Simple Insurance

Simple Insurance

General Information

The premium for these plans is not invested but is allocated solely for the insurance cover of the individual’s life. The capital of the Term Assurance Policy is only paid on the death of the life assured during the term of the Policy. A plan of this nature is offered either as a stand alone policy or as a rider to other Basic Plans and since it has no investment cover and, consequently no surrender value, it cannot be converted into a Paid Up policy. The purpose of these plans is the provision of insurance cover for the loss of life for a predefined duration of time. These plans cover all war risks other than those associated with military flights. In the event of the life assured committing suicide within the first 12 months from the inception of the Policy or its reinstatement, the Company’s liability is limited to the interest free return of the premiums paid for the basic life policy. Term assurances can be offered either as Convertible or Non Convertible.

Simple Convertible Term Assurance

In the event of the death of the Life Assured before the expiry of the Policy, the Company shall pay to the persons entitled thereto the sum assured. The Policy may during its validity and prior to its expiry date be converted to any type of life policy issued at the time by the Company other than any type of Term Assurance on payment of the regular premium charged at the time by the Company, without demanding any certificates of insurability, provided that all the following conditions are met:

any new policy shall not provide for a right to apply for other policies without a certificate of insurability (i.e. the right of conversion shall not be granted)
the replacement with a new policy shall not result in an increase to the total of the Insurance Cover
the duration of any new policy shall be at least 10 years and the premium payable shall not be less than the minimum premium specified by the Company’s regulations at the time.

Non Convertible Term Assurance

In the event of the death of the Life Assured before the expiry of the Policy, the Company shall pay to the persons entitled thereto the sum assured. If this cover is a rider to a Basic Plan, the sum assured shall be paid in addition to the cover provided by the Basic Plan.

Reducing Capital Term Assurance

The sum assured shall be reduced at each policy anniversary in accordance with the table of reduced capital forming part of the Policy. The premium shall remain steady for the whole term 
 of the Policy.

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Head office address:

173, Leoforos Tassou Papadopoulou, Pafos 8025

Call for help:

(+357) 99483516
(+357) 26257160

Mail for information:

info@ctheofanous.com