EXTRACT FROM GJENERAL CONDITIONS OF LIFE INSURANCE WITH SAVINGS CONTRACT

Transcription

1 EXTRACT FROM GJENERAL CONDITIONS OF LIFE INSURANCE WITH SAVINGS CONTRACT In accordance with the provisions of Law No. 52, dated On the insurance and re-insurance and the Statue of the company, Life Insurance Company SiCRED sh.a., provides this extract from the General Terms and Conditions of the Insurance Contract Life Insurance with savings : Life Insurance with Savings Contract is the contract in which the Insurer and the Insured agree that against the payment of the insurance premium in favor of the Insurer, according to the general and specific (if any) terms and conditions of this contract, the Insurer will indemnify the Insured in the manner and extent provided in this contract, if the insurance event happens and is verified..2 GENERAL DEFINITIONS:. The general conditions and specific (if there are any) of the insurance contract, The Proposal Form (health declaration) attached to these conditions and the additional conditions (in case when they are required by the Insured) are hereinafter referred to as Insurance Conditions. 2. The document that certifies the conclusion of the insurance contract will hereinafter mean the Insurance Policy.. Life Insurance Company SiCRED sh.a. is hereinafter referred to as Insurer 4. The person who signs the insurance contract on behalf of the Insurer, shall be referred to as "Intermediary". 5. The natural or legal person, who signs the insurance contract, shall be referred to as "Contractor". 6. The natural person, whose life is insured, is hereinafter referred to as Insured. 7. The individual, who benefits from the insurance contract as per the will of the Insured expressed in the Insurance Policy, shall be referred to as "Beneficiary". 8. The amount of monetary means that the Contractor pays to the Insurer, on the given dates in the insurance policy, during the insurance period, shall be referred to as "Insurance Premium". 9. The maximum amount of monetary means that the Insurer commits to pay in favor of the Beneficiary, upon occurrence of the insurance event, shall be referred to as Sum Assured for Life. 0. The amount of monetary means that the Insurer commits to pay in favor of the Insured, on the maturity date of the policy shall be referred to as Sum Assured for Survival. Sum Assured becomes payable on the maturity date of the policy.. The amount of monetary means that the Insurer commits to pay in favor of the Insured / Beneficiary, upon occurrence of the insurance event, shall be referred to as Benefit 2. The death or survival of the insured person, upon the verification of which the Insurer has the obligation to pay the benefits according to the insurance conditions is hereinafter referred as Insurance Event.. The death of the Insured caused by random tool, described as violent, obvious, external action, and in its complexity occurs independently of the will of the Insured, shall be referred to as Accidental Death. 4. The death of the Insured caused by natural causes, excluding accidents, is hereinafter referred as Natural death 5. The survival of the Insured beyond the time 00:00 of the last day of the insurance period is hereinafter referred as Maturity 6. The time period during which the insurance contract is in force is hereinafter referred as Insurance Period. 7. The insurance Contract where the Contractor stops paying the insurance premium and as a result the insurer reduces the Sum Assured for Survival according to the paid premiums up to that time is hereinafter referred to as Policy with reduced benefits

2 8. The amount of monetary means that the insurer is obliged to pay if the insurance contract is cancelled according to the insurance conditions is hereinafter referred to as Payable Amount. In any case, the Sum Assured for Life is not included in the Payable Amount.. THE RIGHT TO BE INSURED. Have the right to be insured according to the general conditions of this contract all person age 8 years old up to 55 years old, at the time of the conclusion of this Insurance Contract. 2. In this contract in addition to the life insurance additional insurance can be offered according to the additional insurance conditions of the Insurer.. As a general provision, the insurance period cannot be shorter than 5 years..4 PAYABLE BENEFITS. Benefit in case of death the insured this benefit is paid as a lump sum to the Beneficiary upon the occurrence of the insured event during the insurance period, at 00% of the Sum Assured for Life plus the Payable Amount calculated up to the date of death. 2. Benefit in case of survival of the insured is the sum assured for survival that is paid to the Insured at the maturity date specified in the Insurance policy.5 EXCLUSIONS War, invasion, acts of foreign enemies, conflicts (regardless if a state of war is declared or not), civil war, rebellion, revolution, revolts, uprising and terrorism. 2 Uses of Mass Destruction Weapons like nuclear weapons or bacteriological weapons. Nuclear contamination, nuclear explosions, floods, land displacements, earthquakes, volcano eruptions. 4 Usage of engine vehicles in earth, water, air, without being properly licensed, participation in alpinist climbing, during the flight in any aircraft (expect when flying as a passenger), martial arts, any kind of canoe, jumping from highness without being tied, and any kind of racings. 5 Intentional acts committed by the beneficiary directly against the interests of the Insured; 6 Suicide. 7 Participation of the insured in illegal and criminal activities, criminal and malevolent acts committed from persons with whom the insured had previous conflicts or when the insurance is taken in circumstances that favor the claim payment. 8 Participation of the insured in violent acts and counteracts provoked with third parties, unless the insured is acting in self-defense or in extreme need. 9 Death of the insured under the influence of alcohol, drug usage or any kind of intoxicators. 0 Paragliding (usage of flying vehicles without engine), participating as a passenger in such vehicles, and parachuting. Usage of explosive or corrosive substances, except when using in the performance of professional duty. 2 Any kind of pre-existing physical or mental defects, diseases known, treated or diagnosed prior to underwriting this insurance, unless such conditions are declared and the Insurer has accepted them by giving his written consent. Consequences of HIV contamination, AIDS (Acquired Immune Deficiency Syndrome) For all the above exclusions, except point 5 of this Article, the Insurer is liable to pay back to the Contractor only the accumulated savings, excluding any interests earned from the investment, and shall not be liable to make any further payments..2 SUBMISSION OF DOCUMENTS FOR CLAIMS HANDLING. In case of death of the insured, the following documents should be submitted to the insurer: 2

3 a. The notification form the Contractor/Beneficiary/Legal representative/relatives of the insured for the occurrence of the insurance event b. Insurance policy c. Copy of identity document d. Proof for the payment of the last premium e. Birth Certificate and family certificate of the insured f. Death certificate of the insured, death report and any accompanying medical document g. Medical Report specifying the time, death causes, etc. h. Medical Epicrisis issued by the physician that treated the deceased i. Heritage certification if as beneficiary/is on the insurance policy is appointed the legal heir/s. The Insurer has the right to request additional evidences deemed as necessary to certificate the obligation to pay the benefits. All expenses related to the notification for the occurrence of the insurance event are at the expenses of the person who does such notification. 2. In case of survival of the insured: a) A written request from the insured to receive the Sum Assured for Survival.. TAXES AND FEES. All taxes, related to the premium payment, if any of them is applied, are at the expenses of the Contractor/Insured and are paid along with the insurance premium. All taxes related to the insurance benefits, if any of them is applied, are at the expenses of the Insured/ Contractor/ Beneficiary. 2. The expenses for medical examinations which will be performed at the request of the Insurer, before the entering into force of the Insurance Contract or in case of reinstatement of the Insurance Contract are at the expenses of the insurer. ILLUSTRATIVE EXAMPLES (insurance period of 5 years) a. Option (respectively: Female - age 50 years, Male - age 50 years). Monthly contribution 00 EUR, Sum Assured for Life 5,000 EUR, Insurance Period 5 years. b. Option 2 (respectively: Female - age 25 years, 5 years; Male - age 25 years, 5 years). Monthly contribution 0 EUR, Sum Assured for Life,500 EUR, Insurance Period 5 years. c. Option (respectively: Female - age 25 years, 5 years; Male - age 25 years, 5 years). Monthly contribution 50 EUR, Sum Assured for Life,000 EUR, Insurance Period 5 years. In the following examples it is assumed a fixed interest rate in each year. Option LIFE Female 50 YEARS 5, YEARS 00 5,000 2 Male 50 YEARS 5,726.60

4 Option 2 Option MONTHLY AGE TIME PERIOD CONTRIBUTION MONTHLY LIFE FOR SUM ASSURED FOR AGE TIMEFRAME CONTRIBUTION LIFE,79.69 Female 2, Female 5 YEARS, YEARS 5 YEARS 0,500 2, YEARS 50,000, Male 2, Male 5 YEARS, YEARS 2, Benefits: In case of death of the Insured person, the descendants benefit the amount in the column Sum Assured for Life plus the accumulated saved fund, invested up to the date of the insurance event. In case of survival, at the maturity date , the descendants benefit the amount in the column Sum Assured for Survival. ILLUSTRATIVE EXAMPLES (insurance period of 0 years) a. Sum Assured for Life 0,000 EUR, Insurance Period 0 years. b. Option 2 (respectively: Female - age 25 years, 5 years; Male - age 25 years, 5 years). Monthly contribution 0 EUR, Sum Assured for Life,000 EUR, Insurance Period 0 years. c. Option (respectively: Female - age 25 years, 5 years; Male - age 25 years, 5 years). Monthly contribution 50 EUR, Sum Assured for Life 5,000 EUR, Insurance Period 0 years. In the following examples it is assumed a fixed interest rate for each year. Option Female 50 YEARS, YEARS 00 0,000 2 Male 50 YEARS 0,56.92 Option 2,57.04 Female 2 5 YEARS, YEARS 0,000, Male 4 5 YEARS, Option 4

5 5,952.9 Female 2 5 YEARS 5, YEARS 50 5,000 5, Male 4 5 YEARS 5,84.52 Benefits: In case of death of the Insured person, the descendants benefit the amount in the column Sum Assured for Life plus the accumulated saved fund, invested up to the date of the insurance event. In case of survival, at the maturity date , the descendants benefit the amount in the column Sum Assured for Survival. 5