Life insurance

Life insurance of the Generali insurance company is intended for everyone between the ages of 15 and 60.

• by taking out life insurance, you also save (upon the termination of the insurance period (on survival), you receive a guaranteed insured amount and attributed profit);
• at the same time you are also insured against the case of death, therefore providing additional financial security for yourself and your loved ones.

The offer of life insurance comprises two life insurance packages of the Generali insurance company:

• “Basic insurance” package includes:
  • guaranteed insured amount for the cases of survival and death;
  • possibility to increase the insured amount for the case of death to up to 300 % of the basic insured amount;
  • possibility to adapt the insurance to individual needs.
• “Partner insurance” includes:
  • payment of the insured amount upon the termination of the insurance period regardless of the insured event;
  • in the case of insured person’s death during the insurance period, the insurance company pays to beneficiaries 10 % of the insured amount every half year until the termination of the insurance period;
  • in the case of insured person’s permanent disability, premiums no longer need to be paid, while the existing life insurance continues without any changes.

In addition to basic insurance covers (insurance for the case of death), life insurance packages provide the option of concluding various additional insurance covers in accordance with the insurance conditions of the insurance company:

• supplementary accidental death insurance;
• supplementary insurance for the case of accidental death in a traffic accident;
• supplementary insurance for critical illnesses;
• supplementary insurance for specific surgeries;
• supplementary hospital allowance insurance;
• supplementary daily allowance insurance;
• supplementary accidental disability insurance – linear or with progression of 540 %;
• termination of premium payment in the case of total permanent disability.

The sum of insurance premium in the offer depends on:

• amount of the sum insured;
• insurance period;
• insured person’s age and health condition;       
• other risks affecting the sum of the premium.

Payment of life insurance premiums is carried out by direct debit to your personal account.

Important!

Tax legislation for life insurance

The legal basis for taxation or exemption from tax relating to life insurance is provided by:

• Insurance Contracts Tax Act, and
• Personal Income Tax Act.

Insurance Contracts Tax Act sets forth as follows:

• a 6.5 % insurance premium tax is charged if the duration of insurance is shorter than 10 years;
• a 6.5 % tax of the insurance policy’s cash-in value is charged if insurance - taken out for a period of at least 10 years - is terminated prior to10 years.

Personal Income Tax Act sets forth as follows:

The base for taxation is the difference between the payment of the sum insured (or cash-in value) and paid insurance premiums. Exemption from life insurance taxation is envisaged in the following cases:

• payment of the sum insured in the case of insured person’s death;
• if all below-indicated conditions are fulfilled:
  • life insurance income (indemnity) falls due later than after the expiry of 10 years from the inception date;
  • policyholder is at the same time also a beneficiary for the payment of indemnity on the expiration date;
  • insurance policy’s cash-in value is not paid out prior to the expiry of 10 years from the inception date.

In order to take out the life insurance, you need a personal identity document (personal identity card or passport).