Allianz ROSNO Life Social Project “Gift to Child” Turns Two
OREANDA-NEWS. October 01, 2010. IC Allianz ROSNO Life is summing up the results of the two-year implementation of the social project "Gift to a Child". Since September 2008, the company has joined efforts with benefactors to issue about 140 accumulative life insurance policies in favour of orphans, disabled and unparented children. The aggregate contractual insurance amount, excluding additional investment yield gained by the company, exceeds 30 mln. roubles, reported the press-centre of ROSNO.
Project Results
IC Allianz ROSNO Life’s social project "Gift to a Child" commenced in autumn of 2008. The first policy was opened by a Tuapse resident to help the family that had adopted a disabled child. Subsequently, benefactors opened with Allianz ROSNO Life about 140 policies for children from many Russian cities: Moscow, St. Petersburg, Nizhny Novgorod, Stavropol, Kirov, Tula, Ryazan, Novorossiysk, Rostov-on-Don, Magnitogorsk, Ust-Ilimsk, Irkutsk, Angarsk, Bratsk, Krasnoyarsk, Ulan-Ude, etc. The leader in terms of active implementation of this social project is Krasnodar Kraj, where about 70 policies have been issued in favour of children from Krasnodar, Tuapse, and other localities.
Throughout the project implementation stage, the company concluded over 20 cooperation agreements with regional administrations and non-profit entities: Charity Fund "Centre for Aid to Homeless Children", Endangered Children Support Fund by the Ministry of Healthcare and Social Development, Russian Culture Fund, and other organizations.
The social project "Gift to a Child" by Allianz ROSNO Life has been awarded with Russia’s sole National Insurance Premium "Golden Salamander" in the nomination "Social Project of the Year 2008".
At the international contest of innovations, held by Allianz Group among companies from all over the world (Global Innovations Awards 2010), the social project "Gift to a Child" by Allianz ROSNO Life ranked 6th, becoming the only innovation in the field of charity to enter the top 10 list.
Project mechanics
The purpose of the social project "Gift to a Child" implemented by IC Allianz ROSNO Life is to accumulate initial capital by the time the child turns 18 or 23, to enable him or her to pay for education, medical treatment, or housing. Benefactors purchase individual policies of accumulative life insurance and, throughout certain time period (5 and more years) they form the initial capital which may be made available to their wards by the date specified in the insurance contract — either on a lumpsum basis, or in form of annuities.
Developing this project, the experts of Allianz ROSNO Life took into account the importance of providing protection against possible financial risks not only to benefactors, but also to children themselves. In particular, a benefactor cannot take back the contributions he or she has already paid, and he or she also cannot change the beneficiary of the accumulated capital to another child without consent of the latter’s guardian (unless the ward dies). Furthermore, by purchasing an insurance policy a benefactor does not incur any obligations as to future contributions, and he or she can terminate payments as soon as they become burdensome for his or her family budget. However, the capital accumulated for the child, will not be affected: the already accumulated amounts will be increased by the amount of the company’s investment yield, and Allianz ROSNO Life will attract a new benefactor, who will then accumulate the amount outstanding under the contract.
What children are supported under the project?
The insurance terms and conditions under the social project "Gift to a Child" contemplate engaging benefactors to protect unparented and disabled children, whose disease will not prevent them, after coming of age, from making a well-thought and intelligent decision on how to spend their capital. Under this social project, support is provided not only to foster children of state institutions, but also to those children which are brought up in tutorial families, foster families, single-parent families, and large families. In each region, the criteria for selection of children to participate in the project are established by a workgroup comprising representatives of the state, non-profit entities, and Allianz ROSNO Life.
Who is implementing the project?
Benefactor engagement and cooperation with specialized organizations are the functions of the area representatives of Allianz ROSNO Life and ROSNO — primarily those who personally share the ideas of the social project "Gift to a Child" and the concept of supporting talented and persistent children.
"Life insurance is a very socially-oriented business, where social issues and public welfare are paid the same attention as the traditional commercial interests. Such goals as mitigating social consequences of orphanhood and child disabilities, and furthering children’s talents for the public good are very closely shared by Allianz ROSNO Life. Furthermore, the successful implementation of the project has a favorable effect on the moral climate, employees’ job satisfaction, and maintenance of a team spirit within the company. Therefore, the project „Gift to a Child“ continues developing for a third consecutive year, and it is welcomed, and responded to, by the increasing number of people, whether benefactors, municipal officials, or our employees" comments Ms. Zinaida Myakina, Deputy CEO of IC Allianz ROSNO Life.
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