FWD Vietnam officials at a ceremony in HCM City on March 7 to introduce the company’s minimised list of exclusions. — VNS Photo
FWD Vietnam Life Insurance Company Ltd. (FWD Vietnam) on Tuesday announced a reduced list of only two to six exclusions across all its insurance products.
Exclusions narrow the scope of coverage provided by an insurance policy.
In many policies, the agreement is very broad, with up to 10-15, or even 20 exclusions, according to Ngo Trung Dung, acting secretary general of the Insurance Association of Việt Nam.
Anantharaman Sridharan, general director of FWD Vietnam, said the company has the shortest and simplest list of insurance exclusions in the market, thus providing better protection at no extra cost.
“Applying minimum exclusions enables customers to follow their passions and live life to the fullest.”
Dung said this is the shortest exclusion list in the industry and a breakthrough for Viet Nam’s insurance market.
“This development will make insurance products simpler, easier to understand and more relevant to customers in Viet Nam.”
The life insurance market has enjoyed steady growth of over 30 per cent a year for the past five years, he said, adding that the market still has huge development potential. — VNS