Procedure for payment of the insurance benefits

The insurer pays the accumulated amount at the end of the insurance period if the insured survives until the end of the insurance period. The accumulated amount is paid to the beneficiaries in the event of survival. If the beneficiary is not named in the contract or dies in the event of survival, the insurance benefit payable at the end of the insurance period is paid to the insured.

In order to receive the insurance benefit at the end of the insurance period, the beneficiaries must submit the following documents to the insurer in the event of survival:

• an application for an insurance benefit (available in Lithuanian) in the form prescribed by the insurer;
• identification documents.

The insurance benefit shall be paid within 30 days from the date of the receipt of all information relevant for determining the fact of the insured event and its circumstances.

When the accumulated amount is paid to the beneficiaries in the event of survival in unit-linked life insurance contracts, the number of units linked to the contract on the day of the insured event and the prices of the units before the payment are taken into account. If no prices have been set for the day before payment, the previous most recent prices shall be used.

To terminate the insurance contract, the Policyholder must contact us by phone, e-mail or send a request by logging in to their personal account through E-life the self-service system.

The surrender value shall be paid no later than within 30 days from the termination of the contract or no later than within 30 days from the moment when the policyholder has applied for partial withdrawal of the accumulated amount and submitted all the necessary documents.

Please note that the redemption amount may be taxed at a PIT rate of 15% if you have benefited from a tax credit.

The insurance benefit shall be paid within 30 days from the date of the receipt of all information relevant for determining the fact of the insured event and its circumstances. Expenses related to the receipt of supporting documents shall be paid by the person claiming the insurance benefit. If the beneficiary has not been appointed in the event of death or has died, the insurance benefit payable in the event of the death of the insured shall be inherited in accordance with the procedure established by law.

If the event is insured and the policyholder and the insurer do not agree on the amount of the insurance benefit, the insurer must pay an amount equal to the undisputed amount of the insurance benefit at the request of the policyholder.

The insurer must prove the circumstances giving it exemption that exempt him from paying the insurance benefit or entitling it to reduce the insurance benefit.