Plan de Ahorro Seguro Santander 2 (PASS)

What is the Plan de Ahorro Seguro Santander 2?

The Plan de Ahorro Seguro Santander 2 (PASS 2) is a regular contribution savings insurance policy from Santander Seguros. The aim of this policy is to save a little at a time in order to accumulate capital throughout the policy's lifetime with a guaranteed interest rate. This insurance policy also offers additional capital should the insured person pass away before policy expires.

How does it work?

This insurance policy helps you to plan your savings by making regular contributions. It all starts with an initial contribution that you make when you take it out. The schedule of regular contributions that you gradually make to the policy will also be established.

The contribution schedule may be changed at any time. A guaranteed minimum interest rate will be applied on all contributions made throughout the policy's lifetime. This minimum interest rate may be swapped, for half-yearly periods, for an improved interest rate. The aim is to accumulate capital throughout the policy's lifetime.

No additional contributions can be made to this policy.

TOTAL LIQUIDITY FROM DAY ONE
You can redeem the accumulated savings in full at any time, with no penalties.

BONUS: RECEIVE ADDITIONAL RETURNS
If you honour your commitment and save monthly throughout the entire year, you may receive a bonus of an improved interest rate, thereby further increasing your savings.

DEATH COVER
In addition, should you pass away before the policy expires, the beneficiary or beneficiaries that you have designated for this contingency will receive the accumulated savings plus an additional capital sum.

TAXES
As per the existing legislation, the survivor's benefit is treated as income from movable capital. The death benefit will be subject to inheritance and gift tax. In addition, this insurance policy will also be subject to wealth tax, at its surrender value as at 31 December each year.