LIFE ANNUITY OPTION. The insurer is obligated to purchase a life annuity policy on behalf of affiliates who exercise the option provided in the final clause of Article 62 of the Decree Law 3,500 of 1980, and pay a pension not lesser than the one established in such Law. In the case that the company was unable to fulfill this obligation, at demand of the affiliate or his/her beneficiaries, it will have to purchase on behalf of them the referred pension guaranteed by a company eligible to grant pension life annuities. It will be borne by such company the difference between the unique premium agreed and the balance of the transferred amount from the affiliate's capitalization account.
Appears in 4 contracts
Samples: Insurance Contract (Provida Pension Fund Administrator), Insurance Contract (Provida Pension Fund Administrator), Insurance Contract (Provida Pension Fund Administrator)
