The Bulgarian legislation and the legislation of other countries in the world, provides life insurance in case of death or accident of the insured person or her family. In the case of an insured event in the period of time stipulated in the contract, the insurance company paid insurance compensation.
Life insurance applies not only to citizens of Bulgaria, but also to foreigners, provided they have a residence permit or other lawful residency status in the state. There are also packages for people temporarily residing in the territory of the country.
To conclude with the insurer of a contract for life insurance, the applicant must provide to the insurance company certain documents and to make a Declaration in the prescribed form. Often, the insurance company requires a certificate from a medical institution located on the territory of Bulgaria.
The types of life insurance in Bulgaria
There are two types of life insurance:
- Temporary insurance;
- Funded insurance.
The minimum age for the conclusion of the insurance contract life of 14 years. Maximum age - 60 years. The legislation allows for the conclusion of the contract and for those over the maximum age, but due to the higher risk the cost of insurance higher. For example, for persons older than 60 years, the cost of insurance could increase by 50%, and 100% if the applicant is over 70 years.
Funded insurance is a profitable product on the insurance market that is becoming increasingly popular among foreigners who want to buy a cheap property in Bulgaria near the sea, having a residence permit, leading their business or studying in this country. This type of insurance operates on the principle of the Bank Deposit. During the term of the contract, the customer pays a fixed amount accumulated in his account.
Upon expiration of the term of the contract, the client receives the entire amount in full plus interest accumulated during this period. If during the term of this contract, an insured event occurs, the insurer pays the insured amount to the victim or his relatives. Such insurance can also be obtained and the child is under the age of 18 years.
Important: According to Bulgarian law, if a foreign national is subject to taxation in the Republic of Bulgaria, then he's right to deduct annual contributions to the insurance of the annual amount of taxable income. This deduction shall not exceed 10% of taxable income.
How to choose a reliable insurance��the first company in Bulgaria
To not have problems with the payment of compensation at the time of occurrence of the insured event, you must choose a reliable insurance company. This is important, no matter do you sign a contract on insurance of motor transport or acquire a medical insurance policy. Below we present five insurance companies which were rated the most reliable insurers in Eastern Europe, published by the rating Agency of Sinus.
- DZI - General Insurance EAD
- Armeec AD
- Bulstrad Vienna Insurance Group AD
- Lev Ins AD
- Allianz Bulgaria AD
Giving preference to one or another company, be guided by the reviews of its customers. This is often the most important factor of choice.
