OREANDA-NEWS. On 12 May 2008 was announced, that Parex Group's affiliated life insurance company Parex Dziviba (Parex Life) introduced a new product called “Uzkrajums +”, which combines life insurance cover and savings accounts with interest rates applied to deposits in LVL.

Life insurance combined with savings pegged to deposit interest rate guarantees growth of customers' funds according to interest rate applied to Parex banka's deposits in LVL for 1 month period for retail clients. The variable interest rate currently stands at 5% per annum. By locking-in their investments for 5 years, whilst continuing to make contributions to their savings clients are entitled to resident income tax relief up to 25% of the total amount as long as this does not exceed 20% of the annual gross income.

“This is a reliable and low-risk investment product. It is envisaged that this product will be of interest both to clients looking to increase the tax relief available on their investments as well as to those, who are not currently planning to make savings deposits due to the instability in the global financial markets. Uzkrajums+ gives customers the flexibility to start saving today and make changes to their investment plans in the future, when financial markets stabilize,” comments Raimonds Vesers, Chairman of the Board of Parex Dziviba.

Parex Dziviba has set up an online calculator for customers to measure their savings contributions against their insurance quote for Uzkrajums +. The calculator is available at www.parex.lv

Parex Dziviba was established in December 2007 and offers life insurance service with savings.