Commercial Union Poland Life Insurance Company has launched two new personal lines life insurance products.
Commercial Union Poland Life Insurance Company has launched two new personal lines life insurance products.
“Your Health” is a hospital cash plan and “In Case of Accident” is an accident insurance product. Both are designed as optional extras for clients taking out new life policies (Plus, Perspective) and for clients interested in widening the range of cover of their existing policies (Universal Insurance, Plus, Perspective).
Essentially, Your Health provides a one-off payment consistent with the level of cover, to the insured person once they have undergone their treatment.
“Our society is becoming increasingly aware of the fact that each citizen must take a greater responsibility for financing health services.
“According to initial reform plans, the health insurance system was to have been developed on a public-private partnership basis. Later legislative changes revealed that such ideas could not be realised in any foreseeable future. But, broadly speaking, social health insurance requirements continue to rise as does the awareness that the system has proved inadequate.
“We are convinced that based on experiences in other countries, we have prepared a very attractive and up-to-date package for all our existing and future clients who want to minimise the risk of being faced with major hospital expenses,” said Jarosław Myjak, chief executive of CU Poland and CU Poland – Life Insurance Company.
At the moment, Your Health covers over 420 medical conditions connected with over 800 diseases.
“The company will continue to revise this cover and to take account of any medical developments and will widen the range of cover in the light of new procedures. The product does not provide or pay for medical services. However, according to our research, it will ensure an adequate correlation between the cost of the treatment and the payments,” said Zbigniew Andrzejewski, deputy chief executive of CU Poland – Life Insurance Company.
Your Health will widen the cover available from the following personal lines life insurance policies: Universal Insurance (launched when CU first started operating in Poland), and the popular Plus and Perspective insurance cover. The contract, which has four cover levels, can be taken out at the same time as the main policy or at any time while it is in force and a medical report is not compulsory.
In Case of Accident is a comprehensive insurance product that covers the insured in the event of an accident that affects his or her health or life. Again, it broadens the range-of-cover provided by the main Universal Insurance and Plus and Perspective lines. There are four types of cover:
- Permanent damage to health or death resulting from an accident;
- Permanent damage to health, death or inability to work resulting from an accident;
- Permanent damage to health, death or hospitalisation resulting from an accident;
- Permanent damage to health, death, inability to work, hospitalisation and rehabilitation costs resulting from an accident
The insured can also choose a proportional or progressive scheme of benefit payments and decide if the amount is to be 50% or 100% of the costs arising from permanent damage to health, thereby matching the insurance to the individual needs of each client.
Your Health and In Case of Accident can be taken out by anyone aged 18 to 60 and can remain in force until the insured is 65, providing insurance cover is maintained after the age of 60.
“We attach great importance to re-training the insurance agents selling these new contracts and to the preparation of lucid and clear sales materials, providing detailed information for both clients and agents,” said deputy director Zbigniew Andrzejewski.
- Since 1994, CU Life has been the market leader in personal life insurance (with over 30% market share) and investment fund life insurance (with over 50% market share). CU holds about 18% share of the entire market (including personal and group policies). So far, the company has issued more than 1.7m personal and more than 10 thousand group life policies. The value of assets entrusted by policy holders is approx. 6bn zlotys. In 2002, CU Life collected gross premiums of over 1.75bn zlotys and made a net profit of 276m zlotys.
For further information please contact: Grazyna Goslings, Corporate Communications Director of the CU Poland Group, Tel: +48 22 557 40 93, Fax: + 48 22 557 40 26, e-mail: bohdan_bialorucki@cu.com.pl.
Additional information about the Commercial Union Poland Group can also be found on the web page https://www.commercialunion.pl