Endowment Life Insurance Sample Clauses

Endowment Life Insurance. 4.1. The Company undertakes to take out endowment life insurance in favor of the SB Member under the conditions approved by the General Meeting, with a policy period of 4 years. The endowment life insurance amounts to CZK 2,550,000 (that is: two million five hundred and fifty thousand Czech korunas) for a member of the Supervisory Board, CZK 3,050,000 (that is: three million fifty thousand Czech korunas) for the vice-chairman of the Supervisory Board, and CZK 4,050,000 (that is: four million fifty thousand Czech korunas) for the chairman of the Supervisory Board. Upon termination of service or the Company’s withdrawal from the endowment life insurance contract as the policyholder, the policy shall be transferred to the member of the Supervisory Board free of charge. 4.2. The SB Member acknowledges that endowment life insurance premium paid by the Company is deemed the Supervisory Board member’s employment income and is subject to income tax and mandatory insurance withholdings pursuant to applicable law. The SB Member agrees that tax on this income shall be withheld in the month in which the Company pays the premium to the insurance company. If the income tax cannot be withheld, the Supervisory Board member undertakes to reimburse the Company for the withholding tax on the income from the paid endowment insurance. The conditions and date for paying the withholding income tax shall be specified in a separate agreement. The SB Member undertakes to enter into such agreement with the Company no later than within 30 calendar days of the payment of the premium.
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Endowment Life Insurance. 4.1. The Company undertakes to take out endowment life insurance for the benefit of the SB Member under the conditions approved by the General Meeting, with a 4.2. The SB Member acknowledges that endowment life insurance premium paid by the Company is deemed the Supervisory Board member’s employment income and is subject to income tax and mandatory insurance withholdings pursuant to applicable law. The SB Member agrees that tax on this income shall be withheld in the month in which the Company pays the premium to the insurance company. If the income tax cannot be withheld, the Supervisory Board member undertakes to reimburse the Company for the withholding tax on the income from the paid endowment insurance. The conditions and date for paying the withholding income tax shall be specified in a separate agreement. The SB Member undertakes to enter into such agreement with the Company no later than within 30 calendar days of the payment of the premium.
Sample 1
Endowment Life Insurance. 4.1. The Company shall take out, at its expense, endowment life insurance for the benefit of the SB member with a policy period of 4 years, amounting to CZK 2,550,000 (that is: two million five hundred and fifty thousand Czech korunas) for a member of the Supervisory Board, CZK 3,050,000 (that is: three million fifty thousand Czech korunas) for the vice- chairman of the Supervisory Board, and CZK 4,050,000 (that is: four million fifty thousand Czech korunas) for the chairman of the Supervisory Board. Upon termination of service or the Company’s withdrawal from the endowment life insurance contract as the policyholder, the policy shall be transferred to the member of the Supervisory Board free of charge.
Sample 1
Endowment Life Insurance. It is the insurance policy issued for a fixes period of time generally 5, 10. 15, 20 or 25 years. The policy holder has to pay the premium till the endowment period. Then the assured sum is paid by the insurance co. to the policy holder on the maturity of policy period along with the bonus but in case of early death of policy holder, the sum assured is paid to his/her nominee.
Sample 1
Endowment Life Insurance. Endowment policies, promises not only to pay the policy face amount on the death of the insured during fixed term of years, but also to pay the full face amount at the end of the term if the insured survives the term. Types of Endowment Policies:  Single Premium Endowment Policy  Semi Endowment Policy  Modified Endowment Policy
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Related to Endowment Life Insurance

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

  • Dependent Life Insurance In the event of the death of your spouse or dependent child from any cause whatsoever, while you and your dependents are insured under the plan, the insurance company will pay you $10,000 in respect of your spouse and $5,000 in respect of each insured dependent child. This applies to those employees with family health coverage only.

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan. 37.2 The basic life insurance plan shall provide: (a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or ten thousand dollars ($10,000), whichever is greater; (b) where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee; (c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty-one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be: 1. Any standard life or endowment plans (without disability or double-indemnity benefits) issued by the insurance carrier. 2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above. 3. A term to age sixty-five (65) insurance plan. 37.3 The amount of basic life insurance will be adjusted with changes in the employee’s salary from the date of approval of the increase or the effective date, whichever is later. If an employee is absent from work because of sickness or disability on the date an increase in insurance would have occurred, the increase will not take effect until the employee returns to work on a full-time basis (i.e., for at least one (1) full day). 37.4 Basic life insurance will terminate at the end of the month in which an employee ceases to be a regular employee unless coverage is extended under the total disability provision. Employees who receive a monthly benefit from the Public Service Superannuation Fund or the OPSEU Pension Trust are entitled to free coverage of two thousand dollars ($2,000) not earlier than thirty-one (31) days after the first of the month coinciding with or following date of retirement and this amount will be kept in force for the remainder of the employee’s life.

  • Group Term Life Insurance The Welfare Plan will include Group Term Life Insurance in accordance with the following Table of Hourly Job Rate Brackets and corresponding coverages. Benefits will be payable as a result of death from any cause on a twenty-four (24) hour coverage basis.

  • Key Man Life Insurance The Company may apply for and obtain and maintain a key man life insurance policy in the name of Executive together with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical examinations and answer reasonable questions in connection with the application and, if obtained, the maintenance of, as may be required, such insurance policy.

  • Group Life Insurance Plan Eligibility

  • Insurance Company The Buyer is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, territory or the District of Columbia.

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