Are you looking into saving or investing for your child’s or grandchild’s future? The Child Savings Plan is ideal to give that special little person a helping hand in life when s/he needs it most, whether to buy the first car, effect a deposit on a property, or pay for a long-term investment.
A flexible savings plan is specifically designed to help you put something aside to make your child’s dreams come to life as they grow. It is a precious gift and a great way to teach your child about the value of saving. The Plan offers valuable capital guarantees at maturity, and access to part of the savings over the years.
What is a Child Savings Plan in a nutshell?
- It is a With Profits regular premium savings plan.
- It aims to help you save for your child in a flexible manner, adapting to changing circumstances.
- From each regular premium that is paid in, we will deduct the policy charges and the balance will be credited to your Policy Account.
- The Plan participates in the MAPFRE MSV Life distribution of profits. With Profits investment spreads the profits over good and bad years.
- The Plan is designed to help your savings grow in a secure and tax efficient manner.
Interested in knowing more about the Child Savings Plan? Have a closer look at the benefits it will offer you by clicking on the next tab. You may also request a quote by clicking on Apply Now
With an MSV Child Savings Plan, you get all this:
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Death Benefit |
101% of the full savings amount will be paid should the person insured by the Plan pass away. |
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Terminal Illness Benefit |
We would consider paying up to 50% of the death benefit if the person insured by the policy is diagnosed with a terminal illness. |
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Funeral Expenses Benefit |
The option to receive part of the death benefit immediately to cover funeral expenses, up to a maximum of EUR2,500 |
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Policy Fee |
€2.50 if premium paid monthly (or proportionate multiples thereof if premium paid quarterly, half-yearly or annually e.g. €7.50 if premium paid quarterly).
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Top Ups – (Optional) |
No additional Policy Fee will be charged for any top-ups.
So long as there is at least 1 year remaining until the maturity of the plan, you may top up the savings by investing a single premium. An allocation charge will be taken for such top ups on the following basis:
| Single Premium Top-Up |
Allocation Charge |
| Up to €69,999 |
3% |
| Between €70,000 and €114,999 |
2% |
| Between €115,000 and €229,999 |
1.5% |
| Over €230,000 |
1.0% | |
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Death Benefit Charge |
A variable charge will be taken each year to pay for any extra life insurance that you choose. No charge is made if you choose the Minimum Sum Insured.
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Surrender Charge |
The plan cannot be surrendered during the first three years. In the remaining years of the Plan, you may surrender the plan, subject to a penalty. The surrender charge is calculated at the rate of 1.5% multiplied by the number of years remaining till maturity of the Plan. For example, if the Plan is surrendered 5 years before maturity, the surrender charge is 7.5%. |
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Market Value Reduction |
If you surrender your Plan before its maturity date, we retain the right to apply a Market Value Reduction, which reduces the value of your policy. This can only ever apply on surrender and cannot be applied
· upon maturity of the Plan
· on death before maturity.
This reduction is designed to protect investors who remain invested and its application means that you get a fair share of the with-profits fund in which your savings are invested. |
All charges are reviewable and may be changed after the Plan has started, subject to us providing you with at least 90 days notice if they are changed.