What kind of tax do you have to pay when collecting life insurance? How is the corresponding tax rate determined?
When any compensation or any benefit is collected, taxes must be paid. This is what happens with the benefits or indemnities of life insurance.
In the case of life risk insurance, taxes are paid according to the reason for which the insured capital is collected:
- If it is charged due to the death of the insured, it is taxed by the Inheritance and Donations Tax (ISD).
- If it is charged for the reason of disability or other insured risk other than death, it is taxed by the Personal Income Tax (IRPF).
In the case of savings insurance or survivors’ insurance, the type of tax to be paid depends on the relationship between the insured and the beneficiary.
- If the policyholder and the beneficiary are the same person, personal income tax is taxed.
- If the policyholder and the beneficiary are different persons, ISD is taxed.
At PuntoSeguro we not only process your life policy, but we also help you in any future process you may need. We also advise you when hiring your policies and inform you of the best rates to renew your insurance with the necessary advance.
In the comparator of group life insurance for companies of PuntoSeguro you can compare the prices and conditions of the best life policies on the market. And just by taking out a life policy at PuntoSeguro you will participate in the #RetoPuntoSeguro, an exclusive challenge that we propose to the employees of the companies so that they are rewarded when they perform physical exercise. Through the PuntoSeguro Fit App, the physical activity of each user is rewarded through individual and collective challenges. The person in charge of the company will have access to a control panel of the collective policy in which he can digitally manage any modification, as well as access the exercise data of the workers, ranking and chat. Life at work gets better for the better with PuntoSeguro Fit.
If you need more information to take out insurance or need any additional clarification, do not hesitate to contact us
