Useful Information

The premium is payable to the insurance intermediary or at a Company’s Branch or at its Head Office, always against a receipt by cash or a  bank deposit, visa card or a bankers’ order through any bank. Monthly payments are made through a bankers’ order only. 

Yes, provided you apply to the Company and the application is accepted.

The premium is payable monthly, quarterly, half-yearly and annually.

Single premiums (one payment) are payable in whole together with the proposal form.

The whole premium is paid in accordance with the payment frequency and the payment date(s) agreed but a grace period of 30 days is allowed for paying same. During the 30 days’ grace period, the policy and all benefits provided thereunder are in force. In the event that the insured peril occurs within the 30 days’ grace period, the Company shall pay the applicable benefit as provided by the policy after deducting the premium due.

In the event that the policy has no surrender value and the premium is not paid within 30 days from the due date, the policy is cancelled and is no longer in force.

Once the policy acquires a surrender value and provided that it is an investment policy, the customer is entitled to ask that the policy be converted to “Paid-Up”. In such a case, it is understood that the basic cover for death is limited to the value of the units from time to time, after such number is reduced for the settlement of any amounts due to the Company. Once the policy is converted to a “Paid-Up Policy”, all additional benefits shall cease to be in force.

It applies in the event that the policyholder is unable to pay the due premium. Provided that the policy has acquired a surrender value adequate to settle the due premium, the Company shall redeem a number of units for the payment of the due premium. This process is continued so long as the value of the credited units is adequate to settle future premiums. Whenever the policy premium is paid by applying the automatic loan, all policy benefits are in full force.  

The customer is entitled to request from the Company that changes to the investment policy be effected as provided by the Company’s regulations by communicating with his insurance intermediary or directly with the Company

Units are transferred on the basis of their redemption price. The first transfer is done free of any charge and all subsequent transfers are subject to administrative charges which are automatically deducted by cancelling units. The customer shall be informed by letter about the effected changes, the number of units cancelled and the remaining balance.

Single premium is an investment plan of a fixed duration and linked to units of the Company’s internal funds and its premium is payable in a single instalment on the commencement of the plan.Its purpose is to provide the opportunity for investing a single lump sum on its commencement.In the event of death, the Company shall pay to the beneficiaries the amount of cover stated in the schedule or the value of the credited units at their redemption price. For this particular plan, bonus units are granted at every policy anniversary.

This is an additional single premium which can be deposited in one of the existing investment plans. The minimum amount of deposit is €350 which can be repeated as many times as the customer wishes. The basic cover as well as the additional premium (Lump Sum).are increased. The investment percentage is 100% and no bonus shares are granted.

Because with Single Premium και Lump Sum the insurance cover is increased and a large number of units boosting your investment is purchased with single amounts.

For Single Premium we shall issue a separate policy while for Lump Sum a certificate stating the number of investment units credited to you will be issued.

If the policy is cancelled, it can be reinstated within 2 years from the cancellation date and provided that the cancellation was the result of non-payment of premium (not surrender) or its conversion to “Paid Up”. For the reinstatement of the policy, it is necessary that you produce evidence of insurability and all overdue premiums be paid.

The policy can be reinstated in the same form as it was at the time of the cancellation or conversion to “Paid-Up” on acceptance of the application for reinstatement by the Company.

A life insurance policy is an important property asset which is acceptable by banks as additional security. The Company should be advised of any assignments.

Paid premiums are not taxed under the following circumstances:

• The tax deduction depends on the rate of tax imposed on you.
• The insurance cover should be at least 15 times the annual premium. For Medical Insurance premiums, an Income Tax deduction up to 1,5% of your income is allowed.
• The premium paid together with your contributions to the Social Insurance Fund and approved Pension and Health Funds should not exceed 1/6 of your taxable income.
• Since 2002, the life assured and the policyholder should be the same person.

Every policyholder has the right within 30 calendar days from the date he became aware of the conclusion of the contract to inform the Company in writing of his decision to withdraw and terminate the contract. Once the right to withdraw is exercised, all amounts paid other than Medical Expenses incurred by the Company shall be returned within a month. 

The policy can be surrendered after its second anniversary when it acquires a surrender value. The surrender can be accomplished by submitting to the Company the policy and proof of age if same was not confirmed on the commencement of the policy. The surrender value represents the value of units credited to the policy at their redemption price after the deduction of any amounts due to the Company. 

Once the policy acquires a surrender value, the customer can in terms of the Company’s regulations applicable from time to time surrender part of the units credited to the policy at their redemption price. 

In the event of an unexpected occurrence covered under the policy, the Company should be informed within the time limits specified in the policy and the proper for the case supporting documents be submitted.

Bonus units are granted once the time period specified in the policy terms elapses. The number of bonus units is a percentage of the units credited at the time to the policy. The said percentage is specified in the policy schedule and it is guaranteed.

In the event of an accident which is covered under your policy, you should visit a medical practitioner of your choice and inform the Company within 10 days from the date of the accident. If as a result of the accident you are unable to communicate with the Company, the Company should be informed by a person acting on your behalf.

• You should advise the Company before being admitted to a hospital for a programmed treatment.
• Your level of cover should be confirmed and what the agreement with the particular Hospital provides for.
• If as a result of an emergency you are not in a position to notify the Company, you should ask somebody to do so on your behalf.

You should submit a claim form with all necessary information and supporting documents regarding the event.

You can obtain the Medisyn  medical card either as a supplementary benefit to any life insurance policy (even for Whole Life policies and thus have Medical Treatment for life) or as an annual renewable policy.

Medisyn is a medical treatment card which covers the present and future needs of the customer. In terms of this scheme, Insured is considered the person in whose favour the policy was issued and his dependants.

The card covers the customary and reasonable expenses incurred at a Hospital in Cyprus or in the country where the treatment was provided and applies to all treatment expenses incurred whilst the patient was hospitalised.

The scheme also covers ambulance expenses, consulting medical practitioner’s fees, emergency international medical assistance, medical evacuation of the patient, overseas travel expenses of a close relative or travel expenses for the return of the patient to Cyprus and medical advice through the health line which operates at all hours and it is staffed with medical personnel providing medical advice and guidance over the phone.

Health Line 8000 50 50

• Pre-existing conditions
• Hereditary, genetic or congenital disorders
• Acquiredimmune deficiency syndrome (AIDS), HIV and their complications
• Cosmetic treatments or operation
• Suicide, attempted suicide or self-inflicted injury occurring within the first 2 years from the commencement date of the policy
• Alcoholism or use of alcoholic drinks, narcotics and similar substances
• Military service
• Participation in dangerous sports or activities
• Illegal act on the part of the insured.

• At least 36 hours before the insured’s admission to a hospital, the Policyholder should inform the Company in writing or advise the Health Line (Tel. 80005050).
• All necessary documents, medical certificates and information should be submitted to the Company.
• The Hospital officials and medical practitioners should be informed that it is necessary to obtain the Company’s preliminary approval for the treatment.
• Any notification for the payment of medical expenses shall not create any liability on the part of the Company
• In the event that the insured is admitted to a hospital for an emergency treatment, the notification should be made within 24 hours
• A completed claim form should be submitted by the Policyholder within 20 days from the date the treatment commenced.
• The claim form should be submitted with all original invoices and receipts
• In the event that the Company requests that the insured be examined by medical practitioners appointed by the Company, all relevant costs shall be borne by the insured. 

By completing a proposal form with your insurance intermediary or communicating directly with the Company, you can enrol in the scheme provided that your proposal is accepted. Eligible for enrolling to the scheme are all permanent residents of Cyprus aged between 60 and 65.