Education Life Insurance

25 August , 2018

This type of the insurance products, in spite of any case, gives you opportunity to solve the financial problem as to cover tuition fee when your dependant to be admitted for study at any school. It guarantees reliable insurance protection during whole term of insurance, even if the family loses ones breadwinner, the 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;


2. The amount of the 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;


3. Installments to be made by one of the following convenient manners: upfront, yearly, once in a half year, each quarter or monthly;


4. The sum insured to be paid in the following cases (event insured):


– when the dependant admitted to study at any school (high education, vocational training, academic lyceum, school);


– when the dependant aged as shown in the policy (if not to be admitted to the school).


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


The additional protection for the parents:


If during the period of insurance the parents dies and cannot pay the insurance premium, the insurance company pays all sums which must be paid by the parents (without bonus).  


5. 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:


– Income tax benefits for individuals: the amount of salaries and other incomes of individuals allocated to pay insurance premiums for long-term life insurance are not subject to taxation (not subject to income tax) (Clause 15 of Article 378 of the Tax Code of the Republic of Uzbekistan).