Society

Demand for life insurance increases

The domestic life insurance market has been sparked into life by a story that received wide media coverage about a businesswoman whoa paid an annual premium of 1.2 billion VND (61,000 USD).
The domestic life insurance market has been sparked into life by a storythat received wide media coverage about a businesswoman who paid anannual premium of 1.2 billion VND (61,000 USD).

The policy was reported to cover her for 39 billion VND (2 million USD).

The story is clear evidence that the Vietnamese attitude towards life insurance is changing.

Instead of purchasing life insurance to support friends and family inthe industry, Vietnamese people are now looking at the actual benefitsof taking out a policy and many of them are willing to part with largesums of money for the privilege.

"In recent years, mycompany has sold more and more policies," said Lam Hai Tuan, GeneralDirector of ACE Life Viet Nam , one of the country's leading lifeinsurance provider.

Tuan said that up to the end ofAugust, his company had sold nearly 8,400 policies with premiums from 1billion VND (51,000 USD) each.

"We currently have 15policies that provide cover of over 10 billion VND (510,000 USD), thelargest of which is worth 50 billion VND (2.5 million USD)," Tuan added.

Other companies such as AIA Viet Nam, Korea Life and Dai-ichi Vietnam have also witnessed an increase in customers.

The Association of Vietnamese Insurers reported that the market had grown in the first half of the year.

"Up to the end of H1, more than 4 million policies had been taken out,worth VND323.6 billion USD, an increase of 33 percent over the sameperiod last year," said head of the life insurance division under theassociation Nguyen Viet Hai.

Better economic conditions were cited as the main reason.

"Living conditions have improved and demand has increased for services such as healthcare and life insurance," said Hai.

Hai added that many people were planning for the future.

"This happens in many countries, not just in Vietnam ," he said.

Agreeing with Hai, Tuan said, "Vietnamese people now realise that lifeinsurance is a means of planning for the future and providing financialprotection for their families."

According to anassociation report, Vietnamese life insurance has witnessed high growththis year, but still lags behind other countries in terms of value andthe number of insurance companies./.
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