The amount of your savings under the insurance agreement depends on:
- duration of the agreement
- premiums paid and invested
- success of investments
Insurance benefits will be transferred to the bank account of the recipient the insured, other beneficiaries specified in the agreement or, if not specified – to the bank account heirs.
When is the insurance benefit paid out?
At the end of the period, the beneficiary is paid out savings built up under the unit-linked life insurance agreement.
After expiry of your insurance agreement, you will be request to provide the following at any unit of AB SEB bankas:
- identity document (passport of the citizen of the Republic of Lithuania or personal identity card)
- application for transfer of the insurance benefit to the specified bank account (to be completed at AB SEB bankas’ unit)
If the insured person passes away, the beneficiaries specified in the agreement (if no beneficiaries are specified – heirs) will be paid out the higher of the following insurance benefits:
- amount of life insurance specified in the agreement
- savings built up under the unit-linked life insurance plan
If an insured event specified in the additional insurance rules occurs, the amount specified in the injury or accident insurance tables will be paid out. This insurance benefit is tax-free.
In cases of a non-insured event, savings built up under the insurance agreement will be paid out. Non-insured events:
- suicide of the insured within the first three years of insurance
- death of the insured related to a war, emergency, mass unrest, nuclear exposure, etc.
- death of the insured related to his or her criminal acts
- death of the insured during suspension of insurance
- death of the insured younger than one year
In this case, no insurance benefit is paid out under the additional insurance rules.
In this case, the surrender value will be paid out to the policyholder. The surrender value is calculated by deducting the agreement termination fee from the amount of savings. The agreement termination fees are specified in the insurance agreement Price List.
If you are willing to terminate your insurance agreement, you will be required to provide:
- an identity document (passport of the citizen of the Republic of Lithuania or personal identity card)
- application for transfer of the insurance benefit to the specified bank account (to be filled out at AB SEB bankas’ unit)