With the withdrawal form, you can withdraw from your contract savings that are not required to keep the possible insurance cover valid.

The total savings in the contract consist of the insurance premiums that are paid into the contract and which keep the possible insurance cover valid, as well as a possible share of savings that you can withdraw if you wish. At least one year’s insurance premiums are left in the contract to keep any insurance cover valid; apart from that, you can withdraw the savings for your own use using the withdrawal form.


On the withdrawal form, you can choose whether to take out ‘All withdrawable savings’ or ‘Other amount’. ‘All withdrawable savings’ means that the full amount of the so-called savings share is withdrawn from the contract, and one year’s insurance premiums are left in the contract in order to maintain any possible insurance cover. After the withdrawal, the possible insurance cover in your contract will remain valid as usual. Be sure to take into account any invoices you receive to ensure that your insurance cover remains valid in future, too.

You can also withdraw other amount of your choosing by selecting ‘Other amount’ and entering the sum in the appropriate field.

Please note that you cannot use the withdrawal form to terminate, i.e. end, your contract. The contract must be terminated in writing, for example, using a freely worded message in the Messages section of the Web Service.

When savings are withdrawn, both the capital and returns are always in the same ratio as they have accumulated in the contract. Capital gains tax is paid on the returns. The capital gains tax rate is 30%. The tax rate rises to 34% for the share of capital gains that exceeds EUR 30,000 (in 2024). The insurance company withholds 30% in withholding tax. The Finnish Tax Administration adjusts the amount of tax in connection with the final taxation.

The premiums paid into the contract constitute the contract’s capital, which is tax-free upon withdrawal. Any possible return on the contract savings is income that is subject to capital gains tax. The contract’s returns can be calculated by subtracting the amount of remaining capital from the full amount of savings. You can contact our Customer Service for more detailed information about your savings.

If you live abroad and are under limited liability to pay tax to Finland, request a tax-at-source card from the Finnish Tax Administration for the taxable portion of the amount withdrawn. You can print up an application for a tax-at-source card on the website and send it by post to the address specified in the application. The withdrawal request can be processed after the tax-at-source card processed by the Tax Administration has arrived at Mandatum Life/Kaleva. Alternatively, you can request that the Tax Administration deliver the tax-at-source card directly to Mandatum Life/Kaleva by including the following delivery address on the application form:

Mandatum Life Insurance Company Limited
Kalevantie 3
20520 Turku

The postal address for Kaleva contracts is:

Asiakasposti / 2011
Kalevantie 3
20520 Turku