Insurance scope and benefits: ABIC provides insurance (excluding risks to be uninsured as regulation) within Viet Nam as follows:
- Death, Permanent Disability due to accident: Entire insurance premium
- Death, Total Permanent Disability due to sickness, unhealthiness, pregnancy: Entire insurance premium
- In addition, benefits under supplement terms will be applied.
Insurance duration: 01 year or under agreement, or as follows:
- Based on loan term or remainder of loan term
- 01 year and annual renew for long term loan in Agribank, customer will be issured for loan duration.
Insurance Premium: stated in Certificate/Policy of insurance, that is the maximum amount paid by insurer for occurence; It is a loan approved by bank (for under VND 100 million); It is a loan of VND 100 million if customer approved to borrow over VND 100 million.
+ Charge for year/person = (charge rate (under age and insurance premium) x insurance premium.
+ Charge (short term, long term) = Annual charge x charge rate (short term, long term)
+ Charge based on insurance amount, age of the Insured, term and additional condition.
+ In case of insurance under loan term: charge is paid once at the date of lending and issuing Insurance Certificate/Policy and determined respectively (annual charge, long term charge, short term charge) and insured amount.
+ For 01 year insurance (in case of long term loan over 01 year), charge is determined based on charge rate and insured amount.
+ Charge is impenetrability to hundered in final calculation. For example, under VND 50 is impenetrability to VND 0, over VND 50 is impenetrability to VND 1000
- Effective insurance: stated in Certificate/Policy of Insurance and after payment (for sickness and unhealthiness, the Insurance takes effect after 30 days since the date of premium settlement);The constant renewal certificate of insurance will take effect immediately if the insured paid all agreed premium in next term.
The Insured: a person age from 18 to 60 (in case of from 60 to 65, this person must purchase the Certificate/Policy continuously from 59) is approved by bank or nominated by creditor.
Customer can choose direct distribution channel at any transaction branch/office of Agribank
Agribank uses Interbank payment customer account system (IPCAS) which automatically keeps track of customer’s information and account, changes, and ensure the best safety and accuracy.