Austin Life insurance – Premium and Insurance Compensation

Austin Life insurance – Premium and Insurance Compensation
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Austin Life insurance

This type of product partially compensates on the loss of precious lives.
Insurance objectives:
All citizens from 16 to 70 years old
All older citizens using this insurance continuously at least from the age of 69
Insurance coverage:
Deaths due to all reasons including aging, diseases (except for cases suffering from diseases before buying insurance), accidents in every place in the world
Insurance benefits:
When the insured die in insurance coverage, Austin Life Insurance pays all amount of money agreed in the insurance contract or certificate.
Insurance Validity
Accidental deaths: the insurance comes into effect right after the insured pay all premium according to the regulations in the insurance contract or certificate.
Sudden death without accidents: the insurance comes into effect after 30 days since the insured pay all premium according to the regulations in the insurance contract or certificate. If the insured die due to other reasons but not accidents within 30 days mentioned above, the contract will be cancelled and the insured are compensated 80% of premium.
Insurance policies:
1.    Group life insurance is signed with Austin Life Insurance including the list of individual insured
2.    Individuals or families are issued insurance certificates when buying Austin Life Insurance
a.    One year insurance coverage will be valid since the insured pay all premium according to the regulations in the insurance contract or certificate.
b.    The insurance compensation mentioned in the insurance contract or certificate is the restriction of Austin Life Insurance’s responsibility in case the insured die
c.    The premium in the insurance contract or certificate is set based on “Premium and Insurance Compensation” issued by Ministry of Finance
Exceptions:
Austin Life Insurance doesn’t insure these cases:
1.    Mental patients
2.    People with 50% or more of permanent disabilities
3.    People in the period of ill or/and accidental treatments
Austin Life Insurance doesn’t compensate for death due to these cases:
1.    Illegal acts caused by the insured
2.    Intentional acts caused by the insured or/ and the legal heirs

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