MEDLIFE INSURANCE LTD.

HEAD OFFICE
Alpha Business Centre
27 Pindarou Street
3rd Floor
Block B
CY-1060 NICOSIA
CYPRUS

office@medlife.net
Inhalt:

Kids Insurance Plan

 
KIP is the ideal package for those who want to provide financial security for their child - combined with an opportunity to invest capital in a profitable way!
 

This package includes rate G3 with surplus participation, and additional rates to cover accidental death (rate UTZ) and accidental disability (rate UI) as well as an additional risk insurance (rate RZ1).

Details:

G3- Endowment Insurance with guaranteed payment in case of survival and case of death with surplus participation (bonus) to be payed only at the end of contract in both cases.
The benefit to be paid in the case of death becomes payable if the insured person dies before the end of the insurance term and is due only at the end of contract period. The sum to be paid on survival becomes payable at expiry of the contract, while the insured person is alive. The insured person is an adult, the beneficiary in case of death is a child.

UTZ- Additional accidental death insurance
The amount insured becomes payable, if the insured person dies as a result of an accident within the agreed-upon coverage period. It is the same regulation as for the main rate G3, the payment will be made at the end of the term, until then, however, in addition interest on paid account shall be added.

UI30- Additional accidental disability insurance
The amount insured becomes payable, if to the person insured as the result of an accident a minimum of 30% permanent disability occurs. The grade of disability will be determined according to the disability percentage table shown in the General Insurance Conditions.

RZ1- Additional risk insurance
The amount insured becomes payable, if the insured person dies within the agreed-upon coverage period. There can be immediate payment after death case of person insured up to insured amount RZ1.
• If the annual premium is less than USD/EUR 500, rate RZ1 cannot be included.
• If the annual premium is USD/EUR 500 or more, RZ1 is worth USD/EUR 2,000.
• If the annual premium is USD/EUR 800 or more, RZ1 is worth USD/EUR 3,000.

EXAMPLE

 

Person insured

Man/Woman, 30 years old

Beneficiary in case of death:

Child: 1 year old

Term of contract

17 years – date of begin: 1.1.2017

Annual premium

USD/EUR 2.000

Sum insured G3

USD 31.500 / EUR 30.389

RZ1

USD   3.000 / EUR   3.000

UTZ

USD 31.500 / EUR 30.389

UI30

USD 31.500 / EUR 30.389

Case 1:

The insured person dies as the result of an accident, beneficiary is the child. 10 years of the contract have passed.

Due at the end of contract – 1.1.2034

G3 incl. bonus*):

USD 35.158 /   EUR 35.436

UTZ:

USD 31.500* / EUR 30.389*

Sum payable:

USD 66.658 / EUR 65.825

)* The rate UTZ will receive pay account interest in addition until end of contract

 

Immediately due after death case:

RZ1:

USD/EUR  3.000

Sum payable:

USD/EUR 3.000


If the insured person dies after 10 years of insurance as the result of an accident, the sum payable to the beneficiary child amounts to about USD 66.658 / EUR 65.825. (plus pay-acc-interest for UTZ-amount).

 

 

Case 2:

The person insured is alive at the end of the insurance term. What sum is to be paid out?

G3:

USD 31.500 / EUR 30.389

+ bonus*):

USD   3.658*) / EUR 5.047*)

Sum payable:

USD 35.158*) / EUR 35.436*)

At expiry of the contract, after 17 years, the sum to be paid out on survival amounts to about USD 35.158*) / EUR 35.436 *).

*) Figures referring to future profit shares are the result of calculations made on the basis of present circumstances. The actual amount of the profit sharing bonus will depend on the developments of the capital markets, the actual investment income and the future cost trend and risk experience. Therefore such information is not binding. 

 

 

 

V: 1.1.2017