BIC pay out 460 million dong to loan insurance customer
BIC recently approved compensation of 460 million dong to customer Luong Thi Sau, who died after slipping into a water-well. Mrs Luong Thi Sau (Hoang An Village, Gia Lai Province) was a BIC Binh An bancassurance policy holder. Mrs Sau had bought the insurance policy on October 11, 2010, when she took a 460 million dong loan out from the BIDV Nam Gia Lai office – BIDV Gia Lai branch.
On January 23, 2011, when watering her pepper garden, Mrs Sau slipped and fell into a water-well. She was rushed to Gia Lai Hospital for treatment, but died later the same day. Mrs Sau was five months pregnant.
Following confirmation of Mrs Sau’s death, BIDV Bac Tay Nguyen Insurance Company (BIC Bac Tay Nguyen), 1 Nguyen Van Troi, Pleiku, Gia Lai Province sent officers to visit her family. Because the risk fell under the scope of her insurance cover, BIC Bac Tay Nguyen helped the customer’s family complete the compensation procedures.
BIDV loan customers are encouraged to buy BIC Binh An bancassurance products to cover any risk affecting the repayment of a loan. The policy states that if the sum insured is more than the actual loans at the time of the risk (including both the original sum and interest), BIC will pay all outstanding loans. The difference between the insured sum and the actual loans will be paid to the legal inheritor in case of a customer’s death. In Mrs Sau’s case, BIC paid all the insured sum of 460 million dong, of which, 303,900,000 dong was paid to the BIDV Gia Lai branch and 156,100,000 dong to the customer’s family.
BIC Binh An is a bancassurance policy, representing the latest generation in modern banking products. This policy not only mitigates business risks, but has the interest of our customer’s at its heart.