2023-10-30 07:08:24
BBVA innovates in the world of insurance. Its subsidiary BBVA Seguros has launched the first life product in Spain where clients will know from the moment of contracting the price or net premium that they will pay throughout their life, in exchange for progressively reducing the insured capital.
Ordinary life insurance becomes more expensive each year depending on the individual variables of the insured with which their risk of death is assessed, which are therefore difficult to anticipate.
Factors such as age (the older the age, the higher the cost), the client’s profession (there are jobs even considered high risk) and habits that influence health (smoking, drinking or practicing high-risk sports) play a role in the calculation. , For example).
The evolution of the price throughout the life of the insurance is also conditioned by factors such as the CPI or whether the client decides to add or remove guarantees or vary the insured capital.
Faced with this volatility and in a scenario where the escalation of inflation promotes family financial planning, BBVA now makes it easier to shield annuities to avoid surprises for the client. Your Secure Premium Life policy offers two modalities: having a stable or fixed net premium, and the insured capital being adjusted progressively (it would decrease with age) or increasing by 3% annually from the age of 36, option where the insured capital is also reduced, but at a slower rate.
The bank’s intention is to “make it easier” for customers to take out coverage that they can use on a daily basis and at the same time respond to the uncertainty in the cost of their insurance, while maintaining a level of protection known to the customer. case of death.
“Life insurance is usually linked to a fixed insured capital, which over the years could end up being excessive, since in many cases it does not accompany the client’s needs in their life cycle. With this new solution BBVA Seguros, the insured will know at all times what they are paying and why they are paying it,” the entity explains.
The policy covers, in both formulations, the main contingency of death, along with complementary coverage such as death due to accident, absolute permanent disability due to accident, assistance in death and medical advice.
Day-to-day medical care
The insured will also be able to access services in their daily life such as a second medical opinion, medical, nutritional and dietary guidance, psychological counseling, health check-ups and the insurer’s online service “Get in shape.”
The new policy is also incorporated into the company’s loyalty program “Plan Estar Seguro”, which allows customers to group all their policies (home, life, health, work disability for the self-employed, etc.) and pay the premiums in a single receipt. month by month and obtain a discount of up to 15% on grouped insurance.
The insurance allows you to contract a maximum insured capital of 1.5 million euros and the minimum will depend on your age. If the client is, for example, between 18 and 40 years old, it would be 45,000 euros, 30,000 for the next age group and up to 45 and 10,000 if they are between 56 and 64 years old.
10,541 million
This is the total volume of provisions managed in life insurance by BBVA Seguros at the end of 2022, of which more than 9,603 million corresponded to managed customer resources in savings insurance.
The company has 3.26 million policies and completed the year with a gross profit of 223.1 million. The company includes the 49% that BBVA has in the bancassurance joint venture with Allianz.
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