With the desire to support customers to continue their financial protection plan against risks in life, Prudential Vietnam Insurance Company Limited ( Prudential Vietnam) officially announces the Program to Restore Canceled Insurance Contracts (HICs), applicable from May 9, 2023 to July 31, 2023 for customers with Insurance Contracts that meet the program's conditions.
Realizing the increasing demand of customers to restore the validity of canceled insurance contracts in the past, Prudential Vietnam launched the program with the desire to continue to accompany and meet the protection needs of customers against risks. This is one of Prudential's efforts to help customers restore the validity of insurance contracts, maintain protection benefits and continue to accumulate long-term.
Specifically, insurance contracts unilaterally terminated by customers (cancelled insurance contracts) to receive the Refund Value at the request of customers during the period from April 1, 2023 to May 31, 2023 can proceed with the procedure to restore the validity of the terminated contract, by performing the following steps:
- Request form to restore the validity of the insurance contract due to unilateral contract cancellation to receive refund value (according to Prudential's prescribed form);
- Pay the fees for the terminated insurance contract as prescribed, including the entire refund value of the insurance contract that the customer received at the time of termination of the insurance contract; unpaid insurance premiums of overdue periods and insurance premiums of the next due period (if within 15 (fifteen) days before the due date of this premium period) to ensure the insurance contract is effective after restoration; Investment income reduction (if any).
Customers will be exempted from appraisal, health check-up and health declaration if they commit that there is no change in their health status compared to the time of signing the insurance application, as clearly stated in the Insurance Contract Reinstatement Request Form. Customers can contact a consultant or visit any Prudential General Agent office and Customer Service Center for further advice on the program or benefits of the Insurance Contract.
The purpose of participating in life insurance is to financially protect customers and dependents if customers unfortunately encounter unforeseen risks. According to statistics, in 2022, Prudential recorded 50% of QLBH payments within the first to fifth year of the contract and 80% of customers receiving insurance benefits are of working age. Therefore, continuing to maintain the Contract, especially if the insured is the economic pillar of the family and is of working age, insurance will play a good role in protection, contributing to compensating for financial losses for customers and their relatives when facing unforeseen risks.
Applicable to insurance contracts in effect at the time of contract termination request or contracts that have become invalid due to non-payment of periodic premiums at the time of contract termination request and less than 12 months from the date of invalidation to the date of contract reinstatement request.
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