Individual Rent Insurance
Object
For persons from 16 to 69 years of age but not exceeding 70 years at the expiry date of the grace period of the insurance.
Currency
BGN, USD* or EUR*
*The Rent Insurance with foreign currency clause, the monthly annuity is paid on its BGN equal value on the official rate of BNB at the day of payment or directly in the chosen currency
Covered risks and collateral due
- Death of the insured person during the grace period – the insurance premiums are to be refunded to the legatee;
- Permanent loss of working capacity over 30% caused by insurance accident – the insurance is redeemed for further payment of the premiums that remain in force for the full amount of the monthly annuity as per the contract;
- Death of the insured person during the term of annuity receipt – in case the insurance is concluded “with succession” – the legatees are paid the reserve of the insurance as of the date of death.
Coverage of the additional risks – “Accident Package”
- “Accident Package” is covered for the grace period;
- Each of the risks covered in “Accident Package” could be included independently;
- The covered risks include – death caused by accident, permanent loss of working ability, temporary loss of working ability, hospital treatment, expenses for medicines;
- “Accident Package” offers additional insurance for BGN 5 000 (2 500 EUR/ USD) or BGN 10 000 BGN (5 000 EUR/ USD).
Term of the insurance
The grace period is defined by the insured person as follows:
- for insurance with a single premium, the grace period could be from 1 to 30 years inclusive;
- for insurance with annual premiums, the grace period could be from 3 to 30 years inclusive.
The term for the receipt of the monthly annuity is negotiated for a period from 1 to 20 years or for life, depending on the customer.
Insurance amount / monthly annuity
The amount of the monthly annuity (pension) is determined in the insurance contract.
Income from the investment / additional interest
- The additional interest is calculated during the grace period as well as the annuity receipt term;
- Paid on the expire of the grace and/or the whole insurance period in case of redemption or death of the insured person;
- To be calculated at the end of every calendar year.
Tax concessions
- For the customer: up to 10% of the taxable income for the individual persons;
- For the employer: from the Corporate Tax Law.
Necessary Documents and Applications
- Application for Rent (pension) insurance and health declaration attached to it;
- Declaration for the provenance of the funds (for total amount of the insurance premium should be over BGN 300 000);
- Insurance promissory note.
Pro-term suspension of the insurance contract
- The customer has the right to suspend the insurance contract before it expires and to receive the redeemed amount of the insurance (in case it is stipulated the insurance contract);
- The insurer (Allianz Bulgaria Life) has the right the suspend the contract as per the Common Clauses in the contract.
