On 23/12/16, the National Council of Private Insurance (CNSP) approved, in an extraordinary resolution, a resolution laying down the rules and criteria for structuring, marketing and operationalizing “Universal Life Insurance”, a new model of available Life Insurance in Brazil.
“Universal Life Insurance” represents a major innovation in the country’s insurance business. It is important to know that this type of insurance already exists in several countries and with several versions for consumer choice.
The great advantage of this new modality is that the Insured can receive part of the premiums payments without end of term of the policy, there is no case of non-occurrence of the accident.
“Universal Life Insurance” differs from traditional Life Insurance, since the insured capital is composed of two installments: Insured Capital of Risk and Insured Capital of Accumulation. This model of insurance is characterized by having long-term policies, where the minimum term will be five years. Initially, two types of this type of insurance are available in Brazil, where it has “Constant Insured Capital” and another “Variable Insured Capital”.
The resolution will take effect 120 days after publication.
It will certainly be a great plan for the Brazilian consumer, for its different and innovative type of product, than a “guarantee of compensation at any time” and “saving for the future”.
