Leading Korean insurance company Hanwha Life Vietnam recently introduced a group health insurance scheme. According to a leading expert, the demand for group insurance is increasing and this segment is poised to grow rapidly in the near future.

Golden opportunities of group insurance

One of the fastest growing economies in Southeast Asia, Vietnam faces a shortage of human resources. Recruiting talented people is always a big problem for employers, especially in the field of information technology, retail and finance.

To attract and retain talent, most large businesses must have in place attractive HR policies, of which buying group insurance for employees is an effective new strategy that many businesses have begun to adopt. An HR director of a large technology company said in addition to an attractive bonus policy, the company was also seeking to buy health insurance for senior personnel.

According to her, the cost of group insurance for employees is now quite reasonable but this product gives employees a lot of financial protection.

The attractive benefits that protect staff and their dependents will help increase workers’ commitment and dedication to the company.

The HR director also said that some large corporations and businesses in Vietnam have bought group insurance for employees, not only to retain employees but also to increase their brand reputation in the market.

In addition to the huge demand from local enterprises, group insurance also has great potential demand in the foreign business sector in Vietnam.

In developed countries, the policy of buying insurance for employees is very common, and so when they come to Vietnam, many continue to apply this policy.

According to industry experts, the growing trend of group insurance for employees offers this segment a golden opportunity to grow strongly in the near future. This is also the right time for insurers to introduce the optimal insurance group plan to meet the needs of customers.

Understanding the increasing demand for group insurance products, Hanwha Life Insurance Company of Vietnam recently launched Hanwha Life - An Khang Hung Nghiep. This group health plan has been identified as a potential product by the huge Korean business community in Vietnam.

Hanwha Life - An Khang Hung Nghiep offers many outstanding benefits to customers, making it an attractive option for many businesses looking for an insurance group plan for their employees.

Discover the latest group insurance plan

An Khang Hung Nghiep offers three attractive group insurance policies including Group Simplified Accidental Basic, Group Comprehensive Accidental Rider and Group Hospitalisation Rider. The eligibility age for employees is 18 to 65 years, while it is 30 days to 65 years for their dependents.

Hanwha Life Vietnam’s latest group insurance plan not only offers many outstanding benefits for businesses but also for employees as well as their dependents.

The main group product, Group Simplified Accidental Basic, pays employees or their dependants up to 72 months’ salary in case of accidental death and 144 months’ salary in case of special accidental death.

Under the Group Comprehensive Accidental Rider, employees will be paid up to 72 months’ salary for accidental death; or receive compensation for up to 144 months of salary for special accidental death.

Under the Group Hospitalisation Rider policy, the employee gets up to VND1 million ($43) per day of hospitalisation due to illness/accident (up to VND90 million or $3,910 per contract per year) and up to VND1.5 million ($65) per day if in intensive care (up to VND22.5 million or $978 per contract per year).

An Khang Hung Nghiep also provides up to VND3 million ($130) per day for hospitalisation for cancer treatment (up to VND90 million or $3,910 per contract per year). This helps employees overcome financial difficulties when they are ill or suffer an accident.

With these attractive benefits, employees no longer have to worry about the cost of treatment if an unfortunate illness or accidents occurs.

With these outstanding advantages, this product has just been launched but is already considered a successful one in the group insurance segment.

In addition to the newly launched group insurance plan, Hanwha Life is also providing comprehensive financial solutions to meet all insurance needs of people, from education and savings to retirement and investment.

One of the successful products is ‘Hanwha Life - Health is Gold’ – medical reimbursement rider for the whole family. Besides, “Hanwha Life – Your Companion” – standalone cancer protection product was introduced earlier this year and trusted by many customers to protect themselves against cancer.

With its reputation, solid financial capacity and the experience of its parent company, Korea's oldest insurance company, the entry of Hanwha Life into the group insurance segment in the Vietnamese market is sure to create a buzz in the near future.