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Universal life insurance is going to be subsidized in Kazakhstan

The Agency of the Republic of Kazakhstan for the Regulation and Development of the Financial Market (ARDFM) intends to support life insurance companies (LICs). Madina Abylkassymova, the Board Chairman of the ARDFM, announced this at a government meeting.
Universal life insurance is going to be subsidized in Kazakhstan

“A package of legislative measures will be adopted to subsidize endowment life insurance within the framework of the state educational funded system for the insurance market development. Certain operations of the general insurance industry are also to be withdrawn from the AML/CFT regime,” said the head of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.

The main advantage of endowment agreements over bank deposits is insurance coverage.

This year the state has already supported the product. Thus, such types of income as insurance payments carried out by insurance organizations under endowment contracts, insurance premiums paid by an individual in his favor and (or) in favor of close relatives, spouse (spouse) and (or) employer in favor of the employee, and redemption amounts paid by insurance organizations under endowment agreements are now excluded from the income of an individual subject to taxation.

According to S&P Global Ratings, life insurance companies in Kazakhstan performed well in 2020. The increase in the insurance premium of LICs was about 16%. Insurance payments have grown by 71.8% for five years. Such progress is associated with the growing interest of the population in life insurance, as well as with the development of the endowment insurance and retirement annuity markets. LIC payments serve as an important indicator of their reliability, as life insurance companies provide products similar to bank deposits giving customers the opportunity to save money for education and retirement.

Photos are from open sources.

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