EDUCARE

Educare

Comprehensive solutions to setting education goals for your child

Educare - Education Life Insurance Policy

Product Introduction

The greatest desire of most parents is for your children to have a bright future. Are you well prepared to meet that challenge? Do you have a comprehensive plan?

Educare gives you the financial support to fullfil your greatest wish.

Product Value Proposition

Product value proposition content may use for other marketing activities.

  • Financial security for the whole family - providing a solid financial protection for parents during the whole term of insurance policy.
  • Ensure the future education for children - customers will receive the Education benefit up to 150% of Sum Assured plus Reversionary bonus and Termination bonus to cover the cost of the child's university years

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Benefits

A. Financial security for the whole family

Educare provides the protection over the financial security for parents (the Life Assured and Policyholder) during the whole term of insurance policy.

1. The Benefits of Life Assured

Insurnace Event Lump sum payable benefits Annual financial support1
Accidental Death2 200% Sum Assured* 10% Sum Assured
Death 100% Sum Assured* 10% Sum Assured
Totally and Permanently Disability 100% Sum Assured 10% Sum Assured
Cancer benefit3 25% Sum Assured  

*The insurance death benefit will be increased 10% in case the Life Assured is non-smoker.

2. The Benefits of Policyholders4

If the Policyholder dies or suffers Totally and Permanently Disability prior to the age of 65, the Company will pay the annual financial benefits equivalent to 10% of the Sum Assured and waive the premium payment for this product until the premium payment term expires.

In addition, upon the more financial obligations which may arise when you get married or having new baby, Educare will allow you to purchase the term riderwith the Sum Assured up to 25% of the Sum Assured of Educare without the requirements of presenting your health and financial status5

1This benefit will be payable annually on the policy anniversary date right after the risk occur until the premium payment term expires.

2This benefit will be payable in case the Life Assured dies due to the accidence prior to the age of 65.

3This benefit will be payable in case the Life Assured diagnosed with cancer prior to the age of 65.

4This benefit is ensured in case the Policyholder is not the Life Assured.

5This benefit is applied since the third year of policy onwards but prior to the Life Assured reaches the age of 55. This benefit is available within 90 days since the day of marriage, having a baby or adopted child

B. Ensure the future education for children

Upon the premium payment is fulfilled, the education benefits of Educare will provide your children the financial resource to continue their education path or start up with their own business, according to your dream and plan.

In addition, Educare would be the useful tool to help you easily prove your financial ability when your children apply for overseas study.

You could either receive the Periodic Educational benefits in 4 years to cover university expenses or receive the Lum sum Education benefit on the Maturity date. During the term of the insurance policy, you are allowed to request to change the educational benefit option one time in accordance with your family plan, subjected to following conditions:

(i) The request must be sent to the Company not later than one year prior to the premium payment term expires; and (ii) The Life Assured is not older than 70-year-old on the maturity date according to the newly changed lump sum of educational benefit payment.

The Educational Benefits will be paid frequently within the last 4 years of the policy term:

Time to receive Education Benefit Education Benefits
% Sum Assured % Reversionary bonus % Terminal bonus
Anniversary date 4 years before Maturity date 30% 20%  
Anniversary date 3 years before Maturity date 30% 20%  
Anniversary date 2 years before Maturity date 30% 20%  
Anniversary date 1 year before Maturity date 30% 20%  
Maturity date 30% 20% 100%
Total education benefits 150% 100% 100%

The Educational Benefits will be paid in lump sum at Maturity date:

Time to receive Educational Benefit Educational Benefits
% Sum Assured % Reversionary bonus % Terminal bonus
Maturity date 150% 100% 100%
Eligibility
  • Issue age: 18 - 55 years old
  • Expiry age: 70 year old
  • Policy term: 6 - 26 years depending on the education benefit option
  • Premium payment term: will end at the same time with the policy term or 4 years in advance with the policy term depending on the payment mode of the educational benefits
  • Premium: minimum 5 million VND/year
  • Premium frequency: Yearly, Half-yearly, Quarterly
  • Minimum premium: 50 million VND.
Exclusion

1. Exclusions of Death of the Life Assured and/or the Policyholder:

The Company will not pay any insurance benefit if the Life Assured and/or the Policyholder directly dies because of the following reasons:

  • Suicide within 24 (twenty four) months from the Policy Effective Date or reinstatement date whichever is later. For the increased Sum Assured, this exclusion will also be applied within 24 months from the effective date of increase in Sum Assured or reinstatement date, whichever is later; or
  • Any Human Immunodeficiency Virus (HIV); AIDS and/or any HIV/AIDS-related illnesses; or
  • Death sentence; or
  • Intentional acts of the Policyholder, Life Assured or Beneficiary;

In case the Life Assured dies due to the aforementioned reasons, the Company will only refund all premiums paid for basic product or Surrender value at time of Death whichever is higher.

In case there is more than one Beneficiary and

  • In case of an intentional act of one of the Beneficiaries makes the death of the Life Assured, the Company shall only pay the benefits to designated Beneficiary who does not engage in such event in accordance with the percentage of designated benefits; and the Company will only refund premium in proportion corresponding to the benefit that the Beneficiary caused the intentional act shall be entitled to the Policyholder or legal heirs of the Policyholder if the Policyholder dies.
  • In case of an intentional act of one of the Beneficiaries makes the death of the Policyholder, the Company shall only pay the benefits to designated Beneficiary who does not engage in such event in accordance with the percentage of designated benefits.

 

2. Exclusions of Death due to Accident:

The Company will not pay any insurance benefit if the Life Assured directly dies because of the following reasons:

  • Suicide within 24 (twenty four) months from the Policy Effective Date or reinstatement date whichever is later. For the increased Sum Assured, this exclusion will also be applied within 24 months from the effective date of increase in Sum Assured or reinstatement date, whichever is later; or
  • Any Human Immunodeficiency Virus (HIV); AIDS and/or any HIV/AIDS-related illnesses; or
  • Intentional acts of the Policyholder, Life Assured or Beneficiary. In case of an intentional act of the Beneficiary, the Company shall only pay the benefits to designated Beneficiary who does not engage in such event in accordance with the percentage of designated benefits; or
  • Participation in war or aggressive acts, riots, strike or terrorism; or
  • Participating to scuffle, fight, arrested or repulse of arresting
  • Intentionally self injured such as: using stimulant, heroin, suicide or suicide attempt or intentional self injured whether sane or insane; or
  • Accident happens due to using alcohol which alcohol level exceeds the allowed level by Laws or due to the influence of using medicines without prescription; or
  • Accident happens on air transportation except for customers traveling as a farepaying passenger on commercial scheduled flights; or
  • Participation in sports with fix remuneration, being a professional athlete, or participation in any hazardous activities such as scuba diving, bungee jumping, aerial flights, mountaining, horse and automobile racing or unnecessary hazardous activities except for saving life; or
  • Influence of radioactive substance.
  • Intentional acts of the Policyholder, Life Assured or Beneficiary;

 

3. Exclusions of TPD of the Life Assured and/or the Policyholder:

The Company will not pay any insurance benefit if the Life Assured and/or the Policyholder directly suffers TPD because of the following reasons:

  • Pre-existing condition of TPD which happened prior to the Policy Effective Date or Reinstatement date, whichever is later. For the increased Sum Assured, this exclusion will also be applied from the effective date of increase in Sum Assured or reinstatement date, whichever is later; or
  • Suicide within 24 (twenty four) months from the Policy Effective Date or reinstatement date, whichever is later. For the increased Sum Assured, this exclusion will also be applied within 24 months from the effective date of increase in Sum Assured or reinstatement date, whichever is later; or
  • Any Human Immunodeficiency Virus (HIV); AIDS and/or any HIV/AIDS-related illnesses; or
  • Intentional acts of the Policyholder, Life Assured or Beneficiary; or
  • self-injure or self-inflicted injuries or any such attempts while sane or insane
  • Serve in the armed forces in time of war regardless of declared or not declared or act according to order or restore public order; or
  • Due to any birth defects can be detected or diagnosis; or
  • Physical defects (defects which are visible outside or through medical image diagnosis) or mental defects (defects which are related to thinking, mood and behavior such as depression, hallucinations, anxiety disorders, schizophrenia...) pre-exist before the Policy Effective Date or reinstatement date, whichever is later, and not being declared in application form or health declaration form. For the increased Sum Assured, this exclusion will also be applied from the effective date of increase in Sum Assured or reinstatement date, whichever is later.

In this case, all other insurance benefits under this Product Terms and Conditions shall remain in force.

Basic Terminologies

1. Exclusions of Death of the Life Assured and/or the Policyholder:

Beneficiary of Education Benefit: means biological child or adopted child of the Life Assured, or any individual(s) who is/are nominated by the Policyholder to receive Education benefit.

Life Assured: means any individual who is currently residing in Viet Nam at time of application and is accepted by the Company to participate in this insurance policy. Life Assured could be biological parents and adopted parents of the Beneficiary of Education benefit.

Policyholder: means any organization or individual from 18 (eighteen) years or above having capability for civil acts. The Policyholder could be the husband or wife of the Life Assured.

Sum Assured: means the amount which is chosen by the Policyholder upon participating insurance and accepted by the Company. Sum Assured is the basic of insurance benefits payment.

Reversionary Bonus: is annually declared and accumulated when the policy is in force and within premium payment term. This is non-guaranteed bonus and depends on the Company business's results.

Terminal Bonus: is additionally declared on the maturity date or termination date of the Policy due to the Life Assured dies or suffer totally and permanently disability. This is non-guaranteed bonus and depends on the Company business's results.

Policy Effective Date: is the date the Policyholder completes the application and fully pays the initial Premium provided that the Life Assured and the Policyholder must be alive at time the Company accepts insurance coverage.

Maturity Date: means the date which is the end of Policy term.

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Important notice

1. The insurance products are not bank deposits or obligations of, or guaranteed by Citibank, N.A., Hanoi Branch and Citibank, N.A., Ho Chi Minh City Branch ( hereinafter called “Citibank, N.A., Vietnam”) or any of its subsidiaries, group companies or affiliates. The purchase of the product is optional. The customer has full right to choose the suitable product fitting their needs and financial situation.

2. AIA Vietnam Life Insurance Company Limited (“AIA ”) is the insurance underwriter of this insurance plan and is solely responsible for all approvals, coverage and compensations of their insurance plans. All Claims under the policy will be solely decided upon by AIA.

3. This insurance product is not insured by any government agency. All insurance companies operating in Vietnam must follow the reserve fund that is required by Vietnam Ministry of Finance in order to fulfill their obligations as per their commitment to customers via insurance contract (Article 9 – Decree 46/2007/NĐCP on Regulation on financial requirement for Insurance Companies and Insurance Agencies).

4. The above information is intended for reference only. Please refer to the Policy Contract and the website www.citibank.com.vn for detailed Terms and Conditions.

5. There are certain conditions whereby the benefits under the plan will not be payable. These are stated as exclusions in the policy contract. You are advised to read the policy contract for the full list of exclusions.

6. The Benefit Illustrations (where applicable) presented are not actual and for illustrative purposes only. The accumulated interest rates, annual dividends and maturity dividend (where applicable) are subject to certain market factors etc. Past performance / record is not necessarily indicative of future result.

7. Buying a life insurance policy is a long term commitment. An early termination of the policy might involve high costs and the surrender value may be less than the total premium paid.

8. In order to support customer in premium payment, Citibank provides the Direct Debit Authorization (DDA) service by which insurance premium will be collected and paid to AIA in accordance with the amount and frequency requested by customer.

9. Subject the specific insurance product Terms& Conditions, if you are not happy with your policy, you have the right to cancel it within the Cooling-off Period which is 21 ( twenty one) days after the AIA insurance acceptance date on the insurance certificate and date you receive the insurance certificate. AIA will refund all premiums paid after deducting health check fee and any expenses incurred for underwriting and policy issuance process, if there is any. Should you cancel the insurance policy after the Cooling-off Period, you may loose all paid premium and just receive the account value or surrender value, depend on case by case.

10. You are advised to review your financial circumstances at least once annually in order for you to review and monitor your existing financial plans and to identify new and emerging financial needs that may arise.

11. Citibank, N.A., Vietnam is not responsible or liable for any product and service offered by AIA Vietnam. AIA Vietnam is the insurance underwriter of this insurance product and is solely responsible for all insurance and compensation related matters.

12. Tax benefits, if applicable are governed by local regulations and subject to changes in the tax laws. Citibank and its employees are not in the business of providing tax advice.

13. For more details, clarification, policy servicing, claim and cancellation enquiries, please call your bank financial consultant or contact:

www.citibank.com.vn/contactus

Citibank branches:

  • Ha Noi: 40 Cat Linh Street, Cat Linh Ward, Dong Da District, Hanoi.
  • Ho Chi Minh City: 115 Nguyen Hue Blvd., District 1