If you're looking to save with a high degree of security, guaranteed-interest savings insurance is a good option. It's a flexible form of saving in which each deposit, less any tax and entry charge, earns a fixed rate of interest. To this may be added a variable, though non-guaranteed, profit share if the economic situation and the insurer's corporate results permit.
An extensive range
A wide range of guaranteed-interest life insurance tailored to your needs.
With savings insurance offering tax relief, you get a tax break of up to 30% of the amount saved, depending on your personal situation.
A fixed, assured interest rate, plus the possibility of a non-guaranteed annual profit share.
Why choose guaranteed-interest savings insurance?
Security, plus an attractive overall return
Tax relief on tax-advantaged guaranteed-interest savings insurance
Some guaranteed-interest savings insurance plans qualify for tax relief, which can give you a tax saving of up to 30% on the amounts saved. Thus, in 2018, you can get tax relief on amounts of up to 960 euros saved under the set-up for pension savings.
Tax-advantaged saving for the future (under the tax-advantaged long-term saving scheme) can even mount up to 2,310 euros per year, depending on the level of your earned income.
Pension saving and long-term saving can be combined. Even
during retirement, you can continue to benefit from this tax relief
under the long-term saving scheme, provided you pay sufficient tax
during the time you're drawing your pension.
The maximum you can save and that can qualify for tax relief depends on your personal situation.
If you have had tax relief on a certain saved sum, it is taxed when it is paid out.
The accumulated pot is taxable via the tax on pension savings or on long-term savings, which is charged on your 60th birthday or ten years after the start of the contract if it is signed after your 55th birthday.
Once you benefit from tax relief on a saved amount, subsequent pay-out of the accumulated savings pot attracts a tax charge. Note that the tax rules may change in the future.
You can include death cover
Death cover can be added into any guaranteed-interest savings insurance plan, enabling you to offer your nearest and dearest protection for if you should die. This is worth thinking about if you have a home loan. The premiums for this additional cover are deducted monthly from the accumulated savings under the contract.
You can name a beneficiary
You yourself nominate the beneficiary who will receive the accrued capital on your death. Under tax-advantaged schemes, you have to bear in mind the conditions to qualify for tax relief.