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Savings for Child's Future

Do you know how much do studies cost?

The average cost of studying is roughly 7000 EUR a year:

  • Higher education costs roughly 2000 EUR a year on the average
  • The average expenses of student life amount to roughly 420 EUR a month
  • 60% of students see financial support from parents as the main source of income

The study “Financial Behaviour of Students” was carried out by the market research company Spinter Research between 4 and 20 August 2020.

New! Anti-bullying Service* - designed to provide support for parents and their children in the case of a bullying event.

* Service provided by foundation “Fonds PLECS”.

Start saving today to be able to save more!

If you have any further questions, don’t hesitate to sign up for a remote consultation at a time convenient for you.

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Important! The conditions for receiving the personal income tax refund have changed. Learn more
Minimum contract period should be 5 years. The contract period you have selected is less than 10 years. It means, that you will not be able to claim income tax refunds for contributions in this case. If it is important for you (and possible), please, consider to change child's age at contract end date. Add single payment  You can always contribute with separate single payments, e. g. by transferring some savings into Savings for child’s future at the start of the agreement. Remove single payment  You can always contribute with separate single payments, e. g. by transferring some savings into Savings for child’s future at the start of the agreement.

Check your predicted investment return calculation by clicking on each of the different market scenarios:

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Schedule of payment & fees

No values generated by this calculator are guaranteed and they only serve as an illustrative example generated based on the values entered into the calculator. Savings for Child’s Future is a unit-linked life insurance service which means that the accrual of savings depends on the value of its underlying assets, which in turn can increase or decrease over time.
In case the return on investment is negative upon expiry of the agreement, you will receive the guaranteed amount, i.e. the sum of your contributions less the agreement fees. Before entering into the contract, please review the key information document, the terms and conditions of the contract and the price list at the website www.swedbank.lv. The service provider is Swedbank Life Insurance SE, which is represented in the Republic of Latvia by Swedbank Life Insurance SE Latvian branch and the insurance intermediary service is provided by the insurance agent Swedbank AS.

Positive scenario

Contract year Total amount of payments Tax refund Tax refund for payments made during contract year. Risk fee Risk fee is the fee for insurance protection - insurer's promise to proceed saving instead of you, should you die - and it depends directly on agreed monthly premium amount. It is calculated according to pricelist. Other fees

Management fee is used for management of your contract's life cycle investment portfolio and guarantee fee to protect your contract against negative investment results.

It is calculated according to pricelist.

Estimated amount of savings It's estimated (prognosed) value of savings calculated with estimated interest rates and payments you have defined above. Actual value of saving depends on actual investment performance of assets. Investment performance is not guaranteed as it depends on underlying assets earnings from financial markets during contract period. It is shown already net of contract fees.

No values generated by this calculator are guaranteed and they only serve as an illustrative example generated based on the values entered into the calculator. Savings for Child’s Future is a unit-linked life insurance service which means that the accrual of savings depends on the value of its underlying assets, which in turn can increase or decrease over time.
In case the return on investment is negative upon expiry of the agreement, you will receive the guaranteed amount, i.e. the sum of your contributions less the agreement fees. Before entering into the contract, please review the key information document, the terms and conditions of the contract and the price list at the website www.swedbank.lv. The service provider is Swedbank Life Insurance SE, which is represented in the Republic of Latvia by Swedbank Life Insurance SE Latvian branch and the insurance intermediary service is provided by the insurance agent Swedbank AS.

  • Savings for Child’s Future is an investment-linked life insurance contract for the contract holder. It provides a possibility to create meaningful savings for your child to get good education or start an independent life.
  • Long-term savings need to be protected against inflation, therefore the accumulated funds are invested in financial markets, but there is no need to worry – investments are made in accordance with the investment strategy, and the savings are also protected with a guaranteed amount.
  • You will be saving money for your child and we will handle investing it.
  • The savings are protected — there is a guaranteed amount at the end of the contract.
  • Life insurance for the contract holder. If the worst happens and the contract holder passes away, the unpaid part of the savings foreseen in the contract will be paid by Swedbank Life Insurance SE. This amount will be calculated as follows: your monthly contribution to the savings (max. EUR 100) times the number of full months remaining until the end of the contract term.
  • Anyone can make an additional contribution under the agreement. This can be an idea for a useful present for the child’s birthday – relatives can contribute to the savings. Download the gift certificate to find out how to make the contribution. The personal income tax refund may be claimed only if the payer of contributions and the contract holder are one and the same person.
  • Flexible contributions of your choice. The minimum monthly contribution is EUR 30.
  • Additional income can be received for the contributions made to the savings in the form of a 20% personal income tax refund. The contract for Savings for Child’s Future gives you the opportunity to annually receive a 20% personal income tax refund on the contributions to the savings, not exceeding 10% of your gross annual salary, and no more than EUR 4,000 in total. However, if the beneficiary of the accrued savings is the child and not the contract holder upon the maturity of the contract or if the term of the insurance contract is less than 10 years, then, pursuant to the Law on Personal Income Tax, you will not be able to claim a personal income tax refund on contributions to the insurance contract. Learn more
  • Possibility to change the beneficiary. If the recipient of the accrual (the beneficiary upon the maturity) is the child and not the contract holder themselves, then it will not be possible to get the personal income tax refund for the contributions made to the contract. Learn more

Considering that this is long-term savings, and long-term savings need to be protected against inflation, the accumulated funds are invested in financial markets.

Investment strategy:

  • The contract offers an investment strategy, which takes into consideration the amount of time remaining until the end of the contract.
  • The longer the period until the end of the contract, the higher risk assets with higher potential returns are invested in. As the end of the contract term approaches, the investment strategy becomes more conservative with the goal of exposing the investment to less market fluctuations.
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Allocation for global equities is a high-risk long-term investment. By allocating funds for this investment one may expect both higher return and greater value fluctuations. The majority of the investments are made in equities in the developed markets, with the remaining part going to equities in the developing markets. The results are more stable in the course of change of economic cycles based on the stability of developed regions and the growth potential of developing countries.

Find out more

Allocation for medium-term bonds is a low-risk investment for the period up to 10 years. Less fluctuation in value and lower return can be expected in case of this allocation. Investments are made in the euro area government and global corporate bonds with avarage maturity up to 10 years.

Find out more

Allocation for short-term bonds is a low-risk investment for the period of 1 to 3 years. Less fluctuation in value and lower return can be expected in case of this allocation. Investments are made in the euro area government bonds with a maturity of 1 to 3 years. This is an allocation with the unit value reflecting the 1 to 3 year‘s term euro area bond index.

Find out more
  1. Log in the internet bank and calculate what is the amount you would like to collect.
  2. Start concluding agreement.
  3. Fill in investment profile questionnaire.
  4. Verify and confirm the data entered.
  5. Monthly contributions will be made automatically, using e-invoices solution.

downloadDownload a certificate

If you have questions about concluding the agreement online, please call us on 67 444 444. Our Consultation Centre‘s specialists will be happy to assist and advise you.

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Service Price, EUR
Applying
Contract conclusion Free of charge
Using
Insurance premium fee Free of charge
Contract handling fee (per year) The contract handling fee is not charged for insurance premiums for which investment units are not yet purchased.
The fee is withheld from the reserve once a month.
- Reserve <= 10 000 EUR 1,25% per annum of the Savings reserve
- Reserve > EUR 10 000 1,125% per annum of the Savings reserve
Guarantee fee 0,2 % per annum of Guaranteed Amount The Guarantee fee is deducted from the Savings Reserve.
Risk fee 2,5% monthly fee, shall be calculated from Monthly Risk Amount The Risk fee is deducted from the Savings Reserve.
Contract modifications Free of charge
Partial withdrawal of money:
if the outpayment is applied during the first five years from Сontract conclusion 1,0% of the withdrawal amount (minimal 20 EUR) The Service fee for the partial withdrawal of money is deducted from the withdrawal amount.
in other cases free of charge
Closing
Termination of the Contract:
if the outpayment is applied during the first five years from Сontract conclusion 1,0 % of the Savings reserve (minimal 20 EUR)
in other cases free of charge
Sum limits
Minimum monthly Insurance premium 30 EUR per month
Maximum Monthly Risk amount 100 EUR
The minumum Savings reserve after partial withdrawal 300 EUR

Effective from 01.07.2022

Related documents:

If you wish to terminate the contract, you can do so at a branch office or by contacting the Call Centre beforehand — via Internet Banking. Before terminating the contract, please consider the following:

  • If the contract has been valid for less than five years, you will have to pay a termination fee as per the price list.
  • The guaranteed amount will be waived.
  • If you have received personal income tax refunds on the contributions to the savings, and the contract is terminated less than 10 years after it was signed (5 years if the contract was signed by 31.12.2017), you will have to repay the tax refunds you received.

When the child reaches the age until which the contract was in force, an application to receive payment must be submitted via Internet Banking or at a branch office.

Pursuant to amendments to Personal Income Tax Law, which have entered into force on 01.01.2022, henceforth the personal income tax refund will only be claimable by customers who, in addition to meeting the current conditions of the law, have designated themselves, not a child, as the beneficiary (the recipient of the accrual) upon the maturity of contract in the unit-linked insurance contract.

If you currently have a child designated as the beneficiary upon the maturity of contract and you wish to receive personal income tax refund in the future too, then a change in the beneficiary must be made. For contracts entered into on or before 31.12.2021, the change must be made no later than by 31.12.2023, whereas for contracts entered into after 01.01.2022 - no later than within the current year.

The conditions to qualify for the personal income tax refund:

  • The minimum period of saving – 10 years
  • The maximum amount of contributions for which you can get a tax refund is 10% of the gross annual income but in any event not more than 4000 EUR.
  • The payer of contributions is the contract holder
  • The beneficiary upon the maturity of contract is the contract holder
New! Anti-bullying Service - designed to provide support for parents and their children in case of a bullying event that has happened in or outside school or on digital platforms.
The Anti-bullying Service is provided by the foundation "Fonds Plecs" and is available to customers who have concluded the life insurance contract types specified here for children living in the same household. Conflicts between children or adolescents can happen. However, certain types of abusive relationships between children are called bullying and can result in greater stress, mental health problems and worse future prospects. Sometimes bullying can even endanger child’s health or life. The service provides personalised support aimed at strengthening children’s conflict resolution skills and mental self-regulation in case of a bullying event. Swedbank is committed to support United Nations Sustainable Development Goals. Anti-bullying service may contribute to the following of these goals - Good health and well-being, Quality education, and Peace, justice and strong institutions.
  • The service is available for both families and children who are experiencing bullying and families whose child is the offender in cases where parents are willing to solve their children´s offensive behaviour.
  • Available for children aged 6-17.
  • The customer is not charged anything extra for the service.
  • Find out more about what is the Anti-bullying Service here.
  • Parents get an assessment of whether the incident is bullying or a conflict.
  • Practical recommendations if not bullying.
  • Specific steps for parents to take immediately.
  • Individualised specialist support.
  • Quick response in critical cases.
  • Service expenses are covered.

Before applying for the service make sure that:

  • your insurance contract and insurance covers are valid when bullying has happened;
  • last incident has happened no more than 3 months ago.

Report here. There you have to:

  • register yourself and children;
  • provide case* details about bullying.

*Assessment of the case will be handled by "Fonds Plecs".

The current demographic situation suggests that we have to reckon with the fact that our future pension could be even only half of what we earn today in salary.

Private Portfolio is for people who appreciate their time and convenience in making investments.

You will automatically top up your savings with a small amount every time you pay by card.

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Klientu serviss - Инфо и помощь - Customer service: +371 67 444 444

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  • 3rd pension pillar
  • Start saving

Think about today, don’t forget about tomorrow

Don't put off investing under the 3rd pension pillar for a better future. Start saving and:

  • Choose the amount and frequency of contributions yourself
  • Get a tax refund at the rate of 20% of the invested amount on an annual basis
  • Don’t let inflation eat up your money’s worth