What is the difference between a savings insurance program and a bank deposit?
As opposed to a bank deposit, insurance coverage is provided by an insurance company for the whole duration of fund accumulation. In the event of unforeseen circumstances that do not allow the insured person to continue to make insurance contributions due to disability or death, the full amount of funds accumulated will be paid to the insured person or beneficiary, regardless of the elapsed time and the amount of contributions paid. An insurance company usually pays the insurance benefit within 30 days; this payment is not subject to inheritance tax.
Are there any taxes applicable to the purchase of an insurance policy and further payment of insurance contributions?
Insurance contributions are not subject to taxation.
Will an incorrect payment, the amount of which exceeds that of a regular premium payment, be transferred to the next payment period in its excessive part?
If the amount of such a payment exceeds that of a regular premium installment, its excessive part will be transferred to the next payment period.
What is the procedure for changing personal information or the beneficiary in the insurance policy?
To amend the insurance policy you must fill in an application form at any Citibank branch. The insurance company will receive the original application.
How do I know the nearest payment date?
The nearest payment date is specified in the clause Procedure and Terms of Insurance Contribution Payments of the insurance policy.
How does CiV Life secure its credibility?
- The financial stability of CiV Life is explained by the conservative investment strategy implemented within the framework of the Talanx Group.
- The structure and placement of CiV Life insurance reserves is fully consistent with the normative legal acts of the Russian Federation. The company’s operation is monitored by the Federal Insurance Supervision Service (FISS) in accordance with the Russian Federation Federal Law On the Organization of Insurance in the Russian Federation and other normative legal acts.
- To secure maximum stability, CiV Life distributes the risks in 2 of 5 largest global reinsurance companies: Hannover Re and Gen Re.
Who can be appointed the beneficiary under the savings insurance contract?
Any individual can be the beneficiary. The insurer may appoint the beneficiary upon the insured person’s consent.
Can I purchase an accident insurance policy required to apply for a foreign visa?
The accident insurance policy is effective 24 hours a day, every day, with worldwide coverage. Therefore, the insurance benefit does not depend on the location of the insured event. However, rendering of medical services is not provided under this insurance policy. Thus, to apply for certain foreign visas you have to purchase an international travel insurance policy which provides medical services in the country of visit.
Can I change the frequency of contributions or the amount of premium payable?
The policy holder may change the contractual frequency of insurance premiums, or increase or reduce the amount. This can be done on a regular contract anniversary date but depends upon the insurer’s consent.
What aspects determine the insurance sum?
The amount of coverage depends on the insurance program chosen, the amount and frequency of insurance contributions, the duration of coverage, gender, age, health condition, profession and occupation of the Insured Person.
