Instrumentation
Long-Term Savings Plans can be implemented in two ways:
a. Individual Life Insurance
The Individual Long-Term Savings Insurance (SIALP) is configured as individual life insurance different from those provided for in article 51 of this Law (social security systems: pension plans, social security mutual societies, insured pension plans, corporate social security plans and private insurance that exclusively covers the risk of severe dependency or great dependency), which does not cover contingencies other than survival or death, in which the taxpayer himself is the contracting party, insured and beneficiary except in the case of death.
In the terms of the contract, it will be expressly and prominently stated that it is an Individual Long-Term Savings Insurance and its acronym (SIALP) is reserved for contracts entered into as of January 1, 2015 that meet the established requirements. in this Law.
Long-Term Savings Plans can be implemented through one or successive Individual Long-Term Life Insurance.
b. Deposits and financial contracts
Long-Term Savings Plans can also be implemented through deposits and financial contracts integrated into the so-called Individual Long-Term Savings Account .
The Individual Account Long-Term Savings (CIALP) is configured as a money deposit contract entered into by the taxpayer with a credit institution, with charge to which one or more deposits of money may be constituted, as well as financial contracts of those defined in the last paragraph of section 1 of the second article of Order EHA/3537/2005, of November 10, by which develops article 27.4 of Law 24/1988, of July 28, on the Securities Market, under whose conditions it is foreseen that both the contribution and the settlement at maturity will be carried out in any case exclusively in money.
Please note that the reference to article 27.4 of Law 24/1988, of July 28, on the Securities Market, must currently be understood as being made to article 37.6 of Royal Legislative Decree 4/2015, of October 23, by which approves the consolidated text of the Securities Market Law ( BOE of 24).
The financial contracts defined in the last paragraph of section 1 of the second article of Order EHA/3537/2005, of November 10, are contracts not negotiated in official secondary markets through which a credit institution receives money or securities, or both. things, of its clientele assuming a reimbursement obligation consisting either of the delivery of certain listed securities, or of the payment of a sum of money, or both, depending on the evolution of the price of one or several securities, or of the evolution of a stock index, without commitment to full reimbursement of the principal received.
Said deposits and financial contracts must be contracted by the taxpayer with the same credit institution in which the Individual Long-Term Savings Account has been opened. The returns will be compulsorily integrated into the Individual Account and will not be counted for the purposes of the limit of 5,000 euros to which we refer in the section on characteristics and requirements of the Long Term Savings Plans.
The Individual Long-Term Savings Account must be uniquely identified and separated from other forms of taxation. Likewise, the deposits and financial contracts integrated into the Account must contain a reference to the latter in their identification.
In the terms of the contract, it will be expressly and prominently stated that it is an Individual Long-Term Savings Account and its acronym (CIALP) is reserved for contracts entered into as of January 1, 2015 that meet the established requirements. in this Law and will integrate deposits and financial contracts contracted from said date.