Did you know about the life insurance policy?

Life insurance regulations are not known. Include premium rates as well as recent changes to the law regarding premiums. Let's find out.

When participating in life insurance, participants sometimes pay close attention to the premium payment date but ignore the life insurance policy. What happens if you do not pay the due date? Will the contract remain in effect in those cases? Learn about life insurance policies as well as pre-written life insurance policies. What is life insurance? Life insurance is the amount of money that you will pay the insurance company to maintain the contract. Fees are calculated based on the package you purchase, will be paid once or more times depending on individual conditions. Life insurance rates 1. Life insurance premiums It is the amount of money that must be paid to the insurer to ensure its liability when the circumstances of the insured occur, such as death, injury or the operation of the company. This is also the responsibility of the insured person for the insurer to be able to get the guarantee for the risks. The insurance premium depends on the contract that can be paid once or on a periodic basis. The one-time fee will be less than the total recurring fee. 2. Charge rates The rate of insurance for each contractor varies depending on the following characteristics: • Age: People of different ages will pay different fees. Young people, the risk of illness, accidents will be lower than the elderly, so the fee will be lower. • Histopathology: based on a person's medical history to determine the level of the fee. • Current health status: is sick or healthy • Other factors: gender, habits, ... Time and method of payment • Time requirement: The payment period will be based on each customer. You can choose to pay a one-time fee immediately after signing the contract or paying a recurring fee for the term of your choice. • Payment method: There are various methods of premium payment selected by insurance buyers. Payments can be made via bank, ATM, Internet Banking, cash in the insurance company or post office. Regulations on the payment period The fee payment period is specified in the contract, as agreed between the parties. If you do not qualify for a premium payment on time, you will have a grace period. If the extension is over, the insurance company will use the interest you accrue to pay this fee. In this case, your contract and benefits will remain the same. If the extension period is over, the contract will be temporarily disabled at the same time. To restore you must pay the full charge within the specified period of 2 years if the contract stipulates. If after 2 years without enforcement, the contract will end and you will lose insurance benefits. Legislation on life insurance Insurance Laws No. 42/2000 / QH10 in Articles 35.36 and 37 contain specific insurance premium regulations and regulations on not initiating lawsuits to pay premiums. Notice the following: • Where the customer is unable to pay the fee within the extended period, after 60 days from the date of renewal, the insurer shall be entitled to unilaterally suspend performance of the contract, the insurance buyer Have the right to reclaim the premium paid if the period of premium payment is less than two years, unless otherwise agreed by the parties. (Article 35) • In the case of buying insurance for a person, if the insurance buyer fails to pay or fails to pay premium, the enterprise shall not initiate a lawsuit against the insurance buyer to pay premiums (Article 36). With the above information, you should study carefully before buying life insurance. Pay special attention to the premium regulations such as premium payment period, extended period as well as the rules when the extension period in the contract to ensure the best benefits for you.