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The three insurance packages with an Income Tax return advantage are…

With these three Life-Savings insurance packages you save. One insurance package is not better than another. They are simply different and they all work:

1.- PPA (Insurance Benefits Plans). They ensure you recover at least 100% of the money invested. The PPAs allow you to deduct in the Income Tax the premiums paid, with a maximum annual contribution of €8,000. They are only tax liable, as income from work, when you collect them for retirement, death, work disability, or dependency. They are not redeemable, except for serious illness or long-term unemployment. You can collect them in the form of capital, partial provisions or as temporary or life annuity.

2.- SIALP (Individual Long-Term Savings Insurance). You do not have to wait to retire to recover your savings. You cannot reduce the Income Tax contributions (which may not exceed €5,000/year). However, you are exempt from tax for the returns derived from the Plan provided that no provision is made before five years from its opening.

3.- Pension Plans. You can reduce the contributions in the Income Tax taxable income, with the maximum contribution limit of €8,000 per year. Only money is available upon retirement (except for serious illness or long-term unemployment) and once the tax benefit is collected as work income. It can also be paid in the form of capital, partial provisions or temporary or life annuity.