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Pannónia Term Life Insurance is traditional term insurance without a savings component. If the policyholder dies, the beneficiary receives the death benefit. Thereby the insurer grants financial assistance to surviving family members.

By taking out Pannónia Term Life Insurance, you access millions of forints in insurance coverage at reasonable policy costs. If disaster strikes, this insurance will provide financial security for your loved ones. If the policyholder is alive when the policy matures, the contract terminates and no benefit is paid.

The term of the policy may vary between three and 35 years, and the policyholder may be between 16 and 65 years of age. However, the policyholder must not be over 75 years of age when the policy matures. It is also possible to have two policyholders. If one of them dies, the death benefit is paid, but the policy carries on with a reduced premium. If there are two policyholders, the beneficiaries and the premiums may vary.

The death benefit is not subject to probate: the beneficiaries may access the face value without delay and without having to pay estate or interest tax. The face value may be index-linked at policy anniversaries to counter the effect of inflation.

The conditions of premium payment are flexible. The policyholder determines the length of the premium payment period, which may be as long as the term of insurance or shorter, but it has to be a whole-number multiple of five years. The premium may be paid quarterly, half-yearly or yearly by postal check, bank transfer or direct debit. The premium decreases by five percent every five years. There are various other discounts on the premium depending on the mode and frequency of payment.

 

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