Key Person Insurance for ProfiLoan

The product is intended for the segment of entrepreneurs who are granted a business loan – Profi overdraft loan or Profi term loan.
The purpose of the product is to cover the financial obligation of the entrepreneur arising from the provided loan towards the bank in case of a loss of work performance of the key person.
The insurance benefit may be used to repay/reduce the client’s loan obligation towards the bank.
The insurance cannot be concluded if the client applies for PROFIHYPO (regardless of the maturity period).

Basic product parameters
Risks: fixed package

• Death
• Disability above 70 %
• Hospitalization

Insurance period

• 1–6 years, according to the loan maturity, rounded up to full months (e.g. loan for 20 months = insurance period 2 years)
• For the overdraft Profi loan: fixed insurance period of 1 year, risks Death and Disability with a constant sum insured. Hospitalization risk – fixed daily benefit of 20 €; after the insurance period expires, the insurance contract terminates.
• For the term Profi loan: insurance period 2–6 years, risks Death and Disability with a decreasing sum insured. Hospitalization risk – fixed daily benefit of 20 €.

Entry and exit age

• Entry age: 18–60 years
• Exit age: max. 66 years

Waiting period

• Death – no waiting period applies
• Disability – waiting period is 2 months from the start of the insurance. If disability occurs in direct causal connection with an illness whose symptoms appeared or were diagnosed during the waiting period, entitlement to insurance benefit does not arise. The waiting period does not apply to insured events resulting from an accident.
• Hospitalization – waiting period is 2 months from the start of the insurance. For pregnancy and childbirth, 9 months. The waiting period does not apply to insured events resulting from an accident.

Sum insured

• The same for Death and Disability, min. 1 600 € and max. 170 000 €
• CLAIMS REPORTING – at a VÚB branch or on the website www.generali.sk