Insurance Product Guidelines
保险产品指南
ຄຳແນະນຳວ່າດ້ວຍ ຜະລິດຕະພັນປະກັນໄພ
Summary
This regulation adjusts life and property insurance companies in Laos, with the core content defining insurance products, classifying life insurance (non-participating, participating, unit-linked), and specifying the specific terms of whole life, term, and endowment insurance.
Articles
Article ມາດຕາ 1
Article 2 Scope of Application
This guideline applies to life insurance companies and general insurance companies conducting business in the Lao PDR.
Article ມາດຕາ 2
Article 2 Insurance Products
Insurance products mean the insurance goods sold by insurance companies to policyholders, and both parties have agreed on various conditions in the insurance contract. Insurance products consist of two types: life insurance products and general insurance products.
An insurance contract is a technical service contract that must have a clear purpose, be genuine, lawful or not contrary to social order, and be practically enforceable.
Article ມາດຕາ 3
Article 4 Life Insurance Products
Life insurance products mean insurance goods that cover the life risk of the insured, for life or for a period specified in the contract;
Life insurance products may stipulate conditions not covering death from suicide of the insured and/or from the case where the beneficiary murders the insured within one year from the date of contract.
Life insurance products are divided into three groups according to the nature of life insurance as follows:
+ Non-participating life insurance products are life insurance where the policyholder receives life coverage according to the contract but will not receive dividends from the business operations of the life insurance company;
+ Participating life insurance products are life insurance where the policyholder receives both life coverage and dividends from the business operations of the life insurance company according to the time and amount specified in the life insurance contract; this group of life insurance products may generally have higher premiums than the non-participating life insurance product group;
+ Unit-linked life insurance products are life insurance that provides life coverage and invests a portion of the premium, where the policyholder can choose investment channels according to the policy set by the life insurance company; this group of life insurance products is considered a special group of life insurance products, providing life coverage and the ability to choose additional investment channels, where the gain (profit) and loss (loss) depend on the actual investment returns.
Each group of life insurance products may have the following product forms:
1. Whole life insurance;
2. Term life insurance;
3. Endowment insurance;
4. Annuity insurance.
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