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Group Economic Insurance Plan (GEIP)

Group Economic Insurance Plan (GEIP)

Group Economic Insurance Plan (GEIP)

GEIP is the ideal package for companies to take out comprehensive insurance for their employees and, at the same time, invest their capital in a profitable way.

GEIP is intended for policyholders who take out insurance for a group of minimum 10 people to a maximum of 50 people.

GEIP is the ideal package for companies to take out comprehensive insurance for their employees and, at the same time, invest their capital in a profitable way.

Details:

G5S- Endowment Insurance with graduated death benefits and surplus participation (bonus)

The sum to be paid on survival together with the accumulated bonus becomes payable at the expiry of the contract, while the insured person is alive. This insurance payment can be transferred to a bank account or you may choose to receive your accumulated capital as a pension under the PERSONAL PENSION PLAN from Medlife. If the insured person dies before the term of the contract expires, the death benefit to be paid will amount to as many fractions of the capital sum as years of insurance have expired (including the one in which the event occurred) in relation to the agreed-upon premium payment period.

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.

UI- 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.

  • If the annual premium is USD / EUR 300 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 40

 
 

Term of contract

15 years

 
 

Annual premium

USD    1.000 / EUR   1.000

 
 

Sum insured (G5S)

USD  13.683 / EUR 13.253

 
 

UTZ

USD  13.683 / EUR 13.253

 
 

UI

USD  13.683 / EUR 13.253

 
 

RZ1

USD    3.000 / EUR   3.000

 

 

Case 1:
The insured person dies after an accident, beneficiary is his wife. 10 years of insurance have passed.

G5S incl. bonus *):

USD 10.601 / EUR 10.511

 RZ1:

USD   3.000 / EUR   3.000

UTZ:

USD 13.683 / EUR 13.253

Sum payable:

USD 27.284*) / EUR 26.764*)

If the insured person dies after 10 years of insurance as the result of an accident, the sum payable to the beneficiary amounts to about USD  27.284*) / EUR 26.764 *)

Case 2:
The person insured is alive at the end of the insurance term. What sum is to be paid out?

G5S:

USD 13.683 / EUR  13.253

+ bonus*)

USD   1.400 / EUR    1.935

Sum payable:

USD 15.083*) EUR 15.188*)

At expiry of the contract, after 15 years, the sum to be paid out on survival amounts to about USD 15.083*) / EUR 15.188*).

*) The profit participation accumulated in future is not predictable, therefore figures on profit participation are mere forecasts based on the present situation. Such forecasts are therefore without any obligation.

V: 1.1.2017

Download Infosheet GEIP