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Good to know

Here you can learn about the ways of payment of premiums under life insurance contracts;
What documents must be presented in case of occurrence of an event insured (trauma, critical illness etc.);
Where to apply if you wish to withdraw funds;
Learn more about tax concessions and taxation of payments received;
Learn more about procedures for consideration of customer complaints.

Life insurance premium payments can be made by one of the following methods:

Order e-invoicing and it automatic payment by logging-in to the online banking system here. Select the required insurance contract in the window that opens, click on ‘Change / Payments’, select the type of change in ‘Changing the Payment Method’ and click on ‘Go’;
Order automatic payment of e-invoices by logging-in to the online banking system here. In the window that opens, click on the senders name in the e-invoice and then on ‘Conclude Agreement on Automatic Payment’;
By logging-in to the online banking system here (enter ‘Swedbank Life Insurance SE’ Lithuania Branch as a payee, payment reference 385);
By usual payment orders;
In cash at branches of Swedbank.

Important. If you are going to make your life insurance payments by a usual payment order, or from your account with another bank in Lithuania:

Payment details:
Name of payee: ’Swedbank Life Insurance SE’ Lithuania Branch
Payee’s ID: 302458056
Payee’s account: LT15 7300 0100 0244 1761

When making your life insurance payments by a usual payment order it is necessary to specify the payer’s ID in the ‘Payment Purpose’ box. The payer’s ID is the number of the insurance policy, with the first two digits repeated twice, e. g. insurance policy No 5100242433, payer‘s ID 515100242433.

If you have any questions please call us on 1884. We will be glad to help you.

Tax relief

If you accumulate additional funds for your pension, the beginning of your children’s independent life or you have concluded another cumulative life insurance contract, you may use a PIT (personal income tax) relief. You may be refunded up to 20% of your paid life insurance premiums annually.

How is the PIT relief applied?

The maximum amount of premiums, of which PIT may be refunded, cannot exceed 25 per cent of taxable income received by you during the entire tax period. This condition is stipulated in Article 21(3) of the Law on Personal Income Tax.

Permanent residents of the Republic of Lithuania may be refunded PIT of premiums of EUR 1500 paid according to their cumulative life insurance contracts and to pension funds. Thus, the maximum amount of EUR 300 may be refunded per year.

Who is eligible for the PIT relief?

Permanent residents of the Republic of Lithuania who pay life insurance premiums according to their life insurance contracts, which provide that indemnity shall be paid not only upon an insured event but also upon expiry of the insurance contract, are eligible for the PIT relief.

You may use the relief if you pay premiums according to the life insurance contract:

on your behalf;
on your spouse’s behalf;
on behalf of your minor children (adopted children, foster children who have been established permanent care (foster care) in a family) or on behalf of disabled children under 18 and older (adopted children, foster children who have been established permanent care (social care) in a family;
on behalf of persons of full age who have been established permanent care (foster care) in a family before coming of full age) and/or who have been established a special need for permanent care (children under 18 and older (adopted children, foster children) and/or who have been established permanent care (foster care) in a family, on behalf of persons of full age who have been established permanent care (foster care) in a family before coming of full age) who were established full disability before 30 June 2005).

When and how may the part of insurance premiums be refunded?

You may be refunded the part of income tax of your life insurance premiums paid during the calendar year, specified in the law, when you submit an annual income tax return. When your tax return is accepted and examined, you will be refunded by the State Tax Inspectorate.

Note: Terms and conditions for changing the beneficiary indicated in the insurance contract

Upon amendment to the Republic of Lithuania Law on Personal Income Tax, reliefs specified in subparagraphs 9, 91 and 10 of paragraph 17 of the Republic of Lithuania Law on Personal Income Tax as of 01.01.2017 shall apply if:

the beneficiary indicated in the insurance contract has not changed since the date of conclusion of the insurance contract;
the beneficiary has been changed due to the death of the beneficiary, due to dissolution of current marriage or entering into new marriage or if the beneficiary – your child (adopted child, foster child) has been substituted by another child (adopted child, foster child);
the beneficiary changed before 31 December 2016.

Please note that the change of the beneficiary or the policyholder before the end of the insurance contract in order to avoid the personal income tax might be treated as abuse and indemnity might be subject to the 15% PIT rate.

Validity of law

The Law on Personal Income Tax entered into force on 1 January 2003. This law applies to life insurance contracts concluded before 31 December 2002 and to contracts concluded after this date.

If you need further information, please visit the website of the State Tax Inspectorate or call us 1884.

Taxation on benefits

To find out the conditions of taxation that apply to the benefits you receive, please select the period during which your agreement has been concluded:

		Agreement duration
Agreements concluded		Up to 10 years	10 years and more
Before 31.12.2002	Has taken advantage of PITR	15%*	0%
Before 31.12.2002	Has not taken advantage of PITR	0%	0%

* Of the share of premiums for which a personal income tax relief (PITR) has been refunded.