Savings Insurance

Unit Linked Innova Previsión

A single-premium unit-linked savings and investment policy that gives you the flexibility to invest in line with your financial goals.

Various investment options so you can choose the one that best suits you.
Death benefit cover throughout the life of the policy.
During the first 10 years, beneficiaries will receive at least the portion of the initial premium not yet withdrawn.
Full access to your money from the outset, based on market value.

A Unit-Linked life insurance policy

This is a single-premium investment insurance product, meaning you make a one-off payment when taking out the policy. It is designed for people who want to invest their money flexibly, accepting the risks associated with investing and choosing how best to invest according to their objectives.

You can choose from three investment portfolios, each with a different strategy, so you can select the option that best matches your profile and investment style.

Conservative Portfolio: maximum equity exposure of 40%.
Balanced Portfolio: maximum equity exposure of 60%.
Aggressive Portfolio: maximum equity exposure of 100%.

Key features of UL Innova Previsión

Full surrender available from the outset. You can withdraw all your money without incurring any surrender penalties.The amount you receive will depend on the market value¹.
Partial withdrawals available after one year. You can make partial withdrawals from the first policy anniversary onwards. The amount you receive will depend on the market value¹ of the investment at that time, meaning you may receive less than the initial premium invested.
Death benefit equal to the policy’s accumulated value at the time of death. However, during the first 10 years of the policy, the amount paid out will be at least equal to the portion of the initial premium not yet withdrawn. In addition, an extra lump sum will be paid out, calculated as a percentage of the policy’s accumulated value, depending on the age of the insured.

As with any investment product, returns are not guaranteed and the value of the investment may rise or fall depending on market performance.

Main risks

Market risk: the risk that the assets in which this insurance product invests may fall in value due to changes in market conditions. Such market conditions may include, among others, movements in interest rates, the credit risk of fixed-income bond issuers, the valuation of investment assets and exchange rates.
Liquidity risk: the risk of the valuation of the underlying assets that make up the various investment portfolios being suspended. In exceptional circumstances, the valuation of the investment portfolios may be suspended where, for any reason, the valuation of the assets is itself suspended or restricted. In such cases, no transactions may be carried out in relation to the relevant investment portfolio. The product is indirectly exposed to the above risks through its investments in the assets that make up the investment portfolios.
Credit risk: the risk that the Policyholder or the Beneficiaries may not receive the benefits and/or surrender values to which they are entitled in the event of default or insolvency on the part of an issuer or counterparty of the assets comprising the investment portfolios, or of Santander Seguros y Reaseguros Compañía Aseguradora, S.A.
Sustainability risk: the risk that refers to the potentially negative impact of sustainability factors (otherwise known as ESG factors: environmental, social and governance), which may adversely affect the financial performance of the managed portfolio.

As this is a policy in which the policyholder Policyholder bears the investment risk, the insurance company offers no assurance whatsoever that the amount invested will ultimately be repaid or that any return will be achieved.

The amount you receive will depend on fluctuations in the financial markets, which are beyond the control of the insurance company, on the clear understanding that past performance is not a reliable indicator of future results.

Who can take out UL Innova Previsión?

As a Banco Santander customer, you can take out this policy if you:

are aged between 18 and 80;
are a tax resident in Spain.

The policy can be taken out by paying an initial single premium.

How to take it out

If you are already a customer, you can calculate your policy through Online Banking or the Santander App under the “Savings Insurance” section.
If you are not yet a customer, then simply become one.

If you would like more information about UL Innova Previsión and how to take it out, please visit any branch of Banco Santander.

Frequently Asked Questions about UL Innova Previsión

This product is a single-premium life savings and investment insurance policy (also known as a “Unit Linked” policy) in which you, as the policyholder, bear the investment risk and are not guaranteed any return. It also includes a death benefit if the insured person dies before the end of the contract.

This is a whole-of-life policy, meaning it remains in force until either the insured person dies or the policy is fully surrendered, whereupon the beneficiaries you have designated will receive the death benefit. However, you may fully surrender the policy at any time without penalty and make partial withdrawals from the first policy anniversary onwards.

It is the amount payable to the beneficiaries you nominate in the event of your death. The beneficiaries do not have to be your legal heirs, and the benefit falls outside the deceased’s estate for inheritance purposes. Under this policy, if the insured person dies, the beneficiaries named in the contract will receive a lump sum equal to 100% of the policy’s accumulated value on the date the death is notified to the insurer. During the first 10 years of the policy, this amount will be at least equal to the portion of the premiums paid that has not already been withdrawn. Furthermore, an extra payment will be made equal to 3% of the accumulated value if the insured is under 65 years of age, or 1% if the insured is aged 65 or over. Once the first 10 years have elapsed, the amount paid out may be higher or lower than the initial premium invested.

You may request full surrender of the policy at any time without incurring any penalty, and you may also make partial withdrawals of your money from the first policy anniversary onwards. The surrender value will be calculated according to the market value as set out in the policy¹, meaning you may receive less than the initial premium invested.

No. As this is a single-premium policy, no further contributions can be made once the initial premium has been paid.

Any gains arising from the surrender of the policy or at maturity are treated as investment income for Spanish Personal Income Tax (IRPF) purposes. The insurance company will apply the withholding tax rate in force at the relevant time. In the event of the insured person’s death, payment of the benefit will be subject to Inheritance and Gift Tax. In all cases, the applicable tax legislation in force at the relevant time will apply.

You will receive quarterly information on all transactions carried out during the period and on changes in the accumulated value of your policy. Each year, you will receive a statement detailing the costs and charges incurred during the calendar year in relation to your policy. You may also check the value of your policy at any time by visiting your Banco Santander branch or by logging in to Online Banking or the Santander App.

Additional information

These products qualify as Insurance-Based Investment Products (IBIPs).

More details about Santander UL Innova Previsión

The Key Information Document is available at www.santanderseguros.es.

Insurance distributed by Santander Mediación Operador de Banca-Seguros Vinculado, S.A. (“Santander Mediación”) through the Banco Santander S.A. distribution network, by virtue of the agency agreement entered into with the insurance company Santander Seguros y Reaseguros, Compañía Aseguradora, S.A. Santander Mediación is a company filed with the Directorate-General for Insurance and Pension Funds under number OV-0042 and has taken out civil liability and financial protection insurance in accordance with applicable legislation. For a list of the other insurance companies with which Santander Mediación has agency agreements in effect for the distribution of insurance products, please visit www.santandermediacionobsv.com. 

1. In accordance with the policy terms and conditions.

Further information available at www.santanderseguros.es.