This program is available to companies who want to insure the above mentioned professionals: entrepreneurs, legal representatives, board members, holders and others similar professionals (i.e. co.co.pro contract employement as indicated in the Italian law 276/2003 to include their subsequent modifications).
The model of coverage offered for this category of professionals has a 3% permanent disability deductible (sometimes even less, depending on individual cases).
When comparing these conditions to other coverages offered under the PREVIDIR plan, the following differences should be duly noted:
- Individual insureds are named in the policy;
- Amounts insured are fixed amounts and not salary multiples of annual payroll;
- The type of coverage offered and risks to be insured are left for the policy holder to choose.
When previously requested and approved by insurers of the fund, increased amounts higher than those indicated in the program may be obtained by inusrers on a case by case basis.
The amounts payable for a daily indemnity following hospitalization are also available , on a fixed amount per diem
Many companies also broaden this program by enhansing the coverage to include Permanent Disability following Illness and Death and Disability from any cause.
80% of the insurance premium paid covers the occupational aspects of the risk exposure and does not form part of the income paid to the insured for IRPEF tax purposes.
The remaining 20% of this premium insuring the extra professional portion of the risk is considered taxable income, but may be used as a tax deduction up to 19%, withih the individual’s annual cap of tax deductions of € 1.291,14
- Art. 15 1st paragraph lett. F of the TUIR (Testo unico delle imposte sui redditi – Italian Tax law)
The entire premium is conversely tax deductible for the company, as it constitutes a cost inherent to the company’s activities.
