Life insurance with the benefits that the insured receives against the risks in life, is a stable financial plan for the future. So how is life insurance paid / compensated when the insured event occurs? Please refer to the following article to get yourself the most correct and complete answer!
- What is an insured event? Common insurance events
An insured event is an objective event agreed upon by the parties or prescribed by law that, when such an event occurs, the insurer will pay the insurance premiums to the beneficiaries or compensate the insured. dangerous.
Common insurance events:
Death: The death of the insured person due to illness, accident or old age. Whatever the reason, this is a very sad thing for the whole family, affecting the lives of loved ones, especially when the deceased is the main source of income. But with the payment of life insurance, it will partly compensate for the loss, helping the family quickly stabilize life.
Accidental Injury: A case of peril that occurs, when the insured is unfortunate enough to encounter an accident and suffers partial permanent or total permanent disability. Depending on the severity of the injury, life insurance will pay to partially offset the cost to help patients feel secure in treatment, and their loved ones will be less worried about the economy to get through a difficult period together.
Illness: The unfortunate event that the insured suffers from serious diseases, fatal diseases, cancer, etc. At this time, life insurance will pay according to the agreement in the contract.
Thus, the insured events occur are unforeseen risks and can strike at any time. Prepare yourself and your loved ones with a backup financial plan against unexpected events in life with life insurance for peace of mind and firmness towards the future.
- How does life insurance pay?
Corresponding to each insured event, life insurance will make payments in accordance with the terms of the contract. Each contract will have different terms and life insurance will only pay for the specified insured events that the two parties have agreed upon under the contract.
Therefore, customers need to carefully study their rights in the contract before signing to avoid unnecessary arising later. Benefits not included in the contract will not be paid.
The benefits that customers are covered by insurance (depending on the product) usually include:
2.1. Benefits when sick
If you unfortunately suffer from serious diseases / fatal diseases / cancer, depending on each disease and the terms specified in each policy, life insurance will have a corresponding payment rate.
Cancer
Currently, under the bad influence of the living environment, cancer is showing signs of increasing and rejuvenating. When suffering from this evil disease, the time of treatment as well as the cost of treatment is a huge number. But if you join a life insurance product with cancer benefits. Patients will have great financial resources to overcome the disease.
Serious illness
If the insured suffers an illness on the list of serious diseases, benefits will be paid according to the agreement. The amount of insurance at this time is a source of timely and necessary financial support for patients receiving treatment in danger. At the same time, it is also a timely rescue for relatives when the breadwinner is ill and loses his regular income to stabilize his life.
Fatal disease
If unfortunately suffering from a serious illness, the patient often has to face a long and expensive treatment process, and the whole family will lose a source of income. At that time, the payment from life insurance will support a significant part to remove the financial difficulties for the whole family. Patients have the conditions to receive the best treatment, increase the ability to recover from the disease, and family members are assured to accompany the patient to overcome the event.
See more: bảo hiểm bệnh hiểm nghèo
2.2. Accidental injury benefits
These are the risks that occur when the insured person loses his/her working capacity, traffic accident, occupational accident, etc., which seriously affects the health, income and life of themselves and the whole family. family. At that time, the accident benefit paid by life insurance will be a source of financial compensation for the family to quickly stabilize life.
Permanent Partial Injury: is a condition in which the insured loses the entire function and cannot restore the function of a part of the body. At that time, it will affect the daily life and work of the patient.
Total and Permanent Disability: A condition in which the insured person has completely lost function and cannot restore the function of 2 of the following parts: hands, feet and eyes. This will greatly hinder the patient’s personal and work activities.
See more: bảo hiểm tai nạn
2.3. Benefits upon death
Is the payment of an insurance sum (usually very large) to the beneficiary (or the policyholder) when the insured dies due to risks (according to the provisions of the signed insurance contract). between the Customer and the insurance company).
No one wants this risk to happen, but life is inherently unpredictable. At that time, the payment will be a “lifesaver” for family and loved ones’ lives when the breadwinner has to leave, minimizing financial impact and still ensuring the plans and dreams for children. , a comfortable old age for parents.
- Life insurance payment process
When an insured event occurs and is paid as agreed in the contract, the customer shall follow the following procedure:
Complete profile
- The beneficiary shall make a written notice, send it to the insurance company about the insured event as soon as possible from the time the beneficiary becomes aware of the insured event and provide proof of the insured event. prescribed words (including but not limited to documents, depending on each specific case to prove risks) to settle insurance benefits.
- The beneficiary shall make a dossier of request for settlement of insurance benefits and send it to the insurance company within a maximum period of 01 year from the date of occurrence of the insured event.
Sending documents to the insurance company: When the recipient of insurance benefits has fully prepared the required documents, he/she will send the dossier to the insurance company in the following ways:
- Apply directly to the Company Headquarters or representative offices in 63 provinces and cities across the country.
- Submit your application through the company’s consultant
- Send the application to the Company by post
- Submit your profile online via facebook Fanpage of the insurance company
Receive notice of settlement of insurance benefits: Recipients of insurance benefits can receive notices of settlement of insurance benefits in the following forms:
- Receive notifications by mail
- Receive notifications through advisors
- Receive notices at the Company’s headquarters or representative office
Receive insurance benefits: After the insurance company notifies and completes the process of settling insurance benefits, the recipients of insurance benefits will receive money in the following ways:
- Receive money directly at the Company’s headquarters
- Receive money by identity card/citizen identity card at the bank
- Receive money via bank account.
Through the above article, hope to help you answer the question of how life insurance pays / compensates when an insured event occurs. Thank you
