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Term Explanation
Saved funded pension capital The money that has been saved on behalf of the Insurance Recipient in the State Funded Pension Scheme (level 2 pension)
Lifetime Pension Insurance compensation disbursed as regular guaranteed payments from capital saved in a level 2 pension of the amount and in the manner stipulated in your Insurance Agreement.
Beneficiary The person named in the Insurance Agreement who, in the case of the death of the Insured Person and if the Insurance Recipient has selected a Guaranteed Disbursement Period, will receive Lifetime Pension payments until the end of the Guaranteed Disbursement Period.
Guaranteed Disbursement Period The period of time for which, in the case of the death of the Insured Person, their Lifetime Pension is disbursed to the Beneficiary (if such is named).
Insured Person A private individual who is insured in accordance with the Insurance Agreement.
Insurance Recipient A private individual and State Funded Pension Scheme participant who has reached an age which gives them the right to receive an old age pension, or who is retiring early, and who has signed an Insurance Agreement.
Disbursement Frequency The frequency at which the Lifetime Pension is paid, in accordance with the Insurance Agreement: monthly, quarterly, biannually or annually.