In case of death of the Insured person while the contract is in force, the company Ocidental Vida will pay (within a maximum of 20 business days counting from the reception of the documents necessary for that purpose) the amount of the correspondent Account Units, estimated in accordance with the provisions of Article 11 of the General Conditions of the policy.
While the contract is in effect, extraordinary premium deliveries shall be permitted and the Insurance Company reserves the right to, at any moment, suspend the acceptance of new extraordinary premiums.
The premiums and the legal charges are due in advance.
The Active Retirement Savings 2ª serie may be subscribed from the 18 years of age of the Insured Person onwards.
By default: until the Insured Person is 99 years of age.
By option of the Client: Minimum duration of 5 years, ensuring that at the end of the term the Insured Person is, at least, 60 years of age.
- Subscription fee: 0%.
- Change of Strategy fee:no fee is paid on the amount re-allocated between the Investment Strategies available. Each year of duration of the policy allows the making of 12 re-allocations.
- Transfer fee: no transfer fee is paid on the amount of the accumulated savings transferred to another PPR, PPE or PPR/E.
- Early redemption fee: 1% in the 1st year, 0.5% in the 2nd and 3rd, 0% as of the 4th year of the contract, applicable to the amount of the Account Units reimbursed, when the redemption is not made pursuant to the conditions foreseen in Decree-Law 158/2002 (4) (1 to 4), dated 2 July. Charged to the Insured Person. The partial withdrawal and the remaining Account Units cannot be less than 250.00€.
- Financial Management fee: the financial management fee falls on the Fund’s net global daily value and is charged monthly in the month following the one to which it corresponds. Maximum financial management fee per strategy charged to the fund:
- Aggressive Strategy Stock - 1.75%
- Balanced Strategy: 1.75%
- Protection Strategy: 1.75%
- Cost of the policy: the cost of the policy will be added to the first delivery, amounting to 5.00 €.
Alteration to the value of the Account Units
The delay in the Payment of the Premium, the partial redemptions or eventual changes to the charges to be paid by the Policy Holder, provided that permitted by law, will automatically originate an alteration in the value of the Account Units.
The deliveries may have the following periodicity and minimum amounts:
- Single Deliveries: 500.00 €
- Regular Deliveries:
- Monthly: 30.00 €
- Quarterly: 90.00 €
- Every six months: 180.00 €
- Annual: 360.00 €
- One-off Deliveries: 30.00 €
While living: the Insured Person.
In case of death: Without prejudice to the observation of the law, the Insured Person shall be allowed to choose its Beneficiaries in case of death.
If no Beneficiaries are expressly named and when the author of the succession is the Insured Person, the surviving spouse or other legal heirs, regardless of the couple's marital regime, may request the full return of the savings plan, without prejudice to the observation of the law. When the author of the succession is the spouse of the Insured Person and, due to the couple's property regime, the PPR savings are considered common property, the surviving spouse or the other heirs may demand the reimbursement of the part owned by the deceased.
Repayment in accordance with the law: when the Client complies with the conditions legally foreseen for the redemption of a PPR policy, 3 redemption options emerge:
- Retirement Option: The Client may choose the full reimbursement of the policy (the contract ends);
- Programmed Payment Option: The Client may choose to convert the accumulated capital into partial, programmed/automatic reimbursements paid every month/quarter/six months, with an accumulation effect. This partial automatic redemptions mechanism shall last while there are Accounts Units allocated to the policy and, at the most, until the maturity date. These partial and automatic reimbursements will bear a constant value, to be defined by the Client , with a minimum of 250,00 €;
- Partial Reimbursement The Client may request the partial redemption, under the terms permitted by law.
Reimbursement made outside the conditions foreseen by law, under the circumstances foreseen in the Tax Benefits Statute:
- Full Reimbursement: The Client may choose the full reimbursement of the policy (the contract ends);
- Partial Reimbursement The partial reimbursement of the Account Units is subject to the following conditions:
- The minimum amount for each partial reimbursement is 250.00 €;
- After the partial reimbursement, the value of the remaining Account Units cannot be less than 250.00 €.
Partial Reimbursement Mechanism
"Life Cycle” rationale: if the partial reimbursement occurs, the amount requested will be proportionally withdrawn from each one of the Investment Strategies.
“Free Choice” rationale: if the partial reimbursement occurs, the amount requested will, by default, be withdrawn from each one of the Investment Strategies in a proportional manner. However, the Client will have the possibility of choosing from which Investment Strategy he/she intends to withdraw the partial reimbursement.
The amounts insured may be reimbursed in case of:
a) retirement due to old age of the insured person;
b) long term unemployment of the insured person or of any member of his/her household;
c) permanent disability for work of the of the insured person or of any member of his/her household, regardless of the cause;
d) serious illness of the insured person or of any member of his/her household;
e) the insured person turning 60 years old;
f) payment of credits guaranteed by mortgage on the real estate property used as the insured person's own and permanent home.
The reimbursement requested under sub-paragraphs a), e) and f) can only be made for savings delivered at least five years prior, counting from the respective delivery dates.
Yet, five years after the date of the first savings amount delivered, the Insured Person may demand the reimbursement of the amount of the policy under sub-paragraphs a), e) and f) if the amount saved during the first half of the duration of the policy corresponds to at least 35% of the total amount saved.
Except for the situations listed above, the reimbursement may be requested at any moment under the terms of the policy and subject to the consequences set forth by the applicable Tax Law.
In case of death, the following rules shall apply:
- when the author of the succession is the Insured Person, the surviving spouse or other legal heirs, regardless of the couple's marital regime, may request the full return of the savings plan, unless a different solution occurs from the will or from a beneficiary clause in favour of a third party, without prejudice to the observation of the law;
- when the author of the succession was the spouse of the Insured Person and, due to the couple's property regime, the PPR savings are considered common property, the surviving spouse or the other heirs may demand the reimbursement of the part owned by the deceased.
Redemption of retirement and education saving plans:
1 - Without prejudice to the provisions of Article 4(1 to 4) of Decree-Law 158/2002, of 2 July, until 30 September 2021, the value of retirement savings plans (PPR), education savings plans (PPE) and retirement and education saving plans (PPR/E) may be redeemed up to a monthly limit of the value of the IAS by the participants in those plans and provided that one of the members of their household:
a) Is in a situation of prophylactic isolation or illness or providing assistance to children or grandchildren, as established in Decree-Law no. 10-A/2020, of 13 March;
b) Has been placed in a situation of reduction of the normal work period or suspension of the work contract, due to a business crisis;
c) Is in a situation of unemployment registered with the IEFP, I. P;
d) Is eligible for extraordinary income support for workers, provided for in article 156;
e) Is eligible for the extraordinary support to the reduction of economic activity as an independent worker, under the terms of article 26 of Decree-Law no. 10-A/2020, of 13 March;
f) Is a worker in a situation of economic and social vulnerability, meets the requirements to benefit from the extraordinary support foreseen in article 325-G of Law no. 2/2020, of 31 March, added by Law no. 27-A/2020, of 24 July, or in article 156 of this law;
g) Presents a drop in the average monthly relevant income of more than 40% in the period from March to December 2020 in relation to the average monthly relevant income of 2019 and, cumulatively, between the last quarterly statement available at the date of the application for support and the average monthly relevant income of 2019; or
h) Is a tenant in a lease contract of an urban building for own and permanent residence in force on the 31st of March, is benefiting from the regime of deferred payment of rents under the terms of Law no. 4-C/2020, of the 6th of April, and needs that amount to settle the rents subject to moratorium.
2 - In the case of application of the provisions of paragraph h) of the previous number, the value of the plans to be reimbursed under this regime may go up to a monthly limit of 1,5 IAS.
3 - The value of the reimbursed retirement plan shall correspond to the value of the participation unit on the date of the application for reimbursement.