At the end of contract period
When concluding the contract, you will determine the term when you can access the accumulated capital. By submitting the Indemnity Application (LAT, PDF), the child will receive the actual savings.
Early termination of the contract
If any unexpected situation occurs, and you suddenly need the accumulated money before the term, you can also terminate the contract before its expiry, receiving the specified redemption amount. If you have received individual income tax incentives breaking the contract within the first 10 years, you will have to reimburse the individual income tax on the amount for which the tax incentives had been applied.
In case of death of the insured
If the worst happens and the child's parent dies, the insurance amount and the savings are paid into the account of the child on basis of the application of the child's lawful guardian.
Important! In accordance with the law "On personal income tax", income from savings with life insurance of a natural person is subject to tax. The tax to be paid is 20 % of the life insurance contract income, determined as the difference between the payable savings and all contributions paid during the agreement (instead of the amount of all savings). The tax is to be paid on the date of earning the income, namely, at the moment of payment of savings or redemption cost and the payer of the specific income is responsible for collection of the tax, i.e. SEB Life and Pension Baltic SE. So you will not need to take any additional action on declaration and payment of the tax.
The service is offered and provided by SEB Life and Pension Baltic SE, registration number: 40003012938.
