Conclusion of a life and health insurance contract. How is the sum insured paid under a life insurance contract? Underwriting principles in life insurance

Among citizens of the Russian Federation, the possibility of insuring not only movable and immovable property, but also life, has acquired particular relevance. This circumstance is due to the fact that people began to more closely monitor their quality of life, their own health, and began to strive to ensure economic stability in the future. Life insurance involves compensation for damage caused to a person’s life or health in the event of a situation that, under the terms of the contract with the insurance company, is subject to monetary compensation (for this, an additional payment is usually issued).

When is the document issued?

The life insurance procedure involves concluding an agreement with an insurance company and issuing a policy to the insured person. The content of the agreement between the parties specifies the conditions under which the policyholder has the opportunity to receive monetary compensation for the damage caused. Moreover, we are not always talking only about the death of a citizen; the number of insured events also includes temporary disability of a person, an accident, or a serious illness.

After concluding a life insurance contract, a citizen must provide the company with which he entered into an agreement with a certain amount of money. The indicated payments can be regular, which are paid within the terms agreed upon by the parties, or it is also possible to make these funds as a one-time deposit. When an insured event occurs, which the parties to the life insurance contract must stipulate when concluding the agreement, the company undertakes to provide the person with savings with possible interest at a time. Also, it should be noted that the policyholder and the insurer can agree that the designated savings are provided to citizens for a certain period of time or for life.

It's important to know...

To understand the essence and procedure for drawing up a life insurance contract, you must first understand the fundamental terms and applicable parties to the agreement:

• Insurer - an enterprise that provides life insurance services to an individual or legal entity;
• Policyholder - a legal entity or individual who purchases an insurance policy and enters into an agreement for the services of an insurance institution;
• The insured person is a citizen whose personal data is noted in the contents of the insurance contract and whose life is subject to insurance;
• The beneficiary is the person who, in accordance with the clauses of the concluded life insurance contract, will receive funds upon the occurrence of the event agreed upon when executing the agreement.

A life insurance contract is drawn up in accordance with the provisions of regulatory legal acts of the Russian Federation.

Life insurance may be required in the following cases:

• When drawing up a loan agreement, banks oblige borrowers to enter into an agreement with an insurance company;
• Hazardous production - the head of the enterprise insures his subordinate and undertakes to provide his family with funds in the event of an insured event. The amount of payment is negotiated and indicated when concluding an insurance contract;
• Vehicle insurance - provisions of the legislation of the Russian Federation oblige the car owner to draw up a life insurance contract when registering the car. This is due to the fact that, according to statistics, insured events occur in emergency situations;
• Traveling abroad - if a citizen leaves the borders of his state for a certain time, he also needs to draw up a designated agreement, which will be valid for the period of time during which the policyholder will stay in the territory of a foreign state.

Types of contracts

A life insurance contract can be classified in various ways, depending on a large number of factors. Each of the forms of the designated agreement provides for a certain kind of peculiarities.

Classification of life insurance contracts according to main criteria:

1. By insurance object:
   • In the case of own life insurance. In this situation, the policyholder and the insured are the same person;
   • If the indicated agreement is executed in the name of another citizen. In the presented situation, the policyholder and the insured are different persons;
   • A joint life insurance agreement is concluded. The presented agreement is drawn up on the basis of the principle of first or second death.
2. Depending on the subject of insurance, contracts are:
   • The occurrence of an insured event upon the death of the policyholder;
   • When causing harm to a person's health.
3. According to the validity period of the insurance compensation:
   • For life;
   • For a certain period of time.
4. According to the procedure for transferring insurance payments to the company:
   • Funds are provided by the insurance company in the form of a lump sum payment;
   • Cash compensation is transferred to the company's account within a certain period of time. The procedure and terms of payment are agreed upon when concluding a life insurance contract.
5. By conclusion method:
   • Registration of a collective life insurance agreement;
   • Drawing up an individual agreement.
6. According to the method of providing cash payments to a person:
   • The beneficiary receives funds through a one-time payment;
   • Providing savings for a certain period of time. Payment terms are negotiated and indicated in the contract upon its conclusion;
   • Payment of pension.
7. According to the coating form:
   • The amount of payment is specified in the life insurance contract and cannot be changed;
   • With each payment, the payment amount decreases;
   • Increase in the amount of insurance compensation;
   • The payment amount is indexed according to changes in market prices;
   • The amount of insurance payments increases due to the contribution of funds by the insurer company;
   • Increasing insurance payments through direct deposits or premiums into investment funds.

The indicated criteria establish the specifics of life insurance contracts. However, there are three basic types, which differ in terms of the duration of the agreement:

• Life— the funds provided for by the contract are provided to the recipient due to the death of the insured citizen through a lump sum payment or in installments;
• Urgent– in the event of an insured event, the beneficiary is provided with cash savings for a certain period of time. The payment period is negotiated and indicated when concluding a life insurance contract;
• Mixed— the insurance is subject to compensation in the event of the death of the policyholder during the validity of the agreement with the insurance company and if the person remains alive after the end of the contract.

In addition to the types of agreements presented, there are also compulsory voluntary life insurance agreements. As for the first type of insurance, in the indicated case, the legislation of the Russian Federation obliges an individual to enter into such an agreement, namely: when applying for a loan, when drawing up an OSAGO, CASCO policy, when employing a person in a dangerous job. In the second case, the wishes of the policyholder are taken into account. He, on his own initiative, has the right to provide for certain risks and protect his loved ones and himself from financial problems if the citizen who entered into a life insurance contract dies.

In addition to everything else, there is investment life insurance on the financial market in the Russian Federation. This means that the citizen enters into an endowment insurance agreement with the company. From the moment the parties signed the agreement, the policyholder pays insurance premiums during certain periods of time, which are agreed upon when concluding the life insurance contract. Payments can be made quarterly, monthly or annually. The amount of designated cash transfers is fixed and specified in the provisions of the designated agreement. At the end of the agreement, the company’s profit received from financial transactions is added to the accumulated funds. Thus, we can conclude that the designated passive income is profitable (up to 12% per annum). In addition, in the presented situation, the citizen is allowed to withdraw funds from the account before the contract expires.

From all of the above, we can conclude that the main points in a life insurance contract are:

• Object- the person being insured;
• Subject- the citizen who receives the accrual;
• Term— period of validity of the life insurance contract.

The remaining points are considered additional. However, it should be noted that they are important and affect the determination of the cost of the services provided and the final amount of cash payments if the insurance object dies.

Design rules

When drawing up a life insurance contract, a person must be guided by the following requirements:

• The document must contain personal and contact information about the parties to the transaction;
• In addition, the validity period of the life insurance contract is mandatory;
• All insurance risks for which the beneficiary must receive certain monetary payments are indicated;
• Listing of unforeseen situations;
• Also, when drawing up a life insurance contract, the parties must determine the amount of money that the company must reimburse the person upon the occurrence of an insured event;
• Signatures of the insurer and the policyholder.

After the life insurance contract has been signed by the parties to the transaction, the citizen is provided with a special policy that evidences the transaction. Upon completion of the designated procedure, the policyholder is obliged to pay insurance premiums, the amount and method of payment of which are indicated in the agreement.

The structure of a life insurance contract is as follows:

• General provisions. Place and date of drawing up the life insurance contract. Personal and contact information of the policyholder and the insurer;
• Subject of the agreement. The object of insurance is indicated, as well as the beneficiary;
• Risks that are subject to insurance;
• Sum insured. The terms of payment for cash savings are indicated;
• Responsibilities and rights of the parties. The rights and obligations of the insurer and the insured are indicated;
• Responsibility of the parties;
• Duration of the contract;
• The procedure for resolving controversial cases;
• Change of agreement. It is indicated under what conditions it is possible to make changes to the life insurance contract;
• Additional terms of the transaction;
• Confidentiality of the agreement;
• Grounds under which the insurer is exempt from paying compensation. Situations are indicated when the insurance company has the right not to pay cash savings to the beneficiary;
• Final provisions. This paragraph indicates the number of executed contracts, when it comes into force, as well as other information;
• Details and signatures of the parties to the agreement. At the end, the personal data of the policyholder and the insurer are indicated, as well as their signatures.

Termination of the contract

It states that a citizen has the right to terminate a life insurance contract.

It should be noted that in this case, financial losses cannot be avoided, but they can be reduced. To do this, it is necessary to take into account significant nuances.

The life insurance contract is canceled if:

• The insured citizen sends a statement to the company indicating his desire to terminate the agreement;
• The policyholder has violated the conditions specified in the life insurance contract, namely: incomplete payment, regular violation of deadlines for payment of insurance premiums, falsification of insured events;
• When concluding a life insurance contract, the citizen provided false information to the company employee.

According to the provisions of the federal legislation of the Russian Federation, premature cancellation of a life insurance contract is possible in the following cases:

• An incident has occurred that does not correspond to the insured event;
• If the circumstances on the basis of which the citizen entered into a life insurance contract have changed (for example, a car was sold, he quit an enterprise that is harmful and dangerous to life and health).

It should be noted that in the event of termination of the life insurance contract at the initiative of the policyholder, the redemption amount will not be returned to him.

When contacting the company, the policyholder must have with him a completed application for cancellation of the life insurance contract and a document confirming the identity of the applicant.

Application Form

When contacting a company to terminate a life insurance contract, a citizen must fill out an application. The provisions of the regulatory legal acts of the Russian Federation do not contain a unified form of the designated document. For the reason presented, the application for termination of the life insurance contract is drawn up in free form. It should be noted that there are cases where a company has forms for such applications. In this situation, the person must contact the institution’s staff to obtain these forms and fill it out. In other cases, the application is completed in person, subject to certain rules.

An application for termination of a life insurance contract must contain the following information:

• First, indicate the name of the insurance company, as well as its address;
• Next, information about who is sending the application is indicated, namely: last name, first name, patronymic, address, telephone number, series and passport number;
• Then the applicant’s requirements are indicated - termination of the life insurance contract and payment of cash premiums. In addition, you should write down the details of the agreement that the citizen wishes to cancel, namely: the date of preparation, the parties to the transaction, the conditions of conclusion;
• List of documents that are attached to the application;
• At the end, the date of registration of the application is indicated and the applicant’s signature is affixed.

Calculation of the redemption amount

The redemption amount implies funds paid to the policyholder upon termination of the contract with the insurer.

The specified cash payment consists of a reserve, which is formed from regular insurance premiums paid by the policyholder and from the accumulated investment. The company calculates the share of the contributions made by the person, which he must return to the policyholder as the redemption amount. In the case of investment payments, the citizen is given the full amount. However, it should be noted that due to the fact that some savings are in circulation, the applicant will need to wait to receive their funds.

The party who decides to terminate the life insurance contract will incur losses. This means that the designated party will receive all accrued funds, minus the early termination penalty. The amount of the monetary penalty is indicated when concluding this agreement. The redemption amount is formed at the beginning of the second year from the date of conclusion of the agreement. Further, every year the indicated amount increases. When the life insurance policy expires, the surrender value will be the sum of the entire insurance policy.

As a rule, a life insurance contract contains a fixed amount of payments in a specified situation, but the company must still recalculate the surrender value of the insurance at the time the client sends an application to terminate the life insurance contract. The size of the payment depends on the state of the market at the time of application and on interest rates. In addition, the amount may depend on various bonuses, if any.

Providing a person with a tax deduction

According to the provisions of the tax legislation of the Russian Federation, a citizen who spends money on life insurance is entitled to pay tax deductions. The amount of taxes paid for a calendar year can be returned to the person, and the designated scheme is carried out for three consecutive years. This action is possible if the amount of tax deduction for insurance payments exceeds annual payments to the budget.

If a citizen wishes to return a tax deduction, he has the right to express his intention to receive a lump sum or receive benefits when collecting tax fees. This will only be possible if the service was provided to the person over a long period of time.

Tax deduction compensation occurs if the lives of the following persons are insured:

• Insured;
• Wives, if the policyholder is a man and husband, otherwise;
• Parents, adoptive parents, guardians;
• Native and adopted children.

Mandatory conditions for providing a tax deduction:

• The life insurance contract must be valid for at least five years;
• The policyholder must be a citizen of the Russian Federation;
• Regular cash receipts were made only on behalf of the policyholder;
• The person must be officially employed and regularly pay personal income tax.

The deduction amount for each reporting period should not exceed 120,000 rubles; the remaining payment is carried over to the next year.

In recent years, the number of issued life insurance contracts, including voluntary ones, has increased significantly on the territory of the Russian Federation. This is due to the fact that citizens realize the profitability of investing money in this situation. When concluding a designated agreement, the person and his close relatives are provided with social guarantees in the event of any emergency.

Good afternoon, dear friends! Today I would like to look at the most popular questions about life insurance and accident insurance.

What clients ask most often:

1. What is the sum insured?
Sum insured is the amount of money that is determined by the insurance contract, and on the basis of which the amount of the insurance premium (insurance premiums) and the amount of insurance payment upon the occurrence of an insured event are established.

2. What is an insurance premium (insurance premium)?
An insurance premium (insurance premium) is a payment for insurance that the policyholder is obliged to pay to the insurance company in the manner and within the time limits established by the insurance contract.

3. What is insurance payment?
Insurance payment is the amount of money established by the insurance contract and paid to the policyholder, insured person or beneficiary upon the occurrence of an insured event.

4. What is an insured event?
An insured event is an event that has occurred, provided for by an insurance contract or by law, upon the occurrence of which an obligation arises for the insurance company to make an insurance payment to the policyholder, the insured person, the beneficiary or other third parties.

5. What is the redemption amount?
The surrender value is the amount that is returned to the policyholder upon termination of a life insurance contract.

6. What is insurance protection?
The totality of the insurance company's obligations under the insurance contract.

7. What is insurance risk?
An insurance risk is an expected event against which insurance is provided. An event considered as an insurance risk must have signs of probability and randomness of its occurrence.

8. From what moment is a life insurance or accident insurance contract considered concluded?
The insurance contract, unless otherwise provided in it, comes into force from the moment of payment of the insurance premium or the first insurance premium.

9. How to determine the optimal amount of premium under a life insurance contract and how should it relate to the amount of the insured amount?
The contribution amount, on the one hand, should provide the necessary financial protection for you and your family, and on the other hand, its payment should not overly burden your family budget.

10. Is it possible to insure against an accident only for the duration of a trip or sports competition?
To insure travelers and athletes, it is more profitable to use special programs designed specifically for such cases. A standard accident insurance contract is concluded for a period of 1 year.

11. Are there any restrictions on the amount of insurance coverage under life and accident insurance contracts?
For life and accident insurance, the amount of the sum insured depends only on the amount of insurance premiums. Sometimes insurance companies limit the amount of insurance premiums based on the policyholder's annual income.

In life insurance, the amount of the insured amount for the risks included in the insurance contract is established by agreement between the policyholder and the insurer. However, the contract may provide for certain restrictions on the minimum and maximum amounts insured.

12. If the accident insurance policy is valid only during working hours, how is this time determined?
Working time is the time spent performing official duties. It is determined in accordance with the Labor Code of Russia and the Internal Labor Regulations of the enterprise.

13. Can a life insurance contract specify multiple beneficiaries?
Several beneficiaries may be designated under an insurance contract. Upon the occurrence of an insured event, payment is made to the beneficiaries in equal shares, or in another proportion, in accordance with the terms of insurance.

14. If the insurance contract does not specify a beneficiary, who will receive the insurance payment in the event of the death of the insured?
If the insurance contract does not specify a beneficiary, the insurance payment in connection with the death of the insured person is received by the heirs of the insured.

15. When must the insurance company be notified of the occurrence of an insured event under a life and accident insurance contract?
According to the terms of the insurance contract, it is necessary to notify the insurance company within 30 days from the moment when it became known about the occurrence of the insurance contract.

16. How quickly is insurance payment made when an insured event occurs?
Typically, insurance payment is made within 5 working days from the date the insurer receives all the necessary documents and draws up an insurance act.

17. Is it possible to terminate a life insurance contract for one reason or another?
The policyholder may terminate the life insurance contract by contacting the insurance company with a corresponding application.

18. If I want to terminate the life insurance contract, can I get the money paid back?
By terminating a life insurance contract, you receive the redemption amount in accordance with the terms of the contract. Depending on the terms of the policy and the term of the contract, the surrender value may be less than the amount of payments made, since part of the contributions of savings programs is spent on financing the risk of death and administering the policy.

19. Is it possible to change the terms of life insurance without terminating the contract?
Most insurance companies allow the client to change the amount of the sum insured, the range of risks and the frequency of payment of premiums.

20. If I can no longer pay for life insurance, do I have to terminate the contract?
If you cannot continue to pay your insurance premiums, but do not want to terminate the contract, it can be transferred to the “paid” status. The policy will be valid until the end of the period specified in the insurance contract, but the insured amount is recalculated taking into account the contributions you have made. Only insurance coverage for the risk of “death from any cause” is necessarily retained; protection for additional risks in such cases, as a rule, ceases to apply.

However, a transfer to the “fully paid” status is possible provided that the redemption amount is currently above the established limit, thus creating a sufficient reserve to stop paying insurance premiums.

21. What if I have financial problems and cannot pay premiums under a life insurance policy for some time?
Almost all life insurance contracts provide for a grace period, during which insurance protection continues to be in force, despite the delay in payment of the policy. Typically the grace period is 1-2 months.

In addition, you can reduce the amount of insurance fees while maintaining protection against all risks if you change the frequency of payments: for example, if you paid premiums annually, you can switch to semi-annual installments.

You can leave the same frequency of payment for insurance, but reduce the amount of the premium, also maintaining protection against all risks by reducing the sum insured.

The third option to reduce insurance costs is to waive some of the risks included in the life insurance contract. Due to this, the amount of the insurance premium will decrease, but the amount of the insured amount will remain unchanged.

22. The grace period for insurance allows you to defer the payment of the next installment under a life insurance contract. Can it be used once during the entire contract period or can there be several such grace periods?
The client has the right to use this opportunity when paying any next installment, without restrictions, regardless of the frequency of payment of contributions.

However, if an insured event occurs during the grace period, the insurance payment will be made minus the overdue insurance premium.

23. Under a life insurance contract, are payments made for bodily injuries sustained outside the territory of Russia?
Yes, unless otherwise provided by the terms of the contract. Most often, a life insurance contract provides insurance coverage throughout the world, except for countries that do not fall under standard risks.

24. What documents are required to receive insurance payment under a life insurance or accident insurance contract if harm to health was caused while staying outside the territory of Russia?
Standard package of documents: application for insurance payment, certificate from the medical institution to which the client initially applied, translated into Russian and notarized, passport, insurance policy.

25. Under a life insurance contract, will an insurance payment be made for damage caused to health as a result of a terrorist attack?
Yes, of course, such a payment will be made.

26. If the life insurance contract for children has expired and the child has not yet reached the age of majority, can his legal representative receive the payment?
Until the child reaches 14 years of age, deposits made in his name are managed by legal representatives. According to Article 26 of the Civil Code of the Russian Federation, when a child reaches 14 years of age, he can partially manage the deposits opened in his name, but only with the consent of his legal representative.

There is another option: contact the bank to open an account to which the insurance payment will be transferred, thus ensuring the opportunity to manage the funds by the child himself upon reaching adulthood.

27. How does endowment life insurance differ from other savings methods?
Only endowment life insurance combines the function of accumulation and at the same time financial protection. From the moment the contract begins, the insurance company assumes responsibility for the life and health of the insured person.

Due to the conservative nature of investments, endowment insurance provides stability of income, but if capital growth is in the foreground, it is worth looking for other mechanisms.

If you think about long-term financial planning, life insurance becomes a very profitable option. Endowment life insurance provides a person with a strong financial foundation.

28. If an insured event occurs under an accumulative life insurance agreement, as a result of which I will be exempt from paying contributions, for example, assignment of disability group I, will I continue to receive investment income after this?
In accordance with the terms of the insurance contract, from the third year until the end of the contract (except for programs with annuity payments), investment income will be accrued without fail, even if there is an exemption from paying insurance premiums due to the establishment of the insured group I or II disability.

29. If I cannot continue to pay the agreed premiums under the endowment life insurance contract and, in order not to terminate the contract, I agree to reduce the insured amount, will I continue to receive investment income?
When the insured amount under accumulative insurance contracts is reduced, investment income is accrued if more than three years have passed by the time the financial changes are made. If less than three years have passed, the insurance company reserves the right to defer the accrual of investment income.

30. What liability is provided for intentionally causing harm to one’s health in order to receive insurance payment under a life insurance or accident insurance contract?
According to Article 963 of the Civil Code of the Russian Federation, an insurance company is exempt from paying insurance compensation or the insured amount if the insured event occurred due to the intent of the policyholder, beneficiary or insured person.

All suspicious cases are necessarily investigated by the internal security service of the insurance company and, if there are grounds, a criminal case is initiated. Deliberate actions of the policyholder, insured person or beneficiary aimed at causing an insured event and receiving insurance compensation are regarded as fraudulent under Russian law. For committing such actions, criminal liability is provided under Article 159 of the Criminal Code of Russia

If you have any questions, write in the comments, we will be happy to answer.

A life insurance contract is one of the most common personal insurance contracts. This is due to a more attentive attitude of society to the standard of living, health, and the desire for material stability in the future, because Life insurance contracts are characterized not only as risk contracts, but also as accumulative ones.

The desire to protect yourself from material costs or at least partially alleviate the situation at the time of an insured event is quite natural. And it is life insurance that gives citizens the opportunity to resolve these problems as much as possible without placing them on the shoulders of family and friends.

A life insurance contract is an officially sealed agreement between the insurer and the policyholder on the payment by the first party of a certain sum insured upon the occurrence of specific insured events in exchange for the payment of insurance premiums by the second party. The conclusion of the contract is confirmed by issuing an insurance policy.

The life insurance contract is within the purview of civil law, and the same principles of law apply to it as to other types of contracts.

The life insurance contract is regulated by the Law of the Russian Federation “On the Organization of Insurance Business in the Russian Federation”, the Civil Code of the Russian Federation (Part Two, Chapter 48) and by-laws of the federal body for supervision of insurance activities.

A life insurance contract is characterized by the following features:

– a bilateral agreement in which the parties have mutual obligations to each other;

– consensual, concluded with the consent of both parties;

– a public contract, the conclusion of which cannot be refused to the policyholder;

– the form of the agreement is written.

Reaching an agreement between the parties and drawing up the contract ends with the issuance of an insurance policy. The life insurance policy has a scheduled form, i.e. the document has two types of text: pre-printed general provisions, the same for all policies of this type, and a variable part - schedule. It represents personal information for each insured person (policy section) and has seven subsections, which include:

– policy number;

– information about the client: date of receipt of the application, name, residential address, profession, place of work, date of birth, etc.;

– sum insured: size, availability of bonuses or guarantees of a certain investment percentage;

– determination or listing of insurance events for which the insured amount will be paid;

– insurance premium: size, form and payment procedure;

– the start and end dates of the contract;

– special additions (options): conversion of one type of contract into another, increase in the sum insured without a medical examination.

In addition to the shedula, the policy contains seven more main sections:

– the title part, which contains the name of the insurance company, the address of its parent organization, telephone numbers, etc.;

– introductory part, or preamble, where information is entered that the parties are entering into an insurance contract of a specific type, based on the client’s application and declaration;

– general conditions defining the insured risks, the type of guarantees provided and the mutual obligations of the parties;

– special conditions, including exclusions from the guarantee, which usually include suicide in the first one or two years of the contract, death from cardiovascular diseases in the first year of the contract, death as a result of engaging in dangerous forms of leisure;

– policy reduction conditions, such as determining the cost of the policy redemption, reducing the sum insured if the policyholder is unable to continue paying premiums, reinstating the policy after a certain period of non-payment of premiums, the possibility of providing a loan against a life insurance policy; providing a deferment in payment of premiums;

– conditions for payment of the insurance amount, which include evidence of the existence of an insured event; identification of the body of the insured; proof of age; provision of a policy; fulfillment of the conditions for payment of the premium;

– conditions for early termination of the contract;

– jurisdiction of the contract;

– signatures of the parties.

Since life insurance contracts are concluded between insurance organizations that are professionals in the field in question, and individuals or legal entities that do not have special knowledge in insurance and financial matters, much attention is paid to the clarity and precision of the wording used in the contracts. All information contained in the policy must be simple and understandable to the client. All obligations, conditions, reservations and exclusions shall not be subject to double interpretation. If there is any ambiguity or ambiguity in the terms of the contract, they will be interpreted in favor of the policyholder. In addition to the insurance contract, many insurance companies include insurance rules and dictionaries that they have developed, containing explanations of the most significant terms.

From a legal point of view, there are three options for life insurance contracts.

The simplest form of an insurance contract is the form in which the insured, the policyholder, and the beneficiary (beneficiary) are the same person. This type of agreement is typical for savings types of insurance, individual annuity or pension insurance.

According to the second insurance option, the policyholder insures his own life not for his own benefit, but for the benefit of another person - an heir or a creditor. In this case, the policyholder and the insured are the same person, and the beneficiary is another individual or legal entity.

According to the third insurance option, the policyholder is one person (individual or legal), and the insured is another individual. Such agreements can be concluded by spouses (individuals) in relation to each other or employers (legal entities) in relation to their employees. The insured, his heir, and the policyholder can be appointed as a beneficiary.

In accordance with Ch. 48 of the Civil Code of the Russian Federation, a personal insurance contract is considered concluded in favor of the insured person if it does not name another person as a beneficiary. In the event of the death of a person insured under a contract in which no other beneficiary is named, the heirs of the insured person are recognized as beneficiaries. A personal insurance contract in favor of a person who is not the insured person, including in favor of the policyholder, can be concluded only with the written consent of the insured person. In the absence of such consent, the contract may be declared invalid at the claim of the insured person, and in the event of the death of this person - at the claim of his heirs.

The procedure for maintaining and concluding a life insurance contract is a series of sequential operations carried out by the insurer and the policyholder. The main stages included in this process are: preparation of the contract; acceptance of risk by the insurer; concluding a contract and issuing an insurance policy; execution of the contract (amending it, paying insurance premiums, carrying out possible financial transactions under this contract); end of the contract.

Recently, contracts with additional guarantees have begun to appear in life insurance practice.

They represent an expansion of insurance coverage in three areas.

The first is an introduction to contract terms of coverages that are used in other branches of personal insurance, such as health insurance or accident insurance.

The second is to provide the policyholder with the opportunity to change some of the terms of the contract directly during its validity period.

Third, the provision of benefits and bonuses for the payment of insurance premiums as a result of the occurrence of conditions stipulated by the insurance rules that limit the ability of the policyholder to regularly pay premiums. The inclusion of additional conditions in the insurance contract is possible for an additional insurance premium.

The most convenient for insurance and frequently used additions to a life insurance contract are:

– payment of double the insurance amount in the event of the death of the insured person as a result of an accident;

– providing the insured with a daily benefit for the period of incapacity for work, usually permanent, but can also be applied to temporary incapacity for work, especially while in hospital;

– payment of the insurance amount in case of disability;

– guarantee of payment of treatment costs;

– guarantee of payment of expenses for long-term medical household care, etc.

A life insurance contract differs from other insurance contracts in the following features:

– a life insurance contract is, as a rule, a long-term contract with a long validity period: 10–15 years or for the entire life of the insured person;

– a life insurance contract is a sum insurance contract, and not a loss insurance contract, as is the case in property insurance. Under a life insurance contract, the insured amount agreed upon in advance is paid, since it is not possible to estimate the cost of human life and, accordingly, its loss. Compensation for damage caused to the life of the insured by guilty third parties does not deprive the insured or the beneficiaries designated in the contract of the right to receive the due insurance payment;

– in life insurance there is no concept of double insurance and, accordingly, restrictions on payments, including indemnity rights. For all contracts concluded by the client, insurance amounts are paid upon the occurrence of an insured event. The only limitation for assigning an insurance amount is the client’s ability to pay the corresponding insurance premiums. In addition, the insurer has no right to demand from the guilty party, if any, compensation for the paid insured amount;

– under a life insurance contract, the insurer knows in advance the cost of the insured event - the insured amount signed in the contract, as well as the probability of the occurrence of the insured event, i.e. the client's likelihood of surviving or dying at age X years, obtained from population mortality tables. These data allow insurers to create not technical reserves, as is done for risky types of insurance, but mathematical reserves.

Life insurance refers to personal insurance, which provides for the protection of the long-term interests of the insured person (the policyholder). The main purpose of life insurance is to accumulate and save a monetary asset for such important events in the life of each person, such as wedding, coming of age, retirement and others. All types of insurance in which the object of insurance is human life are classified as life insurance.

Subject of insurance

A life insurance contract is concluded so that upon the occurrence of an insured event (death of the insured), the beneficiary specified in the contract is paid compensation for the loss. In the classic version of a life insurance contract, insurance is concluded in the event of the death of the insured person. When concluding this contract, the policyholder selects the optimal final period of time that could cover important life periods, for example, the minor age of children (they cannot provide for themselves) or the maturity of the loan.

A life insurance contract combines risk and savings functions (mixed death and survival insurance). The contract is concluded for a period of at least one year.

A life insurance contract can take various forms, for example:

• mixed life insurance: includes accident insurance;
• Term Life Insurance (life insurance for a specific period): an economical way to protect your family;
• endowment life insurance: long-term life insurance, in which the policyholder is paid the insured amount when he survives the period specified in the contract; In the event of the death of the insured person, the insurance amount is paid to his heirs.

Concluding a life insurance contract for a certain period becomes beneficial in the case when the policyholder, for example, has a job that is dangerous to his life. The conclusion of this agreement is recommended for the duration of the employment contract, with its possible subsequent cancellation on the day of dismissal. An important advantage of this type of insurance is its simplicity and clarity, as well as accessibility for every interested insured.

Insurance risks

The risk of death of the policyholder (insured person) is the only and main risk that is protected by a life insurance contract. Arising from the main risk (death of the insured person) is the risk of financial losses to the heirs (beneficiaries).

As a rule, a life insurance contract covers insurance risks that occur in a person’s life as a result of unforeseen and unintentional events: death (death) due to illness, accident, illegal actions of third parties. In exceptional cases, the insurance contract may include the risk of suicide. It is often taken into account when insuring a loan, so this risk is accompanied by additional specific clauses. In addition, the life insurance contract may include the risks of survival, disability and others.

Insurance cases

Insured events under the accumulative insurance system include:

• safe survival until the end of the life insurance contract;
• loss of health and ability to work due to an accident (disability);
• death (destruction) of the insured person;
• death (death) of the insured person due to a road accident, accident (doubling the insured amount).

Insurance rate

In a life insurance contract, the insurance rate (insurance premium) will directly depend on the following factors: the health of the insured, gender and age. To determine the cost of the insurance tariff, insurers use mortality tables.

The expected discounted value of the insurance payment is calculated based on the data from such tables. After this calculation, additional information about the health of the insured person is entered. The calculations must take into account the insurer's expenses and its expected profit.

The insurance rate for endowment life insurance varies between four and ten percent of the total insured amount. The following factors influence the amount of the insurance rate:

• age of the insured person (the tariff increases with the age of the policyholder);
• gender of the policyholder (men have a higher rate than women);
• insurance risks and insurance program (risk of death or disability).

Important to know!

The insurance company's actuary calculates the insurance payment specified in the life insurance contract option. After its payment by the policyholder, the insurer undertakes the obligation to protect the policyholder and create investment income for the policyholder for the insurance amount paid by him. Typically, a savings life insurance program is similar to bank deposit programs.

In many civilized countries, life insurance is quite common. Many citizens turn to this service voluntarily, regularly pay fees, insure themselves, children, property, etc.

This is not accepted in Russia; residents of our country are distrustful of the provision of such services by insurance companies. In our country, voluntary insurance is considered the preserve of the rich. Russians rarely take out insurance of their own free will. Basically, it is a mandatory clause in any agreement: for employment (the organization provides the employee), credit, in hazardous production, when registering a car, etc.

It will turn out very well if nothing happens to a person in his entire life, there are no accidents, he calmly lives out his old age in the circle of his family and accumulates a decent amount of money to leave to his loved ones. But we all know very well that life is unpredictable. It happens that, having a family, a job, a housing loan, a person gets into an accident, receives serious injuries and loses his ability to work, albeit temporarily. In the absence of reserve capital, the situation will be disastrous. But if certain risks were foreseen, the insured person will be paid a compensation amount, which can be spent on treatment, rehabilitation or funeral.

When is this document compiled?

The domestic financial market provides insurance services to the population. Life insurance provides for registration policy and contract. Most insurance companies consider insured event not only the death of an individual, but also the accident and illness of the client.

The policyholder is obliged to pay certain amounts as monthly contributions. These contributions can be regular, or you can agree on a one-time contribution. Upon the occurrence of an insured event, the company undertakes to pay out the savings with possible interest at one time, or the payment of funds can be agreed upon regularly, after a certain period of time before or after a certain point, or for life.

To understand the essence and procedure for drawing up an insurance contract, you first need to understand basic terms and actors:

Russian legislation regulates the procedure for forming contracts of this type.

The document drawn up for life insurance of an individual must comply following requirements:

• indication of all details of the parties to the transaction and the validity period of this agreement;
• a list of all insurance risks for which monetary payments are provided;
• deciphering force majeure;
• determination of the insured amount that the company undertakes to compensate upon the occurrence of an insured event;
• signatures of the parties to the transaction.

The signed agreement is accompanied by the issuance of a special policy, which serves as confirmation of the transaction. After the procedure, the policyholder is obligated to pay insurance premiums, the amount and date of receipt of which is specified in this agreement.

There are several precedents when life insurance may be required individual:

• lending (in particular) - banks themselves enter into an agreement with the insurance company, entering the borrower’s data there;
• hazardous production - the employer insures its employee and undertakes to pay his family the full cost of the contract upon the occurrence of an insured event;
• car insurance – the state obliges the owner to enter into a life insurance contract upon registration; insurance claims are usually associated with car accidents;
• traveling abroad – traveling outside one’s own country involves temporary life insurance for a citizen for the duration of his stay in another state.

Varieties

This service can be classified in different ways, depending on many factors. Each form provides its own characteristics of a certain kind.

Thus, according to the main criteria, the following are distinguished: types of life insurance contracts:

These criteria determine the specifics of life insurance contracts, and the main three basic types differ according to the period of conclusion of the contract:

1. Lifetime – the insurance is paid at once or in equal installments to the beneficiary upon the death of the insured person.
2. Urgent – ​​periodic payments in favor of the beneficiary upon the occurrence of an insured event before the period specified in the contract.
3. Mixed - insurance can be reimbursed in the event of the death of the insured during the period of validity of the contract and if he remains alive after the expiration date.

In addition to these types, there are also contracts voluntary and compulsory life insurance. The first type involves the desire of the policyholder, on his own initiative, to provide for certain risks and protect himself and his loved ones from financial problems in the event of his own death. As for another type of insurance, here an individual is obliged to enter into such an agreement (creditor bank, the state when taking out a compulsory motor liability insurance policy, CASCO insurance, etc., an employer when hiring a citizen for a dangerous job, etc.).

There is also a financial market in the Russian Federation. It means concluding an accumulative insurance agreement, that is, from the moment of concluding a transaction with an insurance company, the policyholder periodically (monthly, quarterly, annually, etc.) pays insurance premiums. Their amount is fixed in a specific clause of the contract, and upon completion of its validity, the insurer’s income from financial transactions in favor of the beneficiary will be added to the savings. Thus, this is quite a profitable passive income (up to 12% per annum), and partial withdrawal of funds from the account is allowed before the end of the contract.

It turns out that the most important points in any life insurance contract are the object (the one who is insured), the subject (the one who will receive the insurance amount) and the term (the period of validity of this contract). The remaining factors can be considered additional, but they significantly affect the cost of the services provided and the final amount of payment in the event of the death of the insurance object.

Termination procedure

The Civil Code of the Russian Federation, or more precisely Article 958, allows insured citizens to terminate the contract with the insurer.

Here, financial losses are inevitable, but they can be reduced by taking into account some important nuances.

The contract is terminated for three reasons:

According to the federal legislation of the Russian Federation, termination A life insurance contract ahead of schedule is possible in the following cases:

• an incident that does not fall under the concept of insurance risk;
• changes in circumstances in physical life. persons (dismissal from dangerous work, termination of travel abroad, sale of a vehicle, etc.).

If the contract was terminated at the initiative of the policyholder, the redemption amount will not be returned to him.

Often life insurance is imposed on the client by the state or the creditor bank, and after some time the person understands the inappropriateness of this decision. Unfortunately, nowhere in the legislation is there a regulation defining a fixed amount of payments; it is determined by the insurer and specified in the contract.

When contacting the company, the client must have with you passport and draw up an application for termination of the life insurance contract. It must contain the name of the organization providing insurance services, the full name of the insured person, an indication of the previously signed contract, the request itself and details (date, signature). The petition may express a desire to terminate the transaction or pay insurance premiums.

Termination of the insurance contract when applying for a loan from a bank assumes the following nuances:

1. The mortgage provides for mandatory insurance of the borrower in the first year of the loan agreement, and then this service is paid for voluntarily.
2. If you cancel your own life insurance when paying a mortgage loan, 1% is usually added to the cost of the product.
3. Early repayment of any loan means the end of the insurance contract with compensation of funds for the remaining period.
4. The insurance premium is paid over a three-week period.

Termination of the contract OSAGO occurs when one of the following three cases occurs:

1. The vehicle purchased on credit was sold to someone else. The borrower draws up an application, attaches his passport data, a copy of the policy and the paid receipt.
2. The car cannot be restored after an accident. To the specified list of documents, you must attach a certificate from the traffic police confirming the fact of the accident and a paper from the service station confirming the impossibility of restoring the car.
3. Insurance company bankruptcy.

Procedure for calculating the redemption amount

Surrender is the money intended to be paid to the policyholder by the company upon termination of the life insurance contract.

It consists of the reserve paid by the policyholder as regular insurance premiums and accumulated investment funds. The insurer calculates the share of the premiums that it is willing to return as the redemption amount, and it is obliged to pay the investment in full. However, due to some of the savings being in circulation, the applicant will have to wait.

Since one of the parties decided to interrupt mutual obligations on its own initiative, it will be the party that will suffer some losses. That is, the entire accumulated premium reserve is subject to payment, minus the penalty for early termination of the life insurance contract. The redemption value is formed after two years of the contract, and increases every year. When the insurance period expires, the redemption amount will be equal to the cost of the entire insurance.

As a rule, the contract contains a guaranteed payment amount in this case, but the insurer will still have to recalculate the surrender value of the insurance at the time of the client’s application. The payment amount will fluctuate depending on current market conditions and interest rates. Various bonuses, if any, are also taken into account.

Receiving a tax deduction

Tax legislation provides for payments to citizens for life insurance expenses. The amount of all taxes paid for the year can be returned, and this scheme can be implemented for three years in a row if the total tax deduction for insurance exceeds annual payments to the budget.

By taking advantage of the opportunity for a tax deduction for life insurance, you can receive a tax benefit or receive a lump sum payment that compensates for part of the funds. This procedure is only possible if the service is provided for a long time.

The deduction is compensated, if life is insured:

Mandatory conditions:

1. The duration of the contract is at least 5 years.
2. The policyholder must be a citizen of the Russian Federation.
3. Regular receipts only from your own wallet.
4. Official employment and regular payment.

Taxpayers have the right to expect monetary compensation for the cost of a life insurance contract when taking out a mortgage.

Amount of deduction for each reporting period should not be higher than 120,000 rubles, the remaining payment is transferred to the next year.

In recent years, the number of life insurance contracts concluded in the country, including voluntary ones, has significantly increased. Citizens realize that this is a fairly profitable way of investing money, which also provides social guarantees to the insured person and his relatives in the event of any emergency.

The rules for terminating life insurance contracts are described in the following video: