Income insurance

Ensure a monthly income

What does income insurance offer?

Plus Ultra's income insurance is designed for people who have savings and are looking to maximise the returns on their money with the aim of guaranteeing a supplement to their monthly income for the future.

Advantages of this insurance

Annuities are essentially designed for people looking for a regular income, with additional interest and very attractive taxation.

Risk free

A financial supplement to your standard income, completely guaranteed.

Maximum flexibility

We offer you different options so that you can enjoy your income however you wish.

Protection

Receive an income that guarantees that you can maintain your quality of life and that of your family.

Tax exemptions

Excellent tax systems for income received.

Modalities

Immediate Life annuity

With this modality, the life annuity is paid monthly while the insured person is living. There is also the possibility of taking out an additional guarantee to allow, in the event of the death of the insured person within the first 10 years of the policy, the beneficiaries to receive the amount of the single premium paid at the time of taking out the policy.

Immediate life annuity guaranteed for a minimum of 10 years

Income received monthly while the insured party is living and for a minimum guaranteed period of ten years. If the insured party dies within the first ten years of the policy, the designated beneficiary is still paid the amount of the income until the end of the guaranteed term of ten years.

Immediate reversionary life annuity

Income that is paid every month while the insured person is living. In the event of death, the income is transferred in the percentage taken out (between 20% and 100%) to the expressly designated beneficiary, until the death of the beneficiary.

Immediate temporary Income

Income that is paid monthly, while the insured party is living, and for a fixed period of time, according to the modality taken out, with a maximum of between 10 and 20 annuities.

Immediate reversionary temporary income

Income that is paid monthly for a fixed period of time, according to the period taken out, with a maximum of between 10 and 20 annuities. In the event of death of the insured party, the income is still paid to the designated beneficiary, in the percentage taken out (between 20% and 100%) until their death and at the latest until the completion of the term.

Premium income and future premium income

These modalities provide a monthly income while the insured party is living or as long as the policyholder does not exercise their right to redeem.

The income will be paid per month starting from the month following the date of the effective date of the policy and the amount will be determined according to the insured person's age, the amount of the premium and the revaluation rate.

The difference between premium and future premium income is in the revaluation rate applied, which in the first case will be reviewed for every annuity, whereas in the case of future premium income, during the first thirty years, the revaluation rate applicable each year will be that in force at the time of taking the policy out. Once this period has ended, the amount of the annual income will be reviewed annually.

In addition, both types of insurance include complementary coverage for medical helpline and legal advice by telephone.

Profit Sharing

All the modalities of immediate income will have a share in profits.

The amount of the annual income to be paid to the insured party is established in accordance with a technical interest rate, and is revalued annually based on the net financial profits of costs obtained by the company, for the investment of mathematical provisions.

Taxation of income insurance

In the case of temporary income, the taxation of the income insurance depends on the length of time you decide to receive your income. In the case of life annuities, tax exemptions are determined according to the age of the insured party when taking out the insurance.

Taxation of temporary income

DURATION OF THE INCOME	EXEMPTION PERCENTAGE
Up to 5 years	88%
Between 5 and 10 years	84%
Between 10 and 15 years	80%
More than 15 years	75%

One of the main benefits of temporary income insurance is its taxation. The income received is treated as income from capital and taxed under personal income tax (IRPF), while a percentage tax exemption will apply depending on the term chosen for the income.

Taxation of life annuity insurance

AGE	EXEMPTION PERCENTAGE
Under 40 years old	60%
Between 40 and 49 years old	65%
Between 50 and 59 years old	72%
Between 60 and 65 years old	76%
Between 66 and 69 years old	80%
70 years old or more	92%

Life annuities have considerable tax benefits since the tax burden on the money received is reduced. The exemption depends on the age of the insured party when taking out the policy.

FAQs

Can I redeem the income product at any time?

Income insurance can be cancelled after the first annuality, provided there is cover that allocates capital to the beneficiaries, that is, it can be cancelled in the case of Temporary Income and not in the case of Life Annuities. In this case, the capital to be redeemed will depend on the value guaranteed when taking out the contract.

How long will the payment of my monthly income be guaranteed for with Life Annuity?

In this situation, customers will receive the monthly sums, which supplement their income, throughout their lifetime, regardless of how long they live, guaranteed.

Is it possible to make additional contributions in an Income Insurance policy?

No, the product has a single premium, i.e. a contribution is made when you take out the insurance, allowing you to receive the income and serving as the income supplement you are looking for.