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Make savings for the future dreams of your children

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Why it is worth saving with SEB for a child's future?

Driving licence, study abroad or their own home? Your financial support can be very important as children take the first steps in independent living. One of the most popular ways to easily and conveniently save for the future of a child is life insurance with savings. You can fully control the savings and decide when the offspring will be ready to receive it.

* The service is  provided by SEB Life and Pension Baltic SE, registration number: 40003012938.

More than 7,500 parents transfer 43 euros every month to savings for the child's future.
Most often, parents start making savings when the child is 5 years old.
The average accrual period is 18 years.
You have the opportunity to receive tax relief in the amount of 20% of contributions made to the savings.

* Please note that the provided tax information is based on currently applicable regulatory acts; the tax legislation can change over time. The tax result may differ on a case-by-case basis.

How do you receive the tax relief?

In accordance with the current regulations, for contributions to your savings (life insurance with savings (with a minimum contract period of 10 years) and/or 3rd pension pillar) of up to 10% of your gross annual income (salary before tax), but not more than EUR 4000, you can receive personal income tax relief in the amount of 20%.

* Please note that the provided tax information is based on currently applicable regulatory acts; the tax legislation can change over time. The tax result may differ on a case-by-case basis.

Tax refund calculator


  • From 1 March, it is possible to submit an annual income declaration to the State Revenue Service (SRS):
    • Via the electronic declaration system (EDS);
    • Customer service centre of SRS.
  • Every year, by 1 February, the Insurer electronically sends information to the SRS about your life insurance contributions with savings made last year.
  • If you submit the declaration electronically, you will see the total amount of contributions in it. You will need to indicate the account number to which you wish to receive the tax refund.

Why is it worth saving in SEB Life insurance with savings?

You are free to determine the amount and regularity of contributions (monthly, quarterly, semi-annually or annually).
The savings are your property throughout its creation.
Life insurance of a parent. In the event of the death of the saver, the sum insured is paid to the bank account of the specified beneficiary or heir.
Your savings are invested. The savings are made in investment funds with the possibility to earn depending on the performance of the funds and acceptable risk.

Investments in funds – a modern and popular approach to saving

  • The Insurer will hand over your deposited and accrued money for management to an investment fund manager chosen by you, who will invest it in shares of different companies, government bonds and other financial instruments, according to the principles of the chosen fund.
  • The investment fund manager will take care of the funds invested in the fund, monitor and, if necessary, make the necessary changes to ensure the best possible result.
  • It is possible to keep track of your savings in SEB internet bank as well as make various amendments to the contract – to change the selected funds in which your current savings are located, funds for future contributions, as well as the allowable risk level.
  • We will help to choose the most suitable solution for the wishes and possibilities of both – experienced customers and beginners in the financial markets.

Consultation on the conclusion of the agreement, review of the application Free of charge
Purchase or sales of investment units Free of charge
Changes in allocation of further contributions or existing savings Free of charge
Change of life insurance sum insured Free of charge

Limitations

Minimum life insurance sum insured 150.00 EUR
Minimum accident additional insurance sum insured 1500.00 EUR
Minimum surrender value 0.00 EUR

Terms of executing calculations, amendments and termination

Purchase of investment units Within 5 working days
after receipt of the insurance premium1
Calculation of the accumulation in case of death of Insured Within 5 working days
after the application submission date1
Calculation of the accumulation in case of termination of the insurance agreement The surrender value is calculated in accordance with the agreement within 5 working days after the application submission date1
Calculation of accumulation in case of maturity of the insurance agreement Within 5 working days
after the agreement end date1
Changes in allocation of further contributions Within 5 working days after the application submission date
Changes in allocation of existing savings:
   •  sale of investment units Within 5 working days
after the application submission date1
   •  purchase of investment units Within 5 working days
after execution of the sale transaction1
Change of the Life insurance sum insured (changes take effect starting with the next payment period indicated in the policy) Within 10 working days
after the receipt of all required documents

Currency exchange rate

Currency exchange rate, if currency exchange is required Currency at the exchange rates of the European Central Bank on the day of the calculations

Guaranteed yield of savings

  EUR USD
Guaranteed savings 0% 0%

Effective as of 15.07.2021

 


 

1 Except when a Management Company provides the performance of transactions according to a different schedule (for example, Funds may be closed for transactions and the value of their units is not calculated if there is a bank holiday in the country in which the fund is registered or/and managed).

The service is offered and provided by SEB Life and Pension Baltic SE, registration number: 40003012938.

Useful information

Personal insurance

  • Funds to recover from injuries or serious illness
  • Additional income during the period of incapacity for work
  • Financial security, if the family loses the breadwinner
  • Opportunity to ensure that your loan obligations are covered and not inherited

Ensure income for retirement years

  • Plan and act for the benefit of your future today
  • Follow up and manage your savings
  • State aid for long-term savings - possibility to receive a tax refund

Important information