Pension and provident insurance

Pension and provident insurance

Retirement does not always rhyme with fear of an uncertain tomorrow.

The quest for better foresight, in order to secure your future and that of your children, is the solution.

What then should be done?

The answer is simple: To overcome the vagaries of life and to maintain the same standard of living after retirement, you can take out a "Supplementary Retirement" insurance contract.

    What is the supplementary pension?
    Is it an obligation? What can we benefit from?
    What are the formulas offered in this contract?
    How to take out this insurance? What information to provide?
    How are contributions (premiums) paid?
    How will the insurer's benefits be provided?

I. What is the supplementary pension?

The "supplementary retirement" contract is a personal insurance known as "capitalization" [1]. It allows anyone under the age of 60, whatever their status, to benefit from a “supplementary retirement” pension from the age of 60, in addition to their basic pension provided by social security.
 This insurance can be taken out individually or collectively by joining a group (companies taking out insurance for the benefit of their employees).

Return to summary
II. Is it an obligation? What can we benefit from?

The subscription of a "supplementary retirement" contract is not compulsory, it is a provident contract. As a result, it allows payment:

    to the insured: an additional pension in the form of a life annuity, from the end of the contract;
    to designated beneficiaries (if the insured dies before his sixtieth birthday): the amount of the acquired value of the contract on the day of death [2].

Return to summary
III. What are the formulas offered in this contract?
Reversibility:

Which allows, in the event of the death of the insured after retirement age, to allow the living spouse to enjoy part of the tent until the end of his life.
Counterinsurance:

If the insured chooses counterinsurance, and if he or she dies before the age of 60, then the acquired value of the contract on the date of death will be paid to the beneficiaries designated under the special conditions.
The repurchase :

After at least two years of effective payment, the insured has the option of requesting partial withdrawals (partial surrender) as well as the possibility of terminating his contract (total surrender) and this, at any time before the envisaged term [3] .
In the event of cancellation of the contract, the insured must inform his insurer by registered letter with acknowledgment of receipt. His payment will then be fully refunded [4].

Return to summary
IV. How to take out this insurance? What information to provide?

By contacting the company of your choice, you can complete a "membership request" form indicating:

    Name, first name and date of birth;
    Full address ;
    Annuity chosen, and amount of guaranteed capital;
    Designation of the beneficiary (ies) in the event of death;
    Other information and procedures that your insurer will tell you on site.

Return to summary
V. How is the payment of contributions (premiums) made?

The amount of the premium is set in the special conditions. It is payable according to the agreed terms and at the agreed terms [5]. Two options are available:
1. The scheduled payment:

The insured has the option of making scheduled payments in two ways:

    A. The single premium, if the insured chooses to pay the premium all at once;
    B. The annual or fractional premium. The insured has the option of making annual or even split payments by opting for a monthly, quarterly or semi-annual payment.

2. Free payment:

A free payment savings plan is then opened in the name of the insured. It is funded by its payments net of subscription fees [6]. The company is responsible for investing the insured's savings as and when they are paid [7].

Return to summary
VI. How will the insurer's benefits be provided?

Benefits will be provided according to two options:
1. The "single capital at the end of the contract" option:

At the end of the term of the contract (fixed at the time of subscription) the beneficiary can request payment of the capital (the total acquired value of the contract) by sending the insurance company the original contract and a certificate of life of the beneficiary or of the insured.
2. The "annuity" option:

At the age of 60 or at the age set in the contract, the insured has the option of converting the acquired value of the contract into an annual annuity according to two options:
A. The annuity of certain duration:

It is an annual annuity paid for the duration set by the annuitant (the annuity beneficiary). The amount of the annuity is determined according to the technical conditions in force at the time of the conversion.