Independent Financial Advisor and Co-Founder of Affari Miei
January 9, 2024
They told you about Asset Guarantee Insurance Of Intesa Sanpaolo and are you interested in its features and above all in understanding whether it could be the right product for you?
Today we will look at all of them together characteristics of the policy, and we will try to understand yours together advantages they disadvantagesso as to have a complete picture of the product and then be able to understand together its real convenience.
Let’s start!
This article talks about:
Two words about Intesa SanPaolo
Before analyzing the policy in detail, I would like to give some information on the institution itself that offers it, even if it is such a famous institution that it does not require much introduction.
Intesa SanPaolo Vita is the parent company of the Intesa Sanpaolo Vita Insurance Group which is responsible for distributing insurance-related products to customers.
It was created in January 2012 from the merger of EurizonVita, Intesa Sanpaolo Vita (formerly Intesa Vita), Sud Polo Vita and Centrovita Assicurazioni.
Since December 2014, Intesa Sanpaolo Vita’s offering has been enriched thanks to the acquisition of the pension funds previously managed by Intesa Sanpaolo Previdenza SIM.
They are able to provide the best experiences and the best skills on the market, since today they are leaders in Italy in bancassurance and supplementary pensions.
They have various proposals to satisfy the needs of all customers, in fact they range from insurance products to social security products.
Their products are also conceived and designed to offer simple and concrete solutions to customers, and it is also important to underline the integration of ESG factors.
Are life insurance policies safe?
Asset Guarantee Insurance it is a life insurance product and offers total guarantee of the invested capital.
It is in fact one class policy I.
It is a fairly safe product, as it guarantees capitalso without a doubt it is a safer product than a mixed unit-linked policy which instead invests in the financial markets and therefore carries with it a greater level of risk.
Obviously it is not a completely 100% safe product, like all investments, but overall we can certainly say that it is a product that invests mainly in low risk instruments.
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The characteristics of Patrimonio Garanzia Insurance
Patrimonio Garanzia Insurance is an insurance investment product aimed at customers who wish to have the guarantee of the invested capital, and therefore are not inclined to risk too much, but instead prefer to have greater security.
In fact, the product offers the warranty of the invested capital, at the expense of entry and exit costs.
The investment also respects the ESG criteria, therefore we can also say that it is a responsible and ethical investment.
The policy is a branch Ias we have already mentioned before, and invests in safe instruments (its risk level is in fact equal to 2 on a scale ranging from 1 to 7).
The investment
The objective of the product is to obtain a gross return consistent with the performance of the euro area bond interest rates. Separate investment management also applies a minimum limit to the average ESG rating of the portfolio, or equal to or above BBB according to the classification provided by MSCI.
The prize
Il payment of the premium is expected upon signing and is between €10,000 and €2 million. No further payments are foreseen, but the customer can still sign multiple contracts, always remaining under the limit of 2 million euros per individual contractor.
What are the performances?
The contractor (owner of the contract) coincides with the insured (the person on whose life the contract is stipulated).
The contract provides for the following benefit in the event of death, i.e. in the event of the customer’s death, at any time it occurs, the company undertakes to pay the designated beneficiaries the greater of the following amount:
il invested capital, revalued on the date of notification of death; this capital is made up of the single premium paid net of the entry cost and reduced by the effects of any partial redemptions, revalued on the basis of the returns achieved by the Separate Management – net of the management cost – until the date of receipt of the notification of death of the ‘insured; • The guaranteed minimum capital equal to the premium invested net of any expenditure for partial redemptions.
Duration
The following contract is a whole life, and its duration coincides with the life of the insured. It does not have a pre-established expiry date, on the contrary, it is the customer who decides whether to keep the captain invested in the product for life, or to opt for the disinvestment.
Who is the policy aimed at?
The product is aimed at all those aged between 18 and 90 at the time of commencement. The client who signs it must have a level of theoretical knowledge and minimal previous financial experience, and also an ability to withstand financial losses. The investment time horizon is long term.
Costs
Let’s get to the important part relating to costswhich are important to consider as they are the ones that impact returns.
I entry costs are applied to the premium paid in a percentage divided as follows:
1% up to €249,999.99; 0.50% from €250,000 to €499,999.99; 0.25% from €500,000 to €999,999.99; 0% from 1 million euros up.
Then there are the exit costswhich are applied in the event of redemption, and which are equal to 2% with a minimum of €30 up to before 1 year, while 1% with a minimum of €30 from the first year to the fifth.
Then we also have the management costretained from the separate management yield of 1.50%.
The ransom
We mentioned before the redemption, which can be total or partial.
Il total redemption consists of the total payment of the redemption value, with the company guaranteeing the customer the greater amount between the invested capital, revalued on the date of the redemption request and the minimum guaranteed capital equal to the invested premium net of any outflows for partial redemptions.
Il partial redemption instead it is the partial payment of the redemption value, with the request being accepted only if the requested amount is €2,500 and the invested capital is at least €5,000.
Revocation and withdrawal
The revocation for this contract is not foreseen, while instead the withdrawal it can take place within 30 days of signing the policy either by signing the form made available by the intermediary bank, or by sending a written communication by registered mail to Intesa SanPaolo Vita.
Tax regime
The premium paid is not subject to insurance tax, and is not deductible from personal income tax (IRPEF).
The sums paid by the company are subject to the 26% tax, while the returns deriving from government bonds are subject to the 12.5% tax.
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Affari Miei’s opinions on Patrimonio Garanzia Insurance
Now that we have analyzed all the characteristics of the product in question I can provide you with mine opinions about the same.
You will most likely have already heard of similar products, and in fact it is precisely from the general characteristics of the contract that I want to start in order to make you reflect and to provide you with my opinions.
In my opinion these policies they are complex products, which certainly have the capital guarantee, but which ultimately cannot give you what you are looking for.
If you are in fact interested in protectionI think that instead of venturing into such complex products you could focus on a simple one temporary death policyvery useful for protecting you and your family.
If you are interested in investments real, perhaps this simple product with capital guarantee is not really for you, considering that the returns will be very low.
As I told you, I’m doing a general discussion on all products similar to this one, precisely because I don’t want to go into detail nor am I interested in demonizing this product, because it has nothing worse than the others. These are all quite similar products, so you might want to think twice before subscribing to them.
Another thing I invite you to consider are obviously the costs: they are the ones that impact your returns, and if they are too high they naturally risk having too significant an impact on the investment and above all they risk ruining the investment itself.
In my opinion, if you are looking for a product capable of giving you good returns and therefore allowing you to invest with interesting results but with low costs, you might think about focusing on ETFpassively managed funds as well as very valid investment tools.
In conclusion, I cannot tell you with certainty whether or not this could be the right instrument for you and your investment, but I can invite you to think carefully before signing up for it, and to consider all the possible variables.
Before saying goodbye, I would also like to tell you that my most important personal advice is to try to inform you, to train you and to study as best as possible in order to then make informed choices and, in this regard, I would also like to leave you some useful guides:
Happy continuation on Affari Miei!
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