Aiming for 18% of the population to participate in life insurance

Mr. Ngo Trung Dung speaks at the seminar. Photo: HUU HANH

On August 7, Tuoi Tre Newspaper and the Insurance Association of Vietnam (IAV) jointly organized a seminar on Stories behind insurance contracts. At the seminar, many customers shared their stories of how, thanks to purchasing life insurance, they had a solid financial foundation to overcome illness and difficulties.

Some people are initially reluctant to buy insurance just because their relatives urge and beg them. Some people are clearly aware from the beginning and participate in many contracts. When they suddenly have an accident or get sick, they are covered by insurance, from which they have money for medical treatment, or to leave money to their relatives before they pass away...

Mr. Ngo Trung Dung, Deputy General Secretary of IAV, said that in the first 6 months of the year, there were nearly 900,000 new life insurance contracts, with the exploitation fee reaching more than 13,000 billion VND, an increase of 8% over the same period. This is a positive sign for the life insurance industry, proving that customers' confidence in insurance is gradually recovering.

By the end of 2024, Vietnam had 11.8 million insurance contracts, with about 11% of the population participating in the contract. Recently, the insurance industry has gone through a crisis, people's confidence has been seriously affected, and business results have declined. However, with changes in regulations and efforts from insurance companies, results are gradually improving.

At the seminar, opinions also said that insurance paying benefits quickly and promptly is an important factor for customers to have confidence in insurance.

Mr. Ngo Trung Dung informed that in the recent shipwreck in Ha Long Bay, insurance companies paid 20.1 billion VND in life insurance benefits to customers. In the first half of 2025, life insurance companies paid out more than 28,890 billion VND in insurance benefits.

Mr. Ngo Trung Dung noted that customers need to carefully understand their rights and obligations when entering into a contract. Importantly, these are the benefits when risks occur, the right to consider for 21 days, the right to have the terms clearly explained, especially the exclusion clauses. Regarding obligations, it is important to note the obligation to read the contract and the obligation to make honest declarations.

PLUM FLOWER

Source: https://www.sggp.org.vn/huong-den-muc-tieu-18-dan-so-tham-gia-bao-hiem-nhan-tho-post807319.html