Generali Insurance: Policy Benefits

• These are study notes for the Generali Insurance policy, specifically the "Quy Tac Va Dieu Khoan Bao Hiem Lien Ket Chung (Phien Ban 2017)".

Chapter 1: Product Benefits

• During the policy's active period, Generali distributes specific benefits.

Investment Interest

• The contract's value increases monthly, based on prevailing interest rates, guaranteed not to go below a set minimum.
• Investment interest rates are guaranteed per annum:
  • 4% from years 1-5
  • 3% from years 6-10
  • 2% from years 11-15
  • 1.5% from year 16 onward

Annual Bonus

• From the 6th through 20th policy years, an annual award is added to the primary account for each premium period, per the percentage of the premium paid
  • 5% from years 6-10
  • 10% from years 11-15
  • 15% from years 16-20
• To get the annual reward, the insured must pay premiums regularly within 60 days of the due date, which covers the current and prior contractual years.

Special Bonus

• At the conclusion of the 10th policy year and every 5 years thereafter, up to the 20th year, the base account receives a unique premium based on a percentage of the first year's premium
  • 25% at the end of year 10
  • 100% at the end of year 15
  • 225% at the end of year 20
• Qualifications for the bonus include continuously paying the period premium within 60 days from due dates, and not withdrawing from the base account or reducing the sum insured.
• The policyholder receives complete Account value upon contract maturity after deducting any outstanding debt, if applicable.

Maintaining Policy Effectiveness for the First Two Years

• Provided the policyholder pays premiums fully and consistently during the first 2 years of coverage, policy effectiveness remains, also if the account value isn't enough to cover monthly deductions. Missing amounts get subtracted later, in subsequent years.

Death Benefit

• If death occurs before a policyholder turns 70, the benefits paid are either the insured amount, the base account value, or the account added value.
• If death occurs after a policyholder turns 70, the benefits paid are either the guaranteed sum, or the total account value.

Total and Permanent Disability

• If total and permanent disability occurs before a policyholder turns 70, the benefits paid are either the insured amount, the base account value, or the account added value.
• If total and permanent disability occurs after a policyholder turns 70, the benefits paid are either the insured amount, or the total account value.

Accident Coverage

• If the insured dies due to an accident before age 70, Generali pays an additional 100% of the sum insured.

Coverage Limits

• The insurance amount used to determine rewards is appropriately adjusted according to the age of the insured at the time of the insured event.

Special Insurance Benefits

• If the period of the original insurance lapses as per regulations, Generali still ensures benefits for death or permanent disability of the insured.
• These benefits are available starting from policy year 3 until the end of the 20th year, until the insured turns 70.
• The insurance carrier will pay the Special Insurance Benefit after subtracting any outstanding basic premium payments, from when the initial policy coverage ended until an insured event occurs.

Expanded Insurance Benefits

• Policyholders can ask for broadened advantages for those protected under the terms and conditions of each broadened coverage.