NOVIS insurance contracts allow an unlimited number of insureds to be covered in each contract including family members as well as unrelated partners, and is designed for people of all ages. Attractiveness of the product for certain ages requires proper setting of the insurance contract parameters by the financial intermediary.
Given that life situations and policyholders’ priorities can change over time, each element of NOVIS’ policies can be changed or adapted throughout the term of the policy. Certain limitations and/or rules for the changes may apply according to the General Terms and Conditions of your contract.
NOVIS has eliminated many of the outdated and unnecessary rules of premium payments and replaced them with flexible payment options allowing the policyholder alone to decide when and how much premium to pay. The policyholder’s only obligation is to pay the agreed upon minimum contribution.
Acquisition costs apply only to the agreed minimum payments, not to one-off payments. NOVIS manages its funds internally, alleviating the cost of external fund management. NOVIS insurance is easily adaptable, free of charge, to changes in life situations that traditionally have required entering into new insurance contracts with additional acquisition costs. If the change of contract requires an increase of the agreed premium, acquisition costs may be increased as well, although this increase would be significantly lower compared to acquisition costs of a new contract.
This fund invests directly or indirectly into government and corporate bonds with fixed interest, which forms majority of investments, while debts securities with floating interest may have a minor share. It is expected although not guaranteed, that this Fund shall experience lower volatility and stable positive performance.
This fund invests directly or indirectly into stocks listed on major stock exchanges worldwide, which forms majority of investment. Minor share may be invested into corporate or government bonds. It is expected although not guaranteed, that this Fund may have nigh performance due to a large share of stocks but also bears a higher risk of fluctuation of its value which is partly leveraged by investments into corporate and government bonds.
This fund invests directly or indirectly into stocks of companies which comply with strict corporate governance, environmental and social criteria. Fund´s aim is to include substantial share of impact investments. It is expected although not guaranteed, that this Fund may have high performance due to large share of stocks but also bears higher risk of fluctuation of its value due to lower diversification which is caused by focus on specific type of assets.
The insured event is an accident or sickness of the insured which results in permanent disability. A minimum grade of disability which is covered is 15 % in case of an accident and 25 % in case of illness.
A policyholder may, at any time and irrespective of his/her age, have all or part of his/her accumulated savings converted into a pension. Insurance coverage continues even once pension payments have commenced.
The policyholder may elect to include other insureds in his/her policy. In addition to insuring him or herself, the policyholder may elect to provide pension coverage for others, including a spouse, children, and parents.
NOVIS provides for the insured to obtain additional pension payments should an insured requires nursing care. The Nursing Care Pension’s initial annuity is lower than the standard life annuity. However, should the insured require nursing care, the monthly annuity will be adequately increased.
Should the policyholder find him or herself in a period of financial difficulty in which he/she is not able to pay the agreed minimum premiums, he/she can convert it into a paid up state (conditions to do so are stated in the respective General Terms and Conditions). In such cases, the policy remains in effect and the coverage continues. If the policyholder does not fulfill the conditions of converting the contract into a paid up state, he/she can also ask to lift the obligation to pay the premium for up to 6 months (subject to confirmation by NOVIS). Certain limitations and/or rules for the exercising of this right may apply according to the General Terms and Conditions of your contract.
Policyholders can partially surrender their account without termination of coverage. After the minimum policy holding period has passed, partial surrender can be incurred even without penalty. Coverage continues following partial surrender. Certain limitations and/or rules for the exercising of this right may apply according to the General Terms and Conditions of your contract.