SB Alfa-Bank JSC was the first Kazakhstani bank to implement the opportunity to issue currency life insurance programs NOMAD GOLD Invest (Unit linked), NOMAD GOLD and Capital in a mobile application for individuals from the leading life insurance company Nomad life.
In the “Investments” section of the Alfa-Bank Kazakhstan mobile application for individuals it became possible to issue investment life insurance (ILI) and endowment life insurance with a guaranteed interest rate (ULI) contracts by Nomad Life.
These programs are an alternative to bank deposits and combine insurance and investment options, which allow you to increase your savings with care for the future. The insurance premium can be paid in a lump sum (for Unit linked) or in monthly, quarterly or annual installments (for endowment).
“We have added a ready-made investment solution to our mobile application, our customers can now apply for currency policies of investment or endowment life insurance in one click. It is simple, convenient and beneficial to conclude an ILI and ULI agreement in mobile banking. It is especially timely now because such a service allows make savings in a limited period and reliably keep them from devaluation,” said Dmitry Privalov, the Head of Investment Product Department at Alfa-Bank.
It is useful to know that when concluding contracts for a period of 3 years or more, you can apply a tax deduction in the amount of 10% of the insurance premium amount under the agreement (no more than 320 MCI per year, which is equal to 980,160 tenge in 2022). This opportunity is retained by the client annually for the entire duration of the policy.
Tax incentives on endowment insurance:
- Exemption from taxation of redemption amounts paid upon the agreement termination;
- Exemption from taxation of insurance payments under insurance contracts concluded in one's own favor, in favor of a spouse or close relative;
- Exemption from taxation of income in the amount equal to the insurance premium amount paid under the endowment contract concluded for a period of 3 years or more (no more than 320 MCI per year).
Photos are from open sources.
