Unit Linked Savings Insurance
Please note that Unit Linked Savings Insurance is no longer available for sale; the information below is intended for customers who have an active policy.
Please note that Unit Linked Savings Insurance is no longer available for sale; the information below is intended for customers who have an active policy.
Changes
You can always adjust the savings composition or reduce the monthly payments. The minimum life insurance amount is ISK 250,000, and the minimum monthly payment is ISK 6,000.
Tax Matters
Upon payout of the savings at the end of the contract, capital gains tax is applied to the returns as stipulated by tax laws.
If a company is paying for your savings, you must declare these payments as a benefit on your tax return.
Initial Cost
The initial cost of the Unit Linked Savings Insurance is the first five monthly payments.
Other Costs
A fee (2%) is deducted from each monthly payment before purchasing units. Additionally, an administrative fee of 0.5% of the savings is applied annually.
Monthly Payment
The monthly payment is determined at the beginning and adjusts according to the consumer price index. The minimum payment is ISK 6,000 per month. However, the minimum amount must cover the premiums of the insurance policies linked to the contract.
Savings Payout at Contract End
At the end of the contract, you will receive your savings along with the returns. You may also choose to extend the contract.
Payout in Case of Death
In the event of death, the beneficiaries you have designated will receive the life insurance amount. If your savings, including returns, exceed the initial life insurance amount you selected, the savings amount will be paid out as the life insurance sum.
What Happens if the Savings Do Not Reach the Life Insurance Amount by the End of the Contract?
The policyholder has the right to maintain the life insurance amount in effect at the end of the contract or until the age of 70.
For inquiries or change requests, you can contact us at: sjovalif@sjova.is or call us at 440 2220.
Log in to My Sjóvá. Once logged in, find information about your Unit Linked Savings Insurance by clicking on Finance > Financial Overview, selecting Unit Linked Savings Insurance from the dropdown menu, and clicking the Download Statement button.