KD life customers can choose between FlexInvest from EUREKO and policy lapse
KD Life, life insurance company placed under special administration by ISC in early March, signed an agreement with EUREKO Asigurari to transfer the portfolio. Following that, the insurer will be closed, thus ending its activity on the Romanian market. The agreement involves the possibility that the 5,500 customers of KD Life to make the conversions of their life insurance products with the FlexInvest policy from EUREKO Asigurari.
In the first week of July, KD Life will send to all customers from its own portfolio letters regarding the possibility to make the conversion of their currently held life insurance, through EUREKO, the company announced earlier this week.
This option requires call-off of insurance contract with KD Life Asigurari, without any penalty, but the conversion will be done only based on the voluntary option of customers. Thus, those who disagree with the transfer to EUREKO will be able to lapse their policies, their contract ending once KD Life will pay its buy-back value.
Conversion method involves buying a FlexInvest life insurance policy under the following conditions: "The policy period, the sum insured in case of death, the level of insurance premiums and the payment method specified in the contract signed with KD Life will also remain valid for the life insurance policy FlexInvest, taking into account, this way, the history of the initial insurance contract. The conversion will be done without additional underwriting procedures. The novelty is that the investment in the RON Garant fund of the FlexInvest product has a guaranteed annual interest. For 2010, EUREKO Asigurari guarantees a 10% interest", according to information provided by the insurer.
The transfer of portfolio from the insurance segment followes the merger between KD Pensii and EUREKO Societate de Administrare a Fondurilor de Pensii Private (EUREKO Pensii), started in 2009. The deal is part of the EUREKO strategy in Romania of strengthening the position of the mandatory private pension fund. EUREKO Pensii currently has approximately 356,000 participants.
Author: Andreea IONETE
on 28.06.2010
Comment this article
1 comment
anghel ionut (Anonymous) (05.07.2010 22:47)
cum pot sa fac sa imi recuperez si eu banii si sa inchid actualul contract sau cum sa fac sal modific cel putin anumite
clauze. Daca ma puteti ajuta va rog sa imi raspundeti
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