Annual refund
Our claim-free customers can receive a Stofn refund once a year. You can increase the value of your refund by choosing to receive it as Icelandair Saga Points.
Our claim-free customers can receive a Stofn refund once a year. You can increase the value of your refund by choosing to receive it as Icelandair Saga Points.
Example: For every ISK 15,000 in Stofn refund, you receive 25,000 Icelandair Saga Points There is no minimum amount required to convert into Saga Points. The number of Icelandair Saga Points a customer receives is based on the amount of their individual Stofn refund. In addition, customers who choose to receive their refund as Icelandair Saga Points receive exclusive offers from Icelandair that are not available to others*
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You can choose to convert your Stofn refund into Icelandair Saga Points within 7 days of receiving your refund notification. The notification is sent to the Home Insurance policyholder by email and SMS. You can then easily choose whether the refund should be deposited directly into the policyholder’s bank account or paid out as Icelandair Saga Points. If no action is taken within 7 days of receiving the notification, the Stofn refund will automatically be deposited into your bank account on the next business day.
Icelandair Saga Points are valid for up to 4 years, according to the terms and conditions of the Icelandair Saga Club.
Further information about Icelandair Saga Points can be found on the Icelandair website.
The Stofn refund is 10% of the premiums for the insurance policies listed below.
The refund does not apply to public fees paid alongside the insurance premiums.
Please note that the refund does not apply to Life Insurance, Critical Illness Insurance, or Child Insurance.
If all your insurance policies renew on the same date (by choosing a single due date), you will receive your refund one month after the renewal of your policies. If you have chosen to spread your insurance renewals throughout the year, you will receive your refund every February*
You will receive a notification by email and SMS when you are eligible for a Stofn refund. You can then easily choose in the Sjóvá app or on My Sjóvá whether you want the refund paid into your bank account or converted into Icelandair Saga Points.
If no action is taken within 7 days of receiving the notification, the Stofn refund will automatically be deposited into your bank account on the next business day.
*The refund period is based on premiums belonging to the previous year. Premiums are paid for each insurance policy according to its coverage period, which means the refund period may differ from the policy term.
The refund is calculated based on the premiums related to the refund period for insurance policies in Stofn.
If premiums were refunded during the period preceding the refund period (e.g., due to the cancellation of a policy), those amounts will be deducted from the premiums used to calculate the refund.
We will send you a notification in the Sjóvá app, by SMS, and by email when you are eligible for a Stofn refund and it is ready for payout.
If you have not provided us with your bank account details, we will send you a message letting you know that your refund is waiting for you on My Sjóvá, where you can easily choose between a bank transfer or Icelandair Saga Points. Refunds can only be paid to the account of the person registered as the holder of the Home Insurance policy, whether to a bank account or a Saga Club account.
The Stofn Refund is 10% of the premiums for the insurances listed below.
The refund does not apply to public fees paid alongside the insurance premiums.
Please note that refunds do not apply to Life, Critical Illness, and Child Insurance.