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2nd Series Reforma Ativa PPR can be subscribed as of the age of 18 of the Insured Person

By default: until the Insured Person is 99 years old.
At the Client's option: Minimum duration of 5 years, ensuring that at the end of the term the Insured Person is at least 60 years old.

Underwriting commission: 0%.
Strategy change commission: there is no commission on the amount reallocated among the available Investment Strategies. A maximum of 12 reallocations may be made per policy year.
Transfer commission: there is no transfer commission on the value of the accumulated savings transferred to another PPR, PPE or PPR/E fund.
arly Redemption Fee: 1% in the 1st year, 0.5% in the 2nd and 3rd year of the contract, 0% as of the 4th year of the contract, applicable to the value of the Reimbursed Account Units, when the reimbursement occurs outside the conditions established in art. 4, paragraphs 1 to 4 of Decree Law 158/2002, of 2nd July. Imputable to the Insured Person. The partial refund and the value of the remaining Account Units may not be less than € 250,00.
Financial management fee: the financial management fee is levied on the daily net asset value of the Fund and is charged monthly in the month following the month to which it corresponds. Financial management commission per Strategy (maximum) attributable to the Fund:

• Aggressive Stocks Strategy - 1,75%
• Moderate Strategy - 1,75%
• Protection Strategy - 1,75%

Cost of the policy: in the first delivery the cost of the policy will be added, in the value of €5,00.

Late payment of the Premium, partial refunds or any changes in the charges borne by the Policyholder, as far as permitted by law, automatically lead to a change in the value of the Units of Account.

Deliveries may be made with the following frequency and minimum values:
Single deliveries: 500,00 €
Regular deliveries:

• Monthly: 30,00 €
• Quarterly: 90,00 €
• Half-yearly: 180,00 €
• Annual: 360,00 €

Extraordinary deliveries: 30,00 €.

In case of life: The Insured Person.
In case of death: Possibility of free designation of beneficiaries in case of death, without prejudice to the intangibility of the legitimate right.
In the absence of an express designation of beneficiaries and when the author of the succession was the Insured Person, the surviving spouse, or other legitimate heirs, regardless of the marital property system, may demand the reimbursement of the full amount of the savings plan and without prejudice to the intangibility of the right of inheritance. When the author of the succession is the spouse of the Insured Person and due to the couple's property system, the PPR is a common asset, the surviving spouse or other heirs may demand the reimbursement of the deceased's share.

Reimbursement options

Reimbursement according to legal conditions: when the Client reaches the legal conditions for reimbursement of a PPR policy, 3 reimbursement options arise:

• Retirement Option: Client can opt for full refund of the policy (contract ends);
• Programmed Annuity Option: Customer may choose to convert the accumulated capital into programmed/automatic partial reimbursements, monthly / quarterly / half-yearly / yearly, in an accumulation effect. This mechanism of automatic partial reimbursements will last as long as there are Account Units allocated to the policy and, at the latest, until the maturity date. These automatic partial refunds will have a constant value, to be defined by the Client, with a minimum of €250.00;
• Partial Reimbursement: The Client may request a partial reimbursement under the terms provided for by law.

Refund outside the terms provided for by law, under the circumstances set out in the Statute of Tax Benefits:

• Full Reimbursement: Client can opt for full reimbursement of the policy (contract ends);
• Partial Reimbursement: Partial reimbursement of the value of the Account Units is subject to the following conditions:
  • The minimum amount for partial reimbursement is €250.00;
  • After the partial refund, the value of the remaining Account Units may not be less than €250.00.

“Life Cycle” Logic: in case of partial reimbursement, the requested amount will be withdrawn from each of the Investment Strategies on a proportional basis.
“Free Choice" Logic: in case of partial redemption, by default, the amount requested will be demobilized from each of the Investment Strategies on a proportional basis, but the Client can choose from which Investment Strategy he/she wishes to demobilize the partial amount to be redeemed.

The reimbursement of the insured amounts may occur in the following cases:
a) old age retirement of the Insured Person;
b) long term unemployment of the Insured Person or any member of his/her household;
c) permanent incapacity for work of the Insured Person or any member of his/her household, whatever the cause;
d) serious illness of the Insured Person or any member of his/her household;
e) from the age of 60 of the Insured Person;
f) use for payment of installments of credit contracts, guaranteed by mortgage on the property destined to the Insured Person's own and permanent residence.
The reimbursement made under paragraphs a), e) and f) can only take place for deliveries for which at least five years have elapsed, after the respective application dates.
However, after a period of five years from the date of the first delivery, the Insured Person may demand reimbursement of the full amount under paragraphs a), e) and f) if the amount of deliveries made in the first half of the contract period represents at least 35% of all deliveries.
Outside the situations foreseen above, reimbursement may be demanded at any time, under the contractually established terms and with the consequences foreseen in the applicable tax legislation.
For death, the following rules apply regarding reimbursement:
1. When the deceased person was the Insured Person, the surviving spouse or other legitimate heirs, regardless of the marital property system, may demand the reimbursement of the full amount of the savings plan, except when a different solution results from a will or beneficiary clause in favor of a third party, and without prejudice to the intangibility of the legitimate right;
2. When the author of the succession was the spouse of the Insured Person and, by virtue of the couple's property system, the PPR is a common asset, the reimbursement of the deceased's share may be demanded by the surviving spouse or other heirs.