The Involuntary Loss of Employment product of elipsLife is a capital product sold to pension funds. It is offered to all members of a collective within the framework of a group contract covering the loss of employment. Underwriting on the individual is not conducted.
In the event of an affiliate’s unemployment, the product provides a single lump sum payment to the insured. Pre-conditions for a claim payment is the unemployment due to objective reasons, further the insured person being eligible for the state unemployment benefits and actively seeking for a new employment. In order to qualify for the benefit, the affiliate must be subject to an uninterrupted period of 12 months of unemployment.
The sum insured is flexibly determined per contract, however with a maximum of €4’000 per affiliate; the specified sum insured of the contract applies equally to all affiliates within the contract.
The applicable tariff is calculated based on the composition of the reported portfolio and the premium is determined and billed per head. The tariff is guaranteed for the standard contract period of one year.
The cover Involuntary Loss of Employment is not sold stand alone, but only sold in a bundle – named Platinum Package - with the coverages Mortality Capital and Total and Permanent Disability and Long-Term Care only.
