Endowment life insurance contract. What is endowment life insurance? Basic concepts and benefits for investors
When you contact a bank to open a deposit, you may hear from a specialist an offer to conclude an endowment life insurance agreement (CLI). What is it and what real advantages can such a program provide?
What is endowment insurance
In the classical sense, endowment life insurance is a long-term program (from 5 years), which assumes that the client will periodically pay the agreed amount (in equal payments) during the contract period. Most often, annual contributions are provided, but there are also programs that can be replenished every six months, quarterly or monthly.
For the entire duration of the contract, the client is insured in case of death. If this happens, the relatives receive the payment stipulated by the policy. Depending on the terms of the program, this can be either the amount that the investor would have accumulated by the end date of the contract, or the total amount of contributions actually paid.
Some insurance companies (for example, Renaissance Life) have programs under which, if a client dies as a result of an accident or an accident, the payment is doubled or tripled.
At the investor's request, it is possible to include additional risks - insurance in case of injury, disability or hospitalization.
Why do you need a life insurance program?
The main goals of concluding an NJ agreement:
- accumulation of capital for long-term goals (buying an apartment, educating a child);
- protection (essentially free!) of the family from unforeseen circumstances related to the life or health of the main breadwinner;
- formation of capital for retirement;
- obtaining tax and legal privileges.
Many investors are attracted to the program by the fact that all premiums paid will be returned at the end of the policy. In addition, the agreement may provide for a certain basic yield (about 3-4%), which multiplies the allocated funds.
Tax and legal advantages
The NSZh contract is drawn up as a target insurance premium. This means that it falls under the Tax Code article on. The investor can return 13% of the annual contribution amount. But there are nuances:
- a refund can only be made by an officially working client (since the Tax Office will require a 2-NDFL certificate);
- the maximum amount with which you can receive a deduction is 120 thousand rubles. (even if more was actually contributed);
- You cannot receive a tax refund greater than what was actually withheld from your salary.
Thus, the maximum deduction under the program cannot be more than 15,600 rubles. You can apply for a refund either annually or once every 2 or 3 years. If the contract is terminated early, the tax benefit received will need to be returned back to the budget.
In addition to tax, the agreement also has legal advantages. Funds placed in NSG:
- do not divide during divorce;
- are not subject to confiscation;
- cannot be arrested;
- are not subject to declaration.
Another advantage of the contract is the ability to indicate in the contract the person (beneficiary) who, in the event of the death of the depositor, will receive the insured amount. There is no need to wait or divide the funds - the payment is made directly to the beneficiary within 14 working days after applying for compensation. Several beneficiaries can be specified in the agreement; their number and composition can be changed at any time.
Disadvantages of endowment insurance
The first main disadvantage of the NJ is that the funds placed are not included in the deposit insurance system. If an insurance license is revoked, reinsurers - companies (usually foreign) with which the organization itself has entered into an agreement to protect its financial risks - will be responsible for its obligations.
The second significant disadvantage of the NJ program is its duration. The contract is concluded for a period of 5 to 40 years - not all clients can predict their financial capabilities during such a period. 
If the client cannot make the next payment, the company will first give him a “deferment” for a period of 30 to 90 days. If payment is not received within this time, the contract will be terminated, and the investor will receive only the redemption amount.
Redemption amount
If the program is terminated before its end (regardless of whose initiative it was to terminate the contract), the client is paid a redemption amount. This is a certain percentage of the payments actually made by the depositor.
Often in the first 2 years the redemption amount is 0, and later it varies from 10% to 40% (each insurance company has its own conditions).
- the contract was concluded for 10 years with an annual contribution of 100 thousand rubles;
- over 5 years, the investor contributed 500 thousand rubles.
- in the 6th year the redemption amount is (according to the agreement) 40%;
- the investor decides to terminate the contract;
- the amount to be paid will be 200 thousand rubles. + investment income (if it is provided for by the program).
Rating of endowment insurance companies
Only insurance companies that have the appropriate license can issue NIH programs. In this case, organizations should deal exclusively with life insurance contracts.
Today, the most reliable companies for registration of NJ programs are:
- "Sberbank life insurance";
- "Rosgosstrakh Life";
- "Alpha Insurance Life";
- "Ingosstrakh-Life".
All companies (according to the Expert RA assessment agency) have a high level of financial reliability and stability. The exception is Alfa Insurance Life. This company has not been assessed. 
Like any other investment instrument, endowment insurance has its pros and cons.
Let's talk about the advantages and disadvantages of savings insurance so that every reader can make the right decision regarding this type of insurance.
Let's start with the disadvantages of endowment insurance. According to the principle, forewarned is forearmed.
Low profitability.
Indeed, savings insurance is an investment instrument with low returns. As a rule, insurers guarantee a return on funds invested in savings insurance at the level of 4% per annum. That's not a lot. However, the actual accrued investment income based on the results of the past year may be higher. As a rule, in Ukraine, investment income on funds invested in savings insurance is comparable to the inflation rate in the past year or slightly exceeds the inflation rate.
However, it should be noted that savings insurance is a financial instrument designed primarily to provide you with financial stability in the most difficult life situations, as well as provide you with pension savings; it is a tool that provides reliability and stability, your solid financial “foundation” in our turbulent life. This is not a financial instrument that should be used to generate high income. Therefore, it would not be correct to say that low profitability is a minus of savings insurance. Just as one cannot assume that the disadvantage of waders is that they are uncomfortable to run in; they are designed for fishing, not speed racing.
So, with the correct use of savings insurance, their minus - low profitability - turns into a plus; low returns provide high reliability to the capital that you invested in endowment insurance. And this is very important for you - you cannot risk the savings that provide you with insurance protection and create your pension capital.
Endowment insurance is a commitment for a very long period.
By purchasing endowment insurance, you are committing to pay an annual premium every year for 10-30 years, the amount of which will be approximately comparable to the size of your monthly salary (this is a very rough estimate; how much money would be reasonable invest in endowment insurance, we'll talk later).
10-30 years is a very long time and a lot can happen during that time, so there is always some risk that your income may decline; but you will have to pay the same amount annually for savings insurance. Of course, this creates a certain financial strain.
Advantages of savings insurance
Endowment insurance gives you insurance protection and a pension. 
By purchasing endowment insurance, you receive insurance protection against the most severe risks. Insurance protection applies to you continuously for 10-30 years - exactly the same period for which you purchased the policy.
You will not need to remember in which month of this year your policy expires and worry about renewing it; you get a policy that will be valid continuously for decades. In addition, you continuously accumulate capital in your account with the insurance company, which will then provide you with a pension after the end of the program.
A life insurance policy pushes you in the back and forces you to care about your financial future.
This means that by purchasing endowment insurance, you will be forced to pay an annual premium to the insurance company. The point is that once you start the program, you can either pay annually and continue the program, or stop paying and end the program.
If the program is terminated, you will not get back any of the policy money you paid out for the first few years of the policy; then (5-7 years after the start of the policy) a small part of the money contributed; and only by the end of the program you will receive a tangible amount comparable to what you paid for this policy with the insurance company. In this case, everything will be within the framework of the law - this is how the endowment insurance agreement is drawn up.
This property of savings insurance encourages a person, once started, to complete the program. Because if he stops paying his insurance, he will lose the insurance protection and pension from the insurance company that he was counting on. And this property of insurance is more good than evil. Knowing that you have a mandatory payment, you will definitely find an opportunity to pay the annual fee, and so on for 10-30 years; as a result, you will be under insurance protection all this time, and in the end you will definitely receive a pension from the insurance company.
In addition, the accumulative insurance contract does not allow the accumulated money to be withdrawn from the insurance company without terminating the contract. And to terminate it means losing your insurance coverage and pension, as well as (possibly) part of your savings. This protects people from the temptation to take out the money they have accumulated in the insurance company and spend it on immediate needs. Compare insurance with the bank. You decide to open a deposit and deposit money there periodically to save for your retirement. Firstly, nothing will stop you from missing the next payment (and again, and many, many more times); secondly, you may somehow give in to temptation, withdraw money from your account and buy a car with it, for example.
Thus, savings insurance disciplines a person very well, because it: forces a person to make the necessary savings and protects against the temptation to spend the accumulated money. Both of these properties of savings insurance are very important for those people whose financial discipline is “lame”. They need to force themselves to buy insurance once, then the insurance itself will force them to care about their protection and their financial future.
The capital placed in endowment insurance cannot be foreclosed on.
If you have a bank account, or an apartment that generates rent, or other property, then this property can be foreclosed on. In other words, the state or someone who sues you for various reasons can seize your property to pay off their claims.
This will not happen with the money that you have accumulated in the insurance company; This capital cannot be recovered. This money will always remain yours. This circumstance is another level of strength of your financial foundation called “savings insurance”.
How to choose an insurance company?
A few words about how to choose an insurance company. The vast majority of people are not so professional in the insurance business as to independently analyze the assets and liabilities of an insurance company, its risk portfolio, its financial stability, etc. Therefore, it would be wise to seek help from a financial consultant who will explain all the intricacies of life insurance and help you choose the right product for a specific person. Unlike an insurance agent, a consultant is not an employee of a specific insurance company, therefore his recommendation will be most beneficial for you.
Buy a policy!
If you don't have a policy, you are defenseless. Until you receive a few pieces of paper called a “policy” from the insurance company, you are at risk; and this risk is big, unnecessary and not justified by anything.
If you agree with me that you need a policy, remember - intention is worthless, only action matters. This means that you need to complete your intention - that is, buy a policy. Understand that if trouble comes, it will be too late - you will not receive compensation and no company will insure you. Why delay with this extremely important matter? What could be more important than your life and health?
So, if you have made a decision or you need. . The consultant will come to you at a convenient time. Find out from him all the questions that interest you and he will help you apply for an endowment insurance policy. Do this to protect yourself and your loved ones.
Advantages of endowment life insurance
Endowment life insurance in its classical sense is a service that allows you to simultaneously accumulate a certain amount of money and provide financial protection for your loved ones. This type of insurance has a number of advantageous features, including:
The obvious advantage of this type of insurance is that throughout the duration of the contract with the insurance company, the tariff and risks will not change. That is, these parameters will not depend on either changes in age or changes in the health status of the policy owner. In this way, cumulative life insurance compares favorably with purchasing policies every year, because in the latter case, risks and rates change taking into account the presence of diseases of the company's client, which become more and more common with age.
The annual profitability in the case of endowment insurance is fixed, as a rule, at a level of no more than 3%, but at the same time, investment income in the amount of 5-6% of the reserve amount can be added to it (depending on the results of the insurer’s activities). Also, thanks to changes in the Tax Code from the beginning of 2015, you can additionally receive 13% of the amount of contributions, provided that there are no expenses under the policy in excess of 120,000 rubles (except for expenses for medical care, training and pension insurance).
Many policyholders, who for some reason do not trust endowment life insurance, prefer to register their savings in a bank, and ensure the protection of life and health through insurance contracts for a short period. This method undoubtedly has its advantages, but it also takes a lot of time from the policyholder. To deal with all the problems overnight, it is better to buy an endowment insurance policy.
Another advantageous difference between endowment life insurance and an alternative investment in a bank is the long-term nature of the investment. If in a banking organization the maximum deposit period is 5 years, then for accumulative insurance this period is the “lower limit”. On average, the validity period of such contracts is about 15 years, and the maximum period is limited only by the age of the insured.
In accordance with Russian legislation, in the event of the death of the insured, the beneficiary receives payment for the insured event. This means that this part of the insured's savings will not be included in the inheritance, and therefore cannot be seized, confiscated or divided.
Disadvantages of this type of insurance
Despite the fairly convincing advantages of endowment life insurance, this type of insurance has a number of negative aspects, especially characteristic of Russian reality. The main ones are:
The long-term validity of a life insurance contract not only brings benefits for the policyholder, but can also cause the depreciation of his savings. For example, such a situation may arise in the presence of high inflation rates. At the same time, termination of the accumulative insurance contract does not provide for the payment of the full amount of the reserve, but only the redemption amount in the form of a certain percentage of the reserve and investment income. Also, upon termination of the contract, the client of the insurance company will be obliged to return the amount of social tax deductions. Due to these factors, the policyholder's benefit may be reduced to minimal amounts.
If the license of an insurance company is revoked, its client cannot be guaranteed a refund, since there is simply no state executive body in this area (unlike, for example, the banking sector). The issue of creating such a body has been raised several times, but so far no solution to the problem is in sight. Therefore, policyholders, when signing a contract with a certain company, act “at their own peril and risk,” since no one can guarantee the stability of the company over the next 10-15 years. A way out of the situation may be to take out endowment insurance in a foreign company, but in this case, payments under the insurance contract will be subject to additional tax.
The profitability described above on an endowment insurance policy is only possible if the policyholder invests no more than 120 thousand rubles annually, and also if no other social expenses are incurred under his policy. If these conditions are violated, then the profit under the accumulative life insurance contract will be minimal and may not satisfy the majority of policyholders.
So, accumulative life insurance has a number of positive and negative features. It should be noted that for our country, the risks of this type of investment likely outweigh its positive aspects due to the unstable economic situation and high inflation rates. However, for organized and responsible citizens who are not in a hurry to get a financial result, this type of insurance may well replace a bank deposit and provide a minimum return.
Greetings, friends! Surely you at least once offered to become a participant in the endowment life insurance program. Considering that the popularity of such projects in our country is much lower than abroad, most likely you refrained from concluding an NJV agreement. However, in recent years the trend has changed dramatically– more and more Russians began to resort to the possibilities of this financial instrument, using it for the purpose of personal insurance and investing free funds. Today I want to tell you about what endowment life insurance is, how this program works, and what advantages provides.
Endowment insurance: main points
In the classical sense, endowment insurance is long-term program, under which clients regularly replenish their insurance account with the amount previously agreed upon in the contract. As a rule, contributions are made once a year, but options are available - monthly or quarterly replenishment of the account.
During the entire term of the contract, the client is under the protection of the insurance company. It is she who, in the event of an insured event - death or injury of the client, undertakes to pay the relatives the amount of money in the amount prescribed in the policy. Depending on the terms of the contract, the payment is made or the amount that the client would have accumulated by the time the policy expires, or the amount of contributions already paid.
Some insurance companies offer their clients programs under which the amount of payments increases 2-3 times, if the insured event occurred as a result of an accident, road traffic accident. In addition, investors have the opportunity to add a number of additional risks to the program - illness, disability or injury.
Arguments for"
It is worth becoming a participant in the life and health insurance program for a number of reasons:
- The accumulated capital is capable of solving long-term problems– help with purchasing housing, paying for a child’s education.
- Insurance protects the family from unforeseen circumstances that are associated with the life and work capacity of the main breadwinner and breadwinner of the family.
- The accumulated capital can be used as additional pension.
- Insurance company clients receive a number of privileges in legal and tax areas.
Many investors choose a savings insurance program due to the fact that All premiums paid will be refunded after the expiration of the policy. In addition, contracts often also provide base yield at 3-4%, allowing you not only to save money, but also partially save it from inflation.
Savings and investment insurance: comparative analysis of advantages
When choosing endowment life insurance, you will have to deposit your money with enviable regularity into an account opened with the insurance company for several years. After the expiration of the policy, you will be able to return the amount of premiums paid if the insured event never occurred. Please note that some companies do not return the entire amount of contributions, but only part of it. To ensure that reality matches your expectations, read the terms of the contract carefully.
The thing is that the more risks your insurance covers, the higher its cost. The difference between the amount you paid and the amount returned is spent on activities related to your insurance.
If, suppose, a client of the company was insured in case of death, and this insured event occurred, then this means that beneficiary(the person receiving the insurance) can receive the entire accumulated amount of funds immediately, rather than waiting for the expiration of the term of the NSW contract.
NSJ policy
Is target insurance premium. That is, it falls under the provisions of the Tax Code article “ About social deductions", according to which the investor has the right to return 13% of the total annual contribution. However, here you need to take into account a number of nuances:
- Only the officially employed client(since you need to provide a certificate to the Tax Office 2-NDFL);
- the tax deduction amount is not taken from an amount exceeding 120,000 rubles (even if more was actually paid);
- the amount of deduction cannot exceed the amount of tax withheld from salary.
It turns out that the maximum deduction for permanent income cannot exceed 15,600 rubles(13% of 120 thousand rubles). You can return taxes for 1, 2 or 3 years at once. note that upon termination life insurance contract tax breaks will have to be returned to the state treasury.
Legal aspects of endowment insurance
The agreement is not without a number of legal advantages. Thus, funds that are placed in the NJ:
- cannot be confiscated;
- are not subject to arrest;
- not declared;
- are not considered property that is divided during divorce proceedings.
The undoubted advantage of the policy can be considered possibility of specifying a beneficiary, who will become the owner of the insured amount if the investor dies suddenly. The first will not need to wait to take ownership and share the insurance funds received with other heirs - all payments are made targeted within 2 weeks from the moment you apply for compensation. By the way, the investor has the right to indicate several beneficiaries at once and change their number and composition at any convenient time.
Investment insurance
Preferring endowment insurance investment, you also become the owner of a long-term insurance account, which is replenished either with the entire amount at once or with several equal installments. However, in this case you are not only insured against accidents, but also guarantee the return of your invested amount cash in 100% volume, as well as profitability from investment activities.
All money deposited into the account is divided into 2 parts: guaranteed And investment. The first is invested in financial instruments that guarantee additional income (for example, a bank deposit). The second one, investment, turns into a relatively risky investment. If the investment strategy chosen by the company is successful, then, in addition to the invested funds, you will also receive additional income.
“Weaknesses” of endowment insurance
Speaking about the disadvantages of the NSJ, I would like to note several points:
- Funds deposited by investors in insurance accounts are not protected by the deposit insurance system. This means that if the insurance company loses its license, all of its obligations will be dealt with reinsurers– firms (most often foreign) that have entered into an agreement with the company to protect financial risks.
- An insurance contract is concluded on average for 5-40 years. Unfortunately, not all investors have the opportunity to make an accurate forecast regarding their financial well-being for several years in advance.
- If the client does not have the opportunity to make the next mandatory contribution, the insurance company will first provide him with a “deferment” for 30-90 days. If payment is not made within this period, the policy will be terminated and the investor will receive only the surrender value of the life insurance contract.
In case of termination of the program before its official end, the client will receive redemption amount. It represents a percentage of the total amount actually deposited into the insurance company's account. Often during the first two years the redemption amount is 0 rubles. In subsequent years, it may vary within 10-40% (in this case it all depends on the conditions of the specific insurance company).
For clarity, let's imagine the following example:
- You have entered into a contract for a period of 10 years, according to which an annual contribution must be made in the amount of 100 thousand rubles;
- In 5 years accumulated on the account 500 thousand rubles;
- In accordance with the terms of the agreement, in the 6th year the amount of the redemption amount is 40% ;
- You decide to terminate the NJ agreement.
We count: 500 000 *0,4 =200,000 rubles. Thus, in the event of termination of the contract, you will be returned only 200 thousand rubles and earned investment income, if any was provided for by your program.
How to receive payments under the NSL?
When an insured event occurs, the insured person or his chosen beneficiary must submit a claim for payment of funds to the insurance company. Your request must be supported by the following package of documents:
- statement about the fact of an insured event;
- certificate from a medical institution, confirming the fact of harm to the health of the investor;
- death certificate of the investor (in this case provided by the beneficiary);
- original contract between the depositor and the insurance company, policy.
Most often, the contract states term, during which the insurance company must review the documents received and make a decision regarding future payments. The agreements provide for both one-time and installment payments in the form of a pension; immediate or deferred payments.
What do insurance companies offer today?
As for the insurance policy, large insurers offer their clients many different programs with different conditions. The size of the minimum deposits directly depends on the degree of reliability of the company, the region in which the contract is concluded, and the data of the policyholder. To understand the pricing policy of agencies and build your own rating of companies that you can trust with your future, I bring to your attention the following comparison table.
Insurance Company | Service cost | Payment amount | Peculiarities |
|---|---|---|---|
Sberbank | From 900 to 4,500 rubles | From 100 to 500 thousand rubles, depending on the chosen program | |
Rosgosstrakh | Starts at 5 thousand rubles per year. The company’s official website presents a special insurance calculator that allows you to choose the optimal insurance program | Vary between 500-1000 thousand rubles | |
Ingosstrakh | The cost depends on the choice of the policyholder and is calculated for each client individually | Over 1 million rubles | |
Alpha Insurance | From 30 thousand rubles per year or six months | Up to 12% per annum | |
| From 5 thousand rubles per year | Up to 1 million rubles | ||
RESO-Garantiya | From 3 thousand rubles per year | Over 1 million rubles |
10,000,000 rubles until he comes of age, which will only take place in 15 years. It turns out that annually the amount of her insurance premium should be equal to 637,315 rubles. After 7 years of regular payments, a woman unexpectedly gets into a car accident, as a result of which she becomes a group 1 disabled person.
In accordance with the terms of the insurance contract, the company is obliged to make insurance premiums instead of its client until the policy expires. It turns out that by the child’s 18th birthday, his account will have 13,310,000 rubles, taking into account the income received from investment activities.
Who should open an NSJ?
To be completely frank, I believe that endowment life insurance is a program everyone needs, in particular:
- The main breadwinner of the family, whose income forms the basis of the family budget;
- New parents who seek to create capital for their child, thereby ensuring his future and protecting him financially;
- Middle-aged people who are thinking about their upcoming retirement, but do not have the opportunity to invest large sums of money;
- To those who adhere conservative investment strategy and strives, first of all, protect your savings for a long period. By the way, I strongly recommend that this category of investors think about opening an individual investment account. You can read about that in one of my previous articles.
- Those wishing to receive " two for the price of one": both insurance and savings.
Who is not suitable for NSJ?
Don't waste your time and money on NSG:
Drawing conclusions
In general, I can say that NJ is a good option for accumulating funds in the long term. However, I personally am more inclined towards the option of saving through deposit account. This investment option not only guarantees you profitability, but is also protected by the state. In addition, you can withdraw your money at any time without worrying about losses. Previously, I wrote an article about . So, having acquired such a plastic assistant, you can test the capabilities of the deposit account, since both cards and accounts work on approximately the same principle. And, of course, don't chase amazing numbers, which insurers show you. Remember that you can only invest in what you know and understand 100%. That's all for me, see you soon!
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The need for confidence in the coming day is the main reason why clients turn to insurance companies (hereinafter referred to as IC). By insuring his own life, the policyholder shows concern for the future of his family and dear people. For those clients who would like to leave something more to their family, companies offer endowment life insurance programs that are gaining more and more supporters.
About “savings through life insurance”
Endowment life insurance (hereinafter referred to as CLI) offers not only to insure the life of the insured person, but also to create a kind of “inheritance”. This accumulation is comparable to a bank deposit on which the insurance company charges annual interest.
The list of documents for signing an investment life insurance contract is limited to a passport confirming the identity and age of the policyholder. It should be noted that such a program is also available to foreign citizens residing in the Russian Federation on a permanent basis. Before signing the contract, the client must decide on the list of risks included in the policy. The main package (classic) may contain only one or two risks, the rest are included in the contract at the request of the client and are optional.
The legislator points out the general reasons for which a company has the right to refuse to pay compensation to a client under an insurance policy, enshrined in the Civil Code of the Russian Federation: the intent of the policyholder, beneficiary or insured person aimed at causing an insured event, including gross negligence, as well as the impact of a nuclear explosion, hostilities, civil war, civil unrest, strikes and other cases specified in the contract.
Classic savings insurance scheme
According to the classic NSL scheme, the policyholder has the right to receive compensation in one of the cases:
- if the client has lived to a certain age, he receives both the insured and accumulated amount in full;
- if the insured person dies, all payments will be received by the persons specified in the contract or the heirs.
There are no other risks in the classic scheme, but they can be included optionally, which will affect the cost of the policy itself and its conditions:
- if the client is injured or otherwise damaged to health, he receives a proportionate percentage compensation, according to the contract, but he has the right to receive the accumulated amount only after the end of the contract period;
- death as a result of an accident is usually compensated in double or triple the amount of the insured amount;
- Complete or partial loss of legal capacity, disability as a result of an illness or injury, are additionally stipulated in the contract, so the insurance company may undertake the obligation to make contributions if the client loses his ability to work.
Features of concluding an insurance contract
To pay the fee, the company’s client can choose one of two options: installments or a one-time payment. When paying in installments, payments can be monthly, quarterly, semi-annually or annually. Clients typically receive significant discounts when paying the entire fee. An insured event can occur even after making the first payment - in this case, the insurance company will be obliged to pay compensation for life and health insurance immediately after the occurrence of such an event.
It must be remembered that when determining the cost of the NSL program, the region of residence, age, gender, field of activity and health status of the insured person are taken into account.
An insurance policy can be issued for any period, usually from five to thirty years. The insured person can be the client himself - an individual who has reached the age of eighteen, or a third party. The upper age limit is set by each company separately, on average it is 75 years.
Pros and cons of programs
The main advantages of NSW programs include:
- control over your own funds;
- the client himself sets the interest rate under the contract and the amount of compensation that should accumulate on the specified date;
- income accrued on the amount of compensation reliably insures the beneficiary against inflation;
- tax benefits in the form of a tax deduction and no taxation (if the insured amount does not exceed 120,000 rubles);
- legal protection of the “insurance deposit” from arrest, division, confiscation and other things;
- payment amount guaranteed by the insurance company;
- the beneficiaries under the contract may not be the legal successors of the policyholder, but rather the person specified in the contract, which exempts from the obligation to enter into inheritance rights.
At the same time, the programs have certain disadvantages:
- the long-term nature of the contract and the unprofitability of its premature termination;
- low profitability in comparison, for example, with investment life insurance;
- mandatory payments and penalties in case of late payment;
- a list of cases not recognized as insurance, for example, death from military operations, epidemics, etc.;
- the possibility of the insurance company losing its license or bankruptcy.
Current offers from insurance companies
Large insurance companies offer various NSL programs. The size of the minimum deposit is influenced by the reliability of the company, the region of insurance and the details of the policyholder. A comparison table will help you understand the pricing policy of the products offered.
| Name of insurance company |
Cost of insurance |
Payment amount |
Features of the policy |
|---|---|---|---|
| ROSGOSSTRAKH |
From 5,000 rubles per year, a calculator is provided on the website. |
From 500,000 to 1,000,000 rubles |
|
| IGOSSTRAKH |
The cost of insurance directly depends on the policyholder and is calculated individually using the company’s calculator. |
More than 1,000,000 rubles |
|
| RESO-Garantiya |
From 3000 rubles per year, a calculator is provided on the website. |
More than 1,000,000 rubles |
|
| SOGAZ |
From 5,000 rubles per year, calculated using the company’s calculator. |
Up to 1,000,000 rubles |
|
| AlfaInsurance |
From 30,000 rubles per six months or year. |
Up to 12% per annum |
|
The procedure for receiving payments under the NJ
If an insured event occurs, the beneficiaries or the insured person himself must contact the insurance company and provide a standard package of documents:
- statement about the occurrence of an insured event;
- a certificate from a medical institution about harm caused to the health of the insured person;
- death certificate (for beneficiaries);
- endowment life insurance insurance contract and policy.
Typically, the contract specifies the period allotted to the insurance company to verify the documents provided and make a decision on making insurance payments. Depending on the terms of the contract, the payment may be a one-time payment or paid in installments, as a pension; immediate or deferred payment.
Finally
Life insurance is a less profitable branch of life insurance, but more stable. The client is guaranteed to receive the expected payment without risks in the investment market.
If we compare NJ programs with a bank deposit, then the lower profitability of insurance is obvious. Despite this, this type of personal insurance has gained popularity in the Russian market.