Life Insurance for Marriage

25 August , 2018

This type of insurance products, in spite of any case, gives you opportunity to solve the financial problem as to cover expenses for marriage of your dependant (or yourself). It is ensuring reliable insurance protection during whole term of insurance, even if the family loses ones breadwinner, dependant remains a right to receive the sums agreed, and guaranteed with necessary means.

The main conditions of the insurance contract:

  1. Insurance period – from 13 months to 20 years;
  1. The amount of sum insured to be chosen by the Insured (customer), afterwards the Insurance company calculates the insurance premium. The amount of the insurance premium depends on sum insured, age of assured, period of insurance, and order of payment;
  1. Installments to be done by one of the following convenient manners: upfront, yearly, once in a half year, each quarter or monthly;
  1. The sum insured to be paid in the following cases (event insured):

– at the marriage of dependant;

– when the dependant aged as shown in the policy (if not married on time agreed).

In the cases shown above the sum insured equals to installments made plus additional bonus from the company.

Additional protection:

– If in the period of insurance parent died or received a disability group I was not able to pay all fees specified insurance company will still pay the full amount to be paid by the parents (without bonus);

– On request, in terms of insurance may also be included coverage for accidents as a parent and child.

  1. The age of parents – from 18 to 60, and should not be older than 65 at the end of insurance.

Tax remissions:

In the purpose of development of this field and increasing the social protection to the people of our country there were admitted the following additional tax remissions by the Government of the Republic of Uzbekistan:

– tax remissions applied to individuals: the sums of wages and other incomes of a physical person paid as an insurance premium for the long term life insurance are not subject to taxation (income tax, clause 28, article 179, Tax Code of the Republic of Uzbekistan);

– tax remissions applied to entities: the sums paid by a legal person as an insurance premium for the long term life insurances are referred to as other expenses (clause 33, article 145, Tax Code of the Republic of Uzbekistan);

– the expenses of a legal person paid as an insurance premium for the long term life insurance are not referred to as an income of a physical person (articles  307 and 172, Tax Code of the Republic of Uzbekistan).