Term life insurance

A term life insurance product is an insurance product that provides for insurance payment in the amounts stipulated by the insurance contract in the event of the Insured's death or loss of working capacity due to any reason during the period of insurance coverage.

The insurance premium for this insurance product depends on the age, profession, health condition, insurance amount and insurance period of the person who wants to insure.

The product insurance period is usually 1 year and the warranty is valid worldwide.

Life insurance for life

Life insurance is a product that provides for payment of an insurance benefit upon the death of the insured during the validity of the insurance contract, or if the insured lives up to a specified age or period as defined in the insurance contract.

Under the life insurance contract, the insurer undertakes to pay the agreed insurance amount, either as a lump-sum payment or periodic payments, to the beneficiary in the event of an insurance claim based on the risks specified in the contract, in return for the insurance premium paid by the insured.

The insurance contract is concluded based on the application for insurance if the insured is a natural person, or on the list of insured individuals and the inquiry form specified by the insurer if the insured is a legal entity.

The premium for life insurance is freely chosen by the insured and paid in monthly installments.

Conditions to benefit from the exemptions provided by the legislation of the Republic of Azerbaijan when concluding the life insurance contract:

• The insurance contract must be concluded for a period of not less than 3 years, and the insurance payment should be made only after the 3-year period from the date the contract comes into force.
• Exemptions on income tax and social contributions apply to insurance premiums paid on a portion of monthly income that does not exceed 50 percent of the total monthly income.

Credit life insurance

According to the rules, the insurance object consists of property interests related to the insured's life and working capacity, and the insurance subject is physical persons who are borrowers under credit agreements.

According to the insurance contract, the insurer provides coverage for at least the following risks:

• The death of the insured;
• The determination of disability degree due to the insured's loss of working capacity, either partially or completely, as a result of illness or an accident.

The insurance amount under the contract is determined based on the agreement between the insurer and the insured, provided that it does not exceed the debt amount under the credit agreement. The insurance amount can be defined as one of the following:

• A fixed insurance amount that remains unchanged until the end of the term specified in the insurance contract, regardless of the reduction in debt under the credit agreement;
• A decreasing insurance amount in accordance with the reduction schedule of the debt under the credit agreement.

Mortgage life insurance

According to the rules, the insurance object consists of property interests related to the insured's life and working capacity, and the insurance subject is physical persons who are borrowers under credit agreements.

According to the insurance contract, the insurer provides coverage for at least the following risks:

• The death of the insured;
• The determination of disability degree due to the insured's loss of working capacity, either partially or completely, as a result of illness or an accident.

The insurance amount under the contract is determined based on the agreement between the insurer and the insured, provided that it does not exceed the debt amount under the credit agreement. The insurance amount can be defined as one of the following:

• A fixed insurance amount that remains unchanged until the end of the term specified in the insurance contract, regardless of the reduction in debt under the credit agreement;
• A decreasing insurance amount in accordance with the reduction schedule of the debt under the credit agreement.

According to the rules, the insurance object consists of property interests related to the insured's life and working capacity, and the insurance subject is physical persons who are borrowers under credit agreements.

According to the insurance contract, the insurer provides coverage for at least the following risks:

• The death of the insured;
• The determination of disability degree due to the insured's loss of working capacity, either partially or completely, as a result of illness or an accident.

The insurance amount under the contract is determined based on the agreement between the insurer and the insured, provided that it does not exceed the debt amount under the credit agreement. The insurance amount can be defined as one of the following:

• A fixed insurance amount that remains unchanged until the end of the term specified in the insurance contract, regardless of the reduction in debt under the credit agreement;
• A decreasing insurance amount in accordance with the reduction schedule of the debt under the credit agreement.