Life insurance allows you not only to insure risks, but also to accumulate a decent amount of money. To do this, you need to choose a life insurance program and discuss with the insurer the terms of insurance, the amount you plan to receive at the end of the insurance contract, as well as the possible amount of investment income.

Life insurance is one of the most common types of endowment life insurance. It is offered in the Russian Federation by approximately 20 insurance companies (for example, Alliance-Life, Uralsib-Life, AlfaStrakhovanie-Life, Capital-Life, etc.).

Its essence is as follows:

1. The insured pays insurance premiums to the insurer for a certain period of time (from 1 year to 25-40 years).
2. The insurer forms insurance reserves from them and invests the money in various investment instruments (deposits, securities, real estate, etc.).
3. At the end of the insurance contract (survival until a certain date), the capital is paid out along with the investment income received.

Typically, such programs are combined, and, in addition to the risk of survival, they also provide for the risk of sudden death of the insured from an accident, road accident or illness, and sometimes disability, loss of ability to work.

The insured amounts for these two main risks (death and survival) may be equal or different, and will be higher, the higher the premium. As a result, life insurance policies provide double protection: savings from inflation and possible devaluation, and additionally, the client’s life. Such insurance is an ideal solution for borrowers, as well as business people on whom relatives depend financially.

Who can get insurance

The age of the insured at the time of purchasing insurance must be from 18 to 75-80 years. Policies are sold not only to citizens of the Russian Federation, but also to foreigners. It is quite rare for a contract to be refused, but if the client is already on the “black list” due to suspicion of fraud, then refusal is quite possible.

Insurers are also wary of insuring older people, as well as those who already suffer from some serious illness. They may limit the insurance period, add additional restrictions on payments to the contract, or offer higher rates.

The insurance payment can be received by the client himself if he survives to the date specified in the contract, or by his beneficiary, for example, heirs. The money is paid in a lump sum or in the form of an annuity (monthly payments), depending on the terms of the policy.

How to draw up a life insurance contract

To sign up for a life insurance contract, you must select an insurance company and an insurance program. This must be done very responsibly, since a very long-term cooperation is expected, which means that the company must have a stable position in the market and a good business reputation.

To sign the contract, it is enough to provide:

• passport of a citizen of the Russian Federation or a citizen of a foreign state;
• application form for insurance.

Additionally they may request:

• employment certificate or tax return;
• medical examination report;
• special questionnaires on the pathology/disease stated in the questionnaire;
• protocol of the operation (if there was one);
• discharge summary at the place of receipt of medical care;
• results of endoscopic, electrophysiological research methods, ultrasound, tomography, x-rays, 24-hour blood pressure monitoring and ECG.

The policyholder is obliged to inform the insurer in a questionnaire application of the circumstances that are significant for determining the likelihood of the occurrence of an insured event and the amount of possible losses from its occurrence, and also provide, upon his request, certificates of health.

A life insurance contract is always drawn up in writing after all the documents have been reviewed and the insurer is ready to sign it.

Survival insurance rates

The cost of a life insurance policy averages from 5 to 30 thousand rubles per year, but there are also companies that set the minimum level at 50-60 thousand rubles per year. Tariffs are calculated individually depending on the client’s age and gender, insurance period, risk to life from professional activities, and health status.

But first of all, the size of the amount that the client plans to save is important. For example, if it is a million after 10 years, then this amount is divided over the entire insurance period. The maximum terms of life contracts are usually 25 years, less often 30-40 years.

Insurance cost

During the term of the contract, the policyholder has the right to reduce the sum insured. If, for example, family income has fallen, the program may be revised and insurance payments and amounts reduced. Contributions are paid in a lump sum, quarterly, semi-annually or annually (most often).

Notice and payment periods

The insurer must be notified of the insurance event within the time period specified in the contract. Usually it is 30-45 days. Along with the application for payment, documents confirming the occurrence of the insured event are also provided.

Upon survival, 100% of savings are paid plus additional investment income, which is recalculated based on the insurer’s investment results, the amount of reserves, as well as arrears in payment of insurance premiums.

If the insured person dies during the policy period, then his heirs are also paid 100% of the insured amount with the income accrued on the day of death. The amount of insurance payment can be differentiated depending on the causes of death of the insured. For example, if a client died as a result of an accident, then his heirs can receive up to 300% of the insured amount, if this is stipulated by the contract.

Pros and cons of life insurance

Life insurance has many advantages. Upon survival, the insured receives not only savings, but also guaranteed investment income (usually at least 5% per annum). In the event of sudden death, all accumulated funds will be received by his relatives.

Benefits of life insurance:

• protection of capital from depreciation;
• inviolability of money in case of divorce, confiscation;
• the ability to select the insurance currency;
• tax deduction for long-term contracts (from 5 years).

Disadvantages of life insurance:

• unfavorable conditions for terminating the contract;
• possible insurer bankruptcy and loss of capital;
• a large number of exceptions to payments.

There is essentially one drawback to life insurance: loss of access to your money for a very long time. If you put money on deposit, you can withdraw it on any day or in case of a large amount in 2-3 days, but in the case of life insurance this is impossible.

The client is only entitled to the so-called redemption amount, which is not equal to the transferred amount of money. For example, six months after the conclusion of the contract, it is equal to 75% of the accumulated savings, and closer to the end of the insurance period - 98%.

The right to the redemption amount arises provided that the agreement was valid for at least six months. If you apply for termination of the policy earlier, the insurer will simply refuse to return the money.

Another drawback is the possible flight of the company from the market or its bankruptcy. No one is insured against such risks, but if you choose the right insurance partner, a survival policy can become a very useful tool for protecting your family from possible risks and forming basic capital.

In contact with

It is a specific form of long-term savings of funds. It can be used as an independent type of life insurance, or be part of mixed life insurance.

Notes

see also

Wikimedia Foundation.

2010.

See what “Survival Insurance” is in other dictionaries:

Dictionary of business terms - (pure endowment assurance) An insurance policy that must pay a specified amount if the policyholder is alive on a specified date. In the event of the death of the policyholder before the specified date, payment of insurance premiums ceases...

Financial Dictionary - (pure endowment assurance) An insurance policy that must pay a specified amount if the policyholder is alive on a specified date. In the event of the death of the policy holder before the specified date, payment of insurance premiums ceases...

Economic dictionary LIVING INSURANCE - a type of personal insurance that provides for payment of the insured amount in connection with the end of the insurance period, reaching a certain age, or the occurrence of a specified event in the life of the policyholder or the insured...

Economic dictionary Large economic dictionary - A type of life insurance that provides for the payment of the insured amount in connection with the end of the insurance period, the achievement of a certain age, or the occurrence of a specified event in the life of the policyholder or the insured. Payment is made when... ...

Economics and insurance: Encyclopedic Dictionary

Life insurance is insurance that provides protection of the property interests of the insured person related to his life and death. Life insurance is usually associated with the long-term interests of the policyholder/insured person due to... ... Wikipedia INSURANCE, a system of measures to create a monetary (insurance) fund at the expense of contributions from its participants, from the funds of which damage caused to individuals and legal entities by natural disasters, accidents, as well as... ...

- (English unit linked insurance plan) is a hybrid of classic accumulative life insurance with an investment component in the form of assets of investment instruments. That is, part of the portfolio, at the request of the client, is placed in... ... Wikipedia

- (life assurance) An insurance policy that pays a certain amount of money in the event of the death of the person who insured his life (life assured), or in the case of an endowment assurance policy, the amount... ... See what “Survival Insurance” is in other dictionaries:

SURVIVAL, I, Wed. (official). The time that remains to live until death, as well as the time that remains to live somewhere else. Insurance on the village. Ozhegov's Explanatory Dictionary. S.I. Ozhegov, N.Yu. Shvedova. 1949 1992 … Ozhegov's Explanatory Dictionary

Life insurance is the opposite of death insurance. Under survival insurance, the insured amount is paid if the insured survives to the moment fixed in the contract. If the insured dies during the term of the contract, no insurance payment is made.

All types of life insurance can be grouped into two subgroups:

Capital insurance.

Rent Insurance.

Capital insurance combines types of insurance that aim to accumulate a large amount through the systematic payment of small contributions, which is paid in a lump sum. Capital insurance includes:

savings insurance;

wedding insurance;

children's insurance;

mixed life insurance, etc.

Rent Insurance includes types of insurance, the terms of which provide for the gradual expenditure of contributions made in the form of regular payments. An example is pension insurance.

The terms of the life insurance contract may contain benefits for the policyholder:

Reduction of the policy.

1. Redemption amount.

Reduction of the policy means a reduction in the amount of the insured amount when the payment of insurance premiums is stopped and the insurance contract is maintained. The size of the pension is calculated based on the size of the insurance reserve at the time the policyholder makes a decision to reduce the policy. The policyholder may reinstate the reduced policy. In this case, the policy will again receive its previous characteristics, subject to payment by the policyholder of all unpaid premiums and the established technical percentage. Technical interest refers to the increase in funds included in the calculation of the insurance rate for a given type of insurance.

Under loan In life insurance, we mean the provision by the insurer to the insured person of a certain amount against the security of a reserve formed from the premiums paid under this agreement. The maximum loan size coincides with the size of the fund accumulated as a result of making insurance premiums. As a rule, a life insurance loan is issued at an interest rate that is significantly lower than that established in the financial market. The loan can be issued no earlier than after the expiration of a certain period from the date of conclusion of the insurance contract (usually no earlier than two years). The maximum period for which a loan can be issued is limited by the age of the insured person, upon reaching which the insurer must pay an annuity or pension to the insured person. If the loan is not repaid within the specified period, the insurance contract is considered terminated. In this case, the policyholder and the insured person lose the right to receive any insurance payments and the redemption amount.

A distinctive feature of types of life insurance is that the policyholder has the right to receive redemption amount upon early termination of the contract at the request of the policyholder or insurer . The redemption amount represents part of the savings formed under the contract on the day of its termination and is payable to the policyholder. The amount of the redemption amount depends. Its size depends on the insurance premiums actually paid, the length of the expired insurance period and the validity period of the contract, as well as the applicable rate of return. The insurance contract may provide that the policyholder's right to the redemption amount does not arise immediately after the contract enters into force, but after some time, for example, after a year. Typically, the right to a redemption amount arises provided that the contract has been in force for at least 6 months. An exception may be contracts under which the insurance premium is paid in a lump sum. Upon receipt of the redemption amount, the insurer's expenses for servicing this contract are deducted from the amount of the formed insurance fund. If the insurer violates the terms of this agreement, then the policyholder is paid all funds in full.

By life insurance the insurance amount is paid if the insured survives to the moment fixed in the contract. The amount of the insured amount is determined at the conclusion of the latter, and it is usually made up of the insurance premium paid and the planned income from investing this premium. When the insured dies during the term of the policy, no insurance payment is made and only the premiums paid are returned to the policyholder.

A distinctive feature of types of life insurance is that the policyholder has the right to receive the redemption amount in case of early termination of the contract. Redemption amount represents a part of the savings formed under the contract on the day of its termination, which is subject to payment to the policyholder. Typically, the right to a redemption amount arises provided that the contract was valid for at least 6 months (a longer period may be established). This requirement of the insurer is related to ensuring the stability of its insurance portfolio, i.e. numbers

and the structure of existing insurance contracts. The amount of the redemption amount depends on the length of the expired insurance period and the period for which the contract was concluded. For example, with a 5-year insurance period, the redemption amount after 6 months of the contract is approximately 75% of the accumulated savings, and after 4 years and 6 months - 98.5%.

Among the large number of types of survival insurance, two subgroups can be distinguished: capital insurance (amounts) and annuity insurance (annuities). The first subgroup combines types of insurance that aim to accumulate a large amount through the systematic payment of small contributions, which is paid in a lump sum. TO capital insurance include savings insurance, marriage insurance, children's insurance, mixed life insurance, etc. The second subgroup includes types of insurance, the terms of which provide for the gradual expenditure of contributions made in the form of regular payments. Rent Insurance also combines many types, of which pension insurance especially stands out. Let's take a closer look at individual types of life insurance.

Capital insurance

Savings insurance provides for payment of the insurance premium in installments and payment of the insurance amount if the insured survives until the end of the insurance period. When applying for insurance, there is no requirement to fill out a questionnaire about the health status of the insured, and even more so to undergo a medical examination. This is understandable, since people with poor health do not benefit from insurance. This type of insurance is to some extent similar to a bank deposit, because the insurance amount received represents the premiums paid, increased by the amount of investment income. In foreign countries, savings through an insurance company have advantages over banking, since the former provide higher income due to long-term investments. Another advantage of savings through insurance is the exemption of income received by the insured under long-term contracts (for a period of 5-10 or more years) from taxation.

Peculiarity insurance for marriage(other names: wedding insurance, dowry insurance) is that the insurance amount is paid when the insured survives until the end of the insurance period and the occurrence of a conditional event (registration of marriage or reaching the agreed age for the wedding, if the marriage is not concluded). The insured here are parents, grandparents and other close relatives, and the insured is a child usually no older than 15 years of age. The purpose of such insurance is to guarantee the insured the receipt of the insured amount upon marriage, even if during the insurance period the payment of insurance premiums is stopped due to the death of the insured.

Since the insurance conditions stipulate that the contract continues to be valid after the death of the policyholder, insurers set strict requirements for the age and state of health of those wishing to insure their children and grandchildren. Insurers can be relatives of a child aged from 18 to 72 years (other age limits are possible), but in such a way that on the day of expiration of the insurance period they are no more than 75 years old. In this case, the insurance period is determined as the difference between 18 years and the age of the child on the day of filing the application for the conclusion of the contract. For example, a 67-year-old grandmother cannot insure her 8-year-old granddaughter, since at the end of the insurance period (and it will be equal to 10 years: 18 - 8) her age would be 77 years, i.e. above the maximum permissible. But in this case, another relative of the child may become the policyholder. However, usually, regardless of age, insurance contracts are not concluded with disabled and seriously ill people.

As already noted, the death of the policyholder during the insurance period does not terminate the contract and, as a rule, does not relieve the insurance organization from its obligations. However, in a number of specified cases (the death of the policyholder in connection with the commission of an intentional crime or as a result of driving a vehicle while intoxicated, the death of the policyholder as a result of the intent of the insured), the contract is terminated with the return of paid insurance premiums. All the requirements and restrictions considered are aimed at ensuring the financial stability of operations for this type of insurance.

The insurance premium is set depending on the age of the policyholder, the insurance period and the insured amount. The latter is determined by agreement of the parties. During the validity of the contract, the policyholder has the right to change the sum insured, terminate it early and subsequently renew it subject to a number of conditions. An insured event is the presence of two conditions: firstly, the insured survives until the end of the insurance period and, secondly, enters into a registered marriage or reaches the age of 21-25 years, depending on which event (marriage or age 21-25 years) will come sooner. During the period from the end of the contract until marriage or reaching the age of 21-25 years, the insurance company accrues investment income for the insured amount specified in the insurance policy, and, therefore, the insured person will receive an increased insured amount after a maximum of 7 years. If the insured died after the end of the insurance period without receiving the insurance amount due to him, it is paid to the beneficiary with the income accrued on the day of death. In the event of the death of a child during the period of validity of the contract, the insurance amount is not paid, but only a refund of the paid contributions is made.

There are types of marriage insurance that combine the risks of insurance for survival and against accidents and illnesses. In particular, the terms of insurance may provide for insurance payments in the event of injury, accidental acute poisoning, and the child becoming ill with certain diseases.

The amount of such payments depends on the degree of health loss of the insured. The insured is given the right to set higher insurance amounts for these risks (usually 2-3 times) than for survival insurance, which allows for a significant increase in financial assistance to victims with a slight increase in the insurance premium.

By children's insurance The same persons as for marriage insurance can act as policyholders and insured persons. However, since under this type the insurance company is obligated to pay the sum insured only if the entire due insurance premium is paid (in wedding insurance, the contract continues to be valid after the death of the policyholder and without paying premiums), then there are no requirements for the age and health of the policyholders. The premiums that the policyholder is required to pay during the entire insurance period (a one-time payment in advance for the entire period is also possible) depend on the age of the child, the amount of the sum insured and the insurance period. The policyholder has the right to choose the method of payment of premiums (by bank transfer or in cash), change the amount of the insured amount, and terminate the contract early. In the latter case, the policyholder, subject to a number of conditions, is paid the redemption amount. If the redemption amount has not been paid and the insurance period has not expired, then the policyholder has the opportunity to renew the contract subject to a lump sum payment of the overdue and current premiums.

In the event of the death of the policyholder, any of the child's other relatives can assume his responsibilities. Moreover, if the person who has assumed the responsibilities of the policyholder terminates the contract ahead of schedule, then the redemption amount is paid to him based on only those contributions paid by this person under this contract. In this case, the insured is refunded almost all the premiums paid by the deceased policyholder. When none of the relatives takes on the responsibility to pay the premiums, the insurance contract is terminated with the return to the child (by crediting the deposit) of the previously paid premiums.

Insured events for this type of insurance are the survival of the insured until the end of the insurance period, the death of a child during the validity of the contract, as well as injury, poisoning and certain types of diseases. In the event of death, there are a number of exceptions when no insurance payment is made.

IN mixed life insurance one contract combines life insurance and term insurance in case of death. Sometimes this also includes events inherent in insurance against accidents and illnesses. A characteristic feature of mixed insurance is that insurance coverage is necessarily paid under each contract: either in connection with the death of the insured during the insurance period, or upon his survival to the end of the period stipulated by the contract.

Payment is made upon the death of the insured person from any cause, with some exceptions. The death of the insured as a result of alcohol, drug or toxic intoxication, suicide (if by that time the insurance contract has been in force for less than two years), or intentional actions of the insured or beneficiary is not recognized as an insured event. The amount of insurance payment can be differentiated depending on the causes of death of the insured: in case of a traffic accident - 300% of the insured amount, as a result of an accident - 200%, in other circumstances - 100% of the insured amount. Insured events may also include permanent (less often temporary) loss of general ability to work, but only as a result of an accident. In case of complete loss of ability to work, the entire insured amount is paid, in case of partial loss of ability to work, a part of the insured amount corresponding to the percentage of loss of ability to work is paid. In cases where the loss of ability to work is significant, benefits may be provided in the form of partial or complete exemption from further contributions under the insurance contract.

Typically, upon the death of the insured, the insurance amount is paid in a lump sum immediately after the fact of the insured event is established. But other payment options are also possible. For example, the provision of insurance coverage to the beneficiary may be postponed until the expiration of the insurance period, with the termination of payment of due contributions. It is also possible to pay only 50% of the insured amount after the death of the insured, and the remaining part - after the end of the insurance contract. Another insurance option may be that from the date of death of the insured until the expiration of the insurance period, the beneficiary is paid annually a set percentage of the insured amount (this payment procedure is of particular interest to policyholders who have dependent children and other persons).

Conditions family life insurance provide insurance protection under one contract for all family members (spouses, children, parents). A person concluding a family insurance contract can choose which family members to insure and which cases will be covered by the insurer's obligations. For the specified person, insured events may include his survival to the end of the insurance period, death from any cause, injuries received as a result of an accident, for other family members - the listed events, except survival. For example, a wife can insure herself against all risks, her husband - against death and accidents, children - against accidents, parents - against death. The amount of premiums under the contract depends on the age of the insured and their number, as well as the selected risks.

New on the foreign market is insurance against serious illnesses. According to this type of payment, payment is made in the event survival of the insured until the end of the insurance period, his death, as well as in the event of his diagnosis certain serious illness (cancer, heart attack) myocardium, etc.). The conditions necessarily provide waiting period - diagnosis illness in the first three months after the conclusion of the contract does not give the insured person has the right to receive insurance benefits. Possible two options for determining the amount of the insured amount. In the first in the event of the occurrence of one of the insured diseases by the amount of the insurance payment made, the insurance amount is reduced the amount that will be paid if the insured survives to expiration of the insurance period or in the event of his death. At the second option, payment upon diagnosis of the disease does not affect on the amount of the insured amount for other obligations of the insurer. Please note that payment is made in advance the amount chosen by the policyholder. Its value is not determined cost of medical expenses for treatment established illness resulting from disability or income of the insured.

Rent Insurance

A characteristic feature of annuity insurance is the implementation of insurance payments in a fixed amount with the frequency specified in the insurance contract. Depending on the established procedure for paying contributions and the agreed payment conditions, various annuity options are distinguished:

* immediate rent- annuity, the payment of which begins immediately after payment (at one time or in installments) of the entire amount of insurance premiums;

* deferred annuity- An annuity whose payment is deferred until a specified future date. The time period between the end of payment of contributions (in a lump sum or in installments) and the start date of annuity payment is called the waiting period. In the event of the death of the insured during this period, the insurer usually returns the premiums paid (with or without interest accrued on them, depending on the terms of the insurance);

* life annuity- An annuity payable from a specified date for the remainder of the insured's life;

* temporary rent- annuity paid from a set date during the period stipulated by the insurance contract;

* annuity prenumerando(“forward”) - annuity paid at the beginning of each period established for the next payment of insurance coverage;

* annuity postnumerando(“back”) - annuity paid at the end of each period established for the next payment of insurance coverage;

* constant rent- rent, the payment of which is made in a constant amount;

* variable rent- rent, the value of which changes over time.

In practice, increasing rent is widely used, which makes it possible to neutralize the negative effects of inflation.

Insurers offer a large number of types of pension insurance. Let's consider the simplest of them - insurance additional pension. The insured event here is the survival of the insured person to the established retirement age. Therefore, regular payments under the insurance contract are made, as a rule, in addition to the assigned state old-age pension. The insurance pension is paid to the insured for life after reaching retirement age and subject to payment of all contributions due under the insurance contract.

Insurers can be individuals and legal entities. In the latter case, the enterprise pays partially or fully insurance premiums for its employees, which allows not only to maintain the existing standard of living of retired persons, but also helps to resolve social, personnel and other issues of the employer’s activities. The amount of the additional pension and the frequency of its payment are specified in the insurance contract. During its validity period, the policyholder has the right to change previously established parameters. The insurance period is determined as the difference between the established retirement age (in Russia, as a rule, 60 years for men and 55 years for women) and the age of the insured on the date of registration of the contract. The amount of insurance premiums is set depending on the gender of the insured, the period of insurance and the amount of the selected pension. The most common is to pay contributions monthly.

Upon expiration of the insurance period (i.e. reaching the age of 60 or 55 years), the insured has the right to receive the first pension, and upon surviving until the next established dates for its payment - the second and subsequent pensions without any restrictions as long as they are alive recipient. However, the insurance conditions, as a rule, establish a guaranteed period for pension payment, which can be 5-10 years. If, after the right to receive the first pension arises, the insured person dies before receiving it, then the beneficiary is paid the remaining amount of pensions for the guaranteed period. In the event of the death of an insured who has received one or more pensions, the difference between the amount of pensions for the guaranteed period and the amount paid to the insured is payable. Upon the death of the insured after payment of a pension amount equal to the amount of pensions for the guaranteed period, the beneficiary does not have the right to receive a pension. However, the death of the insured may occur before his right to receive his first pension arises. Typically, in this case, the paid premiums are returned to the policyholder (heirs of the policyholder).

An important condition for the type of insurance under consideration is the ability of the policyholder to terminate the contract before the expiration of the insurance period and receive the redemption amount when he needs the money. However, insurers have a negative attitude towards early termination of contracts, as this violates the stability of their insurance portfolio. Therefore, insurance companies introduce various restrictions that prevent policyholders from terminating the contract, and sanctions against such policyholders. The latter may also be subject to sanctions by the state. The fact is that, subject to the established conditions, funds allocated for pension insurance are not subject to taxes in many countries. If the contract is terminated early, the policyholder may lose tax benefits, since they are provided precisely for the purpose of organizing additional security when employees reach retirement age.

Just as in some previously discussed types of insurance, one contract can combine additional pension insurance and other types of risks, such as accident and illness insurance, and death insurance. In the latter case, after the death of the insured, the beneficiary specified in the contract will receive insurance coverage in the amount provided for by the terms of insurance. But this option is more expensive for the policyholder and is used mainly by the insured who are the breadwinners of the family.

The combined type also includes such type of annuity insurance as life insurance with the condition of payment of insurance annuity. Here, the following events are recognized as insured events: 1) survival of the insured to the deadlines established by the insurance contract for the payment of insurance annuity; 2) survival of the insured until the established expiration date of the insurance contract; 3) death of the insured during the period of validity of the contract from any cause, except for generally accepted exceptions (intention, intoxication, suicide, etc.). The policyholder has the right to choose the frequency of insurance annuity payments: once a year or every six months, quarterly, monthly.

The insurance amount is established separately for the events “death of the insured” and “survival of the insured”. In the latter case, the sum insured is annual rent cost, those. the amount of single annuity payments made during one insurance year. The policyholder, in agreement with the insurer, has the right to increase or decrease the amount of the insured amount during the validity of the insurance contract. However, in the latter case there is one caveat. After the start of payment of annuity to the insured, the amount of the insured amount cannot be reduced without his consent. Moreover, if the insured amount decreases, the insurer is obliged to pay the insured the redemption amount.

The insurance contract is concluded for a period of at least three years. During its validity period there are:

* insurance premium payment period - the period established for the insured to fulfill his obligations to pay the insurance premium in full;

* waiting period - the period between the end of payment of the insurance premium and the date of occurrence of the first insured event “survival of the insured”. This period is established by agreement of the parties, usually lasting at least one year;

* period of payment of insurance annuity - the period from the date of occurrence of the first insured event “survival of the insured” until the date of expiration of the insurance contract. The beginning of this period cannot be set earlier than the end of the insurance premium payment period.

The annuity is paid to the insured in the prescribed amount at the end of the period established for its payment (“post-numerando” annuity) - at the end of the month, quarter, half-year, year. The date of the last single annuity payment is the date of expiration of the insurance contract.

Life insurance is a type of personal insurance in which the insured amount is paid if the insured survives to a certain age. This type of insurance is tempting; for example, if you reach retirement, you have received insurance and have something to celebrate. Survival insurance is positively different from other types of insurance, in which insurance can be obtained only after such negative events as a fracture, an accident, a natural disaster, etc. You can even say that this is a legal way to make money from an insurance company. Why is life insurance for survival so undeveloped in Russia?

Let's compare life insurance for survival and bank deposit

We will compare life insurance “Life Line” from the insurance company OJSC “VSK” and the bank deposit “Replenishable deposit of Sberbank of Russia” from Sberbank of Russia. Why were “Life Line” and “Replenishable deposit of Sberbank of Russia” chosen? Firstly, VSK and Sberbank of Russia are serious organizations that will definitely exist “tomorrow”; secondly, their offers are the most interesting, and they are also easy to find.

To simplify the calculations, let’s take the example given on the VSK website: “A 32-year-old woman decided to save money for 10 years. At the same time, wanting to free her relatives from financial problems in the event of her death, she insured her life for survival with the return of contributions in the event of death. The annual fee was $1000. If you survive until the end of the contract, VSK Insurance House will pay the insured amount, which, with a yield of 8%, will reach $13,331.06. If death occurs during the validity period of the contract, VSK will immediately return all paid contributions to the beneficiary.” We will make similar contributions to the deposit in Sberbank, the first five years the interest rate will be 3% per annum, and then 3.35% per annum; all interest earned will also be placed on deposit. In 10 years, Sberbank will pay $11,995.

conclusions

Life insurance for survival is more profitable if only the insured person survives until the end of the contract, since otherwise the insurance company returns only the premiums paid, it sounds gloomy, which is probably why survival insurance is not popular in Russia, or maybe we are simply not ready to think about so far into the future.

In my opinion, a bank deposit is the golden mean between reliability and profitability, since loss of interest can occur only in one year, for example, if we get tired of saving and decide to go to Turkey for a couple of months. In addition, all citizens’ deposits are insured by the state, and if the bank ceases to exist, the money can be returned, which cannot be said about the insurance company.