Are students not required to purchase personal insurance?

At the beginning of the new school year, most schools across the country collect body insurance premiums for students studying at school.

Student health insurance is a type of insurance that helps pay for medical expenses and provides financial support to students in case of accidents or illnesses while studying and participating in physical activities. So are students required to buy this type of insurance?

All students can participate in insurance. (Illustration photo)

Are students required to purchase personal insurance?

Article 8 of the Law on Insurance Business 2022 defines compulsory insurance as an insurance product aimed at protecting public interests, the environment and social security. Compulsory insurance includes:

• Compulsory civil liability insurance of motor vehicle owners;
• Compulsory fire and explosion insurance;
• Compulsory insurance in construction investment activities;
• Compulsory insurance prescribed in other laws must meet the provisions of Clause 1 of this Article.

Organizations and individuals subject to compulsory insurance are obliged to purchase compulsory insurance and are allowed to choose to participate in compulsory insurance at insurance enterprises and branches of foreign non-life insurance enterprises that are permitted to implement it.

Insurance enterprises and branches of foreign non-life insurance enterprises permitted to implement compulsory insurance must not refuse to sell when organizations and individuals meet the conditions for purchasing compulsory insurance as prescribed by law.

Based on the above information, purchasing student personal insurance is voluntary and not mandatory. However, to ensure the best interests of their children, parents can consider purchasing student personal insurance for their children, in case of accidents or risks, the insurance business will pay according to the prescribed level.

Where do students buy personal insurance?

Article 6 of the Law on Insurance Business 2022 clearly stipulates the principles of providing and using insurance services.

Specifically, organizations and individuals in Vietnam who need to participate in insurance can only participate in insurance at insurance enterprises, branches of foreign non-life insurance enterprises, and mutual organizations providing micro-insurance licensed to establish and operate in Vietnam. Except for cases of using cross-border insurance services according to international treaties to which the Socialist Republic of Vietnam is a member.

In addition, many schools also organize or encourage parents to buy personal insurance for their children. Therefore, if parents want to buy personal insurance for their children, they can buy it directly from the insurance company or through the school.

Parents should also note that if their children cause damage to property or health, they will not be entitled to personal insurance benefits.

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Source: https://vtcnews.vn/hoc-sinh-khong-bat-buoc-phai-mua-bao-hiem-than-the-ar930294.html