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Pasha Life Insurance extends spectrum of services

07 September 2011 08:40 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijanâ€™s Pasha Life insurance company will begin implementing a new type of service â€“ â€œAnnuity insuranceâ€, deputy board chairman of the company Niyaz Ismailov said.

To him, in this type of insurance, the clients sign appropriate insurance agreement with the company and until a certain age (the period depends on the choice of client) pay some of funds as a contribution to insurance company: â€œThe funds attracted from the clients are invested in the respective banks. As a result, at the expiration of the contract by calculating some interest income as well, the fund is paid to client depending on his choice at once, or as an annuity. The minimum age limit is 18 years and a minimum term of the agreement - 3 years. This is a kind of retirement insuranceâ€.

Note that, Pasha Life Insurance was registered on November 24, 2010. As of September 1, 2011, its authorized capital made AZN 7 mln.