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- Family values: the authorities are discussing new options for using the maternity capital
Family values: the authorities are discussing new options for using the maternity capital
Mother Capital may be allowed to spend in a new way. The authorities are discussing the possibility of sending him to the long-term savings program, cumulative life insurance and IIS-3, which are open to children, Izvestia found out. This is one of the standards that are planned to be included in the family investment product, which was commissioned by President Vladimir Putin in December 2024. The authorities have not yet made a decision, but market participants support this proposal. Are you sure there: This will allow a family that already has fairly good housing conditions to form long-term capital and increase funds. Whether there will be risks of cashing out the parent capital is in the Izvestia article.
How can the mother capital be used?
In Russia, they are discussing a new option for using the mother capital. It is proposed to allow spending this money on products of so-called family investments. Namely, for cumulative life insurance and a long—term savings program. The information was confirmed to Izvestia by Anatoly Aksakov, head of the State Duma Committee on the financial market. He praised the initiative. According to him, it would be a good support for family investments.
— Now we are considering various product options for "family investments" and analyzing how they can work in practice. Discussions are underway on various product configurations, as well as additional benefits and incentives," Gleb Yakovlev, Vice President of the All—Russian Union of Insurers (VSS) for life Insurance, told Izvestia. — One of the proposals is to allow the use of maternity capital for family savings instruments, in particular for family funded life insurance. The topic is quite complicated, but according to preliminary information, the Ministry of Finance supports this idea.
The possibility of using mother capital to finance the IC-3, which is being opened for children under the family investment program proposed by the president, is also being discussed, Alexey Timofeev, president of the NAUFOR Stock Market Association, told Izvestia.
Vladimir Putin instructed fr. to work out the launch of the family savings program in December 2024. At that time, he named only one benefit under such a program: an increased tax deduction of at least 1 million rubles per year. Then the head of state asked the government and the Central Bank to determine the parameters of such a family support mechanism.
The Ministry of Finance clarified at the time that the range of family investment instruments would be based on the mechanisms already in place — individual investment accounts (IIS), a long-term savings program, and life insurance. Currently, a single tax deduction is provided for them from investments of up to 400 thousand rubles. Izvestia sent a request to the Central Bank, the Ministry of Finance and the Ministry of Labor about the initiative to direct the maternity capital to family savings.
PDS is a voluntary savings product that can be issued through non—governmental pension funds (NPFs). Citizens make contributions to their own account, but the state co-finances investments of up to 36 thousand rubles (depending on the level of income of the person) every 12 months in the first ten years after joining the PDS. In addition, the program provides for a tax deduction of up to 52 thousand per year (to receive them, you need to invest 400 thousand).
HCJ products provide life insurance and help increase savings. Policies are usually issued for a period of three years or more. Basically, the level of profitability is fixed in the contract.
An AIS is a special investment account that allows the owner to buy securities on the stock exchange and at the same time receive tax deductions from the state. You can open an AIS of the third type — it allows you to receive a deduction from both the amount of the deposit and the income received. Now it can be opened for five years, but then the period will increase.
A family should have a choice about which of the long-term savings tools to open to a child or children. Or open several, distributing a deduction of 1 million rubles, as well as the parent capital between them, added Alexey Timofeev, president of NAUFOR.
What is the best way to spend mother capital: pros and cons
The configuration of benefits for family investments and the number of such products per family or child are currently being discussed, said Boris Borzunov, Director of Savings Products at Rosgosstrakh Life. In his opinion, the family should have the opportunity to open all three options — AIS, NCW and PDS, and in different companies of the same field.
The idea of allowing the use of maternity capital for a family savings product was supported by Rosgosstrakh Life, MAKS-Life, Sovcombank Life Insurance, Renaissance Life and Freedom Finance Global. This seems logical and appropriate, as it will contribute to solving long-term problems of financial family planning, said Andrey Martianov, CEO of MAKS-Life IC.
The NAPF also positively assessed the proposal. The transfer of maternity capital to the long-term savings program would be the right and effective solution, said Arkady Nebai, Chairman of the Council. If this initiative is adopted, then, at the family's choice, it will be possible to use part of the funds or maternity capital in full to pay contributions under PDS or life insurance contracts concluded in favor of children and meeting certain requirements, explained Vladimir Turaev, director of the Renaissance Life Investment Department.
Currently, maternity capital is most often used to improve housing conditions: last year, the Social Fund satisfied 558 thousand applications for the use of funds in this area, Izvestia previously wrote. In particular, the Social Fund has transferred 268 billion to repay the mortgage, and 77 billion has also been allocated for the direct purchase of an apartment, renovation and construction of a house.
Those families who have already closed the housing issue, or if people do not want to use them to buy real estate due to restrictions (for example, potential difficulties in further housing sales), can use the opportunity to invest money, explained Vladimir Chernov, analyst at Freedom Finance Global. In this way, parents can provide a child with start-up capital by adulthood, for example, to pay for studies, housing, or entrepreneurial endeavors.
Now mother capital can already be used, for example, to pay for children's education, Ruslan Westerovsky, Senior Vice President and head of the Welfare Management unit at Sberbank, recalled. He added: the opportunity to invest these funds in long-term investment and savings programs looks like a logical step: for example, at the birth of a child, parents can arrange a program for his coming of age, a good foundation of which will be the mother capital.
If the money is invested in the NHS program, then by the time the child enters the university, the amount of savings will be significantly higher than if you just wait for this moment and send the maternity capital to study, said Oksana Tikhanova, product manager of the Department of personal insurance and insurance for those traveling abroad, RESO-Garantia. According to her, the importance of insurance protection for a young family is also difficult to overestimate. At the same time, the risks associated with such investments are minimal — the strategies for investing in housing and communal services are strictly regulated, said Vladislav Sintsov, Director of Sovcombank Life Insurance.
However, this initiative has drawbacks, says Maxim Kolyadov, head of work with individuals at Insurance Broker AMsec24. First of all, there is a risk of insufficient awareness of citizens about the principles of such products: people may simply not understand them, and then become disappointed. High fees and investment management costs are also possible.
For the state, the main risk of expanding the ways of using maternity capital is the danger of cashing it out instead of actually supporting children. That is why long-term investments are offered for family savings. The minimum under discussion is 10 years for a life insurance company, Boris Borzunov from Rosgosstrakh Life emphasized. A long period of time will help to reduce such a danger, Ruslan Westerovsky from Sberbank agreed. In addition, according to him, if the contract is terminated prematurely, the funds must be returned to the budget.
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