COMPANY PRODUCTS Menu opener CONTACT SERVICE Menu opener DOWNLOAD Menu opener RU Group Economic Insurance Plan (GEIP) Download FAQ Videos Pension Benefit GROUP ECONOMIC INSURANCE PLAN (GEIP) GEIP is the ideal package for companies to take out comprehensive insurance for their employees and, at the same time, invest their capital in a profitable way. GEIP is intended for policyholders who take out insurance for a group of minimum 10 people to a maximum of 50 people. GEIP is the ideal package for companies to take out comprehensive insurance for their employees and, at the same time, invest their capital in a profitable way. Details: G5S- Endowment Insurance with graduated death benefits and surplus participation (bonus) The sum to be paid on survival together with the accumulated bonus becomes payable at the expiry of the contract, while the insured person is alive. This insurance payment can be transferred to a bank account or you may choose to receive your accumulated capital as a pension under the PERSONAL PENSION PLAN from Medlife. If the insured person dies before the term of the contract expires, the death benefit to be paid will amount to as many fractions of the capital sum as years of insurance have expired (including the one in which the event occurred) in relation to the agreed-upon premium payment period. UTZ- Additional accidental death insurance The amount insured becomes payable, if the insured person dies as a result of an accident within the agreed-upon coverage period. UI- Additional accidental disability insurance The amount insured becomes payable, if to the person insured as the result of an accident a minimum of 30% permanent disability occurs. The grade of disability will be determined according to the disability percentage table shown in the General Insurance Conditions. RZ1- Additional risk insurance The amount insured becomes payable, if the insured person dies within the agreed-upon coverage period. If the annual premium is USD / EUR 300 or more, RZ1 is worth USD / EUR 2.000. If the annual premium is USD / EUR 800 or more, RZ1 is worth USD / EUR 3.000. Example Person insured man/woman 40 Term of contract 15 years Annual premium USD 1.000 / EUR 1.000 Sum insured (G5S) USD 13.683 / EUR 13.253 UTZ USD 13.683 / EUR 13.253 UI USD 13.683 / EUR 13.253 RZ1 USD 3.000 / EUR 3.000 Case 1: The insured person dies after an accident, beneficiary is his wife. 10 years of insurance have passed. G5S incl. bonus *): USD 9.395 / EUR 9.290 RZ1: USD 3.000 / EUR 3.000 UTZ: USD 13.683 / EUR 13.253 Sum payable: USD 26.078*) / EUR 25.543*) If the insured person dies after 10 years of insurance as the result of an accident, the sum payable to the beneficiary amounts to about USD 26.078*) / EUR 25.543 *) Case 2: The person insured is alive at the end of the insurance term. What sum is to be paid out? G5S: USD 13.683 / EUR 13.253 + bonus*) USD 821 / EUR 1.351 Sum payable: USD 14.504*) EUR 14.604*) At expiry of the contract, after 15 years, the sum to be paid out on survival amounts to about USD 14.504*) / EUR 14.604*). *) The profit participation accumulated in future is not predictable, therefore figures on profit participation are mere forecasts based on the present situation. Such forecasts are therefore without any obligation. V: 1.1.2021 Download Infosheet GEIP GEIP Infosheet - English 0.18 MB Alpha Business Centre 27 Pindarou Street 3rd Floor Block B CY-1060 NICOSIA office@medlife.net © 2021 MEDLIFE Service FAQ General Insurance Conditions Life App Complaints Products Apollo Supreme (APS) Apollo Supreme Single Premium (APS-SP) Flexible Future Plan (FFP) Economic Insurance Plan (EIP) Family Insurance Plan (FIP) Endowment Insurance (G5S) Kids Insurance Plan (KIP) Single Premium Insurance (E11) Group Economic Insurance Plan (GEIP) Pension Benefit (PS0) Free Additional Product UI50P €UR-VIP €UR-VIP Single Premium Company Independent Auditor Links CRS - Tax Data Download Forms and Product Infos Medlife Song Videos Reports Factsheets Imprint Disclaimer Data protection information