The objective of this product is to provide for a fixed lifelong income to the insured from the pension date until death of the insured. If on the pension date the insured is alive then the insured pension becomes payable as a lifelong annuity.
What happens when the insured dies?
Whenever the insured dies the secondary insured receives a lifelong widow’s or widower’s pension.
- In case of death of the insured prior to retirement the sum of the paid premiums will be paid to the beneficiary.
- In case the insured dies within 7 years after the commencement of the pension payments then 24 times the monthly annuity will be paid to the beneficiary.