French Monetary and Financial Code
In forcePayments made by plan holders whose tax domicile is in France and whose tax assessment in respect of income for the penultimate year does not exceed the limit mentioned in 1 bis of
article 1657of the General Tax Code are entitled to a premium equal to one quarter of their annual amount for the first seven years, or for the first ten years if a life insurance policy with periodic premiums was taken out under the people's savings plan before 5 September 1996, to a premium equal to a quarter of their annual amount, without being able to exceed an annual ceiling set by decree.
Payments made on or after 1 January 1998 entitle the holder to the same premium, provided that for the penultimate year, the plan holder's income does not exceed the limits laid down in I of
article 1417of the General Tax Code.
The sum of the premiums and their capitalised interest is paid by the State at the end of the seventh calendar year, starting from the year in which the plan was opened or at the end of the tenth calendar year starting from the year in which the plan was opened when a life insurance contract with periodic premiums was taken out under the People's Savings Plan before 5 September 1996.
However, the holder of a people's savings plan who took out a life insurance policy with periodic premiums as part of his plan before 5 September 1996 may benefit from payment of the premium and its capitalised interest at the end of the seventh calendar year from the year in which the plan was opened, provided that he submits a request on plain paper to the body managing the plan before 1 July of the eighth year from the year in which the plan was opened. In this case, and notwithstanding the first paragraph of this article, payments made into the plan from 1 January of the eighth year after the year in which the plan was opened do not give entitlement to a bonus.
