1. “Company” shall refer to Manulife (Vietnam) Limited. The Company shall have all the rights, privileges and obligations provided by this Policy and shall be bound by the terms of the Policy.
2. "Plan” – The plan is referred to the "Basic Death Benefit Plan" or "Enhance Death Benefit Plan" under this policy and is shown in the schedule page or endorsements, if any.
3. “Owner” refers to the individual applying for insurance coverage, paying the premium and named as the Owner on the Schedule Page. An individual Owner must be an ordinarily resident in Vietnam at the Policy Issue Date and have the full contractual capacity under the Civil Code. The Owner shall have all the rights, privileges and obligations provided by this Policy and shall be bound by the terms of this Policy.
4. “Life Insured” is the person whose life is the subject matter of the Policy as shown in the Schedule Page. The Life Insured need not but can be the Owner of the Policy. The Life Insured, at policy issue, must be an ordinarily resident in the Socialist Republic of Vietnam. The Owner and Life Insured should have an insurable interest relationship as required by the Insurance Law.
5. “Beneficiaries” is the person nominated by the owner and deemed to be beneficially entitled to the proceeds of the Policy, if and when the Policy becomes payable upon the Life Insured’s claims. The beneficiaries need not but can be the Owner of the Policy.
6. “Contingent Owner” is the person nominated by the Owner to take over every right and obligation granted by this Policy upon the Owner’s death.
7. "Face Amount"
is means the amount of insurance covered by the Company under this Policy in respect of the relevant benefits as specified in the Policy Schedule or other written agreements.
8. "Insured Age"
- the age at the Life Insured’s last birthday. Age will be used to refer to Insured age for short.
9. “Issue Age”
means the Insured age as of the Policy Effective Date.
a. “Policy Issue Date” is the date when this Policy is issued and shown on the Schedule Page.
b. “Policy Effective Date” is the date when this Policy becomes effective and shown on the Schedule Page.
c. “Policy Maturity Date” is the date when this Policy expires and shown on the Schedule Page.
d. "Policy Year(s)", “Policy Anniversary” & "monthinversary" - policy year is one year commencing from the Policy Effective Date or subsequent years commencing from the Policy Anniversary. Policy anniversary & monthinvesary means the annual / monthinersary anniversary which use the same day of the calendar month as the Policy Effective Date.
e. "Paid To Date" is the latest date the regular basic premium is paid to.
f. "Premium Year(s)" is one year commencing from the Policy Effective Date or subsequent years commencing from the Policy Anniversary in which the Regular Basic Premium has been fully paid.
g. “Claim Date” is the date the office or branch of the Company receives the request for settlement of insurance benefits from the Owner according to the Policy’s terms and conditions.
h. “Receive Date” is the date the Company receives enough written request for any transactions from the Owner. Receive Date is determined based on Company rules from time to time.
i. "Transaction effective date" - Transaction effective date is the date the initial premium, top up premium or subsequent premium being effective or the Receive Date of any transactions being received by the Company.
18. “Supplementary Benefit(s)”
11. “Schedule Page” refers to the part of this Policy setting out specific details.
12. "Policy change form" refers to forms requested by the policyholders for changing the features/components allowed under this contract. Policy Change form is after signed by the policyholders and endorsed by the company is a part of the policy contract.
13. “Regular Basic Premium” - is the annualized Premium as stated in the Schedule Page, or endorsement, if any, to cover the base policy.
14. "Modal Regular Basic Premium" is equal to the premium pays in each mode as selected by policyholders.
15. “Top-up Premium” - means the extra premium paid by the Owner over the Regular Basic
16. “Allocated Premium” means the portion of the Regular Basic Premium and/or Top-up Premium after deducting the Premium Load Charge being allocated to the fund for investment.
17. “Loyalty Bonus” – sometime referred as bonus, is defined as 0.5% of average of the twelve most recent monthiversary account values.
- the Supplementary Benefits (also known as riders) stated on the schedule pages or endorsement, if any.
19. "Cost of Insurance" - means the amount deducted on a monthly basis to cover insurance benefits of this product as defined under the provisions of this policy. The Cost of Insurance rate is determined on the basis of risks pertaining to death and hospital indemnity benefit, which depend on the death benefit plan, Life Insured’s age, gender, health condition and occupation. The Cost of Insurance is adjusted in accordance with the Life Insured’s attained age, and the Net amount at risk. Net amount at risk, sometime refers as NAAR for short, means the amount coverage in excess of the account value needed to cover the death benefit. At any given time, the NAAR is equal to the death benefit less the account value at that time.
20. "Policy Fee"
- means the amount deducted monthly by the Company in order to cover the costs of policy administration and maintenance as well as providing policy related information to the Policy Owner.
21. "Surrender Charge"
- means the charge incurred when the Policy Owner decides to surrender his/her policy.
22. "Withdrawal Charge"
means the charge incurred when the Policy Owner withdraws money from the Policy Account Value.
23. "Monthly charge"
means the amount deducted from the Policy Account Value on a monthly basis by the Company including the Cost of Insurance, Policy Fee and other legitimate expenses (if any).
means any unpaid charges, Policy Loan and interest accruals thereto, if any. These shall constitute outstanding amounts due to the Company.
25. “Policy Account Value”
sometime referred as account value for short, means the amount accumulated from the Allocated Premium of this Policy and subject to increases and decreases as provided for in this Policy.
26. “Cash Surrender Value”
means the Account Value less Surrender Charge.
27. “Net Surrender Value”
means the Cash surrender Value less any indebtedness.
28. "Criminal Act" means an intentional act committed by the Policy Owner/Life Insured/Beneficiary that puts himself/ herself or the society in danger as defined in the current Law of the Socialist Republic of Vietnam.
29. "Hospital” means any medical unity that is legally licensed as a hospital for the care and treatment of sick and injured people, which has government approved facilities for diagnosis, major surgery and 24-hour nursing service and has a doctor in regular attendance and is not primarily a convalescent or nursing home, home for the aged, a place for alcoholics or drug addicts or the mentally ill or traditional hospital/department or leprosy hospital/institute.
30. "Pre-existing conditions” shall mean any illness or signs/symptoms of an illness or injury which originated before the later of the Policy Issue Date; or the approval date of last reinstatement unless the illness or injury, or any related preceding conditions was fully disclosed in the application or in the evidence of insurability, and accepted by the Company at the later of the Policy Issue Date or on the approval date of last reinstatement.
31. "Overnight Hospitalization” means the Life Insured having spent a night in a hospital as an in-patient.
32. "Pregnancy” means child-birth, miscarriage, abortion, pre-natal or post-natal care or any illness or injury relating to or arising from pregnancy.