How much is a human life worth? Life insurance

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

How much is a human life worth? It is up to insurance agents who sell insurance programs, as well as experts who calculate the amount of compensation for relatives of accident victims, to assess the cost of a client's life in daily work activities.

Cost of living, compensation and insurance

According to the latest polls, the Russians themselves value their lives at $1.2 million. At least, this is the amount that is called adequate compensation for death from an accident. This is almost two times less than the world average, but already much higher than previous surveys showed. But what are the real payments due to the relatives of the injured or deceased Russian?

How much is life worth? When a citizen dies in a plane crash over the territory of Russia, on water transport or in a mine, two million rubles are paid to relatives. If the deceased lost his life as a result of an accident, the amount of the payment is one million rubles. On international flights, compensation is higher and reaches almost 150 thousandUS dollars, and the relatives of the victims of the September 11 terrorist attack in the United States were paid more than three million dollars.

A Brief History of Life Insurance in Russia

Life insurance in Russia was first started in 1863, when the first commercial insurance company called "Life" was founded. Before the life insurance revolution, there were eleven companies, most of which were foreign.

In 1906, a law appeared that provided for voluntary life insurance in savings banks. Then the programs were sold to everyone at the same price and no medical examination was carried out. The minimum sum insured was 25 rubles, and in the event of an insured event, the payment was delayed for five to seven years. Until 1919, the voluntary state insurance system covered only 0.25%.

In the era of the NEP, after the abolition of all previous agreements, the State Insurance was created. Until the sixties of the last century, insurance in the Soviet Union practically did not develop. Then no one thought about how much life costs, there was no time, Soviet citizens were building a state. Only in the eighties were new programs developed, the popularization of insurance began.

Now in Russia there are both public and private insurance companies that offer a wide variety of programs and types of contracts.

Types of life insurance: risky

Risk insurance involves the payment of certain insurance premiums to customers asone payment, and in installments. The contract is concluded for a specific period, usually one year.

In the event of an insured event (disability, injury, death), the insurance company undertakes to pay the client or beneficiary specified in the contract the sum insured, which can be dozens of times greater than the total amount of contributions made.

In the event that an insured event does not occur, the amount of the contract irretrievably "burns out". The contract cannot be extended. The next year it can be concluded on approximately the same terms.

Types of life insurance: funded

Cumulative insurance is characterized by the regular deposit of a certain or variable amount into the insurance account. Money can be contributed both by the client himself and by third parties (relatives, employer).

The insurer effectively invests funds, indexes them when inflation develops, and in case of injury, disability or death of the client, pays either the full amount or more than the accumulated amount (it all depends on the terms of the contract).

There is also a “survival” option, when the client lives safely until the end of the contract. In this case, the client is paid the entire amount of contributions and investment income in a single payment or in several.

Types of life insurance: investment

Investment insurance is very similar to funded insurance. The only difference is that the client gets the rightcontrol the strategies of the insurer without losing the opportunity to protect and receive funds.

Cost of life and he alth insurance program

How much does life insurance cost? The cost of the program depends on several factors, for example:

1. Customer Gender - Men usually charge more than women.
2. Age - the higher the age, the more expensive the insurance program. Citizens over the age of seventy (and in some companies over sixty or sixty-five) cannot purchase the insurance program.
3. Belonging to risk groups. Depending on whether the person lives in a certain area or is a representative of a dangerous profession, the final amount may be higher or lower.
4. He alth status. Just as in the case of belonging to risk groups - the worse the state of he alth of the client, the more expensive the insurance program will cost.
5. Additional terms of the contract. The conditions of the program, including how much it costs to insure life, may differ in individual and group contracts.
6. Term of insurance. Choosing a longer program usually means lower fees.

Russian insurance market: leaders

How much is life worth? Russian companies offer various life and he alth insurance programs at various prices. The leaders in Russia are Alfa Insurance, Russian Standard Insurance, RosGosStrakh, Renaissance Life andSberbank. These companies enter into contracts for five to fifty years for citizens from eighteen to seventy years. There are options for both cumulative and risk or investment insurance.

The best offers on the Russian insurance market

How much does life and he alth insurance cost? "Renaissance Life" with a contribution of only fifty rubles makes it possible to receive a payment of one hundred thousand rubles in the event of the death or disability of the client, as well as a percentage of the amount in case of injury. In Alfa Insurance, the minimum contribution is fifty thousand rubles for Moscow, thirty thousand for the regions of Russia, in foreign currency - two thousand dollars.

How much does it cost to insure life and he alth in the company "RosGosStrakh Life"? It offers insurance programs for families and groups of people with investment income up to ten to thirty percent of the amount of contributions. There are also many VIP offers and contract add-ons.

How much does life insurance cost at Sberbank? Sberbank offers mainly corporate and group insurance, but there are also quite profitable individual life and he alth insurance programs for customers. The amount of the contribution under the insurance contract "Head of the Family" will be at least nine hundred rubles, "Protection of loved ones" for one year - from nine hundred to four and a half thousand rubles.