Endowment Insurance is an insurance product that provides for the payment of an insurance indemnity in the event of the death of the insured during the term of the insurance contract, or the age specified in the insurance contract.

Under a Endowment Insurance contract, the Insurer undertakes to pay the insured amount in the form of a lump sum insurance payment or periodic payments to the beneficiary in the event of an insured event on the insurance risks specified in the contract.

The insurance contract is concluded on the basis of the application for insurance in case of being an insured individual, and in the case of a legal entity, on the basis of the list of insured and the inquiry form determined by the Insurer.

Life insurance premiums are freely chosen by the insured and paid in the form of monthly payments.

Conditions for benefiting from the benefits provided by the legislation of the Republic of Azerbaijan when concluding an insurance contract for life insurance:

The insurance contract must be concluded for a period of not less than 3 years and the insurance indemnity must be paid after the expiration of a period of 3 years from the date of entry into force of the insurance contract
Labor tax and social security deductions apply to insurance premiums paid from no more than 50 percent of monthly income.

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