The Mail Bank offers a contract of rather classical life insurance, in spite of appealing characteristics on the paper which turn out to be a little less stimulating in reality.
Vivaccio is a contract of insurance life offered by The Mail Bank in partnership with CNP Insurance and CNP IAM, the firms governed by the Code of Insurance. Roughly, the Mail Bank acts as relay between the users and the underwriter as such, what seems to constitute a first subject of discontent to some clients who note quite a lot of slowness and dysfunctions as for the management of this product?
There are several expressions Vivaccio according to age and situation of each, what allows besides not to need any more to change contract in the course of the life of the saver. The product evolves with years and plans of each while keeping tax anteriority.
- Initial Vivaccio: intended to assure a capital the youngest, ideal to help his children or grandsons to start in life on solid bases.
- Vivaccio Development: especially conceived for the young people who want to put some money aside and to build up a capital gently to accomplish their plans (first flat for example)?
- Vivaccio Vitality: reserved for the already well installed persons, who want to be formed and to promote a capital with their rhythm and according to their temperament.
- Vivaccio come back: aiming first and foremost at the young pensioners, this expression is made for all those who want to receive regular incomes, without taking risk, or to supplement their retirement or to use their leisure some more.
- Vivaccio Harmony: product of succession par excellence, intended for those who want to transmit a capital to their fellows in any serenity.
At the level of the taxation, in case of partial or complete redemption, everything will depend on the instant when the beneficiaries will plan to use the available funds.
Before 4 years
Interests and gains are, to be chosen by the taxpayer, liable to tax in the progressive scale of the tax on income or, at option, in the exempting inclusive sample of 35 % (more 11 % of social security contributions in force on January 1st, 2008, whatever is the chosen mode of taxation).
From 4 to 8 years
Interests and gains are, to be chosen by the taxpayer, liable to tax in the progressive scale of the tax on income or, at option, in the exempting inclusive sample of 15 % (more 11 % of social security contributions in force on January 1st, 2008, whatever is the chosen mode of taxation).
Beyond 8 years
Interests and gains are, to be chosen by the taxpayer, liable to tax in the progressive scale of the tax on income or, at option, in the exempting inclusive sample of 7,5 % (more 11 % of social security contributions in force on January 1st, 2008, whatever is the chosen mode of taxation) after an annual depression on all contracts of insurance life merged by 4 600 € for a single, widowed or divorced person and by 9 200 € for a married couple or a pacsé subjected to common taxation. 11 % of social security contributions (in force on 01/01/08) are calculated on the sum of interests and gains kept before deduction of 4600-€ / 9200 € depression.
As for any contract of this type, the long-term savings are distinctly favored. It is not therefore a product of speculation, but rather of foresight and of succession. Besides, always as most products of type, if the contract Vivaccio comes undone by the decease of the insured party, social security contributions are not dûs by the beneficiaries and these last use an exoneration of estate taxes within the limits of a capital transmitted by 152 500 €.
Side performances, while remaining relatively interesting, Vivaccio seems nevertheless less flamboyant than what The Mail Bank well wants to tell: 3,70 % on the fund in euro for 2008, it is not much in comparison with competition. Besides, even if The Mail Bank wanted to make an easy product to be lived, notably by its side “unique contract for all life”, it proves to be that to pass from an expression to other one is not also simple as this. One needs not only a condition of age minimum every time, but also to expect that passage generates a cost on which The Mail Bank is well careful not to communicate.
Finally, Vivaccio introduces only two supports, one in euro and other one in actions, what restrains strongly the diversification of the wallet of the saver. In comparison, a similar product previously offered by post gave as for him a choice of about fifteen different supports.