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Insurance Policies Eligible for the Flat Rate Insurance Plan

This website is part of the General Terms and Conditions of the Flat Rate Insurance Plan:

A. INSURANCE POLICIES WITH NON-ANNUAL TERMS ELIGIBLE FOR THE FLAT RATE INSURANCE PLAN FOR INDIVIDUALS

In accordance with the provisions of the General Condition regarding Insurance Requirements in the General Terms and Conditions of the Flat Rate Insurance Plan, the following may be debited from the Account:

1. The following Single Premium insurance policies:

  • ABANCA single premium life insurance. The single premium payment options of the ABANCA life insurance policy, underwritten by ABANCA Vida y Pensiones de Seguros y Reaseguros, S.A.U. (hereinafter, “ABANCA Vida y Pensiones”), may be debited from the Flat Rate Account.
  • Single premium life and payment protection insurance combined with mortgage loans. The single premium payment options of the life insurance policy underwritten by ABANCA Vida y Pensiones and the payment protection insurance policy underwritten by ABANCA Generales de Seguros y Reaseguros, S.A. (hereinafter, “ABANCA Seguros Generales”), combined with mortgage loans from ABANCA Corporación Bancaria, S.A. (hereinafter, “ABANCA”), may be debited from the Flat Rate Account.

1.1. The reimbursement of the amounts of single premiums paid against the Card limit will be made through the payment of monthly installments corresponding to the duration of the single premium. For example, if the single premium is for 10 years, the reimbursement will be made in 120 monthly installments. The monthly installments will be equal, except, if applicable, the last one, which will be rounded.

1.2. Upon the insurance policy’s expiration date, it will remain debited from the Account, and the premium payment method and its duration will become annual, as provided in the corresponding insurance contract. From that moment, the rest of the general terms and conditions of the Flat Rate Application Contract, of which this website is a part, will apply as if it were any other annual premium insurance policy.

1.3. If, after the cancellation of the combined mortgage loan, the client requests not to maintain the insurance, the insurance will be canceled, and the corresponding premium refund will be credited to the Flat Rate Account. This amount will be used to cover any outstanding part of the insurance, and if there is a surplus, it will be credited to the associated current account, in accordance with the General Terms and Conditions of the Flat Rate Plan.

2. ON/OFF Insurance and Coverages.

2.1. The ON/OFF coverages of the insurance policies debited from the Account will generate an additional daily or monthly premium, depending on the days/months these coverages have been active (ON mode).

2.2. The reimbursement of the daily/monthly premium amount for ON/OFF insurance and/or coverages paid against the Card limit will be made by full payment at the end of each monthly period. The portion of the installment corresponding to ON/OFF insurance and/or coverages will be charged to the associated account on the date specified in the particular conditions, or the next business day if that date is not a business day, starting from the month following the payment of the premium(s).

B. EXTRAORDINARY CONTRIBUTIONS TO PENSION PLANS ELIGIBLE FOR THE FLAT RATE INSURANCE PLAN FOR INDIVIDUALS

1. Purpose. The Primary Holder may request financing for extraordinary contributions to Pension Plans in which they are a participant. The following requirements must be met to request such financing:

I. The participant in the Pension Plan must be the Primary Holder of the Account.
II. The intended contribution to the Pension Plan must be extraordinary and comply with the financial and tax limits set by current regulations and, where applicable, the specific terms of each Pension Plan. Periodic contributions are expressly excluded.
III. The extraordinary contribution must be made to Individual Pension Plans marketed by ABANCA Corporación Bancaria, S.A.

The ENTITY reserves the right to modify the types of Individual Pension Plans, including or excluding any of the existing ones at any time.

2. Increase of the Card limit and payment of contributions. If ABANCA approves the financing request, the Card credit limit will be increased by that amount. This amount will be used exclusively for the payment of the contribution and will not be available for new contributions. Once ABANCA has approved the advance request and thus the increase of the Card limit, the contribution will be disbursed in full and in a single payment, charged to the Card credit.

3. Early maturity due to transfer of the Pension Plan. If, after making an extraordinary contribution to a Pension Plan charged to the Card credit, the Primary Holder decides to transfer the vested rights to another Pension Plan not marketed by ABANCA, the Primary Holder will be required to repay the outstanding advance amount. The debit will be made in the next installment charged to the associated account.

4. Refunds and cancellations of extraordinary contributions. When the total or partial cancellation or refund of an extraordinary contribution is applicable, as provided in the specifications of the corresponding Pension Plan, ABANCA will proceed as follows:

I. If the refund or cancellation is total, the charge will be canceled, and if any installment corresponding to that extraordinary contribution has already been paid, it will also be canceled.
II. If the refund or cancellation is partial, the amount will be refunded and applied to the outstanding part of the extraordinary contribution. If there is a surplus, it will be credited to the associated current account, in accordance with the General Terms and Conditions of the Flat Rate Plan.

C. BONUSES AND INSURANCE POLICIES ELIGIBLE FOR THE FLAT RATE INSURANCE PLAN FOR INDIVIDUALS

I. Types of Insurance Policies that can be debited from the Flat Rate Insurance Plan and the Insurance Companies to which they must belong, according to each type:

  • Life insurance: ABANCA Vida y Pensiones.
  • Home insurance: CAJA DE SEGUROS REUNIDOS, Compañía de Seguros y Reaseguros, S.A. and ABANCA Seguros Generales.
  • Health insurance: ABANCA Seguros Generales, CAJA DE SEGUROS REUNIDOS, Compañía de Seguros y Reaseguros, S.A. (Integral and Prestigio), and SANITAS Sociedad Anónima de Seguros.
  • Funeral insurance: ABANCA Seguros Generales, CAJA DE SEGUROS REUNIDOS, Compañía de Seguros y Reaseguros, S.A., ALMUDENA COMPAÑÍA DE SEGUROS Y REASEGUROS, S.A.
  • Car insurance: ABANCA Seguros Generales, CAJA DE SEGUROS REUNIDOS, Compañía de Seguros y Reaseguros, S.A.; ALLIANZ Compañía de Seguros y Reaseguros, S.A.; Liberty Seguros, Compañía de Seguros y Reaseguros, S.A.; AXA Global Direct Seguros y Reaseguros S.A.; AXA Seguros Generales, S.A. de Seguros y Reaseguros; Pelayo Mutua de Seguros;
  • Payment protection insurance: ABANCA Seguros Generales.
  • Accident insurance: ABANCA Vida y Pensiones.
  • Business insurance: ABANCA Seguros Generales.

II. Access to Bonuses

Depending on the number of types of insurance policies contracted and/or the extraordinary contributions to Pension Plans made by the Primary Holder as provided in the General Terms and Conditions of the Flat Rate Insurance Plan, the following bonus percentages will apply: with 3 types you will receive a 3% bonus, with 4 types a 5% bonus, and if you group 5 or more types you will receive a 7% bonus.

The applicable percentage will be applied to the amount equivalent to the monthly installment on the payment date, on the portion of the installment corresponding to insurance premiums. The bonus percentage will not be applied to the portion of the installment corresponding to the extraordinary contribution(s) to the Pension Plan. The direct debit of several insurance policies of the same type will count, for these purposes, as a single type. Likewise, extraordinary contributions to one or more Pension Plans in which the Primary Holder is a participant will count, for these purposes, as a single type. Once the Primary Holder has paid all the corresponding Flat Rate installments that included the extraordinary contribution, ABANCA (hereinafter, the "ENTITY") will no longer count it as a type for bonus purposes.

The "On/Off Accident Life Insurance," underwritten by ABANCA Vida y Pensiones, will count for bonus purposes only in those periods in which the coverages of said insurance have at any time been in ON mode, in accordance with the characteristics established in its General and Particular Conditions.

Insurance policies associated with the ENTITY’s credit operations (personal or mortgage loans) and Payment Protection insurance are expressly excluded from access to bonuses.

The ENTITY may modify and update the content of this website at any time and you should check it periodically.