BAKU, Azerbaijan, Feb. 25
By Yusif Aghayev - Trend:
PASHA Life insurance company, one of the Azerbaijani biggest domestic insurance companies, which has confidently maintained its leadership in the life insurance segment over the previous years and accumulating almost a third of all fees in the country's insurance market, introduced to customers a new individual insurance product - "Ailəmin PAŞA Güvənliyi" (My family trusts PASHA), Trend reports referring to the company.
Within the framework of this product, PASHA Life guarantees its customers reliable insurance coverage for five years. By paying a monthly insurance premium of 20 manat ($11.7), the company guarantees insurance compensation in the event of death or disability for any reason in the amount of 533 manat ($313.5) every month.
The main advantage of this insurance product is that the client can determine the amount of the insurance or insurance premium, as well as the form of payment.
Payment of insurance indemnity upon the occurrence of an insured event may be made once or divided into equal monthly payments.
A medical observation is not required for insurance in the amount of up to 60,000 manat ($35,294) or up to $30,000.
Payment of the insurance premium can be made online (on the portals e-pul.az, izim.az, casham.az) and in the branches of partner banks of PASHA Life.
According to the main conditions of this insurance product, the monthly insurance premium cannot be less than 10 manat ($5.8), and the duration of the contract must be at least one year. The maximum insurance amount may be 500,000 manat ($294,117) or $250,000. This insurance product can be purchased at the offices of PASHA Life, as well as at branches of local AG Bank.
The company with a registered capital of 40.250 million manat ($23.6 million), is part of the PASHA Holding group of companies and operates on the basis of a license to provide life insurance services. PASHA Life currently provides insurance products that meet the requirements of each client. In the near future, in order to strengthen its position in the insurance market, the company plans to create new products and is already working in this direction.
PASHA Life is a member of the Azerbaijan Insurers Association (ASA) and is the holder of the international certificate "TÜV Thüringen" ISO 9001: 2008.
At the end of 2019, the company collected insurance premiums in the amount of 212.559 million manat ($125 million) and paid insurance claims in the amount of 99.505 million manat ($58.5 million), taking first place in the ranking of insurance companies in Azerbaijan.
Currently, 22 insurance and one reinsurance companies operate in Azerbaijan.