“Application Form”

Is a document of a standard request form provided by Insurance Company in which insurance request is prescribed, information provided by Policy Owner and the Insured; serves as a basis for the Company to evaluate risk, coverage acceptance or rejection. Application Form is declared, signed by Policy Owner and the Insured (or legal representative of the Insured) and provided to Company.

      

“Policy Owner”

Is a local legally organization, a local or foreign individual who declares and signs in Application Form, must be at least 18 years old, currently resides legally in Vietnam, has sufficient civil capability;  declares, signs in Application Form and accepts to follow rights and obligations in accordance with the Policy.

   

“Insured”

Is the individual is accepted to insurance as Insurance contract by the Insurance Company.

    

“Beneficiary”

Is an individual or organization appointed by the Policy Owner (with the consent of the Insured or the Insured's legal representative) to receive the insurance benefits under the Insurance contract.

   

“Age” of the Insured

Is the age calculated basing on his birthday right before the Effective Date or the Policy Anniversary Date of the next policy years.

    

“Effective Date”

Is the date when the Policy Owner completes the insurance application dossier and fully contributes the provisional premiums when the application dossier is accepted by Insurance company and Insured is alive at the time that insurance accepted by the Insurance company. The Effective Date is recorded in the Insurance Certificate.

   

“Termination Date”

Means the date which the Insurance Policy terminates under the provisions of Insurance Policy.

   

“Policy Anniversary Date”

Is the annually same day of the Effective Date or the last day of the same month in case there is no the same day in the month during Policy Term.

  

"Maturity Date"

Means the last day of Policy Term, shown in the Insurance Certificate if the Insurance contract is still valid at that time.

   

“Premium Due Date”

Is the date that Policy Owner has to pay Periodic Premium  to the Insurance company as the agreement in Insurance contract or amendment (if any).

   

“Policy Term”

Is the period of one solar calendar year from the Effective Date or from the Policy Anniversary Date.

   

“Premium Term”

Is the duration that the Policy Owner pays Premium to the Company as agreed in the Insurance contract.

   

“Insured Event”

Means any event where the Insured dies or suffers Total and Permanent Disability.

   

“Total and Permanent Disability”

Means any event where the Insured suffers injury leading to one of the states as described below:

(a)  The Insured is completely lost, paralyzed and unable to recover the function of:
(i)   Two arms, or;
(ii)  Two legs, or;
(iii) One arm and one leg, or;
(iv) Two eyes, or;
(v)  One arm and one eye, or;
(vi) One leg and one eye.
In the above cases, completely lost and unable to recover the function of: (i) arm, means from wrist up; (ii) leg, means from ankle up; (iii) eye, means lost eye or blindness.
The certification of the completely loss of body parts (leg, arm, eye) can be made immediately after Insured Event is happened.
The certification of the completely paralysis condition and unable to recover the function of body parts must be made no earlier than 6 months from date of the Insured Event or the date of discovering the illness.
or:
(b)  The Insured suffers from at least 81% loss of health and more as prescribed by a medical agency/ Medical Assessment Council at provincial level or higher.
The rate of the disability of the Insured shall has the same meaning with the rate of the loss of working capacity, the loss of health, the injury rate, the illness rate, the morbidity rate.
    

“Accident”

Is an event or an uninterrupted chain of events concerning unexpected impact of an outside object or force, beyond the Insured’s will, on the body of the Insured which is the direct cause leading to his/her death or Total and Permanent Disability, excluding any processes occurring due to illnesses, aging and degeneracy.
Accident covers the cases where the Insured engages in any action to save human lives, the properties of the State and the people or to fight any illegal action.

   

“Date of the Insured Event”

Means the earlier date of the following:

(a) The date when the Insured dies; or

(b) The date when the Insured’s Total and Permanent Disability is certified in writing by the competent medical agency. If certification of the competent medical agency does not record the date when the Insured suffered Total and Permanent Disability, the signing date of the certification shall be applied. The certification shall be made as follows:

(i)  The certification of the completely loss of body parts (leg, arm, eye) can be made immediately after Insured Event is happened.

(ii) The certification of the completely paralysis condition and unable to recover the function of body parts must be made no earlier than 6 months from date of the Accident or date of occurring medical complications that is the direct cause of the Insured Event recorded on the Insured's medical record.

      

“Sum Insured”

Means the amount of money that is chosen by the Policy Owner upon application, not lesser than the minimum sum insured provided by the Company from time to time and among the fixed amounts regulated by Insurance company and recorded in the Insurance Certificate and/or the latest relevant amendments.

   

“Premiums”

Means the sum, paid by the Policy Owner for Insurance company, in order to be covered and maintain the Policy validity. The Insurance Policy shall be valid and the Insured shall be covered under terms of this Insurance Policy if the Policy Owner have paid the Premiums in fully and on the due date under the regulations on the Insurance Policy.

   

Note: Please refer to the policy wording of each product for more details.