Loan Protection Insurance For Borrower


Loan Protection Insurance for Borrowers will provide insurance coverage for individual borrower who obtains loans from Financial institutions.

In the event the Borrower (being the Insured) suffers a Death, Total permanent disablement due to an Accident, Illnesses or disease before the loan is fully paid, Bao Viet Tokio Marine Insurance Company Limited (“the Company”) shall, on behalf of the Insured, reimburse the Financial Institution for the Outstanding loan amount.



1. Eligible person

Loan protection insurance for borrower covers for Vietnamese citizen or a foreigner who has full capacity for civil acts, is studying, working, or residing in Vietnam and is granted the loan by Financial institution, between the ages of 18 and 65 on the commencement date of the Policy and not older than 66 years on the policy expiry date.The Company shall not provide coverage to any of the following:

a.    Any person with leprosy, epilepsy or any mental illness
b.    Any person who has permanent disability from 50% or higher
c.    Any person who is under treatment of any disease or injury due to accident

2. Coverage

The Company will pay the Sum Insured in full upon the occurrence of an Insured Event during the Period of Insurance:

a.    Death, Total Permanent Disability due to accident
b.    Death, Total Permanent disability due to Illness, Disease or Pregnancy complication.
c.    Missing due to Accident

Except for exclusions detailed specifically in the Policy wording.
Besides, the Company will cover for additional benefits as below:

a.    Partial Permanent Disability
b.    Waiver of the waiting period for Special Diseases

Please access below link for the detailed information

Insurance Wording


3. Terms and Conditions

Pursuant to “Loan protection insurance for Borrower” wording which has been approved by the Ministry of Finance according to Letter No. 12868/BTC-QLBH dated 25/10/2019

4. Main exclusions

The main exclusions in Loan Protection Insurance for Borrower are:

a.    Deliberate act of the Policyholder or the Beneficiary
b.    The Insured’s use of any anesthetic agent unless instructed or prescribed by a Physician
c.    The Insured event has resulted directly from using alcohol, beer or narcotics and any other
       similar stimulants as concluded by a Physician or an Approved Medical Facility.
d.    The Insured’s use of any anesthetic agent unless instructed or prescribed by a Physician
e.    Exclusions to risks relating to war, invasion, terrorism, nuclear, asbestos...
f.     The Insured violating the law
g.    Other exclusions detailed specifically in the Policy

5. Claim settlement

When the Insured Event occurs, the Company shall pay the amount of sum insured basing on:

a.    The value of the loan as of the commencement of the Period of insurance as in the terms and
       conditions of Policy
b.    The Outstanding loan of the Insured according to the Repayment Schedule provided by
       the Financial Institution, except for
             • Any monthly payments of the loan and any accrued interest that were payable as
             specified in the Repayment Schedule prior to the occurrence of such Insured Event but                were not paid by the Insured
             • Any Sums that Financial Institution requests the Insured to pay as a result of
               the Insured’s failure to repay the loan as scheduled in the Loan Agreement.

The Policyholder can choose any one of the above-mentioned options of the Sum Insured when applying for insurance.

Claim form for the product – Download here



Full proposal form Download here

Contact us for further consultancy

+84-24-3933 0704 (Hanoi) / +84-28-38221340 (Ho Chi Minh City)

Head Office
Room 601, 6th Floor, Sun Red River Building, 23 Phan Chu Trinh, Hoan Kiem Dist.,
Hanoi, Vietnam
Tel: (84.24) 3933 0704   Fax: (84.24) 3933 0706

Branch Office
Room 3, 19th Floor, Green Power Building, 35 Ton Duc Thang, District 1,
Ho Chi Minh City, Vietnam
Tel: (84.28) 3822 1340   Fax: (84.28) 3822 1338

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