The Insurance Policy has the Beneficiary clause:
Toyota Finance Vietnam Company Limited (TFSVN); Address: Room 04 – 05, Floor 12, Saigon Center Building 2, No. 67 Le Loi Street, Ben Nghe Ward, District 1, Ho Chi Minh City, is the first and only beneficiary of insurance benefits. :
In case the vehicle is damaged within the insurance coverage with a loss of up to VND 20 million, the Insurance Company will directly compensate the car owner.
In case the vehicle is damaged within the insurance coverage with a loss of over VND 20 million, the Insurance Company will only compensate the car owner with the approval of LFS.
In case of total loss, the Insurance Company compensates LFS directly. After collecting the loan amount (interest + principal) and other costs, LFS will be responsible for transferring the rest to the car owner.
Any change in the content of beneficiaries & beneficiaries’ interests (LFS) must be approved in writing by LFS.
Invoice or Receipt confirming premium payment.
Certificate of voluntary insurance for vehicle material (bodywork).
