Life Insurance Clients FAQ

You can submit a request to change your insurance policy conditions (such as increasing or decreasing premium payments, changing the beneficiary, adjusting the policy term, updating contact information, changing your last name, etc.) remotely through your 'E-life' self-service system.

If you are unable to access the E-life system with the credentials provided, you can contact your insurance consultant, call us, send us a request via email, or visit the Compensa Life customer service unit that is convenient for you.

You can add additional coverages to your insurance policy by logging into your account in the E-life system and sending us a request to change the policy conditions, specifically to add certain additional insurance coverages. Once we receive your request and verify your identity, we will send you the necessary forms, which you will need to fill out and upload to the E-life system.

You can also submit a request through your insurance consultant or by visiting the Compensa Life customer service unit that is convenient for you.

You can change your investment plan or structure by logging into your account in the E-life self-service system. Under Investment Plan or Investment Structure, click Change and then Perform risk tolerance assessment.

If you have any additional questions, please feel free to contact your insurance consultant or reach us at the contact details provided below.

You can change the bank account number of the premium payer through your account in the E-life system. Under Account Submission, click Change, then Change again, and enter the new payer's account number. The next month's e-invoice notification will be sent to your newly specified bank account. You can pay the received e-invoices manually or via automatic payment. If you prefer automatic e-invoice payments, please contact your bank to set up an automatic e-invoice payment agreement.

If you are unable to access the E-life system with the credentials provided, you can visit the Compensa Life customer service unit that is convenient for you.

The policy payer code is the insurance contract number, consisting of 10 or 15 digits. Do not confuse it with the insurance certificate (policy) number, which is shorter. You can find the insurance contract number on the insurance certificate (policy), and it is also indicated on the e-invoice or payment notification that we send you.

If you have any questions, please feel free to contact us.

If your insurance premiums are not being deducted automatically, it is likely that you have not submitted a request to be issued e-invoices. To ensure that your insurance premiums are deducted automatically, you should follow these steps:

• Submit a request for e-invoices. You can do this by logging into your account in the E-life self-service system or by visiting the nearest Compensa Life customer service unit.
• Enter into an agreement with your bank for automatic e-invoice payments. For this purpose, please contact your bank, which will provide you with information on how you can enter into this type of an agreement.

Payment notifications are sent automatically to all clients once a month, regardless of whether the current insurance premium has been received or not.

If you receive a payment notification and have already paid the current insurance premium, please ignore the payment notification.

You can check the current accumulated amount by logging into your account in the E-life self-service system.

The 'Surrender Value' is the portion of the accumulated amount that is paid out in the event of exit or partial withdrawal of funds, or in other cases specified in the Contract or applicable law. The surrender value is calculated from the accumulated amount under the Contract, deducting the exit or partial withdrawal fees specified in the Price List.

You can withdraw a portion of the accumulated amount while adhering to the conditions set forth in your insurance policy, as well as the minimum withdrawal amount and remaining balance limits, without terminating the insurance contract.

You can check the actual size of the accumulated amount in real-time by logging into your account in the E-life self-service system under Contracts.

Additional interest is a portion of the insurer's profit determined at the insurer's discretion, which may be distributed once a year to active insurance contracts that meet the criteria specified in the decision and its terms and conditions, proportionate to the accumulated amount of the respective insurance contract.

The insurer does not guarantee the allocation of additional interest.

Unless otherwise specified in the insurer's decision, additional interest is calculated and added to the accumulated amount on the last day of each calendar year, based on the average accumulated amount at the beginning of each month of the relevant year.

You can find the principles for determining the additional interest rates here.

You can find essential information about the taxation procedure applicable to insurance contracts here.

A more detailed explanation of the provisions of the Personal Income Tax Law (PITL) regarding the taxation procedure applicable to life insurance contracts can be found on the State Tax Inspectorate's website at www.vmi.lt.

If you have any additional questions, please feel free to contact us.

Annual reports are available in your 'E-life' self-service account, which you can access here.

If you prefer, we can send the annual report to you via email or registered mail.

If you choose to pay the first premium using an e-invoice with automatic payment, there is no need to make manual transfers.

When filling out a request to create an insurance contract and choosing to pay the first premium using an e-invoice with automatic payment, both the date of the first e-invoice and the date of the automatic payment agreement must match. The automatic payment agreement cannot take effect after the first premium invoice has been sent. For example, if the first e-invoice is dated March, and you set up the automatic payment starting from April 1, the deduction will not occur.

Example of when the first e-invoice is sent:

1. The request is approved on the 20^th.
2. The e-invoice is sent to the bank the following day (the 21^st).
3. The e-invoice should not be paid in the bank for 2 days, as this time is allotted for the client to review the received e-invoice and has the option to cancel the payment.
4. Therefore, the earliest date when the funds can be credited according to the e-invoice is the 25^th.

Regular insurance premiums are deducted on the selected payment date when using an e-invoice with automatic payment. If you have not set up an automatic payment agreement, the selected deduction date is irrelevant.

If the contract is terminated after the e-invoices have been sent and you have not canceled the automatic payment with the bank, the payment will be deducted. Any deducted payments will always be refunded to your bank account after we receive your request to terminate the contract. There is no need to submit a separate request for the refund of the payments.

When filling out the request to terminate the contract, it is mandatory to inform the bank to cancel the automatic payment agreement or the periodic payment agreement, if one was established.

The offer will take effect only when you have paid the full amount specified in the application. The offer will convert into a policy the day after the last full payment is received.

When making the payment, there is no need to make separate transfers for the initial and periodic payments. The client makes one total payment, specifying the contract number.

If you were deducted two payments, but we sent only one e-invoice, it means you manually paid the e-invoice, and the automatic payment was triggered additionally, or you have confirmed an automatic payment agreement and also established a periodic payment agreement.

We recommend logging into your online banking to review your contracts—only the automatic payment according to e-invoices should remain valid.

If you have set up an automatic payment agreement, there's no need to make manual transfers. If there are overdue payments according to your payment plan, you will receive two e-invoices: one for the current month and another for the missed month. Additional e-invoices will continue to be sent until all overdue payments are settled. You will not receive more than two e-invoices in a month.

For example, if the payment amount is 30 euros and the total overdue payments are 90 euros, two e-invoices of 30 euros each will be issued in the first month. In the following month, you will again receive two e-invoices of 30 euros each, and this will continue until the total overdue amount of 90 euros is settled.

The bank account will be updated from the following month after the request is received. The exception is if the request to change the bank account is received and registered in the system by the 5^th-day of the month; in that case, the bank account will be changed in the same month.

To pay the e-invoices, the payer needs to log into their online bank. Then, they should pay the received e-invoice and, if they want the payments to be deducted automatically, they need to set up an automatic payment agreement. E-invoices are provided in the online bank between the 7^th and 9^th day of each month. If it is a quarterly, semi-annual, or annual payment, you will receive the e-invoice to the new bank account when it's time to pay the next installment according to the payment schedule.

Additional insurance premiums are not considered overpayments.

The additional insurance premiums paid are not refundable, as all payments—periodic payments, bank transfers, e-invoice payments chosen by you when selecting 'Pay e-invoice,' or automatic e-invoice payments—are always carried out at your initiative.

We can credit the additional insurance premiums paid towards future payments. You should inform us about this on the 'E-life' self-service website or send an email to info@compensalife.lt.

To avoid double payments in the future, you need to terminate the periodic payment agreement at your bank (if one was established). Only the automatic payment agreement for e-invoices should remain active in online banking.

No additional action is needed; the payment will be refunded to the payer's bank account. This usually takes up to 10 business days.

To keep the contract valid, at least 10% of the accumulated amount must remain, but no less than 145 euros (if the contract was concluded before October 1, 2018) or 200 euros (if the contract was concluded after October 1, 2018).

You do not need to fill out the PIT report.

Yes, however, a full IBAN number is required; a card number is not sufficient. You can find IBAN structures and examples at https://www.iban.lt/structure. To check if your IBAN number is valid, you can visit: https://www.iban.lt/iban-checker.

To ensure that the benefit is not taxed, you must provide a certificate of residency in another country. If this certificate is not received, the benefit will be taxed in accordance with the laws of the Republic of Lithuania.

You (the legal entity) must submit a power of attorney form signed by the director to access the E-life self-service system. If the power of attorney is signed in person, a copy of the signatory's identification document must also be provided. If the power of attorney cencerns a person other than (the director), a copy of the authorized person's identification document must be included as well. The authorized person will be able to log in to the E-life self-service, view the specified contracts, and write messages or upload documents as needed.

The benefit is not subject to tax only if the contract has been valid for more than 5 years and your level of capacity for work is 0-25% or 30%-40%. It is necessary to attach a document proving the level of your capacity for work to the application. If the level of your capacity for work does not fall within the ranges specified in the application, then a note should be added in free form to the PIT report or a document proving the level of your capacity for work should be attached.

If there are overdue payments on your insurance policy, two e-invoices will be posted in your online bank this month—one for the current month and the other for the month you have missed. Additional e-invoices will be issued until all overdue payments are covered.

If you have set up an automatic payment agreement, it is important to check:

• Whether your automatic payment agreement is active;
• Whether there is a sufficient limit for the maximum amount that can be deducted in one month. It should not be less than the amount of two periodic payments;
• Whether there are sufficient funds in your bank account on the scheduled deduction date.

If there is no automatic payment agreement, you will need to confirm and pay the received e-invoice(s) manually.

If you want the payments to be deducted automatically, we recommend setting up an automatic payment agreement.

For more information about e-invoices and automatic payment agreements:

• SEB – e-invoice ordering information
• SWEDBANK – e-invoice ordering information
• LUMINOR – e-invoice ordering information
• MEDICINOS BANKAS – e-invoice ordering information
• CITADELE – e-invoice ordering information

We also inform you that e-invoices for clients are posted at the bank between the 6^th and 9^th day of each month.

You can see all information about your contract by logging into the E-life self-service system. There you will find information about paid contributions and other details about your insurance policy.