8.4.2.3. Assured savings plans

The tax base will be reduced by premiums paid to Insured Pension Plans when they meet the following requirements:

1. The taxpayer must be the policyholder, insured and beneficiary. However, in the event of death, the right to benefits may be generated under the terms provided for in Legislative Royal Decree 1/2002, which approves the Revised Text of the Law on the Regulation of Pension Plans and Funds.

2. The contingencies covered must be only those provided for in art.8.6 of Legislative Royal Decree 1/2002, and their main coverage must be retirement. For these purposes, the main coverage will be understood to be retirement when the condition is met that the value of the mathematical provision for retirement and dependency reached at the end of each year represents at least three times the sum of the premiums paid since the start of the plan for the death and disability capital.

3. Early withdrawal, whether total or partial, will only be permitted in the cases provided for in the regulations on pension plans.

4. These insurance contracts must necessarily offer an interest guarantee and use actuarial techniques.

5. It must be expressly and prominently stated in the policy conditions that this is an Insured Pension Plan. The name Insured Pension Plan and its acronym are reserved for insurance contracts that meet these requirements.