An Annual Renewable Group Term Insurance policy is established; this is a group life insurance policy with a minimum term of one year, subject to automatic renewal until either party gives notice against renewal or the insured event occurs.
It guarantees the payment of a lump sum in the event of death or disability (absolute and permanent), depending on the specific coverages contracted.
The maximum term of this insurance is one year, with the possibility of three renewals.
Insured persons will cease to be covered under each guarantee at the end of the policy year in which they turn 70 years of age.
