Why take out sialp/pias savings insurance?
Complementing the public pension with private savings has tax advantages that apply to both the individual long-term savings insurance (SIALP) and the individual systematic savings plan (PIAS).
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main benefits of sialp / piaas savings insurance
Compound interest
taxation
No commissions
transparent management
What is a SIALP?
- You cannot exceed the contribution limit of €5.000 per year, although this limit does not affect other savings insurance, such as a PIAS or PPA.
- have elapsed at least five years from the first contribution.
- The Policyholder, Insured and Beneficiary must be the same person.
- You are only allowed to have a SIALP contracted by NIF. As its name suggests, it is insurance individually, so a SIALP cannot be contracted by several holders jointly; The appropriate thing would be to open their own for each one.
What is a PIAS?
The purpose of a PIAS (Individual Systematic Savings Plan) is to constitute, at the expiration of the accumulation period, a life annuity in favor of the Policyholder with the contributions made to it and the profitability generated by them. As savings insurance, it also offers coverage in the event of death, which in turn allows you to take advantage of different incentives or tax advantages as in the case of a SIALP. The PIAS benefit from a special tax regime that means that the income generated up to the constitution of the annuity is exempt from personal income tax as long as the following conditions are met:
- Maximum annual contributions of €8.000, although this limit does not affect that of other savings insurance, such as a PPA or SIALP.
- The total accumulated contributions cannot exceed €240.000 throughout the term of the policy.
- have elapsed at least five years from the first contribution until the constitution of the income.
- The Policyholder, Insured and Beneficiary of the insured annuity must be the same person.
Main differences between a sialp and a pias
SIALP | PIAS | |
|---|---|---|
Maximum annual contribution | 5.000€ | 8.000€ |
Maximum limit
| Does not have | 240.000€ |
management | Total rescue | Total or partial rescue |
Taxation until the fifth year | Movable Capital Returns (Retention 19%) | Movable Capital Returns (Retention 19%) |
Taxation from the fifth year from the first contribution | Exempt returns
| Exempt returns if redeemed in the form of an annuity
|
Coverage in case of death | A single SIALP per NIF | The contracting of several PIAS by NIF is allowed |
Frequently asked questions about SIALP / PIAS savings insurance
What is the difference with pension plans?
The main one is liquidity, since pension plans are illiquid, except in the contingencies established by law, and which allow tax relief when contributions are made.
There are also differences in the maximum contributions. In the pension plans this year they have been reduced to 1.500 euros, so for those savers who made contributions above this amount it will be very important to redirect that excess savings, which starting this year will not be able to contribute to their pension plan, to other products such as PIAS or SIALP, perfectly compatible with pension plans.
And regarding risk life insurance?
Regarding the differences with risk life insurance, both PIAS and SIALP are clearly oriented towards savings, with the objective of having assets in case of survival. And although they have a small death capital that covers this event, their objective is not coverage in the event of death. Risk life insurance, for its part, is always a good complement to savings.
What taxation do the PIAS and SIALP have?
PIAS are products with a clear retirement orientation, since the tax benefit is obtained at the end of the accumulation period; and consists of the exemption of capital gains whenever the accumulated assets are received in the form of a life annuity, that is, as a retirement supplement.
In the case of the SIALP, capital gains generated during the accumulation period would also be exempt, but it only has the option of collection in the form of capital.
Both must be 5 years old from the first contribution to enjoy this taxation, and in the case of the SIALP you can only be the owner of a Long-Term Savings Plan, the name by which this category of products is known. .
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Are you interested in taking out SIALP / PIAS savings insurance?
Although we have detailed the differences between a PIAS and a SIALP, it cannot be openly stated that one is better or worse than the other.
To do this, you should first analyze which of the two best suits your needs, in fact, a PIAS and a SIALP They can be complementary financial instruments. In order to analyze this issue in depth, it would be advisable to study the needs of each client, their personal and fiscal situation, their investment profile and degree of risk aversion, the investment time horizon and the market situation at all times, among other factors. .
