Adaptive Approach
Our products are built with the idea to adapt and evolve with clients' needs over a lifetime. We aim to become the single-entry point for a client’s financial needs in connection with insurance – replacing the need for repeated conclusions of various financial and insurance products.
Founded to change the way people use insurance products, we have brought dozens of innovations to the marketplace. These fall into five key areas which enhance client satisfaction:
Adaptability to change almost anything in the contract and keep changing it, including the ability to cover an unlimited number of co-insured persons.
Access to unique internal funds of the insurance company – NOVIS Insurance Funds.
Personal insurance coverage for death, illness, or injury. Some of our products may also cover disability and can be used for annuities.
During the insurance relationship, you have access to your accumulated capital (through a request for a partial surrender) and you may even stop paying the premium for some time (see General Terms and Conditions of certain products for details) while the insurance coverage remains active of your accumulated capital.
Ability to transform accumulated capital into diverse financial instruments like pensions, annuities, or even financial planning for children's education expenses.
While the overall structure of our products is universal across the European market, they are fine-tuned following the local requirements of each country and some products are only available in certain markets. You can find detailed information related to specific innovations in General Terms and Conditions or other pre-contractual documents of each offered product.
Long-term Investing
Investment Options
Clients can build and protect their wealth with NOVIS' unique insurance products. From the inception of NOVIS in 2013, we strive to offer to policyholders via internally managed insurance funds the broadest risk diversification one can find in the retail financial products in Europe.
Since 2019 we have also included an investment option that promotes sustainability and impacts investing. This new investment option is available for all our clients including policyholders who concluded an insurance contract in previous years.
At the beginning of the contract, each policyholder determines the combination of insurance funds that will be used in the insurance contract and that must correspond to their investment profile. Changes in the allocation of the insurance funds can be made on a monthly basis with no extra cost. A suitability assessment is performed by insurance distributors.
Investment is only a part of combined investment & insurance products and the availability of respective funds may differ among offered products.
How it works
One contract with lots of flexibility
A single contract of our combined investment & insurance products can cover an unlimited number of insured persons, including family members as well as unrelated persons. Our combined investment & insurance products are designed to be adaptable and changeable as clients' lives evolve.
With a traditional approach to insurance products, clients would have been required to enter new insurance contracts with additional acquisition costs whenever their needs and demands change significantly.
We have eliminated many of the outdated rules around premium payments and have given clients more choices on when and how much to pay for their combined investment & insurance product. The only remaining requirement is to pay the total agreed premium cumulatively and not necessarily in each period. Acquisition costs apply only to the agreed premium and not to higher or extra payments.
Value of Insurance account - Invested capital
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Our products are designed in such a way that all financial aspects are captured as an entry in a simple account system. A specific routine is automatically repeated in the insurance system on a monthly basis. In the case of combined insurance & investment product, on the positive side is the opening balance, a new premium paid, and a monthly investment return (which can be positive or negative and it depends on the performance of chosen insurance funds). On the negative side are the deductions for the insurance coverage and costs of the product. These deductions are transparently stated on the last page of the General Terms and Conditions. The result is a closing balance for the current month, and this is identical to the opening balance for the next month.
This continuous account system is designed for an unlimited period.
Access to Liquidity and heritance transfer
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It is possible to withdraw a part of the invested capital (partial surrender) according to rules specified in General Terms and Conditions without having to terminate the contract which would lead to losing the insurance coverage. It is up to the client whether he/she wants to use the invested capital or a part of it. Any partial surrender lowers the balance of the insurance account and negatively impacts future yields.
Changes to Insurance Coverage
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The client may at any time add new insured persons or remove existing ones, while each insured person has its own set of covered risks. The sums insured for the covered risks may be changed as well. Potential changes may be limited on certain markets or products but any change which is allowed is done without any additional administrative fees, however, these changes may require an increase of agreed premium.
Life Situations
Our products are designed either to adapt and change with our client's needs over a lifetime or they are designed tailor-made for a specific need. This allows offering a solution to a wide scope of clients - whether they are just starting to build wealth for their future or already have a family they want to ensure and protect. We are focused on serving clients over the long term, therefore many of our products allow adding insurance coverages or additional insured persons as client's situations evolve.
Building a Future
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Using our combined investment & insurance products (also known as unit-linked products or insurance-based investment products) younger clients looking to invest early in order to have more to spend later benefit from the diverse range of investment options to help grow their wealth. Another advantage is lower insurance premiums - particularly if their lifestyle is healthy.
Protecting a Family
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Clients with families can have peace of mind knowing that loved ones will be financially covered in the event of death. One contract can serve the entire family without the requirement for marriage or biological relation, and insurance coverage is based on the individual’s most suitable risks. Children can even be insured from birth and are eligible to be a policyholder. Using our combined investment & insurance products, planning for a child's expenses, including scholarship and dowry, is made possible through partial surrender.
Securing a Mortgage Loan
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Life insurance helps cover the client's debts in the event of death and provides collateral when securing the loan. Clients have the option to select a fixed insurance amount or ask to apply a gradually declining one as the loan is repaid resulting in lower risk coverage fees over time.
Covering Small Business Obligations
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Using our combined investment & insurance products (also known as unit-linked products or insurance-based investment products) entrepreneurs can rely on the accumulated value in their account to help get them through the tough times and pay both business and personal expenses. Death insurance can be decided by clients on the appropriate scope of coverage to ensure their families are not overburdened by business-related obligations.
Products
Our solution is designed to meet clients’ insurance and investment needs while at the same time utilizing tax and/or social benefit incentives granted by local governments and complying with market-specific regulations.
Combined Investment & Insurance
Insurance products combined with investments (unit-linked insurance or insurance-based investment products – IBIPs) offer a simple but effective solution for clients who look for a universal solution for their protection and building wealth for the future.
Our products feature many significant innovations. One life insurance contract for the whole life and the whole family. Using of internal (insurance) funds, which offer a variety of options for investment – relatively stable performance thanks to investing into corporate and government bonds and/or high performance due to investments into stocks traded on major stock exchanges worldwide and/or also sustainable and impact investing. Flexibility in paying the premium and changes of the contract without processing fees thanks to the unique construction of Insurance Account.
NOVIS Flexible Savings Plan
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Tailor-made for clients over 50 years old. Among other features includes also NOVIS Loyalty Bonus 2.000 EUR.
NOVIS Life Savings Plan
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In addition to the general features of our products, it includes supplementary insurance coverage, including critical illnesses insurance and permanent disability insurance. It includes also a NOVIS Loyalty bonus of 6.000 Eur for every policy based on the product version.
NOVIS Wealth Insuring
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Pure Risk Coverage Product
We have created products focusing on potential life and health-related risks with the same emphasis on innovation that we apply to all of the business.
NOVIS Life Protector
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