NON-GOVERNMENT PENSION

Pension option (annuity) – a sequence of insurance payments made by the Insurer to the Beneficiary in equal parts for life or during the period specified by the insurance contract.

The payment of the annuity is carried out in the amount, at the time and under the conditions determined by the parties to the insurance contract and formalized by an additional agreement (or addendum) to the insurance contract. 

WARNING! An annuity is an alternative to pension payments by non-state pension funds - participants in non-state pension provision (the third level of the pension system of Ukraine). Unlike non-state pension funds, insurance companies allow clients to receive their savings earlier than retirement age (both men and women).

The insurance contract may provide for the following types of annuity:

• annuity for a certain period;
• life annuity.
After making the first payment in the form of an annuity, the type of annuity cannot be changed.

An annuity for a specified period means that the Insured Person will receive certain sums of money from the insurance company once a month, quarter, half year, year (optionally) for a specified period (10, 15, 20 or more years).

Life pension (life annuity) – payments made by the Insurer once a month, quarter, half year, year (at your choice) during the life of the Insured person.

Additional options can be added to the fixed-term annuity and life pension, namely:

• option with capital protection;
• the option to transfer payments to another person (pension option with the right of inheritance).

The GRAWE UKRAINE Life Insurance company offers the following types of fixed-term annuities:
• annuity for a certain period with capital protection;
• an annuity for a specified term with the option of transferring payments to another person.

A term annuity with capital protection guarantees that the Insured (the annuitant) and his Beneficiary will receive the full amount of premiums paid in any event, both in the event that the Insured (the annuitant) survives to the end of the specified payment period, and in the event her death during this period. In the event of the death of the annuitant during the specified payment period, the Beneficiary is paid the difference between the invested capital (the insurance payment at the end of the insurance contract) and all payments in the form of annuity that were paid to the annuitant until the moment of his death. This difference cannot be more than the total amount of all pension payments due and shall be paid to the Beneficiary, provided that the amount of pension payments received by the annuity recipient does not exceed the amount of invested capital.

An annuity for a specified period with the option of transferring payments to another person guarantees that in the event of the death of the Insured person (the annuitant) during the specified period of payments, the annuity payments will continue to the other Insured person (the annuitant), provided that she is alive at the time of the death of the first annuitant . Payments to another recipient of the annuity are terminated either in the event of his death, or in the event of the expiration of the specified term of the annuity payments.

GRAWE UKRAINE Life Insurance Company offers the following types of life annuities:

• life annuity with capital protection;
• a lifetime annuity with the option of transferring payments to another person.

Capital Protected Life Annuity guarantees that the Insured (the Annuitant) and his Beneficiary will receive the full amount of premiums paid in any event. In the event of the death of the annuitant, the Beneficiary is paid the difference between the invested capital (the insurance payout at the end of the insurance contract) and all annuity payments that were paid to the annuitant up to the time of his death. This difference cannot be more than the total amount of all pension payments due and is payable to the Beneficiary, provided that the amount of pension payments received by the annuity recipient does not exceed the amount of invested capital.

A life annuity with an option to transfer payments to another person guarantees that in the event of the death of the Insured Person (the annuitant), the annuity payments will continue to another Insured Person (the annuitant), provided that he or she is alive at the time of the death of the first annuitant. Payments to another annuitant are terminated upon his death.