Mi Ahorro Savings Insurance

A unit-linked life insurance policy

The Mi Ahorro insurance policy is a unit-linked life insurance policy in which you, as the policyholder, assume the investment risk. The insurance policy aims to build medium and long-term savings through a regular monthly contribution plan.

The Mi Ahorro insurance policy is designed for individuals between 18 and 75 years of age, with tax residence in Spain.

Benefits of the Mi Ahorro insurance policy

Mi Ahorro Insurance investment options

Main Risks

This is an Insurance Policy in which the Policyholder assumes the investment risk. Therefore, the Insurance Company does not, under any circumstance, guarantee recovery through the use of its own assets of the amount invested by the Policyholder, or any profitability.

Sustainability

The Santander ESG basket of the Mi Ahorro insurance policy promotes environmental and/or social characteristics, in accordance with Article 8 of Regulation (EU) 2019/2088 of the European Parliament and of the Council. At least 80% of the basket will always be in investment funds with investment policies that, in addition to following financial criteria, incorporate environmental, social and governance (ESG) criteria.

For more detailed "Sustainability Information", click here (Date of last update to the information: 31/12/2024).

FAQs

• What is a Periodic Premium investment insurance policy?

• This is a periodic-premium life insurance savings-investment policy in which the Policyholder assumes the investment risk and with no guaranteed return (also known as "Unit Linked" policies). In addition, there is a benefit in case of death before the end of the contract.

• What is the insurance policy's maturity date?

• The insurance policy has a lifetime maturity, i.e., you can keep it until your death, at which point the beneficiaries you have designated will receive the accumulated savings plus additional capital. free of chargeHowever, you can redeem your insurance at any time free of charge.

• What are the death benefits?

• This is the amount, known from the moment the policy is taken out, that the beneficiaries you designate will receive in the event of death. These beneficiaries do not necessarily have to be legal heirs, as this benefit is outside the deceased's estate. Under this insurance policy, in the event of death of the insured, the designated beneficiaries will receive the accumulated balance plus additional capital equal to 3%, if the insured person is under 65 years of age, or 1%, if the insured person is 65 or older.

• Can I redeem my insurance policy??

• You may request full redemption of the insurance at any time, free of charge. Partial redemption is not permitted. The surrender value will be calculated based on the market value detailed in the policy, so you may receive less than the initial premium invested.

• Can extraordinary contributions be made?

• Yes, this insurance policy allows you to make extraordinary contributions, with a minimum amount of €1,000 and a maximum of €10,000 per year.

• What is the tax treatment?

• The earnings generated upon maturity and redemption of the insurance will be taxed as investment income and as part of personal income tax (IRPF). The Insurance Company will apply the tax withholding applicable at any given time.
  In the event of the death of the insured party, payment of the benefit is subject to inheritance and gift tax.
  Even so, current tax regulations will always be observed.

• What regular information will I receive about my product?

• You will receive quarterly information regarding the transactions made during the period, as well as updates on the accumulated value of your policy.
  You will receive an annual statement of costs and expenses of your policy incurred during the calendar year.
  Additionally, Policyholders can find the value of their policy at any time by visiting their Banco Santander branch. You can also find this value in your personal banking area, on the Banco Santander website or app.

• What are the risks of these products?

• Risk that the assets in which the customer's premium is invested decrease in value due to changes in market conditions; risk that the Insurer may be unable to meet its payment obligations to Policyholders; liquidity risk, i.e. the risk of suspension of the valuation of the account's units; and risk of potential negative materialisation of sustainability factors (known as ESG factors: environmental, social and good governance), which may have a negative impact on the financial performance of the portfolios associated with the insurance product.

• What happens if I do not make one of the monthly contributions?

• If the policyholder fails to make a monthly contribution, they will lose the right to receive the cashback bonus for that year, but the policy will remain in effect.

How can I take out the policy?

If you are a customer, you can calculate your insurance policy on the Online Banking platform or on your Santander App.

For more information about the Mi Ahorro Insurance policy and how to take it out, please visit any Banco Santander branch.