The fixed-term group life insurance with a single premium is only available for Bankinter customers who are residents of Spain. It may be arranged for a single insured party or more and there is no upper limit on the number of insured parties.
It may only be arranged for residents.
Minimum age for inclusion on the policy
Minors under fourteen years of age and disabled people may not be included for death cover.
Maximum age for inclusion on the policy:
People over 64 years of age may not be added to the insurance policy.
Payment of premiums
The premium is paid in a single payment at the start of the contract term. The desired capital may be arranged for each person included on the policy without these amounts being in line for all insured parties. The insured capital amounts will be subject only to the selection rules existing at any given time.
Once the policy is formalised, no economic supplements for changes to insured capital or change of guarantees will be admitted.
Minimum insured capital.
Main warranty: 15.000€.
Unlimited complementary guarantees.
The main guarantee capital must be equal to or greater than that of the complementary guarantees.
The insured parties on a single policy may have different insured capitals.
Duration of the policy
The duration of the contract is from 3 to 5 years at the choice of the policyholder, with no renewal option.
There are two types of policy depending on whether or not there is a working relationship between policyholder company and the insured parties:
When the insured parties have a working relationship with the policyholder company, i.e. if they are employees of the same.
No pension-related obligation
When the insured parties have no a working relationship with the policyholder company, i.e. if they are not employees of the same. These groups could include: proprietary partners, directors, associations, etc.
The insured party may designate as many beneficiaries as they like, in whatever proportion they like and change this as often as they like. If no beneficiaries are assigned, they will be understood to be the insured party's legal heirs.