Life assurance policies

LIFE ASSURANCE POLICIES

How can I control the performance of my life policy?

For all policies (except in case of death) the policyholder is sent an annual statement (generally sent by the end of February) that shows the key information on the performance of the policy: premiums paid, any partial redemption, for so-called with profit policies the rate of return of the separate fund to which benefits are linked, etc.
Other information can be found in newspapers and on the Internet.
In fact:
• for with-profit policies undertakings shall publish the statement of the composition of the segregate fund and the relevant report, together with the six-monthly statement of the composition of the segregate fund in at least two daily newspapers with nation-wide circulation and on their internet sites. For unit-linked policies the value of the unit of the fund to which the policy is linked is published on the internet sites of the undertakings and in at least one daily newspaper with nation-wide circulation. In this way, multiplying the value of the unit for the number of your units, you can get an idea of the value of your policy;
• for unit-linked policies entered into before 1 November 2009 the value of the reference parameter to which the policy is linked is published on the internet sites of the undertakings and in at least one daily newspaper with nation-wide circulation. This means that if the value is greater than 100, you can understand that the policy is having a positive trend. For contracts concluded after 1 November 2009, the surrender values are published. In this case, to know the amount that will be paid, you can multiply the premium paid for the value published in the newspaper and divide it by one hundred. It is also necessary to check if the policy conditions provide for penalties for the redemption in the first years of the contract term and take account of any taxes.
Generally, the name of the newspapers can be found in the contract documents that have been delivered to you. Most undertakings publish such information in the newspaper Il Sole 24 Ore.

I have a life policy which is approaching maturity. What should I do to get the benefit? Is there a time limit for the undertaking to pay my benefits at contract maturity - death - in case of surrender?

Generally the policy conditions indicate what documents must be submitted and which procedure is to be followed. Meanwhile you can check these indications on your contract. In any case at least one month prior to the expiry date of the insurance policy, the undertaking must submit to the person concerned a reminder of the deadline with directions to be followed for the payment of the benefit due. If you have not received this communication, please contact the undertaking or the broker with whom the contract was concluded.
Generally the insurance conditions stipulate that the payment of benefits must take place within 30 days of receipt of the documents required by the contract. If the payment is not made within this term, the undertaking will have to pay, in addition to the amount due, also the interest on arrears.

I do not think that the amount settled by the insurer is correct. What can I do?

You can request from the undertaking an analytical statement of the calculations as well as all the necessary explanations to understand if the amount settled is correct. The undertaking is required to respond to the request within 20 days.

How can I pay the premium for a life policy? May I pay in cash?

It is not possible to pay life assurance policy premiums in cash.
It is possible to pay only by:
• non transferable bank cheques, postal cheques or bankers' drafts, made out or endorsed to the insurance undertaking or to the intermediary in his capacity as “intermediary of the undertaking xxx”;
• payment orders, other means of bank or mail transfer, or electronic mail systems, where the beneficiary is one of the persons stipulated under the point above

When does the right to receive life assurance benefits lapse?

Since 19 December 2012, the limitation period of rights arising from life assurance contracts has been extended from two to ten years (Law no. 179 of 18 October 2012, converted into Law no. 221 of 17 December 2012, entered into force on 19 December 2012, which amended paragraph 2 of art. 2952 of the Italian Civil Code relating to the limitation period).

I have taken out a life policy, I would like to exercise the right of withdrawal. Can I do that?

Yes, you can withdraw from the contract within 30 days from the time when you have been informed that the contract has been concluded. The procedures for the exercise of this right are shown in the contract terms.
Within 30 days from the time when it was informed of the withdrawal, the insurance undertaking shall reimburse you the premium paid when the contract was concluded, net of that part of the premium referring to the period during which the contract was in force. The undertaking shall have the right to charge the costs actually sustained for the issue of the contract, on condition that these are identified and quantified in the proposal and in the contract (art. 177 of the Private Insurance Code).