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A long‐term savings plan that invests in investment funds so you don’t pay any tax on your returns while you’re saving. And if you opt for a life annuity when you redeem your savings, you won’t pay any tax at that point either.
The minimum initial premium is €2,000. After that, you can make contributions from as little as €90, up to to an annual maximum amount of €8,000.
Access your funds
Once you have held the plan for 15 days, you can redeem all or part of your savings without any charges or penalties.
With tax advantages
As long as you don’t redeem any of your savings, you won’t pay tax on the returns.
When you redeem your savings, if you opt for a life annuity and have held your plan for at least five years, you won’t pay tax on the returns.
Also includes life insurance
In the event of the death of the holder, the beneficiaries would obtain the accumulated balance plus an additional 5% with a maximum of €6,100 for those under 65 and €625 for those over 65 years of age.
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YOU CHOOSE WHERE AND HOW TO INVEST
See the range of portfolios and investment funds available. You can change them whenever you want, free of charge and without any tax implications.
You can contract an Individual Systematic Savings Plan (PIAS) if you are of legal age.
The initial minimum premium is €2,000, with subsequent minimum premiums of €90.
You can perform a full or partial redemption without any type of penalty 15 days after the insurance comes into effect. If you want to perform a partial redemption, you must keep a minimum of €600 in your PIAS.
Ownership of the insurance
To access the tax benefits offered by PIAS, the policyholder, insured person and beneficiary of the income must be the same person.
As this is an insurance policy, you can designate the person or persons who are the beneficiaries in case of death. If you do not do this, the beneficiaries will be your legal heirs.
You have to consider two periods when assessing the taxation of a PIAS: the savings or capitalisation period, and the period when you receive the benefit.
During the savings or capitalisation period:
the premiums paid are not deductible but the accumulated returns are not taxable. Neither do any redistributions amongst the baskets or forms of investment that you might make during the life of your plan have any fiscal impact.
When you receive your benefits:
one of the features of PIAS is that you can receive your benefits in two ways.
Setting up an annuity
You can choose this option if: the annual contributions do not exceed €8,000; the accumulated amount does not exceed €240,000; more than five years have passed since the first contribution; and the beneficiary of the insurance is the policyholder and the insured person. In this case, the returns generated by your PIAS have no tax impact. In addition, the income you receive will be treated as capital gains, and the rate at which this is taxed in income tax depends on the age of the insured when they arranged the PIAS:
Under 40: 40% of payments received are subject to tax
Between 40 and 49: 35% of payments received are subject to tax
Between 50 and 59: 28% of payments received are subject to tax
Between 60 and 65: 24% of payments received are subject to tax
Between 66 and 69: 20% of payments received are subject to tax
Over 70: 8% of payments received are subject to tax
If an annuity is not set up
In this case, the income generated is not tax exempt, and is taxed as capital gains for personal income tax purposes (IRPF), with the corresponding withholdings.
Tax in the event of death
In the event of death of the insured person, in addition to the general deductions for kinship, the PIAS offers an additional deduction of €9,159.48 for each beneficiary who is a spouse, ascendant or descendant.
PIASs have an annual fee of 0.10%, which is deducted monthly from the accumulated fund.
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Bankinter, S.A., as a BANCASSURANCE OPERATOR with registered office at 29 Paseo de la Castellana (28046 Madrid), recorded under Volume 1857, Folio 220, Page 9643 of the Madrid Companies Register, holder of TIN A-28157360 and registered with the special administrative registry of the General Directorate of Insurance and Pension Funds at the Ministry of the Economy and Finance (44 Paseo de la Castellana, 28046 Madrid), http://www.dgsfp.mineco.es, under the bancassurance operator code OV-0028, has taken out the civil liability insurance required under Article 152 of Royal Decree-Law 3/2020 of 4 February on urgent measures, which incorporates into Spanish law various directives of the European Union concerning public procurement in certain sectors: private insurance, pension plans and funds, and taxation and tax litigation. The bancassurance operator has entered into insurance agency agreements with the institutions specified in the following link.
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Basic data protection information. Bankinter Seguros de Vida, S.A de Seguros y Reaseguros will process your data for the following purposes: (i) in compliance with legal obligations; (ii) for the comprehensive and centralised management of your insurance contract; (iii) to ask doctors and healthcare providers to supply the data and medical history required to prepare the contract and protect your interests; (iv) to analyse and develop profiles to ensure the correct execution of the insurance contract; and (v) to contact you with information about products or services that may be of interest to you since they are similar to the ones you already have with us. To be able to inform you about the products and services mentioned above, we will analyse your personal data to create a profile that will allow us, by whatever channel we may use to reach you, to tailor our commercial announcements as closely as possible to your needs, tastes and preferences. Please also refer to the additional information about data protection prepared by Bankinter Seguros de Vida, S.A. de Seguros y Reaseguros.
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