Frequently asked questions

BMI Colombia will pay the claim provided that the beneficiary proves its occurrence and, where applicable, the amount of the loss. You must attach the required documents of the insured and the beneficiary. In the event of a declaration of presumed death, in addition to the documents above, an authenticated copy of the ruling declaring the presumed death must be sent, in accordance with article 1145 of the Commercial Code.

Learn about the full procedure here.

In the event of a claim, the insured or the beneficiaries must submit the documents proving the occurrence and the amount of the claim, under the terms of article 1077 of the Commercial Code. All receipts and invoices must comply with the applicable laws on the matter.

BMI Colombia offers different methods for paying policies. 

To modify or update a policy's data, send an email to contactenos@bmicos.com with the following information: 

• In the subject line, state that it is a request to modify or update data.

• Attach a letter requesting the modification of the data, which must include the number of the policy, the name of the insured, their identification number and their contact details.

• In the letter, indicate which data are to be modified, and attach the supporting validation documents to the email (identity documents, etc.).

To cancel a policy, send an email to servicioalclientecol@bmicos.com with the following information:

• In the subject line, state that it is a request for policy cancellation.

• Attach the customer service request form, which must be fully completed. See Attached Document

• Attach the supporting documents needed to validate the information (identity documents, etc.).

BMI Colombia Compañía de Seguros de Vida S.A. will refund any unearned premium that may be due, provided that it is not a life insurance policy that generates surrender values. 

If a refund of premiums for overinsurance or a reduction in the insured interest applies, the interested party must request it in writing, with its justification or supporting documents. To facilitate the process, the request must include the full name of the policyholder or insured, the type and number of identification, the address, the city for notifications, a contact phone number and the date.

Life insurance contracts may be revoked by the Policyholder and/or Insured at any time, in which case any applicable surrender value will be refunded at the time of revocation. If the Insured has incurred claim expenses and these have been paid by BMI COLOMBIA, the premium will be considered earned and there will be no right to a refund, or the surplus will be refunded.

PARAGRAPH: The fact that BMI COLOMBIA receives one or more premiums after the revocation date does not oblige it to grant the benefits stipulated herein, nor does it nullify such revocation. Consequently, any subsequent payment will be refunded.

Grounds:

• Unilateral revocation of the insurance contract by the policyholder.

• Cancellation of policies as not taken or not accepted by the client at the start of the policy term.

The following documentation must be submitted for revocations requested by the client:

• Written communication signed by the insured requesting the cancellation.

• Copy of the identity document, if there are assignment amounts to be refunded.

• FATCA form.

• Letter signed by the policyholder up to 30 days after the policy is issued.

All coverage provided by this policy will terminate upon the earliest of the following dates:

1. The date on which the policy is surrendered.

2. The date of the insured's death.

3. The expiration of the grace period, if the amount necessary to keep the policy in force has not been paid.

4. When the insured has reached the age of one hundred and one (101).

If an insured revokes the policy once it has been issued or renewed, BMI Colombia will refund the unearned portion of the premium. 

However, if the insured has incurred expenses for claims paid by BMI Colombia: 

- The premium will be considered earned and there will be no right to a refund, or only the excess will be refunded. 

Legal Restrictions In accordance with article 41 of Law 1438 of 2011, BMI Colombia may not terminate or revoke contracts unless the insured has failed to comply with their obligations. 

Documentation Required for Revocations Requested by the Client: 

- Letter signed by the policyholder stating their cancellation request and the policy number.

By the policyholder: 

The policyholder may revoke the basic coverage or the riders of the policy at any time by written notice. 

By BMI Colombia: 

BMI Colombia may only revoke the riders during the term, giving the policyholder no less than 10 calendar days' notice, and may terminate the policy with all its coverages at the time of renewal. 

Cancellation Conditions by Payment Frequency 

- Monthly payment policies: Cancellation takes effect at the policy's billing cutoff, according to the month in which it is reported. 

- Quarterly, semiannual and annual payment policies: Cancellation takes effect on the cutoff date of the group's month in which the change is reported, and the unearned premium for the remaining period is refunded according to the payment made and the group's frequency.