Group insurance economic program

GSEP

GSEP will provide reliable insurance protection for employees of enterprises, organizations, institutions and their family members, will protect the families of employees in case of loss of breadwinner or loss of working capacity, will provide an opportunity to form additional savings.

! The main difference of GSEP is that under this program, employees of enterprises, institutions, and organizations have protection against accidents.

Information document about the standard insurance product "GSEP"

General terms and conditions of the insurance product "GSEP"

TERMS OF CONCLUSION OF GROUP INSURANCE AGREEMENT

Minimum number of Insured persons

10 people

Policyholder

Legal entity (enterprise, organization, partnership)

Beneficiary

Can be both the policyholder and or insured person, or another person specified in the application for concluding an insurance contract

Minimum annual insurance premium

200 dollars USA (3,000 UAH) for one Insured Person

WARNING! The main difference between group insurance programs is that the Insurer uses the average age of 40 years and male gender for all Insured persons to calculate insurance premiums when concluding insurance contracts or changing their terms, regardless of the actual age and gender. This enables the Legal Entity to change the Insured Person(s) to another Insured Person(s), for example in case of dismissal of an employee(s).

GSEP guarantees:

Accumulation of capital

Payment of the guaranteed sum insured together with accumulated bonus reserves after the contract expires

Protection of life

In the event of the death of the Insured during the period of validity of the insurance contract, the Beneficiary is paid a part of the sum insured under the main insurance, which is proportional to the period of validity of the insurance contract, together with accumulated bonus reserves
plus $2,000 USA – if the annual premium is less than $500. USA
or $3,000 USA – if the annual premium is $500. USA and more
or 15,000 hryvnias - for contracts whose monetary obligations are expressed in UAH

Protection of life in the accident

In case of death of the Insured person as a result of an accident, in addition to life protection payments, the full insurance amount is paid at the accident insurance rate.

Protection in case of disability

When the Insured Person is diagnosed with long-term disability as a result of an accident:
• from 50% – the insured person is paid the insurance amount after the expiration of the insurance contract. At the same time, the policyholder is exempted from paying regular premiums;
• full (100%) – the insured person is additionally paid the insurance amount according to the accident insurance tariff.

Example of GSEP

Term of insurance	20 years
Annual insurance payment	3 000 UAH
Guaranteed sum insured	53 091 UAH
Sum insured for additional death risk insurance	15 000 UAH

Insurance payments

The year of the insured event	Payment in case of death (together with bonuses), UAH	Payment in case of death due to an accident (together with bonuses), UAH	Payment at the end of the term of the contract (together with bonuses), UAH
2	20 309,10	73 400,10	х
6	32 274,27	85 365,27	х
11	52 537,88	105 628,88	х
16	83 125,13	136 216,13	х
20	х	х	108 545,58