Policy surrender of an insurance contract means termination of the insurance contract and payment of a certain part of the sum accumulated. Life insurance is a long-term financial instrument and its termination before the time set is linked to loss of insurance security and financial resources.
If you have started a saving life insurance plan or a risk life insurance plan, in a supplement to the contract you will find the information related to the amount you will receive upon policy surrender. This amount varies depending on the year you make the decision to terminate it on.
If you have an investment life insurance, you can buy off your insurance contract entirely or partially. In case you еxеrcise your right to buy off part of the amount, NN shall pay off the monetary value of the investment units, accumulated in the investment account of the client without terminating the contract.
The insurance contract and the general conditions agreed on give you detailed information about the exact amount you shall receive by years. For more details you can seek help from your financial consultant.
NN Life Insurance pays off the amount after receiving the application form, filled in as shown in a specimen.
Where can I submit the application?
You can submit the application:
- in person at an NN Life Insurance office. On submission, you have to present your ID card.
- by post or courier. In that case the signature upon the application must be notary-certified.
NN reminds you that sending documents that contain personal data through Postal Service or by courier carries certain risks. As a personal information administrator, NN assumes the obligation to protect it from the moment it is received at the company.
A specimen of the application for buying off a contract for “Life Insurance” and Investment Insurance “NN One” can be found in the Forms section.
The rules and procedures for buying off of premiums paid are described in detail in "INTERNAL REGULATIONS FOR SETTLING CLAIMS ON INSURANCE CONTRCTS AND PAYMENTS OF SURRENDER VALUE"
For more information or questions, please contact us on 0800 11 464 for free or contact your financial consultant.