultural insurance.
Individuals and organizations engaged in agricultural production supported must meet the following conditions:
  • Subject to the following insurance:
    • Insurance for rice in Nam Dinh, Thai Binh, Nghe An, Ha Tinh, Binh Thuan, An Giang, Dong Thap.
    • Insurance for buffaloes, cows, pigs and poultry in Bac Ninh, Nghe An, Dong Nai, Vinh Phuc, Hai Phong, Thanh Hoa, Binh Dinh, Binh Duong and Hanoi.
    • Insurance for catfish, basa, tiger shrimp, white shrimp in Ben Tre, Soc Trang, Tra Vinh, Bac Lieu and Ca Mau.
  • Have covered benefits.
  • Participate in the pilot of agricultural insurance and pay premiums under their responsibility.
  • Implement production, cultivation, animal husbandry, rearing and epidemic prevention according to the regulations of the Ministry of Agriculture and Rural Development.
However, agricultural insurance has only been piloted until now, but there are no specific regulations. Therefore, in order for agricultural insurance to come to life, functional departments need to research and build a process that is suitable to the actual conditions.

Insurance for farms - Livestock insurance

The implementation of agricultural insurance (BHNN) in the livestock sector, is important in creating stability in livestock, helping farmers reduce losses caused by natural disasters, epidemics ... Owner This is the case, but in a locality considered the "capital" of the livestock industry in Dong Nai province, farmers in general are still indifferent to BHNN.
Livestock insurance

Implementing Decision No. 315 of the Prime Minister on the pilot implementation of agricultural insurance (BHNN) in the period of 2011 - 2013, Dong Nai is one of 20 provinces and cities in the country selected to pilot insurance Applicable to pets including buffaloes, cows, pigs and poultry. Currently the province is piloting in 9 communes in 3 districts of Tan Phu, Dinh Quan and Xuan Loc.

The reason Dong Nai focuses on livestock insurance is because this is the locality with the strongest breeding in the country. Currently, Dong Nai has the largest herd of pigs in the country with the number of about 1.2 million, of which farm livestock accounts for 60%, the rest is small livestock with the number of heads / herd of 100 or less. . The province also has poultry herds of about 9 million (of which over 1 million laying hens). Every year, Dong Nai poultry herd provides about 42,000 tons of meat and 600 million eggs.

On April 1, 2012, there were 5,280 households in Dong Nai, of which 328 poor households, 648 households near poor were selected to pilot the implementation of state insurance. In addition, there are 129 farms with a total of livestock and poultry being deployed with state budget with over 1.4 million children. However, through the evaluation and survey of households capable of participating in agricultural insurance, Dong Nai province said that the number of households and farms that can participate in only accounted for about 20% of the selected households at 3 district on. Why so?

The first reason is because farmers think that the premium is too high. For example, every pig must pay a premium of VND 120,000. Hearing this fee, pig farm owners in Dong Nai shook their heads immediately, because pig production costs are now quite high. Even if live hog prices are at a level that benefits farmers, it is difficult to persuade farm owners to buy insurance. Because looking back at pig breeding in Dong Nai in particular and the country in general in the past years, it will be seen, except when the price of pork is abnormally high such as the beginning and middle of 2011, normally, pig farmers only The profit is about several hundred thousand dong per head, so the insurance fee is up to 120,000 VND / pig, even if it is supported by the State 20%, who dare to say it is low? Many pig farm owners in Dong Nai say that they have invested in a good way. implementing strict measures in disease prevention, so the possibility of risk is very low. Each growout cycle is short, so it is not time to spend money to buy insurance.

The fee is high, there is no distinction of fees for commercial breeding with breeding. By commercial farming, with pigs, each cycle is only about 3 months, chickens and about 2.5-3 months. Meanwhile the breeding cycle has a much longer time. This has caused breeding farms not to be interested in livestock insurance.

On the other hand, in livestock insurance regulations, there are still some points that make farmers feel hesitant. For example, when participating in insurance, the farm owner must be vaccinated according to regulations, causing the cost of the farmer to be up. If the output is stable, farmers will not "freak out" much with this regulation. But when the price of pigs and chickens keeps increasing and decreasing, making farmers often "hairless" with the problem of loss - profit, so even knowing that vaccination is correct, many households are still available skip. Or if the epidemic happens, when the competent authority announces the epidemic, the farmer will be compensated for the insurance. But from the time of detection of the epidemic to the time of publication, it will take a long time, so will the animals get sick before the announcement of the epidemic?

Mr. Nguyen Tri Cong, Chairman of Dong Nai Livestock Association, said that in fact, farmers still do not fully understand the state insurance. Meanwhile, the provisions for livestock production and the responsibility between participants and insurance agencies are too many and complex, making farmers less interested in participating.

Therefore, in order to attract the interest and response of farmers to the state budget, the Ministry of Finance needs to rebuild the fee schedule for each farming object in the direction of calculating the raising cycle to encourage farmers to take part family; specifying the compensation for insurance related to the time of publication of the epidemic, and at the same time redefining the level of exemption for small-scale livestock households in the direction of being beneficial, reducing the losses to farmers when natural disasters occur. sick.

Song Tran 
Bao Dai Doan Ket
customers have encountered the situation when life insurance events occur but are denied compensation for benefits. So what to do in this case.

  • 1. Please carefully review the notice or document from the insurance company about the reason for the refusal
  • 2. Re-understand the terms of insurance products
  • 3. Ask an insurance advisor or call the insurance company directly
  • 4. Thanks to the help of experts in the field or civil lawsuit
When denied insurance benefits, many customers feel extremely uncomfortable and distracted. Don't worry too much, the information below will help you know the smartest way to handle it.

1. Please carefully review the notice or document from the insurance company about the reason for the refusal

Please check whether the life insurance company's notice of the reason for your specific rejection of compensation. From there, find the most suitable solution to solve. Here are some common denial notices:
- Having disease before participating in insurance: Most of the current life insurance companies refuse to compensate if you hide the disease / declaration without illness, have never been cured, treat related diseases when filling out the application. registration. In other words, this is a form of life insurance profiteering, not new but extremely popular.

- Making false claims on insurance claim documents: Customers make false statements about themselves, in which current health status is the most important. That will be the basis for compensation for benefits when insurance events occur. If you do not declare it properly, you will be denied compensation.
What to do when denied life insurance compensation benefits

Please review the notice of rejection from the insurance company carefully
- Exclusion does not support: Many excluded diseases are not covered, eg HIV. You need to check with the paid support checklist specified in the insurance policy before making claims.
- Do not buy complementary products about that risk: For example, if you have dental related diseases without buying dental supplements, you will not be compensated. Because this is a benefit of supplementary insurance products, not integrated with the main product.
- Not the insured person in the contract : Many customers now only buy insurance for their children / others but I do not buy the same. By the time of the risk to yourself, ask the insurance company to compensate. This is a very ridiculous case.
- In the case of insurance exclusion: Currently, the Law on Insurance Business has clear provisions on exclusion terms. In addition, some companies also add their own terms in each insurance product. Please open the contract and review if there is a notice of violation of the exclusion case before filing a complaint.

2. Re-understand the terms of insurance products

If the customer violates the main product exclusion terms and supplementary insurance terms, check to make sure. If it is a violation, you should not complain because it is extremely time-consuming and most people who are still in the end are still buying insurance.
See more:  Not every money is allowed to participate in life insurance
If an insurance policy is bought for another person but is linked to himself or herself when you buy an additional product, you still have the right to receive the allowance as stated in the insurance policy. In this case, you have the right to appeal and ask the insurance company to compensate in accordance with the regulations.
If your claim does not contain errors or has small errors, does not affect your benefits, you should contact the insurance company to negotiate and adjust. If it is not possible at that time, it must still be done to ensure the benefits for the next risks.
If you meet all the requirements for the above exclusion clause, do not violate any of the terms, then proceed to the next step below:

3. Ask an insurance advisor or call the insurance company directly

When you still find it difficult to understand, contact a counselor or insurance company for an explanation. Prepare before the insurance contract to compare and chat honestly and effectively. Talk deeply about the problem you are having. Ask for explanations of all questions, especially the reasons why I am being denied compensation.
Ask the insurance advisor to explain or call the life insurance company directly
In case the consultant and the insurance company still have not resolved clearly so that you understand, you still feel unsatisfied, then proceed to step 4:

4. Thanks to the help of experts in the field or civil lawsuit

Consult with a lawyer, seasoned experts in the field to judge whether the error is from your side or the insurance company. Or you can ask for assistance from Vietnam Insurance Association, Insurance Supervision Department. These organizations guarantee the interests of the insured as well as the insurers when conflicts arise. Ensure accurate and transparent resolution of needs from both sides. Another solution is to inform and ask for assistance from the Department of Insurance Supervision and Civil Lawsuits if it is suspected that the insurance company has fraudulent acts.
Thus, to protect the best life insurance benefits when participating, you first need to choose the right life insurance product based on your actual needs. At the same time, it is necessary to understand the terms of exclusion, to declare truthfully, full information, to sign clearly. Participating in life insurance is like a form of investment for health and life value in a relatively long time. So be serious. Only so, will you be "protected" best when unfortunate events happen (risks, illness, injury, death).
Hopefully, the above sharing will help you get the best way when you are unfortunately denied payment of life insurance benefits from insurance companies.
According to the ranking that The Top Tens recently published about the most prestigious auto insurance companies, there are 2 familiar brands in Vietnam market are AAA and Liberty.
auto insurance companies

At the top of this ranking is Esurance - a company with nearly 2000 employees operating throughout the United States. Ensurance has always won the trust of customers, shared on The Top Tens website, a customer wrote: "Too tired because the premium rate kept increasing in the past time, I tried to understand the main issues. Amazing and Ensurance new books, I have saved 750 USD per year since switching to Ensurance services ... "
auto insurance companies

AAA and Liberty Mutual are in the 6th and 9th place respectively.
Being present in Vietnam since 2005, AAA brand has gained a certain position in Vietnam market as well as customer confidence. Commenting on AAA's service, there are customers sharing: "I had an accident but the person who hit our car did not buy insurance, fortunately AAA has covered all costs, the performance It's absolutely simple, not complicated. It's great! Dealers and insurers are all very good, they are very interested in customers! "," ... I don't even need to keep an eye on them, they are always there when we need it most ... "
Liberty Vietnam insurance company is Liberty Mutual's presence in Vietnam market. Liberty Vietnam is considered one of the most reputable insurance companies, gaining the trust of customers when it is dedicated, quickly resolving for car owners who have problems of flooding in late 2008 in Hanoi. . 
Allstate customers who have used Allstate's service shared: "I leave Allstate and use Liberty's service because of the high quality and service fees. Liberty's waiting time is also much faster. .. "," Although State Farm is the largest company in the US, Liberty is still the unit with the best customer service quality, timely payment of benefits and a much better reputation than them (State). Farm) .... "

Hopefully along with the development of the insurance market, insurance companies in Vietnam will continue to improve the quality of their services to satisfy the needs of customers and become trusted partners of their owners. car.

Life insurance is a type of long-term insurance to ensure payment of money to insured under a contract when there is a risk or maturity event. Each object is designed specifically for an insurance contract.

What is life insurance?

Life insurance is the insurance guarantee of the insurer for the insured with an agreed amount in the contract when a risk event occurs or the insurance term ends, provided that the person Participants must pay periodic fees for a pre-agreed period of 5 years, 10 years, 20 years ...
Very special insurance packages are best designed for each customer, depending on the financial condition and future financial needs of customers.
Some companies provide life insurance products in Vietnam
As of September 2018, Vietnam has 61 insurance enterprises, including 18 life insurance companies in Vietnam with 17 foreign insurance companies and only one Vietnamese company. Here are some famous and diversified life insurance companies in Vietnam that you can refer to:
  • Bao Viet Life
  • Prudential Life Insurance 
  • Manulife Life Insurance
  • Dai-ichi life insurance 
  • AIA Life Insurance
  • Chubb Life Life Insurance
  • Sun Life life insurance 
  • Generali life insurance
  • Hanwha Life Life Insurance

According to some documents, based on 4 criteria to divide the types of insurance, the current life insurance companies in Vietnam are also very diverse in insurance products.
Overview of life insurance types:
CriteriaTypeCompanies that provide products
1. Objects- Insurance for children 
- Insurance for pillars 
- Pension insurance
Bao Viet Life, 
Chubb Life, 
Sun Life, 
Generali ...
2. Method of participation-Private 
insurance-Group insurance
3. Risk level-The death 
insurance - Life 
insurance - Mixed insurance
4. Contract term-Main insurance 
-Additional insurance / auxiliary insurance

1. According to the participants

  • Insurance for children: mainly products that have both health care and saving children an education fund when they go to college or graduate.
  • Pillar insurance:  Mainly products with comprehensive protection, investment products, for the breadwinner who want to take care of health, financial protection for the whole family.
  • Pension insurance: A product that both protects and accumulates retirement funds when you are old, for those who have a need to save retirement funds to ease old age.
Targeting is the most popular form of life insurance companies in order to offer the best insurance benefits for target groups.

2. Under the mode of insurance participation

  • Personal insurance:  A type of insurance that takes the form of an individual insurance participant. Individuals voluntarily participate in 1 or more insurance contracts. With this insurance, the main insured can purchase additional products for family members on the same contract.
  • Group insurance:  A type of insurance in the form of collective participation with a list of individuals who are insured.
Usually the group's retirement insurance products like  Manulife's Retirement Title, Bao Viet Life's Pension Insurance.

3. According to the level of insurance risk: 

a / Insurance in case of death
This is the most common type of life insurance and includes the following two categories:
Term insurance:  A type of insurance that is insured for death occurring during the period specified by the contract. Term insurance is also known as temporary insurance or life-term insurance.
Accordingly, if the death does not occur within the prescribed time, the insured person will not receive any money.
If the death occurs within the validity period of the contract, the BH shall be responsible for paying the insurance amount to the designated beneficiary of the BH benefit.
For example, BIDV MetLife's Term Insurance product.
Term insurance has many types of insurance such as: Fixed death insurance; Death insurance can be renewed; Death insurance can be converted; Term death insurance decreases; Death insurance increased gradually ...
  • The term of insurance is determined
  • Liability and benefits are temporary
  • The insurance fee is low because it is not necessary to set up a savings fund for the insured.
Purpose: Ensure burial and burial costs
  • Sponsor family and relatives for a short time
  • Pay the debts of the insured's loans or mortgages
Lifetime insurance:  A type of insurance whose insurance period is not determined and the sum insured is paid to the beneficiary when the insured dies.
Currently this type of insurance also guarantees to pay the insured as soon as they live to 99 years of age as Prudential insurance, manulife insurance has 4 new products, ACE Life Vietnam has lifetime insurance .. .
Lifetime insurance has many types of insurance such as: Life insurance for a lifetime; pay once; regulations on the number of fees paid; or non-profit Lifetime Life Insurance; participating in profit sharing;
What is life insurance? Types of life insurance
What is life insurance? Types of life insurance

  • The insurance amount is paid once when the insured person dies
  • Indefinite insurance period
  • Insurance fees do not change during the insurance process and can be paid once or periodically
  • The premium is higher than the life of a term because the risk of death is inevitable, so the amount of insurance must be paid
Purpose:  Ensuring income to stabilize family life and financial protection, creating and starting a business for the next generation or caring for children when they grow up.

b / Life insurance
Is the type of insurance that BH insurers commit to pay regular amounts over a specified period of time or throughout the life of participants.
If the insured dies before the payment due date, no money will be paid.
  • Recurring benefits for the insured during the specified time or until death.
  • Premiums are paid once
  • If the periodic allowance reaches death, the time is not determined.
  • Secure fixed income when retiring or when your age is weak.
  • Reduce the need to depend on social welfare or children when old age.
  • Sponsor living standards in the remaining years of life.
c / Mixed life insurance
As a combination of insurance and savings, the insurance amount will be paid when the insured person dies or lives to the maturity of the contract and the pre-determined insurance term. Insurance will be paid at the maturity date.
This mixed life insurance includes a combination of risk and saving factors, so it is widely applied in most countries in the world in general and Vietnam in particular.
And any insurance company in Vietnam has this insurance.
  • The amount of insurance paid when the contract expires or the insured person dies during the insurance period.
  • The term of insurance is determined (usually 5 years, 10 years, 20 years ...)
  • Insurance fees are normally paid periodically and remain unchanged throughout the term of insurance.
  • Can be divided interest through investment insurance and can also be refunded when no conditions continue to participate.
Purpose: Ensure stable family life and relatives. Moreover, to create an education fund for children, to establish a disciplined savings fund, to invest safely, to retire when they get old, to repay debts when there is no financial capacity ...

4. According to the contract term

According to the contract term, there are additional products for the main product, these are products with a term of only 1 year, 1 year after the resumption of contracts such as: critical illness insurance, support hospitalization, permanent injury insurance due to accidents, insurance for giving up fees ...

Should I buy life insurance?

In fact, you SHOULD buy life insurance for the following reasons:
  • Life insurance helps care for and protect families against all risks, helping their children to study successfully, helping your career to be sustainable, making your old age comfortable.
  • The purpose of life insurance is a guarantee, mutual support. Accordingly, the amount paid to relatives and families of the insured when unfortunate at risk will help relatives pay huge expenses such as medicine, funerals or money to to settle down.
  • Insurance brings you income to feed your children to school when unfortunately you encounter risks such as illness, accident ... loss of working ability.
  • Life insurance is a form of regular and disciplined savings. When deciding to buy a life insurance policy, small monthly fees are considered as regular expenses such as meals, electricity, water ... and the agent is a regular person. remind and collect this money.
  • Life insurance supports financial hardship for the insured's relatives and families when the insured person is at risk with a large sum of money even if they can save a very small amount of money.
Thus, understanding what life insurance is and the types of life insurance currently help you get the most overview and easier to choose the most suitable insurance product yourself.