What are the minimum and maximum ages for taking out a contract?
The minimum age is 18 years and the maximum is 75 in the periodic premium type of policy and 65 in the single premium option.
What is Ocaso Active Savings?
Ocaso Active Savings is a life insurance, by means of which the systematic payment of a periodic premium or the payment of a single premium enables the user to carry out the established savings plan, after having deducted the management expenses and the premium corresponding to the death guarantee. The value of the policy and, therefore, the sum of the redemption value depend on the variable technical interest rate applicable during every calendar quarter.
How can Active Savings be taken out?
Ocaso Active Savings can be taken out by making the periodic payment of the premiums in accordance with the chosen form of payment. The initial periodic premium starts from 720 Euros per annum according to the chosen form of payment. The premiums will increase by at least 3% calculated by means of geometric progression. It may also be taken out by means of a single premium, with a minimum payment of 3,000 Euros. In both types of procurement, one may make extraordinary contributions to the single premium with a minimum amount of 600 Euros in periodic premium type of policy and 1,500 Euros in single premium type of policy.
What happens if the insured dies?
Ocaso shall pay the designated beneficiaries the value of the policy and an additional 10% of said value. The sum of this additional amount shall be at least 600 Euros, but will not exceed 6,000 Euros. As of 65 years, the amount payable shall be 600 Euros.
What is the value of the policy?
It is the fund comprised of the contributions made by the insured person, revalued at the annual technical interest rate applied each quarter, after having deducted management expenses, administration costs and the risk premium for death or disability, foreseen in the particular conditions. Its amount coincides with the mathematical provision.
What is the redemption value?
It is the amount to be perceived by the insured, as a consequence of exercising his/her right to terminate the contract, after having paid all the premiums corresponding to the first annuity. It is equivalent to the policy value minus the applicable expenses and penalties, according to the particular conditions of the policy. The redemption may be total, partial or automatic.
Can I suspend the premium payments?
Having fully paid up the premiums pertaining to the first year, the Insured may suspend the premium payments, which will lead to transforming the policy into an insurance of the same type of policy and free from premium payments, according to the value of the policy in force at that moment.
If so desired, the insured may resume the premium payments without having to pay the premiums unpaid to date and without having to pay any interest in concept of reinstating the insurance policy.