Contract Cancellation, 70% Premium Refund, and 15-Day Claim Settlement in InterCare

When protecting your personal and family health, unexpected changes in lifestyle, work assignments, or international relocation can alter your long-term plans. If you find yourself needing to cancel your Bao Viet InterCare policy, understanding the specific guidelines on premium refunds, policyholder obligations, and claim processing deadlines will help you manage your finances smoothly and avoid unwelcome surprises.

📄 Conditions and Procedures for Terminating an InterCare Contract

Under the standard terms governing individual, family, and group policies, an insurance contract may be terminated by either party: the policyholder or the insurance company. Both parties must adhere to strict notice periods and statutory conditions:

1. 30-day prior written notice: If either party wishes to terminate the insurance contract prematurely, the requesting party must submit a formal written notice at least 30 days before the intended date of termination.
2. Cancellation requested by the policyholder: The insurer will refund 70% of the premium attributable to the remaining valid policy period, provided that no claim has been accepted or paid by the insurer during the current policy term.
3. Cancellation requested by the insurer: The insurer will refund 100% of the premium attributable to the remaining valid policy period, regardless of whether any claim has been submitted or paid.
4. Breach of eligibility rules or misrepresentation: If the insured person does not meet the mandatory eligibility criteria (such as entry age, initial health status, or residency requirements) or commits fraudulent or dishonest declarations on the application, the contract will be voided immediately. The insurer will refund 70% of the premium for the remaining valid duration, on the condition that no claim payment has previously been made.

💸 70% Premium Refund: Calculation and Core Rules

The 70% refund provision offers partial recovery of paid premiums if your circumstances change midway through the policy year. However, to qualify for this payout, specific criteria must be met:

• Zero claims paid: Throughout the active term of the policy, no claim requests have been filed and approved for payment by the insurer.
• Pro-rata calculation: The premium for the remaining term is calculated proportionally based on the number of days remaining on the contract relative to the full policy year (365 days). The 70% rate is then applied to this remaining pro-rata amount.

Before proceeding with a cancellation, it is worth reviewing your existing tier and benefit limits. If your needs are changing, you can compare the protection tiers detailed in our guide on 5 Bao Viet InterCare Plans: Coverage Levels from Vietnam to Worldwide to decide whether adjusting your coverage is more practical than terminating it entirely.

⏳ Maximum 15 Working Days for Claim Settlements

In addition to termination procedures, policyholders often need to know how remaining reimbursements are settled before a contract is finalized. According to Article 13 of the policy terms:

• Standard settlement timeline: When an insured event occurs, the insurer processes and pays benefits within the timeframe agreed upon in the contract. If no specific timeframe is specified, the insurer must notify the outcome and settle payment to the insured, their legal heirs, or their authorized representative within a maximum of 15 working days from the receipt of a complete and valid claim file.
• Fast-track digital processing via BaoViet Direct: Claims for non-inheritance reimbursements of up to 10,000,000 VND can be submitted digitally as soft copies directly through the BaoViet Direct mobile app, speeding up processing and payout convenience.

Remember that all claims are subject to applicable waiting periods before coverage takes effect. You can check the exact intervals for regular illnesses, pre-existing conditions, and specialized treatments in our guide on Waiting Periods in Bao Viet InterCare: General Illnesses, Pre-Existing Conditions, and Maternity.

🛡️ Critical Notes and Common Exclusions

To avoid complications when ending or maintaining your coverage, keep the following essential requirements in mind:

1. Re-verify initial joining criteria: A policy can be invalidated immediately if the insured fails to meet baseline requirements, such as qualifying entry ages, absence of mental illness, no pre-diagnosed cancer in the first policy year, no permanent disability rating of 80% or higher, and not currently undergoing inpatient treatment for specialized illnesses at the time of enrollment.
2. The 180-day residency rule: Foreign residents must not leave Vietnam continuously for more than 180 days during the policy year (with exceptions granted to overseas students). Violating this residency clause can lead to contract cancellation. Review these criteria thoroughly in our breakdown of Eligibility for Bao Viet InterCare: Age Limits, Health Criteria, and the 180-Day Rule.
3. Standard general exclusions: Treatments carried out in OFAC-sanctioned countries, unapproved experimental therapies, or non-disclosed conditions remain strictly excluded from compensation.

Cancelling an international health policy requires balancing short-term cash flow against your long-term healthcare continuity. Should your living arrangements or family priorities shift, consulting our advisory team beforehand can help you evaluate your options and maintain uninterrupted medical coverage in Vietnam.