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1. Policy Owner

An individual or an organization applying for an insurance policy, and exercising the rights and obligations stipulated in the Insurance Policy. The Policy Owner can be concurrently the Life Insured and/or the Beneficiary.

  • If the Policy Owner is an individual, he/she must have attained age 18, must be currently residing in Vietnam with full legal civil capacity;
  • If the Policy Owner is an organization, it must be legally operating in Vietnam.

2. Life Insured

The individual whose life is covered by Hanwha Life under the provisions of Insurance Policy. The Life Insured can be concurrently the Policy Owner and/or the Beneficiary.

The Life Insured must be:

  • Currently residing in Vietnam; and
  • In the insurable age range under the provisions of Insurance Policy.

3. Beneficiary

The individual(s) or organization(s) nominated by the Policy Owner to receive all or one part of the insurance benefits under the provisions of the Insurance Policy. The Beneficiary is specified in the Application Form, the Policy Schedule and other written agreements of the Insurance Policy (if any).

4. Insurance Age

The age last birthday of the Life Insured. Insurance Age is used for the calculation of premiums, payment of insurance benefits, and is applied for all other relevant provisions of the Insurance Policy. All the words “age” in the Insurance Policy mean “Insurance Age”.

5. Policy Schedule

The document that sets out the details of the Insurance Policy and is the evidence of a binding insurance contract between Hanwha Life and the Policy Owner.

6. Insurance Application Set

Includes the Application form, statements and other information in writing signed and submitted by or on behalf of the Policy Owner to Hanwha Life, in connection with the application for the Insurance Policy.

7. Risk Commencing Date

The date from which Hanwha Life’s insurance liability shall arise and is specified in the Policy Schedule.

If Hanwha Life accepts to provide insurance and the Policy Owner and the Life Insured remain alive when Hanwha Life issues the Policy Schedule, unless otherwise agreed, Risk Commencing Date is the date on which the Insurance Policyholder completes the Application form and pays the full amount of the initial premium in accordance with the provisions of the Insurance Policy.

8. Policy Anniversary

The day in each calendar year that corresponds to the Risk Commencing Date.

9. Policy Maturity Date

The last date of the insurance term as specified in the Policy Schedule, if the Insurance Policy is still in force at that time.

10. Sum Insured

The amount of insurance cover provided by Hanwha Life under the provisions of the Insurance Policy and is specified in the Policy Schedule or other related written agreements (if any).

11. Instalment Premium

The amount of money payable by the Policy Owner to Hanwha Life on each Premium Due Date in order to keep the insurance cover in force under the provisions of Insurance Policy.

12. Premium Due Date

The date on which the due premium is payable to Hanwha Life as specified in the Policy Schedule or other written agreements (if any).

13. Surrender Value

The amount payable to the Policy Owner upon his/her request to terminate the Insurance Policy while the Insurance Policy is still in force.

The Surrender Value of the Insurance Policy comes into existence after two (02) years’ premiums have been paid and the Insurance Policy has been in force for two (02) years. The Surrender Value does not include Accumulated Bonuses or any other interests payable to the Policy Owner under the provisions of the Insurance Policy. The Surrender Value is set out in the Insurance Benefit Illustration and is attached to the Insurance Policy.

14. Net Cash Value

The total amount of money payable to the Policy Owner at the time of termination of the Insurance Policy, and includes:

  • Surrender Value; and
  • Present value of Accumulated Bonuses at time of terminating the Insurance Policy; and
  • Unpaid periodic cash coupons and any interest thereof; less
  • Debt (s), if any.

15. Bonus

The profits shared to the Policy Owner based upon annual business performance of Hanwha Life, is decided in accordance with Ministry of Finance's regulations and notified to the Policy Owner in writing. The declared Bonuses shall only be payable in full by Hanwha Life upon occurrence of the insurance event or at maturity of the Insurance Policy.

16. Bonus surrender

After the second (2) Policy Anniversary, the Policy Owner may request to surrender the entire accumulated bonuses which have been declared. The bonuses which may be surrendered will be determined on the basis of the present value of the bonuses and the survivorship of the Life Insured.

17. Debt

Any amount payable by the Policy Owner to Hanwha Life, including but not limited to the following:

a) Premium debt(s); and

b) Policy loan and automatic premium loan; and

c) Any Reduction of Investment Return (interest) amount arising from such policy loan or automatic premium loan.

18. Reduction of Investment Return (Interest)

Means the amount of investment return reduced as a result of a policy loan, an automatic premium loan or any premium in arrear. The Reduction of Investment Return is calculated as a percentage of the Policy Loan, automatic premium loan or premium in arrears, and is determined by Hanwha Life from time to time.

19. Total and Permanent Disablement


a) Disablement of the Life Insured caused by accident or illness during the in-force period of the Insurance Policy, resulting in complete loss or permanent paralysis and permanently irrecoverable of:

  • both arms; or
  • both legs; or
  • one arm and one leg; or
  • one arm and sight of one eye; or
  • one leg and sight of one eye; or
  • one leg and sight of one eye; or
  • sight of both eyes.

In this definition, loss of arm(s) means loss above the wrist and loss of leg(s) means loss above the ankle. Complete loss and permanently irrecoverable of eyes means physical loss of eyes or complete blindness.


b) The Life Insured suffers from total and permanent disablement as certified by a competent medical inspection authority in compliance with the current law.

20. Accident

Means one or a series of objective events which occur(s) as a result of an external object or an external force that bring(s) about death or injury to the Life Insured. Such events will only be defined as "accident" in Insurance Policy if they meet all the following requirements:

a) They must be unexpected and unintentional by the Life Insured;

b) They must be the sole and direct cause to the death or injury of the Life Insured;

c) There must not be any bodily injury caused by sickness or disease, bacterial or viral infection.

21. Insurance Contract

Means the written agreement between Hanwha Life and the Policy Owner, and includes the following:

a) Insurance Application Set; and

b) Policy Schedule; and

c) Provisions of this product; and

d) Provisions of attached rider(s) (if any); and

e) Other written agreements (if any) mutually agreed by the two parties during the time that the Insurance Policy takes effect and executed

22. Free-look period

The Policy Owner may request in writing to alter, amend or cancel the Insurance Policy within twenty-one (21) days from the Risk Commencing Date providing that there has been no insured event occurring or claim arising during this period. During this period, if the Policy Owner requests to cancel the Insurance Policy in writing, Hanwha Life will return to the Policy Owner the total paid premium, without interest, after deducting related medical examination expenses (if any).

23. Grace period

A period of sixty (60) days from the Premium Due Date or any other length of time specified by the Law on Insurance Business from time to time. During the grace period, the Insurance Policy shall remain in force.

24. Applying for Policy loan

While the Insurance Policy is in force and has acquired a Cash Surrender Value, the Policy Owner may apply in writing to Hanwha Life for a Policy Loan. The Policy Loan shall not exceed 80% of the Cash Surrender Value less outstanding Debt(s), if any, and shall not less than any minimum amount specified by Hanwha Life from time to time. A Reduction of Investment Return will be deducted from the Cash Surrender Value for the period the Policy Loan is taken.