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Opinions on Insurance for Children and Grandchildren

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Opinions on Insurance for Children and Grandchildren

Co-founder of Affari Miei

February 29, 2024

You are looking for more information about Vittoria Cresco and Praisethe fixed term life insurance offered by Vittoria Insurance?

Most likely your consultant told you about it or you came across the product because you are interested in one investment for your children or grandchildren.

In fact, this insurance allows you to ensure that children have significant capital for their future.

Today we will analyze all the characteristics of this product.

Let’s start!

This article talks about:

Vittoria Assicurazioni: a presentation

Vittoria is a historic Italian company based in Milan (founded in Cremona in 1921), active in insurance field with products for the protection of people, families, companies and assets.

The company also markets supplementary pension products and offers private customers savings and investment solutions.

The company puts its own people at the center clientswhatever their needs, to offer them the right protection and above all to guarantee each customer a tailor-made service.

The characteristics of Vittoria Cresco and Lode

Vittoria Cresco and Praise and insurance designed for i children oh nephewsand is focused on ensuring that its children have capital today that they can use in the future future after high school diploma, for university or to enroll in a master’s degree, or to start their own business.

This is a very customizable insurance, which allows those who sign up to choose the payments and duration, so we are faced with a very flexible product.

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The performances

The contract provides two types of main benefits and an additional bonus:

Life benefit: upon expiry of the contract, in the event of the insured’s life, the company pays the designated beneficiary the capital which will have been revalued on the expiry date;
Benefit in the event of death: in the event of the insured’s death, the residual premiums and the payment of the revalued capital to the designated beneficiary will be guaranteed;
Merit bonus: if all the agreed bonuses have been paid, if the beneficiary obtains the diploma in the years foreseen by the school cycle with a mark greater than 80/100 and is not older than 19 years, then a bonus will be paid to the beneficiary according to a pre-established measure equal to 20% of the insured benefit upon expiry of the contract.

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The prize

Let’s now see what amount you can pay to subscribe to the product.

Il minimum premium for subscription it is 600 euros per year, while the sum of the agreed annual premiums cannot exceed one million euros.

The annual premium can be paid in rate semi-annually, quarterly, quarterly or monthly in advance with the application of interests dependent on the fractionation itself.

To the duration

The duration of the contract is between a minimum of 8 years and a maximum of 19 years. Naturally it is not discretionary, since it is designed according to theyear of birth of the beneficiary.

Who is Vittoria Cresco e Lode aimed at?

The product is designed for those who are looking for a medium-long term savings goal through a accumulation plan and has a low or at most medium risk appetite.

Furthermore, since it is a policy designed to build the future of children, it is aimed at those who want to protect the beneficiary’s educational future.

The insured, at the time he stipulates the contract, must be between 18 and 60 years of age.

What he invests in

Vittoria Cresco and Praise allows you to invest the annual premiums in a policy that guarantees the payment of a benefit calculated according to the age of the insured, the amount and the number of premiums paid.

The performance is reevaluated annually based on the performance of one Separate Management of named assets “Vittoria Objective Growth Fund” and is guaranteed by the Company through the consolidation of results.

The fund invests mainly in bonds and liquidity instruments denominated in Euro, also through the purchase of UCITS units, and can also invest in units or shares of real estate companies, in other capital securities and in general in all activities permitted by sector regulations, provided that investments in bonds and liquidity instruments denominated in euro, made directly or through the purchase of UCITS units, represent at least 55% of the portfolio.

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The risk

The profile of risk for this policy it stands at 2, on a scale ranging from 1 to 7, so we are undoubtedly at a low risk.

The costs of Vittoria Cresco and Lode

Let’s now look at the most important part of the product that needs to be analyzed.

We are ahead of the costsi.e. those that have a significant impact on your returns and which must be considered when choosing one product rather than another.

I entry costs are equal to 0.15% while i exit costs they are 0%.

As regards the management feesi.e. those commissions that the company withholds so that the manager can try to achieve the investment objectives, stand at 1.90% per year.

Revocation and withdrawal

You can revoke the proposal to issue the contract without being charged any cost, simply by communicating it to the company with a registered letter.

You will also be able to withdraw from the contract within 30 days from the moment the contract is concluded, always with a communication by registered mail.

The ransom

The policy can also be totally redeemed after the payment of three annual premiums. However, it is not possible partial redemption of the contract.

The tax regime

The premium paid is not subject to any tax, and does not give the right to any tax deduction for IRPEF purposes.

Amounts owed by the company are not subject to inheritance tax.

The benefits paid by the Company following the death of the Insured, expiry, redemption or scholarship have a different tax treatment depending on whether the Beneficiary is a person carrying out business activities or not.

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Affari Miei’s opinions on Vittoria Cresco and Lode

We have reached the end of ours analyses we can now come to conclusions and understand whether Vittoria Cresco e Lode could be a valid product for you.

As we have seen, it is a product that invests mainly in bonds and which has a profile of low risk.

It is therefore a suitable investment for those who want to obtain a return on capital to create a nice nest egg for their children and grandchildren but who, at the same time, do not want to risk too much.

If your goal is precisely to obtain capital for your children’s future, you could also consider the possibility of starting a PAC, i.e. a capital accumulation plan designed specifically for minors.

Another solution, you could take a look here: you will find many investment ideas for children and grandchildren.

To make a comparison with another insurance product you could instead read the review of this PAC proposed by AXA.

If you want to do things independently, I recommend ETFspassively managed funds that are able to reduce the very high costs of insurance management and offer you a diversified and transparent investment.

I hope I have clarified your ideas about the product Vittoria Insurance and above all that we have also given you other investment ideas for your children, with which you can compare and ultimately make the best decision.

Before saying goodbye I would also like to leave you with some more resources, useful for starting an informed investment journey because in my opinion training is everything:

Enjoy the reading!

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