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Life Insurance Cold Shower: There are times when you have to pay for old contracts too

Life Insurance Cold Shower: There are times when you have to pay for old contracts too

“The Hungarian Association of Insurance Companies has requested a decision from the Ministry of Finance on new payments intended for existing contracts. Based on the position received from the Ministry of Finance, social contribution tax is paid on the return generated by the single premium paid after June 30, 2023 for an insurance contract concluded before July 1, 2023,” it reported. Allianz its customers in Bank360.hu According in a similar fashion to single annuity life insurance premiums, earmarked payments become exempt from Social Security contributions after 5 years.

A savings life insurance policy taken out before July 1st is exempt from suzhou in all cases, except for occasional premium payments made after July 1st. Life insurance for savings purposes obtained after July 1 becomes exempt from Suzhou if

  • In the case of a single premium life insurance policy, for a period of 5 years,
  • In the case of regular fee savings, we hold it for at least 10 years.

If life insurance should be canceled after July 1 sooner, then…

  • In the case of ordinary life insurance, half of the tax must be paid after 6 years and before 10 years, i.e. 7.5% sja and 6.5% soch, totaling 14%. On the other hand, if the payment is made in the first 6 years of the contract, the tax burden is 15 percent and 13 percent, for a total of 28 percent.
  • In the case of single-fee life insurance payments and case fee payments, if the insurer pays between the third and fifth years, the tax burden is 7.5 percent plus 6.5 percent, for a total of 14 percent. If repaid before the third year, the tax rate is 15%, socho 13%, a total of 28%, based on interest income.
See also  Miklos Szantho: The work-based economy is the basis of the transformation of Hungarian family policy

Cover photo credit: VALENTYN SEMENOV via Getty Images

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