The redemption amounts of the insured’s whole life insurance policies are paid under the cover of the Ministry of Energy
According to the financial news report, citing the public relations of Iran Insurance, Safarzadeh, technical deputy of Iran Insurance, regarding the memorandum of understanding between the subsidiaries of the Ministry of Energy and Iran Insurance pointed out: This memorandum in 2013 covers life insurance (when it includes the risk of death and disability) Membership and whole life insurance (accident and liability insurance of the employer) was concluded in front of the employees and its validity period was from July 1, 2011 to June 31, 1401.
But after the expiration of 10 years, based on the request of the policyholder (subsidiary companies of the Ministry of Energy, the contracting party with Iran Insurance), this memorandum was extended for another 6 months, and its expiration date was changed to 30 Azar 1401 with the issuance of an addendum.
The Technical Vice President of Iran Insurance further added: According to the general conditions of whole life insurance policies, after the expiry of the validity period of the insurance policy, the policyholder can take action to buy it back if the insured is still alive. In this regard, then From the announcement of redemption by the policyholder, Iran Insurance calculated the mathematical reserve of whole life insurance policies, the noteworthy point in these calculations is that, with the exception of whole life insurance, the rest of the contract insurance covers include term life insurance, life insurance Accidents and employer’s liability insurance against employees has been the type of insurance policies with amortization premiums, in such a way that according to the insurer’s obligation to compensate the death or disability of the insured member during the insurance period, if even the mentioned risks are not realized, the insurance premiums As the price of covered risk, they have no mathematical reserve.
Safarzadeh emphasized: The meaning of depreciation in this category of insurance policies is that when the insurance policy expires and there is no accident for the insured, the insurance premium is not refundable, with the exception of the whole life insurance policy where a mathematical reserve is created and the insurance The transferor can redeem it at the end of the validity period of the insurance policy.
Regarding the terms of redeeming or receiving an annuity from this insurance policy, he stated: If the policy holder agrees, an annuity can be established from these insurance policies for the insured (who is the employee of the company that is the party to the contract), and this annuity can be is insured for a limited period or according to the agreement for an unlimited period until death, and the other case is to continue the coverage of the whole life insurance policy with insurance premiums from the insurance reserve, in which case, the mathematical reserve of the insured as insurance premium to The account of this new insurance policy is considered and no insurance premium is collected from the policyholders, and in case of the death of the insured, the life insurance capital is paid to the user and the heirs of the insured.
The Technical Vice President of Iran Insurance stated: In view of the redemption request from the policyholder and also the extension of the validity period of the insurance policy until 30th of Azar of this year, the necessary mechanisms such as receiving the Shabai account information of each of the insureds of the subsidiaries of the Ministry of Energy provided and loaded into the system, but due to the delayed payment of insurance premiums for the last few months of the policy renewal period in the months of October, November, and January, due to the necessity of including the deferred insurance premiums paid for the aforementioned four months, and the possibility of taking into account The reserves of these insurance premiums and the updating of the reserve amounts of the related process have been done with a little delay, and this step has been done anyway, and within ten days, due to the high volume of the relevant insurance policies, the redemption amount will be gradually deposited into the insured’s account. .