Collective Long Term Care with predefined premiums and life annuities

Zurich Insurance Company, in partnership with  Previdir, has developed an LTC Long Term Care “Compulsory Corporate  membership” program reserved for all associates insured with the PREVIDIR Fund, to protect employees and any other individuals in an oficial labor role with the PREVIDIR associate  (Directors, Collaborators, Shareholders, etc …) in the event of non self-sufficiency following an accident or illness.

The program is aimed at:

• all people belonging to the same category,  between 18 and 70, who are not already “non self-sufficient” at the inception date of the insurance contract or who do not receive a disability pension or are in the process of recognizing their personal disability from a compulsory Social Security or Assistance entity;
• people belonging to those categories protected under Laws 482/68 and 68/99 are considered insurable. In this respect, the insurance guarantee does not operate if the state of non self-sufficiency is a direct consequence, or a pre-existing condition, of the previous state of invalidity that constituted the title of the recruitment pursuant to the aforementioned Laws.

Activation of the coverage may occur at any time with payment of a pro-rata installment premium up to 31/12 of the first calendar year  (annual alignment for subsequent renewals).

The membership fee for the Fund is 1% with a minimum of € 25.82.

Participation in the “LTC “ Long Term Care program requires that all insureds belonging to the same homogeneous category of employees of the company must subscribe to this program. Said participation must be sustained by a Corporate Agreement or Company Regulation; or relate to all Directors, Collaborators, Shareholders, Owners and Legal Representatives of the company.

• It is NOT necessary to fill in an anamnestic questionnaire
• Insurable parties must be between 18 and 70 years of age
• Cumulative declaration by the company of presence at work (Active At Work) up to 50 employees, no declaration (free cover) over 50 employees
• Possibility to choose a single solution (A or B) or both (A and B) when differentiating the category of the  insureds (e.g. A for executives and B for middle managers)

• If in the course of 90 days following the report of the non self-sufficient state the death of the insured should occur, neither the annuity nor the lump sum will be paid.
• Territoriality: there are no territorial limits.

• malice of the policyholder and the insured;
• psychiatric pathologies;
• active participation of the insured in criminal acts;
• nervous or mental pathologies due to organic causes that determine the loss of cognitive abilities (for example, Parkinson’s or Alzheimer’s disease or other disabling dementias), but only if they have already been diagnosed at the time of entry into coverage of the individual insured;
• states of non self-sufficiency prior to the effective date of the coverage of the individual Insured;
• nuclear or chemical contamination, war, invasion, enemy hostilities (whether war is declared or not);
• active participation in popular uprisings, rebellions, revolutions, uprisings, due to injury: no waiting period

The most convenient aspect of the program is, fo sure, The tax implications for the insureds covered , more advantageous conditions when implementing alternative LTC Long Term Care plans.

According to the provisions of lett. f-quater) of the second paragraph of art. 51 of the TUIR: the contributions and premiums paid by the employer in favor of all employees or categories of employees for benefits, even in insurance form, concerning the risk of non self-sufficiency in the carrying out acts of daily life or having as their object the risk of serious pathologies.

In this case it is a deductible cost for the company and must pay, as a social security contribution, 10% (solidarity contribution).