As soon as you get your first job or have your first savings, or when you start to contribute to the Social Security institution. These are good times to take a life insurance out, especially for your retirement. Having a life insurance or savings insurance is the best solution against contingencies. Life is too short to spend it worrying and you never know when you’ll have to face a problem that will prevent you from leading your usual life.

The very first thing is the capital sum! For a life insurance, the first thing to check is the capital sum you need to insure, and depending on the capital sum and the risk, you’ll have different coverage. Before choosing one or the other, it’s important to analyse your income and your expenses, present and future. If you’re looking into a savings life insurance, check the profile of the assets where the funds are invested in.

A savings or investment insurance is a financial product that helps you make the most of your money. They are designed for a more conservative profile given their low risk, but their return is lower too. Even so, over the last few years, we’ve witnessed the rise of the Planes Individuales de Ahorro Sistemático (PIAS, individual systematic savings plans) and the Unit Linked schemes that offer tax reliefs on the return gained and the option in some cases to make regular deposits without exceeding a certain amount.

As you can see from our products, there are many types. Each savings insurance has its own formula, but they’re all attached to a life insurance for which the beneficiaries can take the savings and return in the event of the holders’ death. At present, there are systematic savings schemes, which are long-term insurance policies with different assets, or a variation of these with better tax benefits if you keep the investment for five years. If you’re looking for a higher return, you have the Unit Linked option or the life annuity option where you’ll get a guaranteed monthly income for life. 

If you’d like to supplement your retirement pension or see your savings account grow, investment or savings insurances are your best option. These are attached to a life insurance with which you’ll be able to cash in the relevant amount in the event of death. They also offer tax reliefs, guarantee a return and allow you to withdraw your money whenever you want.

This is a contract that allows you to insure capital to cover unforeseen situations in the event of death (or disability, if this coverage is included).

It is a document that contains the conditions of the insurance. It comprises, inseparably, the general conditions, the specific conditions and, where applicable, the special conditions and/or the subscription certificates, as well as the supplements that modify or complement the previous ones.

A pension plan is a product that allows you to save comfortably so you can have capital or income when you retire or in the event of disability and, when you die, so your beneficiaries can have it. Pension plans are also currently a product that allow you to maximise savings on your income tax returns.

It’s a two in one plan: savings and investment. Pension schemes are a financial product that allows you to plan your savings conveniently but also get a return. They have been designed to provide you with a nice nest egg for your future retirement. There are also other cases where you can take the money from the pension scheme, including disability, dependence, serious illness, long-term unemployment or death. Remember that the investments made are tied to the stock market fluctuations and, therefore, there’s a downside risk.

As soon as you earn your first wages! If you’ve already joined the job market, it’s time to start thinking about your future. Remember the principles of saving up: the sooner you start, the better, because then you’ll have a nice little nest egg by the time you retire. But if you’re quite close to retiring and you haven’t yet started, don’t worry, you’re still in time to find the scheme that best suits you. Check the risk level and liquidity warnings of all the pension schemes here.

You can choose the scheme that best suits you based on your profile and age, but especially, depending on your future goals. With VidaCaixa you can make a smart investment strategy and you won’t have to worry about managing your pension scheme because we make it really easy for you. Don’t know which is the best scheme for you? Try our pension scheme simulator, enter your age, your savings and check the scheme that best fits you. Having a better standard of living during your retirement is up to you.

In the event of retirement:

When you retire, you must decide how and when you want to take your money by going to your Caixa branch. If you don’t have access to a retirement pension from the government (because you never contributed to the Social Security institution, etc.) the event will take place when you reach the usual retirement age set by the Social Security authorities (65 years), when you are no longer carrying out your job or occupation and you’re not paying contributions to the Social Security institution for retirement. Nevertheless, the money may be claimed earlier, after you:

- turn 60

- turn 45 if you are disabled

In the event of disability:

The money can also be taken in the event of total permanent disability rendering you unable to carry out your usual occupation, or total permanent disability for any type of work, or severe disability.

In the event of death:

In the event of your death, during the period when the deposits are being paid into the instrument (to the participant) or once the money is being received (to the beneficiary).

In the event of serious illness:

When proved with a certificate signed by a doctor from the Social Security healthcare system or an authorised entity:

A) any physical or mental condition that renders you unable to work or carry out your usual activities for at least 3 months and requires major surgery or treatment in hospital.

B) any physical or mental condition or injury with permanent consequences that fully or partially limit you to work or carry out your usual activities, whether you need assistance from other people or not.

In the event of long-term unemployment:

When the holder has been made unemployed (involuntarily) as long as they are registered with the Spanish Unemployment Office or an authorised body and does not receive contributory benefits.

In the event of death, when still paying deposits or once you have started to take your money, the funds saved will go to your spouse, children or any other beneficiary you assigned in the policy.

As a lump sum:

All the funds saved are paid as a lump sum.

As an annuity:

In this case, the customer decides on the amounts and frequency paid (monthly, quarterly, half-yearly) until the funds run out. At any time, one can take all the funds left or part of them. In this case, VidaCaixa would stop paying the following amounts until the money taken early has been offset.

As a lump sum and annuity (mixed):

One part is received as a lump sum, while the other part is received as an annuity.

As guaranteed income or insurance:

There is the option of receiving a life annuity for one or two lives and with or without life insurance. Also, if you wish it, you can set it up to receive an annuity for a certain time, but without a capital sum for death.

Our pension scheme catalogue shows their return for the last 12 months and the yearly average for 3, 5, 10 and 15 years. This information appears with the last price of the investments of the investment fund they are linked to. However, past performance does not guarantee future performance. To make it easier for you to check the performance of our pension schemes, we’ve included an indicator that shows the schemes with the best performance for the past 12 months.

You can check the information in the catalogue. You can see the details of their investment policy, their investment allocation and read the fund manager’s monthly observations.

Maximum annual contribution:

The maximum annual contribution you can make is €8,000.00.

This limit includes contributions to all pension plans, insured benefit plans, company benefit plans, certain Mutual Benefit Societies and private insurances that exclusively cover the risk of severe dependency or major dependency, and also includes company contributions.

A pension plan is a product that allows you to save in a convenient way so that you can have a capital sum or an income at the time of retirement or in the event of invalidity and in the event of death, so that your beneficiaries can receive it.

But also, at the moment, pension plans are the product that allows you to obtain the maximum tax saving in your income tax return.

In the event of death, either during the period in which the contributions are made or in which an annuity is already being received, the accumulated balance will be paid to the spouse, children or any other person who has been named by the policy holder.

As a capital sum:

All accrued consolidated rights are paid in the form of a one-off capital sum.

As a financial income:

This consists of an income, the amount and frequency of which (monthly, quarterly, half-yearly) is decided by the customer and which is paid until the accumulated balance is exhausted. The balance outstanding or part of it may be paid at any time, in which case the subsequent annuities will not be paid until the balance advanced has been offset.

As a capital sum and financial income (mixed):

One part is collected in the form of capital and the other part in the form of financial income.

As an assured income or as an insurance:

It is possible to receive an annuity for life, for one or two lives, and with or without life insurance. Furthermore, if you wish, you can choose to take out an annuity for a certain period of time, but without capital on death.

In the case of retirement:

When you retire, you will have to decide how and when you want to collect on your plan by contacting your branch of "la Caixa".

If you do not have entitlement to retirement (due to the fact that you have never paid social security contributions, etc.), the contingency will be deemed to have occurred after the ordinary retirement age in the General Social Security System (65 years), at the time when the participant does not work or has ceased working and is not contributing towards the retirement contingency in any social security system. However, the benefit may be paid in advance as from:

• age 60
• age 45, if the policy holder is disabled

In the case of disability:

The plan may take effect in the event of total and permanent disability for the usual occupation, or absolute and permanent for any type of work, or severe disability.

In the case of death:

In the event of death, both in the period in which the contributions are made (participant) and in the period in which benefits are received (beneficiary).

In the case of serious illness:

When it is accredited with a medical certificate from the Social Security or an approved body:

a) any physical or mental illness that temporarily incapacitates the patient for a continuous period of at least 3 months and that requires a major surgical intervention in or treatment at a hospital.

b) any physical or psychological illness or injury with permanent consequences that partially limits or totally prevents the usual occupation or activity, whether or not assistance is required from other people.

In the case of long-term unemployment:

When the participant is legally unemployed (not voluntary), provided that he or she is registered with the National Employment Institute (INEM) or the competent body and does not receive contributory benefits.

The general limit for payments into any social benefit system is €1,500.

• Regarding employees, this limit can be increased by a further €8,500 (up to a total of €10,000) if the increase comes from company contributions, or contributions from the worker for an amount that is equal to, or less than, the amounts contributed by the company. 
• And, in the case of freelancers and the self-employed, can be increased the general limit by  €4,250 (up to a total of €5,750) to simplified occupational pension plans.

Simplified occupational pension plans are welfare provision products that:

• Enable compliance with the obligations set by the agreement in your sector and help to plan working people’s saving for retirement.
• Enable freelancers and the self-employed to have a plan that is specifically for them (PPES ATA)

The participants of a simplified occupational pension plan are natural persons for whom the scheme is set up and for whom the deposits are paid.

There are two types of contributions: 

• Mandatory contributions: those made by the company to its employees 
• Voluntary contributions: those that can be made by employees (participants). 

A workplace insurance will cover two or more beneficiaries with the same terms and the same plan sponsor (who represents the payer before the insurance company). With this insurance, you can choose the terms (cover and additional support) depending on your preferences and needs.

Workplace insurances are for people who are part of a group with a shared link. These insurances have a more advantageous premium than individual insurances. The most common workplace insurances are those that cover accidents, healthcare and life but can also be linked to pension schemes or retirement plans. 

VidaCaixa’s temporary life insurance also offers local insurance solutions to international corporations and advice to Spanish companies who wish to insure their branches abroad (Swiss Life Network). The policy perfectly adapts to all types of groups and offers a wide range of extra covers for the different types of risks (e.g. accidental death or a road accident).

VidaCaixa makes your life easier by offering a temporary life insurance that protects you and your family for a certain time. The risk coverage applies as long as the policy remains in force. This means that the insured can take out these policies as and when they need it. 

This is a life insurance policy for which the insured party agrees to pay a small premium to ensure their family will receive money from VidaCaixa. The money will be paid out if the insured dies or suffers a serious illness or permanent disability caused by an accident.

In addition to a highly valued non-salary remuneration, the contributions made by the employer are allocated as income from work and subsequently reduced by the same amount in the general tax liability. You can benefit from a 47% tax saving in your tax return.

With the contributions to your employees it is possible to achieve a 47% tax saving in your income tax return. The contributions made for workers are a deductible expense in your Income Tax Return in the direct estimation model and do not incur social security contributions.

Deposits made for workers can be deducted from the Corporation Tax. You can also apply an additional deduction of the worker’s deposit from the tax amount (with an aggregate limit for all deductions of 35%-50% of the tax payable). Deposits for workers are not included in the contributions to the Social Security institution.

An early retirement scheme allows you to manage the needs of an entire group as a whole, by means that make negotiations and deals with employees much easier to reach the best agreement.

Retirement means the worker has become unemployed. Early retirement means the worker starts receiving their retirement pension before the established age.

All workers and professionals who can prove that they have contributed to the Social Security institution for at least 37 years and nine months can take early retirement. Although the established age of early retirement is 65, if these conditions are proved, you can retire as early as 61. For 2023, if you haven’t yet contributed for 37 years and nine months, then the earliest you can retire is when you turn 66 years and 4 months. The default retirement age will go increasing year over year until 2027 when it will be 67.

You will lose part of your pension. If you retire at 63, you’ll lose a proportional percentage of your pension. If you’ve contributed to the Social Security institution for 38 years and 6 months, your pension will be cut from 21% to 5.87%. If you’ve contributed to the Social Security institution between 38 years and 6 months and 41 years and 6 months: your pension will be cut from 19% to 5.60%.

Retirement means the worker has become unemployed. Early retirement means the worker starts receiving their retirement pension before the established age.

You can access voluntary early retirement up to 24 months before the established legal retirement age. This means that a 63-year old worker can voluntary apply for early retirement if they have contributed to the Social Security institution for at least 37 years and 9 months.

These are workplace pension schemes or another type of savings products that can be set up by the company voluntarily and are proof of its commitment to the workers, guaranteeing the company’s corporate social responsibility.

It all depends on the needs of each business, but there are many types of products. Some companies decide to make deposits for their workers, while others use a mixed system.  But, in general terms, we can divide the types of collective savings products into workplace pension schemes, aimed at large enterprises, and business savings schemes that are far more flexible and allow the company to determine the employees who are eligible for the retribution without having to include the entire staff.

The savings schemes for businesses provide an alternative retribution to the workers’ payroll. It has a series of conditions and tax reliefs for companies, as it’s a deductible expense on the corporation tax, but also for employees, as 30% of what they receive is tax-free on the Income Tax. They are not an immediate retribution as they are usually paid out after a certain period of time. 

There’s the option of paying the contributions yourself through special agreements with the Social Security authorities to keep being entitled to your pension. Ask one of our advisors or staff members. 

VIDACAIXA S.A. DE SEGUROS Y REASEGUROS, like all other insurance and financial institutions, is required to have an up-to-date copy of the current identification documents of customers to comply with the provisions of Law 10/2010 on the Prevention of Money Laundering and Financing of Terrorism.

The insurance institution must have the required documentation before 30 April 2015. If this is not the case, the products that have been taken out with our company will be blocked.

Check this guide where we show you every step you need to take and the paperwork required at each stage.

These schemes adjust your investment to the time left until your retirement. This is how they work: first they grow your savings and then, as you get closer to your retirement, the investment strategy gains stability.

Destination Scheme portfolios are widely diversified. That’s the key. Some years they’ll invest in emerging markets, others in gold or European fixed income. This strategy helps reduce the investment risk while keeping a performance horizon.

Yes, pension schemes are the only financial product that is eligible for income tax relief. The deductible amount from the income tax return will be the lower of these two amounts: a) 30% of the aggregate net income earned from work and economic activities individually over the reported year; b) €1,500 a year. This limit may rise by €8,500 as long as it comes from the company’s deposits, or the worker’s deposits into the same retirement savings instrument for an amount that is equal or below the company’s respective deposit.

The deceased must have been registered with the Social Security institution and paying contributions to it for a certain time. The calculation basis depends on the deceased’s situation (active worker or pensioner) and the cause of their death (common contingency or workplace contingency). Feel free to ask for advice.

It depends on how old you are when you retire and the contributions made to the Social Security institution during your working life. The retirement age in Spain will increase gradually until 2027, when it will be 67 years. In 2018, the retirement age was 65 years and 6 months if you wanted to receive 100% of your pension.

Depending on your age and the capital sum you wish to insure, you will be asked to undergo medical tests, ranging from a brief health questionnaire to a medical examination. If you have to undergo a medical examination, you will be able to do so in reputable centres in your city or province, and always free of charge.

To facilitate the assignment of beneficiaries in the event of death, at the time of signing the contract we will provide you with a form where you can specify them. You can change these names as many times as you wish.

Life insurance is an immediate, easy and affordable way to guarantee future financial security for people close to us who are financially dependent upon our income.