The PPR Coverflex REAL Seguro E is a Retirement Savings Plan whose purpose is to set up savings to complement the pension when the Insured Person retires.
This article has the following topics:
- Do I need approval from the company to join this product?
- How does Real Vida Seguros' PPR Coverflex REAL Seguro E work and what are the conditions that apply?
- How can I manage my PPR Coverflex REAL Seguro E?
- What are the conditions for accessing the accumulated amount of my product?
- How can I use my PPR to reduce my mortgage?
- What are the steps to transfer money from my PPR to another management company?
Do I need approval from the company to join this product?
As long as this is available to you through the Coverflex app, you don't need approval from the company: you can join this product whenever you want and start saving. No other approvals or paperwork required!
How does Real Vida Seguros' PPR Coverflex REAL Seguro E work and what are the conditions that apply?
You can set up and reinforce PPR Coverflex REAL Seguro E through your Coverflex benefits balance, and you can manage it through the My Real Vida platform.
This product has a Gross Nominal Minimum Rate of Return of 0.25%. In the first year, the Gross Nominal Annual Rate is 0.75%.
You can carry out reinforcements from €100.50, and for each reinforcement there is a fee of 0.50%, that is, for each €100.50 that you contribute with, the final contribution amount will be €100.00.
If you wish to make an early withdrawal (before completing 5 years) there will be an associated charge of 0.50%, that is, in a scenario where you wish to withdraw €100.00 before the sixth year, you will receive €99.50 in your account (this calculation doesn't consider the return rate).
The product conditions can be read in the "general conditions" document by clicking on "see conditions" in your Coverflex app.
How can I manage my PPR Coverflex REAL Seguro E?
After subscribing to your PPR Coverflex REAL Seguro E in the Coverflex app, you will receive an email from Real Vida Seguros within five working days. In this e-mail you can find the credentials to manage your policy through My Real Vida, where you can make top-ups and/or request partial or total withdrawal of your investment. You can also continue to top up your policy through your Coverflex benefits balance at your Coverflex app!
What are the conditions for accessing the accumulated amount of my product?
You can receive the accumulated amount whenever you wish - however, be aware of potential penalties for redemption outside the conditions set out in the legislation.
You can choose to receive the full amount:
- In a single payment from the insurer;
- In multiple consecutive refunds;
- In lifetime payments;
- In any combination of the above.
Please note that, if you used these contributions to obtain tax benefits based on IRS deductions in the year of the contribution, and if the refund is made outside the conditions set out in the legislation, you may incur a tax penalty.
How can I use my PPR to reduce my mortgage?
Please note that, in order to make a withdrawal for home loans, without penalty in what comes to deductions, the amount must remain in the PPR for 5 years.
What are the steps to transfer money from my PPR to another management company?
The Insurer or Transferring Fund Management Company will inform the Policyholder, within the next 15 working days, of the amount to be transferred, deducting any transfer fee, as well as the date to which the transferred amount relates and on which the transfer was made.
The Insurer or the Fund Management Company that receives the transfer must communicate its acceptance, conveying the proposal of the new conditions to be contracted.
The start date of a transferred PPR will always be that of the initial contract.