Protect your income during the storm season with MB Bank and MIC Insurance

Faced with the impacts of extreme weather, the Military Commercial Joint Stock Bank (MB) in collaboration with the Military Insurance Corporation (MIC) has launched a weather insurance product to help people minimize income losses.

With the insurance product based on the rainfall index to pay compensation, customers will be automatically paid compensation based on rainfall exceeding the thresholds without having to prove damage.

MB has fully integrated the insurance registration and management process on the MBBank application.

Extreme weather - rainfall far exceeds forecasts

Last September and October, Vietnam had to endure many extreme weather events, "storm after storm, flood after flood", a representative of the Hydrometeorological Department said, the total rainfall in 36 hours exceeded the average total rainfall value of many years in the whole month of October.

During the heavy rain caused by the circulation of storm No. 11 (Matmo), northern provinces such as Thai Nguyen, Lang Son, and Quang Ninh continuously recorded rainfall far exceeding the average of many years. In Thai Nguyen, in just 36 hours, many places recorded rainfall of 200-400mm, especially some areas such as Dong Hy reaching 596mm. In Lang Son, rainfall was 100-200mm. In Cao Bang , rainfall was 100-200mm, with some places having higher rainfall such as: Xuan Truong 293mm, Nguyen Binh 273mm, Minh Tam 266mm...

Severe heavy rainfall puts people and businesses at risk of serious damage.

The prolonged rain and storms have caused many consequences to daily life: flooded streets, paralyzed traffic, and stagnant business activities. Many businesses have lost their revenue, workers have had their income interrupted, and suffered financial losses due to risks beyond their control.

Understanding the difficult context of workers, weather insurance products aim to minimize damage from natural disasters and ensure income during storms.

Helping customers minimize risks from extreme weather

MB's weather insurance product does not require customers to verify damage, which is superior to traditional insurance products. MB quickly pays to quickly support workers and businesses directly affected by storms that disrupt income such as shippers, drivers, farmers, and even employees who cannot get to the office in time. The compensation mechanism is automatically paid based on the amount of rain exceeding the threshold according to product regulations for insurance participants.

Rainfall is collected based on objective data from satellite monitoring system. When the cumulative rainfall for 7 consecutive days exceeds the commitment threshold, the system will automatically pay without requiring any damage verification procedure.

“MB provides timely, transparent and legally optimized solutions to customers. The automatic payment mechanism is based on objective data, thereby creating the most favorable conditions for customers to quickly access the necessary financial support,” - MB Bank representative shared.

Reasonable cost, optimal revenue

The payment mechanism follows the principle of “the heavier the rain, the more you pay” to help customers easily overcome financial losses caused by natural disasters and storms. The starting cost is only from 58,000 VND to 74,000 VND/month, with payment thresholds of 2%, 10% and 100% of the insurance amount.

Specifically, the system will record the average rainfall in consecutive 7-day cycles. If the rainfall in that cycle exceeds Threshold 1, the customer will be paid 2% of the insurance value; if it exceeds Threshold 2, it will be paid 10%; and if it exceeds Threshold 3, the customer will receive 100% of the insurance amount for the month. The maximum protection benefit is up to 15 million VND/month.

Each month, customers are entitled to receive compensation up to once, based on the 7-day cycle with the highest rainfall in the month. The insurance period corresponds to the 1-month, 3-month and 6-month insurance packages.

Thanks to the flexible payment rate design, the product is not only suitable for many subjects but also brings financial security in all stormy scenarios. The online registration process is completely on the MBBank application.

To register to buy a package, customers only need to follow 3 steps:

Step 1: Log in to the MBBank App, find Bao Hiem Viet in the search bar or visit https://mbbank.onelink.me/QPF5/iumpqirz

Step 2: In the “Weather” section - Select “Rainfall index insurance”

Step 3: Choose the appropriate protection package, fill in and check the registration information

Step 4: Confirm information and payment to complete registration.

Source: https://baoquocte.vn/bao-ve-nguon-thu-nhap-mua-bao-voi-mb-bank-va-bao-hiem-mic-333195.html