Standard Terms of Insurance (STI) Employee benefit scheme vested benefit policies. Edition Your Swiss Insurer.

Transcription

1 Standard Terms of Insurance (STI) Employee benefit scheme vested benefit policies Edition 2017 Your Swiss Insurer.

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3 Content 1 Concluding an insurance policy 4 2 Benefits 4 3 Financing 5 4 Right of disposal 5 5 General provisions 6 3

4 1 Concluding an insurance policy 1.1 Basis The basis of the insurance relationship is formed by the individual insurance application, the declarations of the person to be insured regarding their health and the employee benefit scheme vested benefits policy (hereinafter «vested benefits policy»). New insurance policies are possible up until regular retirement age pursuant to the Old-age and Survivors Benefit Insurance (OASI). The insurance is based on a technical interest rate of 0.05 % and the GK 2015 mortality table. The GK 2015 mortality table is based on the Swiss Insurance Association s statistical evaluations for 2006 to 2010, which are recognised by the supervisory authority, plus a safety loading approved by the supervisory authority. 1.2 Start of insurance coverage Insurance coverage begins with the receipt of the insurance application at Helvetia s head office, but at the earliest with the receipt of the vested benefit at Helvetia and/or on the departure date for a group life insurance contract at Helvetia. If, within the framework of the group life insurance contract, Helvetia did not bear any particular risk, insurance coverage begins with the written acceptance of the application at the earliest. 1.3 Territorial validity The insurance is valid worldwide, unless it was expressly agreed otherwise when the insurance was concluded. 1.4 Anniversary date The anniversary date of the vested benefits policy is always the first of the month following the insured person s birthday. 2 Benefits Helvetia waives its statutory right of reduction in the event of an insured event caused by gross negligence. In the event of the suicide of the insured person the death benefits will be paid in full. If at the expiry date (regular retirement age pursuant to OASI) an insured person requests further insurance for a maximum of 5 years, he /she will be issued with a new policy. 2.1 Retirement capital There is an entitlement to the retirement capital if the insured person is alive at the agreed date. If an insured person is married or is living in a registered partnership, the payment of the retirement capital is only permitted if the spouse or the registered partner consents in writing. If the insured person cannot submit the written consent of the spouse or partner, he can call on the civil court. Helvetia does not owe any interest on the retirement capital as long as the insured person does not submit the consent. 2.2 Lump sum death benefit There is an entitlement to the lump sum death benefit if the insured person dies before the agreed date. 2.3 Surplus participation If the income from the investments is higher than the interest already taken into account in the calculation of the premium and / or the risk and cost trends are more positive than assumed within the framework of the calculation of the premium, this results in a surplus. For the full duration of the insurance there is an entitlement to surplus participation. The profit shares are determined annually at the end of the insurance year, in the form of a bonus, which is used to increase the insurance benefits. The cumulative bonus is paid out at expiration of the insurance together with the guaranteed benefit at maturity, or in the event of death, together with the guaranteed death benefit. In the event of the dissolution of the contract due to termination the actuarial reserve for the accrued bonus in addition to the guaranteed surrender value is paid. Information is provided annually via appropriate channels regarding the allocation and the principles governing the distribution of the profit shares. 2.4 Establishment of claim If an insurance benefit is claimed, the following documents must be presented to Helvetia: For the retirement capital: The policy and proof of the date of birth. 4 For the lump sum death benefit: The policy, an official death certificate and a medical certificate stating the cause of death and the immediate circumstances surrounding the death.

5 2.5 Due date for capital benefits The capital benefits are due four weeks after all the documents required for the establishment of claim have been submitted. 2.6 Prescription After the expiration of 10 years following the regular retirement age (Art. 13 LOB), assets are transferred to the security Fund. The provisions of Article 41 par. 3 to 6 LOB shall apply. 2.7 Promotion of home ownership Insured persons who, within the meaning of the Federal Law on Disability Insurance (LDI), do not have a full earning disability, are entitled, within the framework of the statutory provisions (Art. 30a g, 83a of the Federal law on Occupational Retirement, Survivors and Disability Pension Plans (LOB) and Art. 331d to 331f of the Swiss Code of Obligations (CO)) to use their pension assets in full or in part for the financing of residential property Helvetia has the right to levy a processing fee for the relevant request for a premature withdrawal and /or for pledging over and above any official fees (land register fees, etc.). This is based on the time and expenses incurred and is between CHF 400. and CHF The premature withdrawal becomes due 6 months following receipt of the complete request for payment at the latest and is paid to the recipient designated by the insured person The documents requested by Helvetia must be submitted either in one of the three official languages or in the form of a German translation certified by the consular authorities Upon written request, Helvetia shall inform the insured person of: the pension capital available for the purchase of residential property; the reduction in benefits associated with a premature withdrawal or a realisation of a pledge; the possibility of closing the gaps in pension provision that arise due to a premature withdrawal or the realisation of a pledge in benefit coverage for earning disability and death; any tax liability in the event of premature withdrawal or the realisation of a pledge; any entitlement to a tax refund in the event of a repayment of the premature withdrawal or the repayment following the advance realisation of a pledge and the deadline to be observed. 3 Financing The vested benefits policy is financed with a single premium from the employee benefits institution. Increases in the insurance benefits via further single premiums are only possible upon further departure from other employee benefit institutions. 4 Right of disposal 4.1 Beneficiaries The following persons are deemed to be beneficiaries: a) at maturity the insured person; b) if the insured person should die before the retirement benefit falls due, the following shall be deemed beneficiaries in the following order: 1 The survivors in accordance with Art. 19, 19a and 20 LOB; 2 Natural persons who were supported by the insured person to a considerable extent, or the person with whom the insured person lived together without interruption for the last five years before his /her death or who is responsible for the maintenance of one or more common children; 3 The children of the deceased who do not fulfil the requirements of Art. 20 LOB, in the absence of whom the parents or the siblings, taking into account the statutory inheritance laws; 4 The other legal heirs to the exclusion of the public body The insured person is entitled to define the entitlements of the beneficiaries in more detail and to increase the group of people pursuant to par b, clause 1 with those under clause Assignment, securitisation, pledging The entitlement to benefits cannot be assigned, securitised or pledged before the due date. Subject to Art

6 4.3 Surrender (early dissolution of the benefit arrangement) Surrender of the vested benefits insurance is only permissible up to five years prior to the insured person reaching OASI retirement age if: a) the insured person is in receipt of a full disability pension from the Federal Disability Insurance; b) the request is made by: an insured person who is leaving Switzerland permanently (subject to Art. 25f LVOB); an insured person who takes up self-employment as a gainful activity and is no longer subject to mandatory insurance; an insured person who enters a new employee benefit institution (in this case, he /she is obliged to notify Helvetia of the new employee benefit institution); an insured person who wishes to maintain his / her benefit coverage in another form that is sanctioned by the law, or if the surrender value is less than the annual contribution that the insured person paid prior to the vested benefits policy being set up. In the case of married beneficiaries or beneficiaries living in a registered partnership, the cash payment requires the written agreement of the spouse or the registered partner. If it is not possible to obtain this agreement or if it is refused without a valid reason, the insured person is entitled to take legal action The application for surrender enters into force upon receipt at Helvetia s head office in Basle The surrender value equals the full mathematical reserve The mathematical reserve is calculated on the same technical basis as the benefits for the relevant vested benefits policy. 4.4 Divorce In the event of divorce, the court can determine that a part of the vested benefits that a spouse acquired during the time of the marriage is transferred to the employee benefit institution of the other party. Otherwise, the statutory provisions apply. 5 General provisions 5.1 Communications Communications from Helvetia to the insured persons or his / her legal successors are valid if they are sent to the last address in Switzerland notified to Helvetia. Communications sent to Helvetia are only valid if they are sent in writing to the head office in Basle. 5.2 Change of address The insured person must notify Helvetia of any amendment to his /her address. If the insured person takes up residence outside Switzerland, he /she must appoint a representative in Switzerland who is authorised to deal with Helvetia in all legal actions regarding the insurance. 5.3 Military service and war Active service to maintain the neutrality of Switzerland and to maintain internal peace and order, both eventualities not including warlike actions, are deemed to be military service in times of peace and are included in the general insurance provisions for the insurance as standard If Switzerland is involved in a war or if it is engaged in warlike actions, from the start of the war a single war contribution shall be levied, which falls due one year after the end of the war. Whether the insured person takes part in the war or not and whether he / she resides in Switzerland or abroad is immaterial The war contribution serves as cover for any damage immediately caused by the war, insofar as this affects the insurance that is subject to these conditions. The determination of this war damage and the cover available as well as the determination of the war contribution and the means of payment thereof possibly by way of a reduction in the insurance benefits is carried out by the company with the agreement of the Swiss supervisory authority If benefits from the insurance were due prior to the determination of the war contribution, the company is authorised to defer a reasonable amount of the payment until one year following the end of the war. The portion of the benefits to be deferred and the interest rate at which this portion earns interest are determined by the company with the agreement of the Swiss supervisory authority The dates of the start and conclusion of the war within the meaning of the abovementioned provisions are determined by the Swiss supervisory authority. 6

7 5.3.6 If the insured person takes part in a war or in warlike activities, without Switzerland being involved in the war or in the warlike activities, and if he /she dies during such a war or within six months following the declaration of peace or the conclusion of the hostilities, the company shall be liable for the mathematical reserve calculated at the date of death, however in maximum the insured benefit in the case of death. If survivor s pensions are insured, instead of the mathematical reserve the pensions that equal the mathematical reserve calculated at the date of death shall apply, however in maximum the insured pensions Helvetia reserves the right to amend the provisions of this article, with the agreement of the Swiss supervisory authority and also with effect for this insurance. Moreover, statutory and official measures taken in connection with a war, in particular with regard to the surrender of this insurance, remain expressly reserved. 5.4 Legal venue, legal reservation In the event of disputes arising from this insurance contract, Helvetia acknowledges the Swiss place of residence of the insured person or of his /her beneficiaries as the legal venue. For all questions not governed by the contract, the Federal legislation on Vesting in Pension Plans (LVOB) and the Federal Law on Insurance Contracts (VVG) shall apply. 5.5 Data processing Data processing is carried out in compliance with the Swiss law on data protection (DSG). Data processing is permitted if it is sanctioned by law or if the insured person has authorised it. By signing the insurance contract the insured person authorises Helvetia to carry out data processing within the framework of the abovementioned provisions. The data are managed and stored either electronically or physically in compliance with the relevant laws. They are protected against unauthorised access or changes. They are processed insofar as they are required for the conclusion of a contract and for contract and benefits processing, as well as for product optimisations and internal marketing purposes. The insured person has the right of information and, under certain circumstances, the right to the amendment, blocking or deletion of data that has been saved or filed in their dossier. 7

8 Helvetia Swiss Life Insurance Company Ltd, Basle Employee benefit scheme vested benefit policies Edition Helvetia Insurance St. Alban-Anlage 26, 4052 Basle T (24 h), F Your Swiss Insurer.