Withdrawing AIA insurance money early, does it lose money, what are the disadvantages? Is the AIA insurance withdrawal procedure difficult? Find out the article now!
Participating in insurance is a method to help participants be fully protected against future risks. Insurance policies are valid for many years and can be for a lifetime. Therefore, it is inevitable that customers still want to withdraw AIA insurance money before maturity.
However, is it possible to withdraw AIA insurance money early? How to withdraw insurance money early? Let's find the answer with CashBerry in the following article!
AIA is the name of a leading insurance group in the world founded in 1919 by founder Mr. Cornelius Vander Starr. AIA Group comes from Asia, so it is very suitable for consumers in Vietnam. AIA Vietnam Insurance Company is a type of life insurance with the goal of building a beautiful and happy life for Vietnamese people.
In Vietnam, AIA Insurance has officially operated since 2000 and took the company name as AIA Life Insurance Company Limited (Vietnam). AIA Vietnam Insurance has been constantly innovating, creating and becoming a trusted brand in the hearts of consumers.
Insurance and AIA Vietnam have also been cooperating with many prestigious domestic banks such as HSBC, Tien Phong, Ban Viet, Dong A, ACB, Kien Long and especially exclusive distribution cooperation with VPbank and Citibank.
In an age of growth and increasing risk, buying insurance is essential for all of us. Along with that, a series of insurance companies have sprung up, however, AIA should be the first choice of customers because of the following factors:
About the cost of medical examination and treatment at the hospital
● In case the customer is having health problems, AIA insurance will help you pay for hospital expenses such as hospital fees, surgery fees, all expenses that cannot be covered by health insurance.
● This will ease the financial burden on family members.
● The payment of AIA insurance premiums on time will help customers have the habit of saving money, thereby re-establishing spending in the family and avoiding wasteful spending.
● With the motto of life insurance, AIA is happy for life". Saving money at AIA will help you prepare well to complete your plans in the future.
About support services at AIA
● AIA's branches are present in all provinces in Vietnam, so customers can come directly when they need advice.
● Customer care policy at AIA is always appreciated along with a series of incentives to attract customers.
● AIA staff are dedicated, enthusiastic, well-trained, ready to support customers at any time and place.
● AIA insurance company always puts the interests of customers first, so service users here will be fully supported to be able to use quality insurance packages that are suitable for their personal financial situation. .
When participating in insurance, customers need to comply with the insurance payment time specified in the contract. However, for some reason, the customer wants to terminate the contract early. With the policy of AIA company, this insurance package is called AIA insurance withdrawal before maturity .
Maintaining insurance until the end of the policy is a long time for the policyholder. When the insurance is withdrawn, the benefits will be exactly as the signed contract.
However, in some cases, the policyholder can withdraw the AIA insurance money early in accordance with the insurance company's regulations. However, early withdrawal of insurance will come with some risks, so you need to consider when withdrawing.
During the first 2 years, for various reasons, policyholders who do not want to continue participating can stop participating in insurance. However, the buyer will not be able to multiply the premium paid or very little, the insurance benefits will not be guaranteed.
After 2 years from the beginning of payment, life insurance will begin to have a refundable value and will increase each year. Participants will receive a certain amount, but it will certainly be lower than the amount paid.
In the middle of the insurance period, the refund value is only equal to the premium paid by the policyholder. Therefore, if the aia insurance is withdrawn as soon as possible, the buyer will be disadvantaged.
By the due date your insurance withdrawal is the correct event. The contract is cumulative, the amount is within the terms specified in the insurance contract. The amount of maturity received depends on the contract value, the type of insurance product purchased initially, etc.
Basically, life insurance is a solid financial solution that requires a long-term commitment from the participants. Therefore, when withdrawing insurance money ahead of time, the interests of the participants are more or less affected.
In case the participant still wants to withdraw the AIA insurance money before the due date , they can refer to the options below to receive the expected amount.
Early withdrawal of AIA insurance is withdrawal before the end of life insurance policy of AIA insurance company. The withdrawal period depends on the insurance product package you purchase. When there is a need to withdraw AIA insurance money early to ensure your benefits, you can refer to the following ways:
Each insurance policy is usually associated with a policy account. Policy account value is the amount of money in your policy account. In order to withdraw money from the contract account value, the following requirements must be complied with:
● Insurance policy must be guaranteed for at least 2 years or more.
● When withdrawing money from the contract account value will come with an appropriate fee. Depending on the time of the withdrawal request, the fee will be corresponding to the prescribed fee.
● Fees will decrease if the timing of withdrawal requests is increased.
Accordingly, if the contract account value after withdrawal is smaller than the insurance amount, the insurance amount and benefits will also decrease accordingly. So before withdrawing, please consider the withdrawal amount and protection benefits to have the best choice.
Refund value is the amount the life insurance buyer receives upon early termination of the policy. You can withdraw Prudential insurance money early by making advance from the policy account value/reimbursable value. In this way, to withdraw money, you must ensure:
● Insurance contract from the 2nd year onwards. The policy is refundable only after the 2nd year onwards.
● The advance amount cannot exceed 80% of the refund value.
The interest rate applicable to advances for each product is determined individually by each insurance company. In particular, the insurance company has the right to recover the entire advance plus interest before paying any insurance benefits. Therefore, customers need to think carefully before deciding to advance.
The policyholder has the right to request an early termination of the contract by notifying the company in writing even if the policy period is still valid.
After deducting the debt (if any) and related benefits have been paid, the insurance buyer will receive the amount of the Refund Value (if any) up to the time of contract termination.
But when canceling the contract, the customer will forever lose the protection rights as well as the benefits for the participants. Therefore, think about the real benefits received in the long term before terminating the contract.
When there is a request to pay insurance policy benefits, such as periodic cash, advance/withdrawal from the policy value, maturity..., you can choose one of the methods below. :
1. Submit an online request:
● Through iClaim for Customers who are Policyholders, or
● Through MyAIA - My insurance for customers who have registered to conduct electronic transactions of AIA Vietnam.
2. Through your insurance policy service agent.
3. Direct submission:
● At any AIA Vietnam Office in provinces/cities across the country, or
● Send a letter to: AIA Vietnam - Business Processing Center - Ground Floor, Thuy Loi Building 4, 205 Nguyen Xi, Ward 26, Binh Thanh District, HCMC.
You can also contact AIA Vietnam at phone number 028 3812 2777, or email: email@example.com for detailed instructions.
However, early withdrawal of AIA insurance can be done in many different ways. But either way affects the protection benefits as well as the money of the insurance policy and the policyholder. Therefore, you should consider before withdrawing AIA insurance early.
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Do you have an answer to the problem of early withdrawal of AIA insurance ? If it is too difficult, you can withdraw AIA insurance money early. If you only need money to spend, you should choose to borrow money online to avoid losses after withdrawing insurance money early. Don't forget to register for CashBerry when you need money!