The Management Committee of the Hotel Employees Provident Fund continuing the provision of services to its members is pleased to offer optionally to all the members of the Fund which make loans a Group Insurance Policy with Eurolife Insurance Company belonging to the Bank of Cyprus Group.

Life Insurance

Coverage in the event of death due to any cause, excluding suicide during the first year of the insurance.

Additional Benefit for

Permanent Total Disability due to accident or illness

It provides for the payment of the insured amount in case that the insured person becomes Permanently and Totally Disabled to exercise its occupation or any other occupation befitting its education, training and work experience, due to accident or illness (in accordance with the terms of the insurance policy).

 

The Life Insurance and the Additional Benefit cover persons up to the age of 65.

Insured amount

The Insured Amount shall be equal to the loan balance of each member and the maximum Insured Amount shall be Euro 427.150,36

 

Insured Members

Insured members shall be the members of the Hotel Employees Provident Fund on a voluntary basis which have made a loan or they are about to be given a loan.

Annual Premiums

The required annual premiums for the life insurance per insured member – for normal risks – shall be as follows: 

 

 

Life Insurance	EUR 2,30 for every one thousand of Insured Amount
Additional Benefit for Permanent Total Disability due to accident or illness	EUR 0,31 for every one thousand of Insured Amount
Total	EUR 2,61 for every one thousand of Insured Amount

Risk Assessment

 

 All the members will be accepted for insurance as follows:

 

Insured Amount	Age until 60 years	Age 60 – 64 years
Up to EUR 51.258,04	Signing “Insurability Statement”	Completion of “Statement of Insurant’s Medical Record”
Over EUR 51.258,04	Completion of “Statement of Insurant’s Medical Record”	Individual Risk Assessment

 All the above members must sign the “The processing of personal data (protection of individuals) Law (138(I)/2001)”.

 It is understood that the Insurance Company reserves the right in all above cases to request any medical examinations, to impose any additional premium or /and Additional Act or even to disapprove any member.

 We remain always at your disposal for any information or assistance that you may need in an effort to provide the best possible service. For any clarifications or inquiries, please contact us.