On March 22 Generali Vietnam Life Insurance LLC launched the first comprehensive 2-in-1 insurance plan in the Vietnamese market.
The plan, named VITA – Bao An Toan Dien offers both savings and critical illness coverage that will protect customers against the increasing risks of critical illnesses.
VITA – Bao An Toan Dien features coverage for 99 critical illnesses up to 275 per cent of the sum assured (SA) and waiver of premium benefit when the life assured is diagnosed with critical illness. The plan covers short term financial needs with cash benefit of 5 per cent of SA payable every 5 years.
Customers get a comfortable life in old age with special cash benefit at the age of 75, up to 200 per cent of SA and loyalty additions. They get protection for their children with financial support benefit for parents. In addition, there is death benefit of when the life assured passes away from the age of 75 with 100 per cent of SA.
With VITA – Bao An Toan Dien, while the maximum premium term is only 20 years, customers shall be covered until the age of 99, with total benefits that can top out at 375 per cent of SA. When diagnosed with a critical illness in Generali’s list of 99 common critical illnesses, the life assured will receive up to two payments for early-stage critical illnesses, and up to two payments for late-stage critical illnesses. Particularly, for diabetic complications which are quite common in Vietnam, Generali Vietnam shall make an additional payment of 25 per cent of SA to provide support for continuous treatment.
“Despite our short history, we have established a successful track record in providing suitable, practical and affordable financial solutions for customers. VITA – Bao An Toan Dien plays up our motto of being “simpler, smarter, truly customer centric,” said Tina Nguyen, CEO of Generali Vietnam.
“For the first time in Vietnam, customers can now access a plan that offers peace of mind from rising medical costs and protects their quality of life at the same time. Positive feedback of the plan makes us confident that this will benefit many people looking for protection before, during and even after a critical illness occurs,” she added.
VITA – Bao An Toan Dien follows the launch of another health rider plan, VITA– Golden Health, launched in December 2016. VITA – Golden Health provides coverage across Asia and pays for all cancer treatment expenses up to VND1 billion ($440,000). Together, these health plans will allow customers to have more financial flexibility and comprehensive protection for themselves and their families.