Unit-linked Life Insurance
Insurance amount and type of insurance benefit
You will be able to select the amount of life insurance and the type of insurance benefit according to your needs and expectations. Nordea Life Assurance Finland Ltd “Lithuanian branch” offers two convenient types of insurance benefit in case of accident:
- Life insurance amount and accumulated amount are paid;
- Life insurance amount or accumulated amount is paid (if the latter is higher).
Insurance premium
When signing a Nordea unit-linked life insurance policy, you will be able to select the amount of insurance premium and its payment periods: Once every month, once every quarter, once every six months, once every year, or total premium in one lump sum. Nordea Life Assurance Finland Ltd “Lithuanian branch” offers a flexible premium payment system to its clients. If the insured party pays a smaller insurance premium or suspends his/her payment of insurance premiums, the insurance policy remains in force. If the insured party pays a higher insurance premium, the accumulated amount increases. If you want to pay an additional or higher insurance premium, it is not necessary to inform the insurance company; all you have to do is make a payment.
Investment
Nordea unit-linked life insurance is not only a means of protecting your family in case of any accident, but also a means of accumulating funds for your future needs. At present, Nordea Life Assurance Finland Ltd “Lithuanian branch” offers the following investment funds to its clients:
- Far Eastern Equity Fund
- Central & Eastern European Equity Fund
- European Equity Fund
- Global Theme Select Fund/Latin American Equity Fund
- North American Growth Fund
- Nordic Equity Fund/Nordic Equity Small Cap Fund
- European Covered Bond Fund
- Global Bond Fund
- Euro Reserve Fund
When signing a Nordea unit-linked life insurance policy, you will be able to select several investment funds and specify the percentage to be invested into each fund.
During the effective term of the insurance policy, the premium investment plan (future premiums) and investment structure of the accumulated amount (redistribution of accumulated funds) may be changed.
Flexibility in the insurance policy
During the effective term of a Nordea unit-linked life insurance policy the following may be changed: life insurance amount, insurance premium, premium payment period, beneficiaries in case of death or recovery of the insured party, investment plan and investment structure of the accumulated amount. Insurance cover against permanent incapacity for work or permanent disability due to an accident may be added or omitted.
Tax bonus
The maximum benefit of the personal income tax bonus can be gained if a life insurance policy is signed for at least 10 years and/or premiums are paid on behalf of the client, his/her spouse or a minor; provided that the policy includes provisions stating that the client, his/her spouse or a minor, is the beneficiary when the insurance policy reaches maturity. The personal income tax bonus makes it possible to recover personal income tax (15%) from life insurance premiums paid during the previous calendar year.
The personal income tax bonus is applied to the total life insurance premiums which do not exceed 25% of the insured party’s taxable income received during one calendar year.
The procedure for signing a Nordea unit-linked life insurance policy is simple. All you need to do is take your personal identification documents to the nearest Nordea branch office.