THE ESSENTIALS
Before you start
- Surrender and reduction are not equivalent instructions.
- Identify whether you mean an objective, an option or the whole contract.
- Request dated values and effects before giving an instruction.
Start with the purpose
ASF's educational guide, edition 2015, describes reduction as lowering guarantees or sums insured while the contract remains in force. Surrender brings forward a benefit where that right exists. These concepts help frame the question but do not replace current policy terms.
Beatriz wants to understand whether she seeks cash, a change to future contributions or different protection. Clara suggests writing those purposes separately. A phrase such as I want to reduce it can leave the intended operation unclear.
Check the unit and actual termination
In the Fidelidade Savings — Opção Seguro KID of 24 August 2026, fully surrendering one objective can be a partial surrender of the contract. The document also requires an express termination request after surrendering all objectives. This is one specific example: full must be linked to the actual unit concerned.
Do not conclude that every operation with that label ends the entire policy or that the contract always continues. Ask which objective, option or contract is affected and which process applies.
Ask for values and effects you can check
Article 194 of Portugal's Insurance Contract Law requires contracts to regulate any reduction and surrender rights. The existence and exercise of those options must be checked in the applicable documents.
Request a dated explanation of net proceeds, charges, remaining guarantees, future contributions and the effective date. Check any current tax treatment with competent support. Do not automatically apply a calculation for another product to this policy.
Separate information from execution
Beatriz requests the comparison first and flags what she does not understand. Clara helps confirm that the document is a simulation and does not contain an execution instruction different from the one intended.
At RMACHADO, organise contractual questions about insurance-based savings through the appropriate channel. A clarification request recommends no surrender, reduction or investment and confirms no returns or individual outcomes.
KEEP THESE QUESTIONS
Your checklist for the next conversation
- Write down the purpose and intended operation.
- Identify the objective, option or contract affected.
- Check values, charges, continuation and effective date.
- Distinguish simulation from an execution instruction.
FROM THE ARTICLE TO YOUR SITUATION
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Sources and transparency
Content updated on .
Consultation dates are stated in individual references when available.
Numerical examples are fictional and explain concepts. Editorial interpretations are identified in the text.
- ASF — Life Insurance and Savings Plans guide, edition 2015, printed pp.2–3, concepts reread 30 October 2026 (Portuguese text) ↗
- Fidelidade — Savings Opção Seguro KID, produced 24 August 2026, p.3, objective surrender and termination; consulted 30 October 2026 ↗
- Diário da República — Insurance Contract Law, Article 194, consolidated text consulted 30 October 2026 ↗
Information from RMACHADO GROUP. This is not an insurance offer or individual advice. Covers, acceptance, exclusions, sums insured and costs depend on the policy. The intermediary does not underwrite the risks.