The product ESSEN'CIEL is manufactured by AXA.
What is the product
ESSEN'CIEL is a voluntary life insurance contract. It guarantees the payment of capital to the beneficiary in the event of the death of the insured. The capital is intended to finance the funeral of the insured. The contract also provides for assistance services. These guarantees are provided in exchange for membership fees.
Every year the guaranteed capital increases by 1%, and participation in the company's profits. Profit sharing is determined globally at the insurer level and
attached to all insurer contracts.
Who can sign the contract
ESSEN'CIEL is intended for any individual, a tax resident of France, who wishes to provide for the financing of a funeral. On the day of signing the subscription application, the age of the insured must be from 50 to 85 years inclusive.
No knowledge or financial transaction experience is required to invest in this contract.
Benefits and costs
- Until the death of the insured: the subscribed capital is revalued
annually at a rate of 1%, an increase is possible for profit sharing under the contract. - In the event of the death of the insured: the capital is paid to the designated beneficiary. In case of death due to an accident,
The guarantee is paid from the date of entry into force of the contract. In other cases or in the case of suicide, there is a delay in the onset of guarantees - 1 year after the entry into force of the contract. That is, if the death is not accidental or occurs as a result of suicide during the first year, AXA will reimburse the contract subscriber for the amount of net premiums paid less operating and management expenses.
The contract also includes assistance services, detailed in the information booklet.
In exchange for guarantees, the subscriber agrees to pay fixed lifetime fees determined at the time of signing the contract depending on age and amount of guarantees. In case of non-payment of premiums, the insurer may reduce the amount of the guaranteed capital, provided that the subscriber has paid for his first year of membership. Otherwise, membership will be terminated.
Lifespan
ESSEN'CIEL lasts a lifetime and ends with the death of the insured, but also in the event of termination or complete abandonment of the contract. Membership may be reduced in accordance with the provisions of the general conditions of contract. The subscriber may retain his membership with the cessation of payment of dues, but in return, the guaranteed capital is reduced. A reduction in payments leads to the termination of guarantees of assistance.
What are the risks and benefits?
The risk indicator is 3 out of 7, which corresponds to a risk class between low and medium. It allows you to assess the risk level of the ESSEN'CIEL product compared to other products. This indicates the likelihood that this product will incur losses in the event of market fluctuations or our inability to pay you.
The total amount of contributions payable over the life of the contract may exceed the amount of capital that would be payable on death if
the life of the insured exceeds the life calculated by the insurer.
We have classified this product as a risk class 3 out of 7, that is, a risk class between low and medium. In other words, the potential losses associated with future product performance are low to moderate and, should markets deteriorate, our solvency would not be likely to be affected.
However, you may benefit from a consumer protection system (see section “What happens if AXA France Vie cannot make payments?”). The indicator shown above does not take this protection into account.
What happens if AXA France Vie is unable to make a payment?
In the event of an insurer's default, there is the Guaranty Guarantee Fund (FGAP), which intervenes in the ACPR's decision by notifying the defaulting insurer and which is responsible for paying damages for all insurance or capitalization contracts entered into with that insurer. In this case, the subscriber or beneficiary is paid a benefit up to €70,000 in the event of death.
How long should I keep the contract and can I withdraw money before it ends?
Recommended retention period: until the death of the insured
Cancellation period: You can cancel your membership free of charge within 30 calendar days from the date you are notified that the contract has been signed.
Recommended retention period: The purpose of the contract is to guarantee, in the event of the death of the insured, the payment of capital intended to finance his funeral to the designated beneficiary. It is therefore advisable to maintain the contract throughout its life to benefit from the full guarantees of the contract.
Possible consequences of terminating the contract before the death of the insured: You can request a refund of your premiums at any time. The refund amount is calculated based on the length of your membership, the number of contributions and the amount of guarantees. If returned within the first 10 years of membership, a penalty will be charged and will be applied to the refund amount. This penalty is 5% of the redemption price in the first year of membership, then reduced by 0.5% per year. After the tenth year it is zero.
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