A Complete Guide to Dai-ichi Life Vietnam Insurance for Foreigners

1. Eligibility Conditions for Foreigners

Foreigners are generally eligible to purchase Dai-ichi Life insurance policies in Vietnam, but specific conditions apply:

• Legal Residence: You must hold a valid visa and temporary residence card (TRC). Common eligible visa types include:

  • DN (Business)

  • LV (Work)

  • DT (Investor)

  • DH (Study) – for certain plans.

  • TT (Family sponsored) – depends on the policy.

• Age Requirements: Typically between 18 and 65 years old for new policy purchases. The specific age range can vary by product.

• Insurable Interest: You must have a legitimate financial or familial interest in the person insured. For life insurance, you can insure yourself or immediate family members (spouse, children) if you are the legal sponsor.

• Health Underwriting: As with most life and health insurers, you will need to complete a medical questionnaire. For higher coverage amounts or certain plans, a medical examination may be required. Pre-existing conditions may affect coverage or premiums.

• Proof of Income/Employment: Some financial or investment-linked products may require proof of stable income or employment in Vietnam.

2. Understanding the Costs (Premiums)

The cost of your Dai-ichi Life insurance premium depends on multiple factors:

• Type of Plan: Comprehensive health insurance is typically more expensive than pure term life insurance. Investment-linked plans (ILPs) have variable costs.

• Level of Coverage: Higher sum assured (for life insurance) or higher benefit limits (for health insurance) directly increase the premium.

• Age and Health: Premiums are lower for younger, healthier individuals.

• Policy Term and Payment Frequency: Paying annually is often cheaper than monthly installments. Longer-term policies may have different pricing structures.

• Riders/Add-ons: Optional benefits like critical illness cover, accidental death, or hospital cash will add to the base premium.

Estimated Cost Range: While exact quotes require personalized underwriting, expect basic international health insurance plans to start from $1,000 - $3,000 USD annually for an individual. Term life insurance can be more affordable, starting from a few hundred dollars per year for substantial coverage.

3. What You Can Receive (Coverage & Benefits)

Dai-ichi Life offers various products, and benefits vary accordingly:

• Health Insurance Plans:

  • Inpatient and outpatient treatment coverage.

  • Direct billing networks with major international and local hospitals (e.g., Vinmec, FV, Raffles).

  • Coverage for emergencies, surgery, maternity (often after a waiting period), and sometimes dental/optical.

  • Regional or worldwide coverage options (outside Vietnam).

• Life Insurance Plans:

  • Death Benefit: A lump sum paid to your beneficiaries.

  • Maturity Benefit: For endowment/whole life plans, a payout if you survive the policy term.

  • Living Benefits: Critical illness riders provide a lump sum upon diagnosis of covered illnesses.

• Savings & Investment-Linked Plans (ILPs):

  • Combines life insurance protection with an investment component.

  • Potential for fund growth based on market performance.

• Additional Services:

  • 24/7 customer support, often in English.

  • Online policy management portals.

  • Claims assistance services.

4. How to Apply as a Foreigner

1. Research & Contact: Visit the Dai-ichi Life Vietnam website or contact their Customer Service/International Department directly. Using an independent insurance broker who specializes in expat needs can simplify comparison and application.

2. Consultation: Discuss your needs (health, life, savings) with a financial advisor or broker. They will recommend suitable plans.

3. Application & Underwriting: Complete the application form, submit required documents (passport, TRC, proof of income, medical history), and undergo any necessary medical checks.

4. Policy Issuance: Once approved and the first premium is paid, you will receive your policy documents. Ensure you understand all terms, conditions, exclusions, and the claims process.

Conclusion:

Securing a Dai-ichi Life insurance policy in Vietnam is a viable and wise option for eligible foreigners seeking financial security and quality healthcare access. By understanding the eligibility criteria, cost factors, and range of benefits, you can make an informed decision. Always disclose accurate health information, compare plan details carefully, and consider professional advice to choose the coverage that best fits your life in Vietnam.

Disclaimer: This article is for informational purposes only. Insurance policy terms, conditions, and regulations are subject to change. Always refer to the official policy documents from Dai-ichi Life Vietnam for the most accurate and current information.