Vietnam life insurance seminar focuses on consumer rights and product understanding

A recent seminar titled “Life Insurance: Understand Correctly to Feel Secure” brought together regulators, experts, and businesses to discuss the legal mechanisms and values of life insurance in Vietnam. The discussion focused on ensuring the rights of participants and helping citizens choose products that align with their actual financial protection needs.

Experts noted a gap between the perceived necessity of insurance and the actual understanding of specific products. While a survey by the Insurance Association of Vietnam indicated that 89% of people view life insurance as necessary, many still rely on savings or spending cuts during financial crises. Experts emphasized that insurance decisions should be based on a family's real financial capacity rather than short-term profit expectations.

Key points addressed included the importance of initial consultation quality and the responsibility of policyholders to thoroughly read contract terms, specifically regarding benefits, exclusions, and premium payment conditions. Representatives from the Ministry of Finance highlighted that the 2022 Law on Insurance Business provides a comprehensive legal framework, including the right to information and a 21-day contract review period, to protect consumers.