MARRIAGE AND CHILD INSURANCE

Insurance object and subject

The object is the life and health of either parent of a child or any relative of direct line of descent, such as grandmother or grandfather. The said child is the beneficiary.

For persons of over 18 years of age. The insurance is due when the child reaches the age of 18 years.

Insured persons: 14 to 65 years of age, but not over 70 upon the insurance term expiration.

Covered risks

• The risks covered by the insurer are related to the execution of certain criteria, for example, reaching a certain age, graduation from university or marriage.

• The insured person’s death prior to the fulfilment of the conditions.
• Permanent loss of ability to work in result of insured accident up to 30%-50% – percentage of the insurance sum equal to the percentage of lost ability to work
• Permanent loss of ability to work in result of insured accident over 50% – the insured person is exempt from further payment of premiums and remains effective for the full amount of the insurance sum.

Additional coverage

At the insured person’s option, against additional payment any, some or all of the following additional coverage:

• Accident
• Daily allowances for hospitalization
• Surgical treatment
• Exemption from payment of premiums in case of permanent disability over 30%-50% caused by an accident
• Temporary disability
• Critical diseases and any consequences therefrom

Insurance sum

– to be agreed at signing the insurance contract.

The insurance sun is paid up upon the insurance term expiration.

Currency

BGN, EUR or USD

Insurance term

5 to 18 years

Insurance premium:

• One-off payment
• In instalments (every 1, 3, 6 or 12 months)

Tax relieve

None

Documents and forms at signing the insurance contract

• A request for conclusion of „Life“ insurance and a health declaration thereto:
• The request for conclusion of „Life“ insurance is filled in by the Contracting person, while the health declaration situated on the back is filled in by the child’s legal representative and the details refer to the child insured.
• In any case the Contracting person should submit a Report on the child’s health condition issued by the General Practitioner.
• An additional health declaration of the Contracting person upon the inclusion of the additional risk of exemption from instalments in case of the Contracting person’s death Financial questionnaire: for policies at the value of over 60 thousand BGN or 30,677.52 EUR;
• A declaration of funds origin – over 30,000 BGN (€ 15,338.76) one-off premium or  one-off prepaid premiums
• Insurance policy

Early termination of the insurance contract

• The Contracting person is entitled to early termination of the insurance contract, and receiving the insurance redemption value, provided the insurance includes the right to redemption
• The insurer is entitled to terminate the effect of the Contract in compliance with the General terms and conditions