CHARACTERISTICS

DEATH

TAXATION

An individual life insurance policy which guarantees lifelong income

Seguro RAV Santander Flexible is an individual life insurance policy for people aged between 65 and 80, guaranteeing a constant lifelong income and capital in the event of death. Part of the initial single payment is allocated to a non-guaranteed investment portfolio, which will generate extraordinary payments1.

How does the RAV Santander Flexible insurance policy work?

  • 65% OF THE INITIAL CAPITAL IS ALLOCATED TO A SECURE INCOME PORTFOLIO
    65% of the initial premium paid over will be allocated to an income insurance facility through which Santander Seguros y Reaseguros, S.A. will pay you a guaranteed regular lifelong income.
  • 35% OF THE INITIAL CAPITAL IS ALLOCATED TO AN INVESTMENT PORTFOLIO
    35% of the initial premium paid over is allocated to a non-guaranteed investment portfolio replicating the Euro Stoxx 50 Price Eur index2 and its dividends will generate extraordinary weekly payments1.
  • TOTAL LIQUIDITY FROM DAY ONE
    You can surrender your policy in full from day one. The surrender value will depend on how far the policy has run and movements in the investment portfolio, and therefore the surrender amount may be less than the premium paid over initially. When you surrender the policy, you must regularise the portion of the income up to that point on which tax has not been paid.
    2 years after the policy has been taken out, you may surrender 100% of the investment portfolio. There are also windows to increase the income insured once a year, charged to this portfolio.
  • PAYMENT IN THE EVENT OF DEATH
    In the event of death, the beneficiaries of the policy will receive capital which will depend on how many years the policy has run and movements in the investment portfolio. The total amount received may be less than the initial premium paid over.
  • INCREASE IN INCOME
    After two years from the hiring, an increase in income may be requested once a year from the Investment Portfolio.

How to take out this Santander individual life insurance policy

If you require more information on the RAV Santander Flexible policy and how to take it out, go to any Banco Santander branch or contact your Personal Santander Manager.

Shall we talk?

If you want more information, come to any of our offices.

How does the death payment work on this individual life insurance policy?

In the event of death, there is a death payment which will be received by the beneficiaries of the policy. The capital they receive will depend on how many years the policy has run and movements in the investment portfolio:

POLICY YEAR

SECURE INCOME PORTFOLIO
(% of the premium of the secure income portfolio)

INVESTMENT PORTFOLIO
(% of the value of the investment portfolio)

100%

101%

96%

101%

92%

101%

88%

101%

- - -

- - -

- - -

25º

4%

101%

26º

0%

101%

≥27º

0%

101%

Since the percentage received from the capital allocated to the investment portfolio depends on developments in the portfolio and decreasing percentages are applied to the secure income portfolio, the amount received by the beneficiary may be less than the premium initially paid over.

Shall we talk?

If you want more information, come to any of our offices.

What percentage of the capital am I liable for in tax?

Of the income received, only one percentage will be liable for personal income tax, depending on your age at the time you take out the policy1. This percentage will remain unchanged for the entire lifespan of the product2.

Age of the insured

% income exempt from taxation

% income payable in tax

% of withholding on savings products

Withholding applicable to income

65 years

76%

24%

19%

4,56%

66 to 69 years

80%

20%

19%

3,80%

Over 70 years

92%

8%

19%

1,52%


What is the tax situation for the extraordinary payments?

The extraordinary payments generated by the investment portfolio will be taxed as investment income.

What is the tax situation for increases in the secure income portfolio generated by the investment portfolio?

Any capital gains generated in the investment portfolio to increase income will be taxed as investment income, and may be accrued over the 10 years following generation.

What is the tax situation for the death payment?

The death payment will be liable for successions and donations tax.

Shall we talk?

If you want more information, come to any of our offices.

RAV Santander Flexible

Icon / check Created with Sketch. Initial single payment of between EUR 20,000 and EURM 1.5.

Icon / check Created with Sketch. Guaranteed regular lifelong income.

Icon / check Created with Sketch. Extraordinary weekly payments on dividends.

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