Innovations
Adaptive Approach
Our products are built with the idea to adapt and evolve with clients' needs over a lifetime. We aim to become the single entry point for a client’s financial needs in connection with insurance – replacing the need for repeated conclusions of various financial and insurance products.
Founded to change the way people use insurance products, we have brought dozens of innovations to the marketplace. These fall into five key areas which enhance client satisfaction:
- Adaptability to change almost anything in the contract and keep changing it, including the ability to cover an unlimited number of co-insured persons.
- Access to unique internal funds of the insurance company – NOVIS Insurance Funds.
- Personal insurance coverage for death, illness, or injury. Some of our products may also cover disability and can be used for annuities.
- During the insurance relationship, you have access to your accumulated capital (through a request for a partial surrender) and you may even stop paying the premium for some time (see General Terms and Conditions of certain products for details) while the insurance coverage remains active of your accumulated capital.
- Ability to transform accumulated capital into diverse financial instruments like pensions, annuities, or even financial planning for children's education expenses.
While the overall structure of our products is universal across the European market, they are fine-tuned following the local requirements of each country and some products are only available in certain markets. You can find detailed information related to specific innovations in General Terms and Conditions or other pre-contractual documents of each offered product.
Long-term Investing
Investment Options
Clients can build and protect their wealth with NOVIS' unique insurance products. From the inception of NOVIS in 2013, we strive to offer to policyholders via internally managed insurance funds the broadest risk diversification one can find in the retail financial products in Europe.
Since 2019 we have also included an investment option that promotes sustainability and impacts investing. This new investment option is available for all our clients including policyholders who concluded an insurance contract in previous years.
At the beginning of the contract, each policyholder determines the combination of insurance funds that will be used in the insurance contract and that must correspond to their investment profile. Changes in the allocation of the insurance funds can be made on a monthly basis with no extra cost. A suitability assessment is performed by insurance distributors.
Investment is only a part of combined investment & insurance products and the availability of respective funds may differ among offered products.
How it works
One contract with lots of flexibility
A single contract of our combined investment & insurance products can cover an unlimited number of insured persons, including family members as well as unrelated persons. Our combined investment & insurance products are designed to be adaptable and changeable as clients' lives evolve.
With a traditional approach to insurance products, clients would have been required to enter new insurance contracts with additional acquisition costs whenever their needs and demands change significantly.
We have eliminated many of the outdated rules around premium payments and have given clients more choices on when and how much to pay for their combined investment & insurance product. The only remaining requirement is to pay the total agreed premium cumulatively and not necessarily in each period. Acquisition costs apply only to the agreed premium and not to higher or extra payments.
Value of Insurance account - Invested capital
Our products are designed in such a way that all financial aspects are captured as an entry in a simple account system. A specific routine is automatically repeated in the insurance system on a monthly basis. In the case of combined insurance & investment product, on the positive side is the opening balance, a new premium paid, and a monthly investment return (which can be positive or negative and it depends on the performance of chosen insurance funds). On the negative side are the deductions for the insurance coverage and costs of the product. These deductions are transparently stated on the last page of the General Terms and Conditions. The result is a closing balance for the current month, and this is identical to the opening balance for the next month.
This continuous account system is designed for an unlimited period.
Access to Liquidity and heritance transfer
It is possible to withdraw a part of the invested capital (partial surrender) according to rules specified in General Terms and Conditions without having to terminate the contract which would lead to losing the insurance coverage. It is up to the client whether he/she wants to use the invested capital or a part of it. Any partial surrender lowers the balance of the insurance account and negatively impacts future yields.
Changes to Insurance Coverage
The client may at any time add new insured persons or remove existing ones, while each insured person has its own set of covered risks. The sums insured for the covered risks may be changed as well. Potential changes may be limited on certain markets or products but any change which is allowed is done without any additional administrative fees, however, these changes may require an increase of agreed premium.
