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Deferred Life Annuity Insurance

Deferred Life Annuity Insurance

This insurance product allows you to invest long term and sensibly your money so that you would have a good income in old age.

This type of insurance has two separate periods:

  • term of deferment during which you invest your money. This period can last from 1 to 30 years
  • the second period during which you receive the annuity - from 1 to 20 years or for life.

Risks covered:

  • upon death of the Insurer, during the term of deferment, the beneficiaries are paid back the basic premiums paid under the insurance and the insurance is discontinued
  • depending on the wish of the Policyholder the annuity insurance can be concluded with or without inheriting upon death of the Policyholder during the period in which the annuity is received
  • upon permanent disability of over 30% resulting from an accident which occurred during the term of deferment, the insurance is exempt from premiums, as it remains in effect to the full amount of the monthly annuity and all risks covered.

Additional risks:

  • death in an accident
  • hospital stay resulting from an accident
  • temporary disability resulting from an accident
  • expenses for medical drugs and medical supplies resulting from an accident
  • possibility to use the annuity insurance as security against which to take out a loan.

Another variety of this insurance product is Group Deferred Life Annuity Insurance. The insurance is concluded with a group of persons as per an attached list of names.

Advantages:

  • the employer can use tax relief under the Corporate Income Tax Act
  • reduction of the costs of the employer for salaries due to a decrease in the payable installments for social security, for the professional qualification and unemployment fund and for health insurance

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