Zurich Vida Convenio Plus — Group Life Insurance for Employees
Technical parameters
Price and term
Price: depends on the sum set by the collective agreement, the number of employees and the guarantees taken. The rate applies per thousand euros of cover
Term: annual, renewed automatically
| Zurich Vida Convenio Plus terms | |
| Aspect | How it works |
| Type of contract | Annually renewable group policy, unnamed (innominado) |
| Who is insured | Employees listed on the Social Security worker return, under 70 |
| Guarantees | Death and total permanent incapacity for the employee’s own trade. These are mutually exclusive |
| An important consequence | Taking the own-trade incapacity cover automatically covers any higher degree: absolute incapacity for any occupation, and severe disability |
| Size of the sum insured | Set by the sector agreement reported by the company, not chosen freely |
| Joining | No adhesion forms: the company adds employees itself |
| Beneficiaries on death | In strict order of preference: spouse; failing that, children; then parents; then legal heirs |
| Beneficiary on incapacity | The insured employee |
| Rate per €1,000 of cover | Death: €1.76. Own-trade permanent incapacity: €2.05 |
| Renewal | Automatic, with a 5% increase on the net rate to offset the ageing of the group |
| Minimum receipt | €100 per issue or annual renewal |
| Employees on sick leave when the policy starts | Covered only for death and absolute permanent incapacity by accident, and for no more than three months from inception. Once back at work, all guarantees apply after a simple health questionnaire |
| Age limit | Death cover ends at the close of the policy year in which the employee turns 70; complementary guarantees, at 67 |
| Who cannot be insured | Under 16; anyone already declared permanently incapacitated or in the process; with certain conditions, only after a health declaration or medical |
| Exclusions | Suicide within the first year from the employee’s inclusion. Intentional claims, except while saving people or property |
| What is required of an employee joining the policy | |||
| Sum insured | up to 50 | 51 to 66 | 67 and over |
| up to €100,000 | A | A | B2 |
| €100,001 – €150,000 | B1 | B2 | C |
A — simply being actively at work. B1 — simplified health declaration. B2 — full health declaration. C — medical examination with a urine test.
The make-up of the guarantees comes from the Zurich Vida Colectivos and Vida Pymes brochures (February 2024). Rates, the order of beneficiaries, joining conditions and exclusions come from Zurich Vida Convenio Plus policies in force. The sum insured is set by your collective agreement, not by the product: specific amounts are fixed in the particular conditions.
What this product is
Zurich Vida Convenio Plus is the group life policy a company takes out to satisfy
its sector agreement. Formally it is a Seguro de Grupo Temporal Anual Renovable
Innominado: a group policy, annual with automatic renewal, with no named list of
insured people.
Legally it instruments the employer’s pension commitments to its staff under
Royal Legislative Decree 1/2002 and Royal Decree 1588/1999. That is why it satisfies the
agreement rather than being just one more staff perk.
Two guarantees, and they are mutually exclusive
The policy covers death and total permanent incapacity for the employee’s
own trade. “Mutually exclusive” means one of them pays, not both.
And here is a detail that is rarely explained. If own-trade incapacity is taken, any
higher degree is automatically covered: absolute permanent incapacity for any occupation,
and severe disability. There is nothing extra to pay for them, and it is worth saying so —
the package looks shorter than it really is.
Who is insured
Every employee on the Social Security Relación Nominal de Trabajadores under the
age of 70. No named lists or adhesion forms are needed: the company adds them itself. The
sum insured is set by the agreement the company reports, not chosen at will.
If a higher-than-usual sum is required, or the employee is over 67, health requirements
appear — from simply being actively at work to a full medical. The exact scale is in the
table below.
Who gets paid
On death the money goes to the employee’s family in a strict order of
preference: spouse; failing that, children; failing them, parents; and only then legal
heirs. The order is exclusive: the existence of the first rules out those that follow. On
incapacity, the insured employee is paid.
Worth raising with the company in advance. The order is fixed by the policy and applies
by default. That said, the Tenerife hospitality agreement expressly contemplates the worker
specifically designating another beneficiary: where an employee’s family situation
calls for it, we check with Zurich how such a designation is recorded against an unnamed
group policy.
How the price is worked out, and what happens at renewal
The rate applies per thousand euros of cover: €1.76 for death and
€2.05 for permanent total incapacity for the employee’s own trade. The
minimum receipt is €100 per issue or annual renewal.
At automatic renewal the net rate rises by 5%, to offset the group being a year
older. The increase is written into the contract, and it is better said at the outset: then
the second-year invoice does not arrive as unwelcome news.
A real example
A restaurant in Tenerife, hospitality agreement, €15,000 per person, eleven
employees. The policy comes to about €547 a year including taxes — roughly
€50 per employee. A 24-person company on the same sum: about €1,305 a year.
These are specific policies, not a tariff. The price depends heavily on the activity: recent quotes have brought the same cover in at €19 a year per person. The benchmark: from €20 a year per employee.
Limits that must be stated before signing
- An employee on sick leave when the policy starts is covered only for death and
absolute permanent incapacity by accident, and for no more than three months from
inception. On returning to work they gain all guarantees after a simple health
questionnaire. - Age. Death cover ends at the close of the policy year in which the employee turns
70; complementary guarantees, at 67. - Not insurable: anyone under 16, and anyone already recognised as permanently
incapacitated or in the process. With certain conditions, only after a health declaration or
a medical. - Exclusions: suicide within the first year from the employee’s inclusion;
intentional losses, except while saving people or property.
What your own agreement requires
In Spain the sector collective agreement often expressly obliges the employer to insure their staff. But the requirements differ: some call for life cover, others only for accident-at-work cover, and the amount may be fixed or calculated from salary. A policy “in general” does not satisfy the obligation — it has to be the one your agreement names.
| Three examples, to show how little they resemble each other | |||
| Activity | What the agreement requires | Amount | Where it is written |
| Hospitality hotels, apartments, restaurants, bars, cafés, nightclubs |
Life cover: death from any cause, and also severe disability and permanent incapacity | €15,000 for each employee | Article 47, BOP no. 154 of 22.12.2025, p. 30076 |
| Cleaning of buildings and premises | Accident-at-work cover. Death from any other cause is not covered | €16,000, on top of Social Security benefits | Article 32, BOP no. 113 of 18.09.2023, p. 25174 |
| Textile, footwear and leather retail | Life cover, death only. And only for employees with five years’ service | Five monthly salaries — different for each person, and it moves with their pay | Article 24, BOP no. 123 of 13.10.2025, p. 24486 |
Three sectors, three different requirements. A fourth will have its own. And agreements vary not only by activity but by province: Santa Cruz de Tenerife and Las Palmas each have their own, as does every province on the mainland.
Write to us and we will look yours up
Tell us your company’s province and line of business: we will find your agreement, read the relevant article and tell you whether a policy is compulsory, which one exactly, for what amount, and which employees it must cover. It is free and commits you to nothing.
You can see in advance what such a document looks like. Here is the full Santa Cruz de Tenerife hospitality agreement in its official publication: the article in question is on page 43.
Download the hospitality agreement (PDF, 47 pages)
One caveat we think it fair to state: agreements are revised and the amounts change. That is why we check the wording in force in the official gazette on the day you ask, rather than the internet repositories, where outdated texts tend to linger.
Typical tasks that this policy solves
Agent's opinion Two things about this policy are almost always misread.
The first: the list of guarantees looks thin — just death and own-trade incapacity. In fact the second one drags the higher degrees along with it, severe disability included. It is worth telling the company: otherwise they will compare it with a rival quote where the same thing is spelled out across five lines and conclude there is more on offer there.
The second: the order of beneficiaries is rigid and cannot be changed. A spouse excludes the children, children exclude the parents. If an employee’s family situation is complicated, they should know in advance where the money goes — and that conversation is better had at the start.
And on renewal: the 5% rise on the net rate every year is written into the contract. Saying so when the policy is signed is more honest than explaining it twelve months later.