Long-term death and survival insurance. How is the insured amount paid under a life insurance contract?

Life insurance is the opposite of death insurance. Under survival insurance, the insured amount is paid if the insured survives to the moment fixed in the contract. If the insured dies during the term of the contract, no insurance payment is made.

All types of life insurance can be grouped into two subgroups:

Capital insurance.

Rent Insurance.

Capital insurance combines types of insurance that aim to accumulate a large amount through the systematic payment of small contributions, which is paid in a lump sum. Capital insurance includes:

savings insurance;

wedding insurance;

children's insurance;

mixed life insurance, etc.

Rent Insurance includes types of insurance, the terms of which provide for the gradual expenditure of contributions made in the form of regular payments. An example is pension insurance.

The terms of the life insurance contract may contain benefits for the policyholder:

Reduction of the policy.

Redemption amount.

Reduction of the policy means a reduction in the amount of the insured amount when the payment of insurance premiums is stopped and the insurance contract is maintained. The size of the pension is calculated based on the size of the insurance reserve at the time the policyholder makes a decision to reduce the policy. The policyholder may reinstate the reduced policy. In this case, the policy will again receive its previous characteristics, subject to payment by the policyholder of all unpaid premiums and the established technical percentage. Technical interest refers to the increase in funds included in the calculation of the insurance rate for a given type of insurance.

Under loan In life insurance, we mean the provision by the insurer to the insured person of a certain amount against the security of a reserve formed from the premiums paid under this agreement. The maximum loan size coincides with the size of the fund accumulated as a result of making insurance premiums. As a rule, a life insurance loan is issued at an interest rate that is significantly lower than that established in the financial market. The loan can be issued no earlier than after the expiration of a certain period from the date of conclusion of the insurance contract (usually no earlier than two years). The maximum period for which a loan can be issued is limited by the age of the insured person, upon reaching which the insurer must pay an annuity or pension to the insured person. If the loan is not repaid within the specified period, the insurance contract is considered terminated. In this case, the policyholder and the insured person lose the right to receive any insurance payments and the redemption amount.

A distinctive feature of types of life insurance is that the policyholder has the right to receive redemption amount upon early termination of the contract at the request of the policyholder or insurer . The redemption amount represents part of the savings formed under the contract on the day of its termination and is payable to the policyholder. The amount of the redemption amount depends. Its size depends on the insurance premiums actually paid, the length of the expired insurance period and the validity period of the contract, as well as the applicable rate of return. The insurance contract may provide that the policyholder's right to the redemption amount does not arise immediately after the contract enters into force, but after some time, for example, after a year. Typically, the right to a redemption amount arises provided that the contract has been in force for at least 6 months. An exception may be contracts under which the insurance premium is paid in a lump sum. Upon receipt of the redemption amount, the insurer's expenses for servicing this contract are deducted from the amount of the formed insurance fund. If the insurer violates the terms of this agreement, then the policyholder is paid all funds in full.

It is a specific form of long-term savings of funds. It can be used as an independent type of life insurance, or be part of mixed life insurance.

Notes

Who can get insurance

A survival agreement can be concluded by a citizen or resident of the Russian Federation and a stateless person.

The limitation is the age of the policyholder: the minimum is one year, and the maximum is 72 years. At the end of the term, the insured person must not be more than 75 years old (if this happens, the contract is considered terminated). Exceptions to these rules include whole life insurance agreements.

The life contract policy implies a cumulative process (with interest accruing) throughout the entire validity period, but in the event of death, only the money accumulated independently (without interest) will be given to the beneficiary.

Survival is a combined type of insurance:

Contains most term insurance items.
Implies the receipt of a specific amount to a designated person upon survival.

How to get a life insurance policy

You can get a life and death policy in the same way as other DMP or WMD policies.

Step 1. View the information and choose the right insurance organization for you, one that you like and trust.
Step 2. Come to the company and get a free legal consultation.
Step 3. Registration of a voluntary medical insurance policy for survival and death. The amount, validity period are filled in and the beneficiary is selected.
Step 4. Decor .
Step 5. You must immediately pay the first savings portion (monthly/quarterly/annual first payment) or make a one-time payment of the required funds.

Survival insurance rates

The benefits paid after death with life insurance are much higher than with term insurance. An unjustified illusion is created of different parts of the insurance (a share for term insurance and a share for the accumulation of the amount).

Under a survivorship contract, the insurance company must pay the entire amount specified in the contract. The policyholder's share begins to accumulate in the account only after the person invests it for himself. It turns out that a person puts money in a bank and due to this, funds accumulate. The percentage is higher if the insurance company invests the funds received from the policyholder.

After the death of the policyholder, the company immediately returns all funds to the bank account or personally to the beneficiary.

Insurance cost

The price of an insurance policy when taking out life and survival insurance ranges from 150,000 rubles to 650,000 rubles. It all depends on the amount you want to deposit, either in the future or in a lump sum.

Life insurance in case you live to a certain age quite acceptable and beneficial for the common man. Survival can be ordered until a certain event, for example, an anniversary or birthday. In this case, all the money will be saved and transferred to the owner of the current account along with interest, who, in turn, will not lose anything and will even win.

Payments are made when:

Death (lifetime insurance contract).
Deaths (unfinished fixed-term agreement).
Life up to the age specified in the contract (mixed agreement).

Right when receiving payments:

According to Art. 934 of the Civil Code of the Russian Federation, paragraph 1 - the person specified in the agreement.
According to Art. 934 of the Civil Code of the Russian Federation, paragraph 2 - heirs (if it is not specified who should accept the funds).
According to Art. 934 of the Civil Code of the Russian Federation - the insured person (if the beneficiary is not specified).

Notice and payment periods

If the insured person dies or is injured, the insurance company must be notified as soon as possible. The shortest notice period is exactly one month (30 days according to Article 961 of the Civil Code of the Russian Federation, paragraph 3). The exact timing of notification of death and injury must be specified in the contract.

With an insurance contract for survival, the insurer’s company makes a decision on payments and makes them within 1-2 weeks. In the event of an unreasonable refusal of a well-deserved payment, the insured person must go to court, providing a package of documents (then, if necessary, to the regional magistrate court).

Pros and cons of life insurance

Life insurance for death and survival has a number of pros and cons. The positive qualities of such insurance are more convincing, especially for an elderly person.

Pros:

There is a savings part.
The ability to choose the person who will receive the payments.
Money is paid very quickly upon expiration of the contract.
Terms range from 1 year to 72 years.
Possibility of third party insurance.
Payments for serious injuries.

Minuses:

The entire interest savings portion expires upon the death of the policyholder.
It is possible to pay the accumulative part in a lump sum.
There is an age limit (not less than 1 year and not more than 75 years).
After reaching 75 years of age, the contract is automatically terminated.

The advantage of life insurance is:

Possibility of changing conditions at any time.
The currency of financial investments is any of the proposed ones.
It is possible to change the recipient of funds.
Early termination is possible.
Large savings percentage over a long contract period.
Availability of guaranteed profitability up to 3%.

The advantages of this type of insurance include: Variability of insurance payments:

life insurance with a lump sum payment of the insured amount;
life insurance with payment of annuity (annuity);
life insurance with pension payment.

The death policy includes all the above points and may have an insurance clause against any accidents. Insurance is paid to the heirs or relatives of the deceased. You should carefully study the terms of the contract because some incidents (for example, suicide) are not covered by insurance.

When concluding a contract, you cannot put “ticks” and signatures under the consultant’s dictation. The policyholder needs to read everything himself. It is not necessary to sign the agreement on the day you contact the insurance company. You have the right to consider the terms that are most beneficial to you in a calm environment. Consultations on all issues of the company's insurance programs are provided free of charge.

With a balanced approach, life and death insurance can provide significant support to the policyholder himself or his beneficiary in difficult situations associated with significant financial costs.

Life insurance and other risks (video):

Survival insurance is a type of personal insurance that provides for the payment of the insured amount upon reaching a certain insurance period, reaching a certain age, or upon the occurrence of an event specified in the insurance contract. An example of such insurance is education insurance, which is quite popular in the West, when parents provide their child with payment for educational expenses. However, in its pure form, insurance for survival and up to a certain period is rare. As a rule, both of these types are combined with death insurance, i.e. included in mixed insurance. There are the following types of life insurance:
1) insurance for children;
2) insurance for marriage;
3) insurance for children's boarding schools;
4) insurance until a certain period.
Child insurance allows you to create certain savings in the amount of the insured amount by the time the child reaches adulthood, and also provides financial assistance to the policyholder in the event of adverse events related to the life and health of the insured child. Contracts are concluded with the parents and relatives of the child (insurers), regardless of their age and health status, in favor of a child whose age does not exceed 15 years. The insurance period is determined as the difference between 18 years and the age of the child on the day the contract is concluded. The age of the insured is determined in full years; for this purpose, an incomplete year is rounded up to a full year (up), the age of children under 6 months is rounded up to zero. Several contracts may be concluded in favor of one child by one or more policyholders. During the first 6 months, there is a restriction on the payment of insurance amounts if death occurs as a result of a congenital or severe chronic disease. During the entire period, there is a limitation of insurance liability in cases of death of the insured due to the commission of an intentional crime or illegal actions. The contract may be concluded with the condition of double or triple payment of the insured amount upon the occurrence of insured events related to the child’s health. If for any reason the policyholder cannot continue to pay premiums under the current contract, or in the event of the death of the policyholder, any other relative of the child may assume his responsibilities. If, after the death of the policyholder, none of the child’s relatives has assumed the responsibilities of the policyholder, then, at the request of the parents or guardian (trustee) of the insured child, a deposit is opened in a savings bank and 90% of the premiums paid are transferred to the child’s name. The policyholder has the right to terminate the insurance contract early and receive a portion of the paid premiums in the amount of the redemption amount, if the contract is paid for in premiums and was valid for at least 6 months. Failure to pay premiums for 3 consecutive calendar months entails early termination of the insurance contract with all the ensuing consequences. In the event of the death of the insured during the period of validity of the insurance contract, the policyholder is paid an insurance benefit in the amount of 30% of the insured amount and at the same time all paid contributions are returned without deductions.
Insurance until a certain period of time provides for payment of the insured amount in full after a certain period of time, regardless of whether the policyholder survives until this period.
Wedding insurance ensures the creation of savings by the day the insured person gets married or reaches the age of 21, as well as financial assistance to the policyholder in the event of adverse events related to the health of the insured child. Contracts are concluded for children under 15 years of age with parents (adoptive parents) and other relatives of the child. The age of the policyholder can be within the range of 18-72 years, so that on the day of expiration of the insurance period the policyholder would be no more than 75 years old. Several insurance contracts may be concluded in favor of one child by one or different persons (policyholders).
Insurance premiums are set in the same manner as for children's insurance. The death of the policyholder from any cause is an insured event, with the exception of special cases. In connection with the death of the policyholder, the payment of premiums ceases, and the insurance contract remains in force (unless there are grounds for its termination for exceptional reasons), and the child continues to be insured until the end of the insurance period. Upon expiration of the insurance period, the insured has the right to receive the insurance amount provided that he enters into a registered marriage or reaches the age of 21 years. When paying the insured amount for each month that has elapsed from the date of expiration of the insurance period before submitting an application for payment of the insured amount, an additional 0.25% of the insured amount is accrued. The policyholder, within three years after the end of the insurance period, has the right to receive the insurance amount himself, if it is not paid to the person in whose favor the insurance contract was concluded.
Insurance of children's boarding schools is associated with the participation in charitable activities of enterprises and organizations, individual citizens who care about the material well-being of children who, due to circumstances, are deprived of normal conditions of upbringing in the family. Acting as insurers, legal entities and individuals can enter into an insurance agreement with an insurance organization in favor of children aged 1 to 15 years, if they are being raised in an orphanage or boarding school, in a children's home and are orphans or left without for various reasons parental care. The insurance period, as for regular children's insurance, is calculated as the difference between 18 years and the age of the child at the time of concluding the insurance contract. In the insurance application, the policyholder indicates the last name, first name and patronymic of the child (or several children) in whose favor the contract is concluded. If the child has parents, then they have no rights under this agreement. The insured child is paid the insurance amount specified in the insurance contract if he survives until the end of the insurance period, i.e. up to 18 years of age. To do this, he must present his passport and insurance certificate to the insurance company.
During the validity period of the contract, the child is considered insured against an accident resulting in disability. Disability benefits are issued to the insured along with payment of the insurance amount for survival. The amount of the benefit is: for the 1st disability group - 200% of the insured amount, for the 11th - 120, for the 111th - 60%. If the death of the insured occurs during the insurance period, the contract is terminated, and the organization transfers the paid insurance premium to the account of the local branch of the Children's Fund. When the policyholder is a citizen, he can renew the contract for another child.
Payment for all of the above types of insurance is made subject to the validity of the life insurance contract by the day of survival, i.e. full payment of the relevant agreement in regular or one-time installments. The recipient of the insurance amount in connection with the arrival of the day of survival is only the policyholder or the insured, regardless of the fact that, under the terms of insurance, another person may pay the next installments. During the period of validity of the contract, there is a gradual accumulation of the stipulated insured amount, which reaches its full amount by the day of survival.