How much is a person’s life? The cost of a client’s life in daily work is assessed by insurance agents who sell insurance programs, as well as by experts who calculate the amount of compensation to relatives of accident victims.
Cost of living, compensation and insurance
According to recent polls, Russians themselves value their lives at $ 1.2 million. At the very least, this amount is called adequate compensation for death from an accident. This is almost two times less than the global average, but already much higher than previous polls showed. But what are the real payments that are supposed to be close to the injured or deceased Russian?
How much does life cost? When a citizen dies in a plane crash over Russian territory, in water transport or in a mine, two million rubles are paid to relatives. If the deceased lost his life as a result of an accident, the amount of payment is one million rubles. On international flights, compensation is higher and reaches almost 150 thousand US dollars, and more than three million dollars were paid to the relatives of the victims of the September 11 terrorist attack in the United States.
A brief history of life insurance in Russia
Life insurance in Russia first began in 1863, when the first commercial insurance company called Life was founded. Before the revolution, there were eleven companies operating in the life insurance sector, most of which were foreign.
In 1906, a law appeared that provided for voluntary life insurance at savings banks. Then the programs were sold to everyone at the same price and no medical examination was carried out. The minimum insurance amount was 25 rubles, and upon the occurrence of an insured event, payment was delayed for five to seven years. Until 1919, the voluntary state insurance system covered only 0.25%.
In the era of the NEP, after the abolition of all previous treaties, Gosstrakh was created. Until the sixties of the last century, insurance in the Soviet Union practically did not develop. Then no one thought about how much life costs, once it was, Soviet citizens built the state. Only in the eighties new programs were developed, insurance began to popularize.
Now in Russia, both state and private insurance companies coexist, which offer a wide variety of programs and types of contracts.
Types of life insurance: risky
Risk insurance involves the payment of certain insurance premiums to customers as a single payment, and in installments. The contract is concluded for a specific period, usually one year.
In the event of an insured event (disability, injury, death), the insurance company undertakes to pay the insurance amount to the client or beneficiary specified in the contract, which may be ten times higher than the total amount of contributions made.
In the event that the insured event does not occur, the amount of the contract irretrievably “burns out”. The contract cannot be continued. The following year, he can be concluded on approximately the same conditions.
Types of Life Insurance: Endowment
Endowment insurance is characterized by the regular deposit of a certain or variable amount into the insurance account. Money can be paid by both the client and third parties (relatives, employer).
The insurer effectively invests funds, indexes when inflation develops, and in the event of an injury, disability or death, the client pays either the full amount or in excess of the accumulated amount (it all depends on the terms of the contract).
There is also the option of "survival", when the client successfully survives to the end of the contract. In this case, the client is paid the entire amount of contributions and investment income in a single payment or several.
Types of life insurance: investment
Investment insurance is very similar to endowment insurance. The only difference is that the client gains the right to control the strategies of the insurer without losing the ability to protect and receive funds.
Cost of Life and Health Insurance
How much does life insurance cost? The cost of the program depends on several factors, for example:
- Client gender - for men, the cost is usually higher than for women.
- Age - the higher the age, the more expensive the insurance program. Citizens over seventy years of age (and in some companies and over sixty or sixty five) can not purchase an insurance program.
- Belonging to risk groups. Depending on whether a person lives in a certain territory or is a representative of a dangerous profession, the final amount may be higher or lower.
- Health status. Just as in the case of belonging to risk groups - the worse the health status of the client, the more expensive the insurance program will cost.
- Additional terms of the contract. The conditions of the program, including how much it costs to insure life, may vary in individual and group agreements.
- Duration of insurance. Choosing a longer program usually means lower contributions.
Russian insurance market: leaders
How much does life cost? Russian companies offer various life and health insurance programs at various costs. The leaders in Russia are Alfa Insurance, Russian Standard Insurance, RosGosStrakh, Renaissance Life and Sberbank. These companies conclude contracts for five to fifty years for citizens from eighteen to seventy years. There are options for both accumulative and risk or investment insurance.
The best offers in the Russian insurance market
How much does life and health insurance cost? “Renaissance Life” with a contribution of only fifty rubles makes it possible to receive a payment of one hundred thousand rubles in case of death or disability of the client, as well as a percentage of the amount due to injury. In Alfa Insurance, the minimum contribution is fifty thousand rubles for Moscow, thirty thousand for the regions of Russia, in foreign currency - two thousand dollars.
How much does it cost to insure life and health at RosGosStrakh Life? It offers insurance programs for families and groups of individuals with investment income of up to ten to thirty percent of the amount of contributions. There are also many VIP offers and additions to contracts.
How much does Sberbank life insurance cost? Sberbank offers mainly corporate and group insurance, but there are also quite favorable individual life and health insurance programs for customers. The amount of the contribution under the insurance agreement “Head of the family” will be at least nine hundred rubles, “Protection of loved ones” for one year - from nine hundred to four and a half thousand rubles.