Doubling insurance product’s payout significantly benefits customers

Ceremony honoring products awarded the National Brand Award 2024

The Bao An insurance product is designed for borrowers at the Vietnam Bank for Agriculture and Rural Development (Agribank).

It ensures protection in case of unfortunate events, such as death or permanent total disability. In the event of an unforeseen incident, the insurance provider will pay part or all of the remaining loan to the bank on behalf of the customer. This not only eases the financial burden on the customer’s family but also helps the bank reduce the risk of bad debt.

According to the ABIC leadership, the increase of the maximum payout from VND500 million to VND1 billion expands the protection for borrowers, particularly those with large loans, offering them greater peace of mind and confidence to invest in new projects. It also ensures that customers’ families are financially protected in case of unforeseen risks.

All borrowers at Agribank, including individuals, household businesses, consumer borrowers, and those with personal loans, are eligible for the Bao An insurance product.

Notably, the Bao An insurance product offers elevated protection to all borrowers. This is especially meaningful for those with large loans for business ventures, real estate, or long-term investments like home loans.

ABIC Chairman Nguyen Tien Hai receives the National Brand Award 2024 awarded to ABIC’s Bao An insurance product

Increasing the maximum payout to VND1 billion is part of ABIC’s strategy to ensure that customers always receive the best protection. It reflects the company’s commitment to meeting the increasing needs of its customers in a rapidly changing economy. Beyond credit insurance, ABIC has continuously developed other insurance products, such as agricultural insurance, personal accident insurance, motor vehicle insurance, home insurance, and more to serve a diverse clientele.

ABIC leadership said increasing the maximum payout for the Bao An insurance product not only enhances customer benefits but could also drives competition among other insurance companies. In a highly competitive environment, insurance companies must invest more in product development and service quality, ultimately benefiting customers. Improvement by a major company like ABIC could have a positive ripple effect, raising standards across the insurance industry.

Nguyen Minh Hieu, a customer from Dong Hung in Thai Binh Province, said through increasing the maximum payout for the Bao An insurance product to VND1 billion, ABIC not only benefits customers but also marks a major step in enhancing insurance service quality in Vietnam. This is indeed a strong boost, not only driving ABIC’s growth but also positively impacting the Vietnamese insurance market. Borrowers can now adjust their protection level to suit their needs and life circumstances.