An ISSP is a type of savings-life insurance policy with contributions on a regular basis (usually monthly). They allow you to save a sum of money that, after retirement, will supplement the pension you receive (or, instead, for other purposes). These contributions may not exceed €8,000/year or €240,000/year for all ISSPs that are held.

What else should I consider regarding taxation?

In the event of total or partial redemption before establishing the life annuity, any yield generated will be taxed as capital gains, with the corresponding withholding. Once the new life annuity insurance has been set up, in the event of total redemption by the Holder, the income that was initially exempt in the fiscal year that the redemption was carried out will become taxable. In the event of the insured party's death, the capital to be received by the beneficiaries will be subject to Inheritance and Donations Tax.

What is a lifetime annuity?

It is a life insurance in which, by paying a single premium to the insurance company, the policyholder receives a guaranteed periodic amount until their death.

Who is the insurance provider?

BBVA Seguros, S.A. de Seguros y Reaseguros.

Who is the intermediary?

BBVA MEDIACIÓN, OPERADOR DE BANCA-SEGUROS VINCULADO, S.A. listed in the Administrative Register of Insurance Brokers of the Directorate-General for Insurance and Pension Funds under code OV-0060. Has an approved public liability insurance policy.

RISK LEVEL

1/6

This number indicates the product risk, with 1/6 representing the lowest risk and 6/6 representing the highest risk.

PIAS Plan Individual de Ahorro Sistemático

In the event of the insured party's death, the beneficiaries will receive the accumulated savings with an increase.

Guaranteed capital and yields.
You can designate the beneficiaries you wish, in the event of death
Check its tax advantages.

For whom is it intended?

Individual Systematic Savings Plans (ISSPs) are aimed at anyone between 14 and 70 years and six months of age who wants to obtain savings with known and guaranteed returns and a favorable tax treatment when receiving it in the form of a life annuity.

What are the advantages of taking out an ISSP?

The savings accumulated in the ISSP can offer a supplementary retirement income in the future.

If you establish a life annuity with the accumulated capital 5 years after the first contribution, the accrued yields will be exempt from taxation*.

Once the guaranteed life annuity has been constituted, the monthly income you obtain will be taxed as capital gains in your personal income tax return, with tax reductions based on your age.

Guaranteed capital and yields.

You can designate the beneficiaries you wish, in the event of death.

*Taxpayers residing in the Basque Country must check the terms and conditions at their branch.

How does an ISSP work?

You can take out your Individual Systematic Savings Plan with a one-off contribution, regular contribution or a combination of both.

In all PIAS, currently, the annual contribution limit must not exceed €8,000 a year or €240,000 in total.

The minimum amount for a single contribution is €600.

The regular contributions can be made monthly, quarterly, half-yearly or annually. The minimum contribution amount is €30 per month and the maximum amount is €666.66 per month. You can modify, suspend or resume them at any time.

You can make ad-hoc contributions at any time. The minimum amount of the contribution is €600 and the maximum amount is €8,000.
Guaranteed yield and availability
A guaranteed initial yield is established for a period of between 11 and 12 months, which is renewable for annual periods.

You can redeem all or part of the contributions made, as well as the generated yields, at any time.

The minimum amount of a Partial Redemption that can be requested is €200. If the resulting Accumulated Balance is lower than €300 after discounting the redemption, the insurance company may terminate the contract.

You can transfer the accumulated balance to another ISSP in which you are the holder.
Termination of the contract
The contract will be terminated following a total redemption or transfer or the establishment of an immediate life annuity on the date the capital is paid due to the insured party's death.

The beneficiaries will receive the accumulated savings with a 5% increase. If the insured party reaches the actuarial age of 69 years and six months, the increase will be 3%. In both cases, with a maximum of €601.

You can cancel the contract within 30 days of taking it out.

Ask your adviser to calculate a quote for you according to your personal situation.

What are the requirements for purchasing the insurance?

Be an individual residing in Spain.

Be a BBVA account holder.
If you don't have any open account at BBVA, you can open one. Ask us about available accounts and their terms.

Be between 14 years and 70 years and 6 months of age.

Where can I buy it?

You can arrange to purchase it by going to your nearest branch or talking to your adviser.

Would you like more information?

When receiving a life annuity, the yields generated by this product are not taxable. In addition, the monthly income you receive is subject to exemptions, which vary according to your age on the date you start receiving the payment.

Be a BBVA customer.

At BBVA, we want to help you manage your day-to-day activities.
We are working to make your life a little easier with our digital solutions.
Our approach is based on transparency, clarity and responsibility.

Individual Systematic Savings Plan

Apply