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- Savings for pension with insurance
Life insurance with savings for pension
Long-term savings for a well-provided old age
- Your life insurance
- Different yield opportunities
- Personal income tax incentives
Savings for pension with insurance will provide financial protection for your loved ones and at the same time will help you accumulate capital for your old age in addition to the state pension.
- Security
- Savings
- Receipt of the savings
- Calculator
- Possibilities at internet bank
- Changes
- Price list
Life insurance
Your life will be insured along with building up your savings, providing financial protection for your immediate family. In the agreement you may specify one or more beneficiaries and their share of the entire indemnity in the event of death. If the worst happens, your immediate family will receive indemnity, which will provide financial support in a difficult situation and will help to cover urgent daily expenses. In addition, there is no need for inheritance formalities, and insurance indemnity will be paid promptly.
Personal accident insurance
You also have the option of choosing accident insurance, which will be financial aid in the event of an accident resulting in injury or disability. Insurance will be valid 24 hours every day, regardless of your location – at work, at home, in your spare time.
If an insurance case occurs, you should contact any of the SEB bank branches and fill in the Indemnity Application (PDF). You will need to submit some documents from medical and/or public authorities together with the application; regarding the documents please contact SEB dzīvības apdrošināšana by calling 6 707 9800.
It is smart to build your savings during your working years when your have a regular income; thus, with small, regular contributions you will save up your private pension.
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SAVINGS
For a well-provided old age
- You will pay into your savings an amount of your choice on regular basis.
- You can choose the frequency of your contributions – monthly, quarterly, half-yearly or annually.
- Contributions in savings can also be paid by relatives and friends (you will not be entitled to the tax incentives for the contributions made by other persons).
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PROFITABILITY
Savings will earn interest
- You can build savings with guaranteed return – savings will have a fixed interest rate for the entire insurance period.
OR
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You can build savings into investment funds with the opportunity to earn more depending on fund performance and the acceptable risk.
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TAX BENEFITS
20 % of the contributions made
- If the contract is concluded for a period of at least 10 years, you can receive personal income tax incentives in amount of 20 % of the contributions, not exceeding 10 % of your annual gross salary or 4000 EUR per year.
- Your can calculate your tax incentive options in the Tax calculator.
- Read more about tax benefits
At the end of the contract period
When concluding a contract, you determine its term. At the end of the term you will submit your Indemnity Application (PDF) (through internet bank in the branch) and get the actual savings.
Early termination of the contract
If any unexpected situation occurs, and you suddenly need the accumulated money before the term, you can also terminate the contract before its expiry, receiving the specified redemption amount. If you have received individual income tax incentives breaking the contract within the first 10 years, you will have to reimburse the individual income tax on the amount for which the tax incentives had been applied.
In case of death of the insured
If the worst happens and the insured person loses his life, the insurance amount and the savings is paid on the basis of the beneficiary's application into the account specified by them. In this case, the succession process for these funds doesn’t have to be registered, and the insurance indemnity shall be paid promptly.
Important! In accordance with the law "On personal income tax", income from savings with life insurance of a natural person is subject to tax. The tax to be paid is 20 % of the life insurance contract income, determined as the difference between the payable savings and all contributions paid during the agreement (instead of the amount of all savings). The tax is to be paid on the date of earning the income, namely, at the moment of payment of savings or redemption cost and the payer of the specific income is responsible for collection of the tax, i.e. SEB Dzīvības apdrošināšana. So you will not need to take any additional action on declaration and payment of the tax.
Adding money to savings
The insurance contract provides a free choice of payments; however, it is recommended to make regular payments to build sufficient savings. For your convenience, internet bank provides the possibility to create a regular payment order, which SEB banka will execute automatically with regularity and amount set by you.
It is also possible to make additional contributions into the savings through internet bank – at any time and with the amount of your choice.
Full details of the insurance contract and savings
Internet bank provides information on all your contracts, terms, insurance amounts, beneficiaries, and you can keep track of your savings.
Changes to the contract
You can make various amendments to the contract through internet bank – change the beneficiary, apply for the indemnity at the end of the period of the contract, change the selected funds where your existing savings are deployed, change the fund for further savings, as well as change the risk tolerance limits.
Unit-linked life insurance with savings
Terms and Conditions No. 101.060/101.061
| 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 | 1 500.00 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
| Guaranteed savings in EUR | Standard interest rate EUR on Savings deposit of SEB bank |
| Guaranteed savings in USD | Standard interest rate USD on Savings deposit of SEB bank |
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).