Personal Savings (PIAS)

What are the minimum and maximum ages for taking out a contract?

The minimum age is 18 years and the maximum age is 60 years.

What is Ocaso Personal Savings?

Ocaso Personal Savings consists of an individual life insurance, with a variable interest rate which is guaranteed annually, the main coverage of which is to constitute a capital sum which will be received on the date of termination of the initially agreed duration, which must be at least 10 years. The variable interest rate cannot be below the amount resulting from reducing by one percentage point, the interest established by the Directorate General of Insurance.

How can Ocaso Personal Savings be taken out?

The Ocaso Personal Savings Plan can be taken out by making the periodic payment of the premiums in accordance with the chosen form of payment. The initial periodic premium starts from 840 Euros per annum, if at the time of procuring the services the insured is below the age of 50. For ages above that, the initial periodic premium starts from 1,450 Euros per annum, according to the chosen form of payment. The premiums will increase by at least 3% calculated based on a geometric progression. One may make extraordinary contributions to the single premium in the minimum amount of 600 Euros. The limit for the premiums paid within one calendar year cannot exceed 8,000 Euros, and within the entire plan they cannot exceed 240,000 Euros.

What is the value of the policy?

It is the fund comprised of the contributions made by the insured person, revalued at the annual technical interest rate applied to each quarter, after having deducted management expenses, administration costs and the risk premium for death or disability, foreseen in the particular conditions. Its amount coincides with the mathematical provision.

What is the redemption value?

It is the amount to be perceived by the insured, as a consequence of exercising his/her right to terminate the contract, after having paid the first two annual premiums in full. It is equivalent to the policy value minus the applicable expenses and penalties, according to the particular conditions of the policy. The redemption may be total, partial or automatic.

What happens if the insured dies?

In the event of death, the designated beneficiaries shall be paid the value of the policy increased by 5% of said value, with a minimum of 500 Euros and a maximum of 5,000 Euros until the age of 65, at which point the added amount shall remain at 500 Euros.

Can I suspend the premium payments?

Having fully paid up the premiums for the first two years, the Insured may suspend the premium payments, which will lead to transforming the policy into an insurance of the same type of policy and free from premium payments, according to the value of the policy in force at the time.
If so desired, the insured may resume the premium payments without having to pay the premiums unpaid to date and without having to pay any interest in concept of reinstating the insurance policy.


What is the continuity bond?

Ocaso shall increase the value of the policy, upon completing the seventh annuity, in an amount equal to 1% of the total periodic premiums agreed at the start of the contract and paid up until the initially agreed maturity date. The insured shall receive the resulting amount, along with the rest of the value of the policy on said maturity. The extraordinary contributions and the supplements which lead to an increase in the periodic premium during the duration of the contract, shall not be taken into account for calculating the bond. The supplements for reducing the periodic premium, as well as the total or partial redemption of the policy, will lead to losing the right to receive the bond.

What tax advantages does the Ocaso Personal Savings Plan (PIAS) provide?

If the benefit is received in the form of lifelong income, the capital gains generated at the time of its constitution, shall be exempt for taxation, provided the first premium paid was done so over ten years before the constitution of the lifelong income.