What does every ordinary citizen today know about the domestic insurance market? He - is, he - the young and working companies on him offer something to their customers. On this knowledge of insurance, unfortunately, ends. But what, besides mandatory insurance on the car, which we buy ourselves and the policy that the responsible and law-abiding employers buy for us, can offer the domestic insurance market?
Conclude life insurance agreements, can only insurance companies that have the appropriate license. There are seven such companies in Kazakhstan, whose financial activities are under strict control of the National Bank of the Republic of Kazakhstan.
The main feature of life insurance is insurance coverage 24 hours a day anywhere in the world. And if you buy a life insurance policy, you get an additional opportunity to save up for an unforeseen event in your life. The agreement can be concluded for a period of 7 years and more. To the policy you can purchase additional options from an accident that entailed:
• leaving from life as a result of an accident, providing an additional insurance payment of 100% of the sum insured;
• temporary disability;
• hospitalization;
• disability;
• injury;
• injury to an additional Insured.
Financial damage from these troubles will be reimbursed.
The products of accumulative life insurance do not just guarantee the receipt of a cash payment in the event of an insured event, but also ensure the increase in compensation.
Why can universal life insurance be used as a financial tool?
The main type of protection covers the occurrence of two insurance events: survival of the insured person before the end of the insurance period and departure from the life of the insured during the period of the insurance coverage. And if the client as a result of an accident was injured or was in hospital, if there are additional options in his agreement, he can fully expect financial help from the company while he adjusts his health.
At the end of the insurance period, the policyholder receives the accumulated amount specified in the agreement, plus dividends accrued from participation in the company's profits, starting from the third year of insurance. In this case, the possible payments for the injuries received and hospitalization, the total amount does not decrease.
If it happened that the insured person did not survive until the end of the insurance period as a result of an accident or illness, the heir is paid an insurance amount with additional investment income, provided that it was formed at the time of the payment.
Thus, the insurance payment occurs in any case.
Universal life insurance is a financial instrument, simultaneously combining the possibility of life insurance and capital accumulation.
What are the advantages of universal life insurance to other financial instruments?
Universal life insurance (ULI) provides insurance protection for the time of accumulation, which no other financial instrument can provide.
NCM programs also provide an opportunity to receive more income than the one that was agreed upon at the conclusion of the agreement, i.e. guaranteed investment income. Based on the results of the financial year, the company distributes part of the profits to customers who have universal life insurance agreements when making profits. This is the difference from the bank deposit, where interest income will not be raised under any conditions.
Another important advantage of the ULI is cheap loans. The fact is that on the security of its policy the client can take a loan in the company.
Thus, the ULI programs combine the benefits of insurance and conventional investment products.
Today, the average able-bodied Kazakh can quite afford to go to the movies several times a month, some harmless purchases for 500-2000 tenge a day. If you sum up such expenses in a year, you can see what really serious money he throws out of his income. We will multiply them by 15 years of insurance. So, these are the means that almost all of us could save and invest in our future or the future of children. Time flies very quickly, at 30, 40 and 50 years we also want to live, not denying ourselves anything. And now there is the opportunity to go to it day after day.
Universal life insurance programs offered by Kazakhstan's life insurance companies
For example, JSC "LIC “Kazkommerts-Life" offers a program "Life-Invest +", in which it is possible to combine various types of additional insurance protection, providing: an additional insurance payment in case of an accident that caused a fatal outcome; exemption from payment of insurance premiums in case of disability of group 1, 2 as a result of an accident, for the third year of the insurance coverage - for any reason; covering the costs of treatment due to temporary work incapacity as a result of an accident; covering expenses for hospitalization as a result of an accident; payment of treatment for diagnosing a critical illness; compensation for bodily injuries from an accident.
When any of these insurance events occur during the insurance contract period, Kazkommerts-Life JSC will make the insurance payment that will compensate the client or his relatives for material damage.
The company guarantees an investment income of 5%. The insurance amount and insurance payments are annually indexed in order to protect the client from inflation. An individual from 14 to 65 years of age can be insured for a period of 5 years or longer, however, the age of the insured cannot exceed 70 years upon the insurance agreement completion.
An individual at the age from 18 to 65 years old can be insured in JSC "LIC "Standard Life". The company also provides an option to insure one person at the age from 2 to 65 years. Term of insurance is from 5 to 35 years. Minimum insurance premium is not less than 60 000 tenge annually, or 30 000 tenge semiannually.
As an additional insurance coverage, the company has the following items: death as a result of an accident, disability of group 1, 2; exemption from payment of premiums in the event of an accident, bodily injuries resulting from an accident, a temporary work incapacity as a result of an accident, hospitalization as a result of an accident, as well as a newly diagnosed critical illness.
The company JSC "LIC "Nomad Life" offers its clients a program "Invest Life", which combines the advantages of endowment insurance and bank deposits. The insurance policy is also valid nationwide and 24 hours a day.
The company provides customers with additional protection in the event of a temporary disability as a result of an accident; hospitalization as a result of an accident; disability resulting from an accident; injury due to an accident; injury to an additional insured, critical illness. For instance, in case of a critical illness, an additional insurance coverage (at choice) is paid: 1 million, 3 million, 5 million Tenge.
Any person who passed underwriting in the company at the age from 7 to 63 years old by the moment of contract signing can be insured. Term of insurance is from 7 years and more, but the client’s age at the time of the contract termination should not exceed 70 years. It is possible to choose different terms of payment of insurance premiums: monthly – starting from 5,000 tenge, quarterly and every six months - 30,000 tenge, once a year - from 50,000 tenge. Insurance dividends are accrued from the third year of insurance.
The company JSC "LIC "Asia Life" offers "Asia-Kazyna" program: the insured person should be an individual at the age from 2 to 65 years old. Term of accumulation / insurance starts is 5 years and more. Annuity payments are made once a month, once a quarter, every six months, or once a year. Premium payments are made once a month, once a quarter, every six months, once a year, or with a lump sum. Dividends are accrued starting from the 3rd year of insurance term.
Also, in addition to the main coverage, you can choose additional types of insurance protection: accidental death, bodily injury, temporary incapacity to work, hospitalization, a critical illness (cancer, heart attack, stroke, etc.), disability of group 1, 2 that resulted accident.
For each case, life insurance companies offer their terms of coverage, including different amounts of coverage, exemption from payment of premiums for the period of disability, payment for treatment, etc.
More details about the program terms can be found on the following links:
http://www.kklife.kz/index.php?lang=rus&link=life_invest2,
http://stdlife.kz/pages/life-cumulative,
http://www.nomadlife.kz/personal-inshurance/nakopitelnoe-strahovanie/invest-life/#,
http://www.asia-life.kz/endowment-insurance/asia-kazina/
Photos per websites: prostrahovcu.com, solodevgeniya.com
