Private Pension Fund Plan
Private Pension Fund Plan is a contract between one person and the insurance company aiming at ensuring a monthly income or total cash redemption after a pre-established period.
In cases of total permanent disability or death of the contractor, the contract approaches a monthly income payment. There are also other plans providing indemnification in case certain diseases are diagnosed.
However, the Law understands that when receiving the payment and having the insurance, the insurance company that does not demand previous tests will respond for the taken risk, unless it is proved that the beneficiary in acting with bad faith.
To get the indemnification, the patient shall provide a medical report providing their health condition and proving the partial or total disability and request the insurance company. Documents information shall be requested to the company, which will also schedule a medical expert investigation. In case the contractor is retired for disability, the retirement granting letter itself is the proof.
The income received from the Private Pension Fund plan by the oncologic patients is exempted from the Income Tax. The Federal Income understands that the total amount to be rescued of the pension fund balance is subject to the Income Tax collection. However, there are judicial decisions which already ensures the right to take the total amount with tax exemption.