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Dependency Insurance

The peace of mind of having financial support when you need it most.

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Fast and flexible financial support

Dependency Insurance offers you and your family the peace of mind of having the protection of a monthly life annuity in situations of Severe Dependency or Major Dependency, thus improving your quality of life with:

Speed:

for the acknowledgement of the payment. An in-person assessment of your situation is carried out in your everyday surroundings, provided that it is in national territory, within a maximum period of 30 days from the presentation of the application.

Certainty:

you will have an economic benefit, for life, in case of Severe Dependency or Major Dependency.

Flexibility:

You can use the benefit for the services and care you need.

Shall we discuss it?

If you would like more information, visit any of our branch offices.

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How will the payment be made?

In the face of Severe Dependency or Major Dependency, the payment of the benefit will be as follows¹:

Monthly annuity

A monthly and permanent life annuity of € 500, € 750 and € 1,000 will be paid, depending on the option contracted. This income, which constitutes the main provision of the Insurance, will allow you to cover the recurring expenses that derive from a situation of Dependency, such as the payment of a care home, home care, etc.

Capital for initial costs

An optional benefit, for which a lump sum equivalent to three monthly payments of the life annuity taken out will be paid, consisting of € 1,500, € 2,250 or € 3,000. This amount is an important help as it allows you to cover the initial expenses deriving from dependency, such as the adaptation of the house.

Shall we discuss it?

If you would like more information, visit any of our branch offices.

FIND A BRANCH OFFICE

FAQs

What is Dependency?

Dependency is a permanent state in which people find themselves for various reasons (age, illness, disability, etc.) and they need the care or assistance of one or more other people to carry out the Basic Activities of Daily Living.

The Law establishes 3 Degrees:

Degree I: Moderate Dependency
Degree II: Severe Dependency
Degree III: Major Dependency

Dependency insurance covers degrees II and III.

What are the Basic Activities of Daily Living to which the Declaration of Dependency refers?

These are the of tasks or behaviours that a person performs on a daily basis that allow them to live autonomously and as a part of their environment and fulfil their role or roles within society. These include: personal care (bathing, dressing, combing one’s hair, etc.), basic domestic activities, essential mobility (getting in and out of bed, sitting, getting up), recognising people and objects, awareness of where they are, understanding and executing orders or simple tasks.

What is the tax situation of this product?

Taxation on premiums

The premiums paid for this Insurance may be subject to a reduction of the general tax base for Personal Income Tax, with the annual maximum limit being € 1,500 per year.

The limit of € 1,500 per year is a common limit for all the annual contributions made to pension schemes (Pension plans, Insured Pension Schemes, Provident Societies and Corporate Pension Plans) that can grant the right to reduce the tax base.

Taxation of benefits

The benefits of this insurance will be subject to Personal Income Tax as employment remuneration, and therefore integrated into the general base.

In the event of a situation of Severe Dependency or Major Dependency during the grace period, when Santander Generales shall return the premiums paid up to the time of occurrence, the Insured must submit complementary Personal Income Tax returns to amend the periods in which the premium corresponding to this insurance was deducted.

Taxation applicable in common territory. In the regional territories, the tax regulations of each one will be applied.

How is the amount of the benefit received?

In the case of a life annuity, the amount taken out is received on the 1st of each month, after applying the corresponding withholdings. The capital for initial costs, if you have taken out this option, is received as a lump sum with the first payment.

The benefit is paid for life until the death of the insured party.

Who will receive the payments in the case the situation of dependency is recognised?

The Insured party will always receive the payment as he is also the Beneficiary in this Insurance.

Shall we discuss it?

If you would like more information, visit any of our branch offices.

FIND A BRANCH OFFICE

FAQs

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