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.

Insured event is an accident (trauma), a critical illness, a grave disability, death or another event in case of occurrence of which the insurer is liable to pay an insurance indemnity.

In case of occurrence of an insured event, an application has to be completed by an adult policyholder (the person who experienced the event) or, if the policyholder is a minor – by one of the parents. In the event of death the application is completed by the beneficiary or a legal heir/heirs.

The application concerning an insured event may be completed by one of the following methods:

By logging-in to the online banking system here. In the window that opens, select the required insurance contract, click on ‘Change / Outpayments’, select the type of payment and click on ‘Go’.
If Swedbank is not your main bank and/or you do not use Swedbank’s online banking system, call us on 1884 to agree on the date and time for a visit to the bank’s branch to complete the application.
Before arriving to the bank’s branch please make sure that you have a personal ID document – a passport or a personal ID card.

It is important to present documents evidencing the entitlement to the indemnity, which will be appended to the insured event application:

In the event of an accident (trauma):

Documents from a healthcare institution containing an approved diagnosis and a description of the anamnesis, examinations and treatment prescribed;
Extracts from the personal medical record describing injuries suffered by the policyholder and stating the date of the event and method and length of treatment;
A report on the event drawn up at the policyholder‘s workplace or police and a court decision where applicable;
Other documents proving the event (if any).

In the event of a critical illness:

Documents from a healthcare institution containing an approved diagnosis and a description of the anamnesis, examinations and treatment prescribed;
Epicrisis of the critical illness;
Other documents proving the event (if any).

In the event of a grave disability:

Official documents issued by the Disability and Work Capability Assessment Service of the Republic of Lithuania evidencing that the policyholder has been assessed as a person with a grave disability (30% or lower capacity for work for at least 12 months without interruption) and providing information about the grounds for the conclusion on grave disability, period and information about loss of capability for work: a certificate, a disabled person’s certificate, a conclusion and (if additionally requested by the insurer) a copy of the work capability assessment report;
Extracts from the policyholder’s medical record or copies thereof approved according to a procedure prescribed by law;
Extract from records of an inpatient and/or outpatient treatment institution evidencing the fact of the event insured and containing a detailed description of the diagnosis and (if additionally requested by the insurer) results of medical examinations on the basis of which the diagnosis was made and confirming the diagnosis, or copies thereof approved according to a procedure prescribed by law.
A conclusion of investigators and/or the court on the causes and circumstances of the accident ((if additionally requested by the insurer).

In the event of loss of capability for work:

Documents from a healthcare institution containing an approved diagnosis and a description of the anamnesis, examinations and treatment prescribed;
Certificate of assessment of a special need for long-term care;
Certificate of the degree of capability for work;
Other documents proving the event (if any).

In the event of death:

Death certificate / Medical death certificate or a notarially certified copy thereof;
Certificate of inheritance right unless the insurance contract specifies the beneficiary in the event of the policyholder‘s death;
A report on the event drawn up at the policyholder‘s workplace or police and a court decision where applicable;
Other documents proving the event (if any.

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

Filing an application upon expiry of the term of contract or applying for termination of contract or for receiving part of investment value

You can complete the application for receiving payments in the following ways:

By logging-in to the online banking system here. In the window that opens, select the required insurance contract, click on ‘Change / Outpayments’, select the type of payment and click on ‘Go’
If Swedbank is not your main bank and/or you do not use Swedbank’s online banking system, call us on 1884 to agree on the date and time for a visit to the bank‘s branch and completing the application.

Before arriving to the bank‘s branch please make use that you have a personal ID document – a passport or a personal ID card.

IN addition, you must present the following documents for taxation purposes:

For persons who are residents of countries other than Lithuania – a certificate evidencing your place of residence. Such certificates are issued, for taxation purposes, by national tax administrators.
If your capability for work was assessed at 0-25 % or 30-40 %, please provide a copy of your disability certificate.

Before taking a decision to withdraw part of the funds or to terminate the insurance contract and withdraw the funds, please call us on 1884 for a consultation.

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.

		Agreement duration
Agreements concluded		Less than 10 years	10 and more years
From 01.01.2003	Has taken advantage of PITR	15%**	0%
	Has not taken advantage of PITR	15%***	0%
	0% – for agreements concluded from 01.05.2004 to 31.12.2008, when no advantage has been taken of PITR and premiums were paid only by a resident