Insurers are introducing many attractive insurance products and packages, and providing more customer care services and incentive policies to draw idle capital from the public. In that context, commercial banks have flexibly developed insured deposit products as an optimal financial solution for customers, as it not only increases values but also ensures highest safety for them.
Value both added and insured
As a big bank with a strong depositor base, the Vietnam Export - Import Commercial Joint Stock Bank (Eximbank) always creates attractive deposit products to meet various demands of customers. Never being content with what it has achieved, Eximbank has brought peace of mind to customers by offering an optimal financial solution to risks they may face in life. That is Phuc Bao An for customers nationwide. Short after the debut, Phuc Bao An savings product of Eximbank has attracted a lot of customers because of its special features - offering free nonlife insurance utility for customers with a maximum coverage amounting VND800 million. The product is for personal customers aged from zero to 75 making savings deposits with a minimum value of VND10 million in a maturity term of three months, six months and 12 months or personal customers aged from 18 to 60 years making accumulative savings in local currency (Vietnamese dong). Accordingly, customers are covered all around the clock nationwide to permanent disability or death due to any cause during the saving term.
When risks occur, customers receive a maximum coverage amounting up to VND800 million, equal to 100 percent of principal value of savings at the time of opening saving books (for ordinary savings), or 100 percent of total remaining registered accumulative value (for accumulative savings). The insurance period for depositors equals the duration of savings deposit (customers aged below 76 for ordinary savings or bellowed 61 for accumulative savings). Procedures are simple as no verification steps are taken and premium is fully financed by Eximbank. When they need capital, they can close savings and do not need to return premiums to Eximbank. Customers are supported with insurance claims consultancy to get insurance quickly and conveniently from Prevoir Vietnam Insurance Company. According to leaders of Eximbank, the cooperation between Eximbank with Prevoir Vietnam helps depositors get more value-added services, manage risks better and make more effective financial plans.
Value-added services
According to many depositors, Phuc Bao An savings product brings to customers a smart investment and helps customers to optimise profitability of unemployed money every month, especially customers registering accumulative deposits who may need a big amount of money in the future to finance big affairs like marriage, house purchase, vehicle purchase, education coverage for children, care for parents. And, they can feel totally assured because of being insured. Le Thanh Minh, who lives in District 3, Ho Chi Minh City, said life insurance products of insurance companies also have a high level of coverage but they often require customers to accumulate in a very long time and offer relatively low interest rates in comparison with deposit rates at commercial banks. “I chose Phuc Bao An savings product at Eximbank for more attractive term and interest rate, fitness to my cash flows. Besides, the relatively high insurance compensation makes me feel assured of my financial protection plan in the best way,” she said.
As seen, expanding bancassurance service is a good way for Eximbank to take care of its customers more conveniently and efficiently. Apart from creating opportunities for customer base development, the bank insurance model between Eximbank and the insurance company will help meet diverse needs of customers, provide better and more effective care for them and increase loyalty of customers to the service. This is also an opportunity for Eximbank to attract and increase its market share as people with idle money all want to maximise their capital usability with highest interest rates and have their capital protected. Phuc Bao An saving product is highly appreciated for the humanity of a banking product which is expressed by the offer of a perfectly insured financial plan against unforeseen risks in life. Having deposits insured, customers will trust more and feel secure in using Eximbank’s products and services. This is an advantage that this bank will continue to develop in the near future.
The Tuong
Vietnamese
