Personal and group health insurance products are growing well. This segment is expected to increase sharply in the near future in the context of complicated Covid-19 epidemic.
Currently, most life insurance companies are promoting health insurance products to the market.
Prudential has offered a new health insurance supplement product called “PRU Hanh trang vui khoe” with three different healthcare programmes, including advanced care, comprehensive care and perfect care, ensuring to meet the different healthcare needs of customers and facilities in each life phase, etc.
Meanwhile, FWD has launched a product called “FWD Corona Insurance and hospital assistance”. Accordingly, in addition to the benefit of hospital fee for inpatient treatment or daily surgery for all types of illness and accidents, customers buying this new product of FWD are also entitled to receive 20 million dong for cases diagnosed with Corona virus and be paid of up to 300 million dong for unfortunate dealth from Corona infection.
Unlike previous life insurance products, AIA’s “song khoe hon 100″ product was designed to provide financial support to customers’ health risks from early stages of cancer (with advanced benefit options).
Customers will receive financial assistance with diagnosed with cancers and critical illness from the earliest stage, including early stage cancer, on-site carcinoma, serious cancer, and 23 serious illness at early stages, and 45 serious illness at critical stage, etc.
Generali has officially launched the new version of “VITA Suc khoe vang” product which supplement and enhance healthcare benefits, such as maternity care, dental care, outpatient treatment, surgery with global geographical coverage.
The corporate customer segment also has a new option with “Aviva An tam vung nghiep”. This insurance product offers flexible protection solutions when businesses easily manage the contracts with short term of five years.
Meanwhile, when an enterprises participate in an insurance contact to protect employees, the insured will be protected against the risk of dealth or permanent total disability with insurance benefits reaching 10 times higher than the annual premium, or 100 percent of the total premium will be refunded at the end of the policy when no insurance event occurs.
It is known that MB Ageas Life is about to launch two new products related to healthcare accidents, in which one product is designed to suit the needs of businesses buying insurance for employees.
It can be said that healthcare insurance is converging all the factors to develop when the epidemic is developing complicatedly, people pay more attention to their health and purchase more insurance products.
In the early months of 2020, despite facing many difficulties of the Covid-19 epidemic, many life insurance companies still recorded positive growth and one of the main reasons is that people are increasingly focusing on health protection.
In addition, policy is also a promising factor for the boom of health insurance, when the Insurance Business Law 2010 and Decree 73/2016/ND-CP were amended and supplemented by the Insurance Business Law 2019 and Decree 80/2019/ND-CP which both took effect on November 1st 2019. They have paved the wave for life insurance companies to promote health insurance segment to better serve the essential insurance needs of residents.
According to the data of Insurance Administration and Supervision Department (Ministry of Finance), in 2019, the total premium revenue was estimated to reach 160.180 trillion dong, up by 20.5%, of which life insurance companies accounted for 10.7793 trillion dong, up by nearly 23 percent compared to 2018.
The insurance products related to health of the entire market increased by about 30 percent in 2019.
