Premium waiver in case of earning incapacity
Earning incapacity should not endanger your financial provision for your retirement. For that reason, we offer you the option – both with CONVITAsave and CONVITArisk risk insurance – of taking out an additional premium waiver in case of earning incapacity module.
Financial obligations can become a major burden if you are no longer able to keep up with them because you are incapable of working due to illness or accident.
If you take out a premium waiver module, CONCORDIA will pay your premiums for the CONVITA products you have concluded in the event of your earning incapacity. The premium waiver already comes into force from a partial earning incapacity level of at least 25%, in line with the degree of earning incapacity.
You decide for yourself which waiting period is financially viable for you. You can choose between waiting periods of 90, 180, 360 and 720 days.
When the statutory maximum for pillar 3a contribution is raised, if you have opted for indexed premiums, CONVITAsave will cover the premiums plus the difference between the old and the new statutory maximum – without a health examination.
The premium waiver for earning incapacity component cannot be insured separately. It is offered as part of CONVITArisk risk insurance policies for the death and/or disability components and for CONVITAsave.
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Frequently asked questions about the premium waiver in case of earning incapacity:
Why does it make sense to conclude the CONVITA premium waiver module?
- Financial obligations can become a major burden if you are no longer able to keep up with them because you are incapable of working due to illness or accident.
- With CONVITA tied pension provision, you are exempt from paying the premiums in such cases, starting from an earning incapacity level of just 25%. What is more, CONCORDIA will pay the premiums until the end of the contract term if the pension plan holder becomes fully or partially unable to undertake gainful activity.
When does the premium exemption begin in the event of earning incapacity?You decide for yourself which waiting period is financially viable for you. You can choose between waiting periods of 90, 180, 360 and 720 days until CONCORDIA begins paying your premiums.
What are indexed premiums with CONVITAsave?
- You can choose to include the option of indexation in the gross premium for the pillar 3a policy. The term “indexation” means that the gross premium will be automatically adjusted by the difference between the old and the new statutory pillar 3a maximum when this limit changes.
- When the gross premium is changed due to indexation, no health examination is required.