Generali Insurance Policy 2017

• This is the 2017 version of the policy and terms of the Generali Jointly-Linked Insurance, approved and supplemented by the Ministry of Finance.

Product Benefits

• The product benefits include insurance benefits, resolution of insurance benefits, participation in insurance, contract validity, and contract-related changes.
• Fees are included in the insurance and contract account value.

Insurance Benefits

• Generali pays certain benefits while the insurance policy is in effect.
• The investment interest increases the contract account value monthly based on the investment interest rate, which is no lower than the committed level.
• The committed annual investment interest rate varies depending on the contract year: 4% (years 1-5), 3% (years 6-10), 2% (years 11-15), and 1.5% (year 16 onwards).
• Starting from the 6th to the 20th contract year, an annual bonus is added to the basic account at each premium payment period based on a percentage of the premium.
• The annual bonus as a percentage of the premium varies depending on the contract year: 5% (years 6-10), 10% (years 11-15), and 15% (years 16-20).
• To receive this benefit, the policyholder must pay the periodic premium for the benefit year within 60 days of the due date, and premiums for previous contract years.
• The insurance buyer can withdraw this annual bonus from the end of the 20th contract year.
• If the insurance buyer requests to terminate the contract during the bonus year, Generali will deduct this year's bonus before paying the surrender value.
• A special bonus is allocated to the basic account at the end of the 10th contract year and every five years thereafter until the 20th contract year, at a percentage of the first contract year's premium.
• The special bonus varies from 25% at the 10th year-end, rising to 100% at the 15th year-end, and 225% at the 20th year-end.
• The first contract year's premium paid at the time of issuing the insurance contract includes the first year's basic premium and the first year's additional insurance premium if applicable.
• If the policyholder requests termination of the additional insurance benefits taken out when issuing the contract, this additional insurance premium for the first contract year will not be used to calculate the special bonus.
• The policyholder must meet various requirements within the five years before receiving the benefit to receive the special bonus.
• Periodic premiums must be fully paid within 60 days of the due date, and no money can be withdrawn from the Basic account; and the insurance amount cannot be reduced.
• The policyholder receives the entire contract account value after deducting any debts on the contract's maturity date.
• If the policyholder has paid the premium in full and on time, even if the contract account value is insufficient to deduct the monthly deductions, and for those 2 first years of initial contract validity is maintained.
• The monthly deduction shortfall is deducted in subsequent contract years.

Specific coverage

• If the policy becomes invalid based on certain criteria, Generali still covers the insured for death or total and permanent disability.
• The death benefit is paid according to the standard terms, or the total and permanent disabilty benefit is also paid according to the standard terms.
• The special insurance benefit applies from the third contract year (after the first two contract year premiums have been paid in full) until the end of the 20th contract year or until the primary insured reaches 70 years old, whichever comes first.
• With each instance of the insurance contract becoming invalid, the maximum insurance period for the special insurance benefit is 24 months or until the insurance contract is approved for reinstatement, depending on which comes first.
• The special insurance benefit is paid after deducting the basic premium due but unpaid and/or the risk insurance premium not deducted from the date the insurance contract became invalid to the date of the insurance event.

Additional Insurance Benefits

• The policyholder can request additional insurance products for the insured as per the rules and conditions of each additional insurance benefit, as outlined in the policy's rules and conditions.
• The additional insurance benefits, rules, and conditions for each insured person are stated on the insurance certificate, additional appendices, revised confirmations, supplements, other agreements and certain other terms as well if specified.

Other Chapters

• Other chapters cover aspects such as eligibility for benefits, procedures for settling benefits, enrollment in insurance, contract validity, changes related to the contract, premium fees, and definitions.