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[Accident Insurance: How to Protect Your Finances and Health]

Date: 2025.04.24

Did you know that insurance can be a strong shield to protect your finances in unexpected situations? Let’s explore accident insurance with Help All – one of the important types of insurance that can bring peace of mind to you and your family!

1. Overview of Accident Insurance

Accident insurance is a type of insurance that provides financial protection for participants in case of accidents causing injury or death. When a person encounters an accident, accident insurance helps cover medical treatment costs, compensation for loss of work ability, or financial support for the family in case of the participant’s unfortunate death.

Accident insurance can applied to various situations, from traffic accidents, workplace accidents to accidents in sports activities or daily life. It is an important financial protection tool that helps reduce the financial burden caused by accidents, giving participants and their families peace of mind in life.

Source: Tien Phong Online Newspaper

2. Participants in Accident Insurance

Accident insurance is available to everyone, from children, adults to the elderly, regardless of occupation or field of activity. However, depending on the type of accident insurance, the participants may vary. Common participants in accident insurance include:

a. Workers

Workers are the main group participating in accident insurance, especially those working in high-risk environments such as construction, transportation, mining, or heavy industries. Insurance companies often provide accident insurance packages for their employees to protect them in case of accidents during work.

b. Traffic Participants

In modern society, when transportation has become an indispensable part of daily life, everyone is at risk of traffic accidents. Therefore, anyone participating in traffic can join accident insurance to protect themselves in case of incidents.

c. Participants in Sports and Recreational Activities

Those participating in sports, adventure tourism, or high-risk recreational activities should also join accident insurance to protect themselves from possible incidents during participation.

d. The Elderly

Accident insurance is particularly important for the elderly. As age increases, the risk of accidents becomes higher, especially in daily activities. Therefore, accident insurance for the elderly helps ensure financial security in case of unexpected incidents.

3. Benefits of Accident Insurance

The benefits of accident insurance aim to ensure the rights of participants in case of accidents. The main benefits that accident insurance provides include:

  • Medical expenses: Accident insurance will cover medical treatment costs when participants encounter accidents. This helps reduce the financial burden for the injured, especially when treatment costs are very high.
  • Death compensation: If participants die due to accidents, insurance will pay compensation to their family or relatives.
  • Disability compensation: If participants are permanently disabled due to accidents, insurance will pay compensation according to the percentage of disability.
  • Compensation for loss of work ability: If participants temporarily lose their work ability due to accidents, insurance will pay an allowance during the period they cannot work.

4. Rights and Obligations of Accident Insurance Participants

a. Rights

Accident insurance participants have the right to request the insurance company to pay compensation and allowances in case of accidents, including medical expenses, financial support for loss of work ability, or compensation in case of death or permanent disability.

b. Obligations

Accident insurance participants are obliged to pay insurance premiums on time as agreed with the insurance company. Additionally, when an accident occurs, participants need to immediately notify the insurance company, provide related documents, and cooperate with the insurance company in resolving compensation claims.

5. Accident Insurance Costs: Voluntary & Corporate

– Voluntary accident insurance:

・Applicable subjects: Workers without labor contracts or working independently.
・Payment method:
+ Pay every 6 months: The payment is 6% of the minimum wage in region IV.
+ Pay every 12 months: The payment is 12% of the minimum wage in region IV.
・Specific payment:
According to Decree 74/2024/ND-CP, the minimum wage in region IV from July 1, 2024, is 3,450,000 VND/month.
+ Payment for 6 months is 6% of the minimum wage in region IV = 207,000 VND.
+ Payment for 12 months is 12% of the minimum wage in region IV = 414,000 VND.
・Payment time:
+ First time: Immediately upon registration.
+ Next time: Within 10 days before the end of the payment cycle.

– Employer-Based Accident Insurance:

・Applicable subjects: Workers with labor contracts with enterprises.
・Payment method: Enterprises deduct from workers’ salaries and pay together with their contribution to the labor accident insurance fund.
・Specific payment:
+ Enterprises pay: 0.5% of the workers’ salary fund.
+ Workers pay: 0.5% of their salary fund.
・Payment time: According to the regulations of Vietnam Social Insurance, enterprises must pay social insurance, including labor accident insurance, monthly, and no later than the 15th of the following month when the payment obligation arises.

–> In summary, if workers have labor contracts with enterprises, labor accident insurance is included in the monthly social insurance contributions (social insurance, health insurance, unemployment insurance), so workers do not need to pay separately for labor accident insurance. However, for voluntary workers (without official labor contracts), they must pay voluntary labor accident insurance according to the regulations.

Detailed information about social insurance will be shared in the next article, promising to provide a comprehensive view to help readers understand their obligations and rights.

6. Documents for Accident Insurance Claims

– Social insurance book
– Hospital discharge paper or medical record extract after treatment for labor accidents for inpatient cases
– Medical assessment report on the reduction of work ability by the Medical Assessment Council
– Copy of death certificate, death extract, or death notice or copy of the court’s decision declaring death, for cases of death due to labor accidents
– Labor accident investigation report

[*] In case the reassessment result increases the reduction of work ability as stipulated in Clause 4, Article 7 of Decree 143/2024/ND-CP

Additional documents for voluntary labor accident insurance benefits include:

– Social insurance book
– Medical assessment report on the reduction of work ability by the Medical Assessment Council
– Request form for additional labor accident benefits by the worker
– Original invoices, legal documents related to the assessment fee for the reduction of work ability

Note:

(1) Can workers without social insurance books pay voluntary labor accident insurance?
Workers without labor contracts (e.g., freelancers, independent workers) still have the right to participate in voluntary labor accident insurance. They can register for insurance at the social insurance agency and be issued a social insurance book after participation.

(2) Can someone with a social insurance book pay for someone without a social insurance book? It is not possible to pay for someone without a social insurance book. Each worker must register and pay insurance for themselves.

7. Conclusion

With the variety of insurance packages available today, from individual insurance to group insurance, travel insurance, you can easily choose the optimal protection plan for yourself and your family. Don’t let unexpected situations affect your life – start learning and participating in accident insurance today to ensure a safe, stable, and peaceful future.

Stay tuned with Help All for upcoming articles where we’ll cover other types of insurance that businesses provide for employees — so you can fully understand your benefits and protect your rights!

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