I. Claim process flowchart Procedure

II. Notification

  • CLAIMANT:
  1. Claimant: a person who has full capacity for civil acts according to Civil Code of Vietnam, has the right to submit claim application and provide necessary documents in order to process insurance claim evaluation.
  2. If Claimant is below 18 years old, his/her natural guardian or legal guardian will become the claimant and need to provide documents proving guardian rights.
  3. In case of Disability claim: Claimant is the insurance Insured.
  4. In case of Death claim: Claimant is the Beneficiary. If the Beneficiary dies before the Insured or loses his/her beneficiary right, death benefit is then seen as heritage of the Insured and Claimant will be the representative of the Insured’s heir(s).
  • Deadline for submission of request for settlements benefits:

Any application of insurance benefit must be must be submitted fully within one (01) year from the date on which an Insured Event occurs. Any submission after this 01 year will not be subject of claim evaluation.

III. Claim Documents

Document types

Depending on different types of insurance events occurs, agents will guide customers how to complete the dossier and send to the company according to the classification of the records as follows:

A
Death benefit
  1. Request for settlement of compensation benefits
  2. Proof of death:
    + Certificate of Death  (original or notarized copy) or
    + Excerpt of Death (original or notarized copy)
  3. Resident Register removed Insured (notarized copy)
  4. Resident Register of Beneficiary (notarized copy)
  5. Banking card of Beneficiary (copy - If recieve compensation via banking transaction)
  6. Insurance Policy (Original) - (If the Insured dies)
  7. Power of Attorney for Cathay Company to verify and collect information certified by the People's Committee of the ward/commune where they live (original)
  8. Accident diagram, accident record, forensic autopsy records, police's conclusion or court's decision  - for accidental death benefit.)
  9. Treatment profile such as hospital discharge, medical record, prescriptions, test results - for the benefit of death due to disease
  10. Other important document as company's requirement.
B
Disability and lost benefit
B.1 Circumstance of disability
TPD and  disability level 1 Disability level 2 - 7
  1. Application for the settlement of insurance benefit 
  1. Application for the settlement of insurance benefit 
  1. Result of medical assessment (original)
  1. Result of medical assessment (original)
  1. Resident Register of Insured (notarized copy)
  1. Certificate of Health of the Insured (original)
  1. Banking account card of Insured (copy - If receive compensation via banking transaction)
  1. Personal Identification Card of Insured (notarized copy)
  1. Insurance policy (original)
  1. Banking account card  of Insured (copy - If receive compensation via banking transaction)
  1. Power of Attorney for Cathay Company to verify and collect information certified by the People's Committee of the ward/commune where they live (original)
  1. Power of Attorney for Cathay Company to verify and collect information certified by the People's Committee of the ward/commune where they live (original)
  1. Medical records and hospital treatment documents (original), accident record confirmed by police (if disability due to accident) (original)
  1. Medical records and hospital treatment documents (original), accident record confirmed by police (if disability due to accident) (original)
  1. Other necessary document as company's requirement
  1. Other necessary document as company's requirement
B.2 Circumstance of missing
  1. Request for settlement of insurance benefits
  2. Report of Missing (original)
  3. The final judgment of the court (original)
  4. Proof of death:
    + Certificate of Death  (original or notarized copy) or
    + Excerpt of Death (original or notarized copy)
  5. Resident Register removed Insured (notarized copy)
  6. Resident Register of Beneficiary (notarized copy)
  7. Banking account card of Beneficiary (copy - If recieve compensation via banking transaction)
  8. Insurance Policy (Original) - (If the Insured is missing)
  9. Power of Attorney for Cathay Company to verify and collect information certified by the People's Committee of the ward/commune where they live (original)
  10. Scene record confirmed by police (original)
  11. Other important document as company's requirement.
C
Hospital Indemnity Benefit
  1. Claim application form
  2. Hospital discharge certificate (original)
  3. Identification card of the Beneficiary (copy)
  4. Bank account information of the Beneficiary (if payment method is bank tranfer)
  5. Authorization paper (Original)
  6. Accidental records, conclusion report of the police or decision of the court - in the case of hospitalization due to accidents
  7. Medical records and hospitalization documents to treat disease including hospital discharge paper, medical records, test result, and related documents.
  8. Other documents as required by Cathay
D
Critical Illness Benefit
  1. Claim application form
  2. Critical illness diagnosis paper (original) or
    Diagnosis of the Insured health is in the Final Period 
    (original)
  3. Household registration book of the Beneficiary (Copy certified by a notary)
  4. Bank account information of the Beneficiary (if payment method is bank tranfer
  5. Authorization paper (Original)
  6. Medical records and hospitalization documents to treat disease including hospital discharge paper, medical records, test result, and related documents.
  7. Accidental records, conclusion report of the police or decision of the court - in the case of accident cause).
  8. Other documents as required by Cathay

Submission of Documents

  1. After filling out all required information on the claim application form, Claimant is required to submit claim application form and insured event related documents to Customer Service center or Agent.

  2. If submitted documents are full and valid, customer service staff will send to Claim department to process evaluation.

IV. Claim settlement period and benefits payment

Claim settlement period and benefits payment:

After receiving the complete and valid dossiers, the company will quickly appraise and inform customers the results of insurance benefits as soon as possible. Insurance settlement time is based on the terms of the contract. If this period expires and the delay is due to a fault of the Company, the Company shall calculate the interest on the total payment equal to the interest rate of non-term deposits of the State Bank of Vietnam.

Benefit Payment
Benefit receiver:

Receiver of claim benefit is stated under the terms & condition of the Policy, detailed as follows:

  1. Beneficiary: as designated in the Policy.
  2. The insured: beneficiary of Disability or Hospital Idemnity benefit or Critical Illness benefit.
  3. If Beneficiary(ies) dies before or at the same time with the Insured and Policy Owner does not assign new Beneficiary, then according to Heritage partition paper, Cathay will pay to legal heir(s) of the Insured.
Paymnent method
  1. Cash: the Beneficiary need to provide identification paper at Customer service center. Limit of receiving by Cash: under 30 millions VND.
  2. ID Card: Customers will receive money from Indovinabank (IVB) or Sacombank.
  3. Bank transfer: If customer have a bank account, Cathay will transfer to provided bank account.

V. Claim report

Claim payment data :

During 2016-2017, Cathay has paid a total of 8,696,493,200 VND as claim insurance benefit

During 2018, Cathay has paid a total of 10,641,175,200 VND as claim insurance benefit. 

During 2019, Cathay has paid a total of 18,999,200,300 VND as claim insurance benefit. 

Year Benefit Number of cases Payment amount (VND)
2016 Death & Disability 29 1,940,543,000
Critical Illness 8 534,506,000
Hospitalization Idemnity 799 1,161,381,000
2017 Death & Disability 45 2,955,334,200
Critical Illness 5 405,000,000
Hospitalization Idemnity 1411 1,699,729,000
2018 Death & Disability 49 4,485,954,200
Critical 3Illness 25 2,592,385,000
Hospitalization Idemnity 2528 3,562,836,000
2019 Death & Disability 58 7,976,300,300
Critical Illness 54 5,338,494,000
Hospitalization Idemnity 4,995 5,684,406,000
Total 10,006 38,336,868,700