Insurance broker / Basic pension (Ruerup) / Policy wording archive Rürup basic pension
Allianz SofortRente: the policy wording in full
Basisrente SofortRente (E418, Stand 12/2022) gegen Einmalbeitrag mit lebenslanger Garantierente ab 62, Rechnungszins 0,25 Prozent, Überschussrente und optionaler Leistung bei Tod als Hinterbliebenenrente; nicht kapitalisierbar, nicht kündbar.
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Everything about this policy
What the policy covers: 69 points, each with its clause
Quotes are shortened.
The full German wording of each point is on the German page for Allianz SofortRente.
Contract type and certification
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Certified basic pension contract (certification number stated) | not addressed | ||
| Traditional basic pension with guaranteed interest | yes | „Wir zahlen die Garantierente in gleichbleibender Höhe, solange Sie leben.“ | Ziffer 1.1, page 2 |
| Unit linked basic pension (savings invested in funds) | not addressed | ||
| Index participation with annual lock in | not addressed | ||
| Hybrid model (general account, guarantee fund and free funds) | not addressed | ||
| Immediate basic pension against single premium | yes | „Wir belasten Ihren Vertrag mit Abschluss- und Vertriebskosten (→Kosten) in Höhe eines …“ | Ziffer 6.1 Abs. 1, page 6 |
| Premium guarantee at retirement (guaranteed share of premiums paid) | not addressed | ||
| Guarantee level selectable and changeable during the term | not addressed | ||
| Guaranteed technical interest during accumulation | yes | „den →Rechnungszins 0,25 Prozent und“ | Ziffer 1.4 Abs. 1, page 3 |
Pension factor and surplus
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Guaranteed pension factor (pension per 10,000 euros of capital) | yes | „Wir zahlen die Garantierente in gleichbleibender Höhe, solange Sie leben.“ | Ziffer 1.1, page 2 |
| Insurer may reduce the pension factor later (trustee clause) | not addressed | ||
| Best of check at retirement (then current bases if more favourable) | not addressed | ||
| Surplus participation and share in valuation reserves | yes | „Sie erhalten die Überschussrente zusätzlich zu der Garantierente nach Ziffer 1.1.“ | Ziffer 2.2.3, page 7 |
| Guaranteed annual pension increase available | yes | „nicht garantierten jährlichen Rentenerhöhungen, die in Prozent der im Vorjahr …“ | Ziffer 2.2.3, page 4 |
| Higher pension in case of need for care (care option) | not addressed |
Fund investment
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Fund selection (number of funds that can be held at once) | not addressed | ||
| Fund switches, number of free switches per year | not addressed | ||
| Lifecycle switching before retirement | not addressed | ||
| Insurer may replace a fund, customer rights in that case | not addressed |
Start of pension and payout
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Earliest start of pension (in Germany not before age 62) | yes | „Rentenzahlungen erhalten Sie frühestens, wenn Sie das 62. Lebensjahr vollendet haben.“ | Ziffer 1.1, page 2 |
| Latest start of pension (maximum age) | not addressed | ||
| Bring forward or postpone the start of pension | not addressed | ||
| Payout only as a lifelong monthly pension | yes | „Wir zahlen die Rente monatlich jeweils am 1. →Bankarbeitstag eines Monats.“ | Ziffer 1.1, page 2 |
| Lump sum option (excluded for the German basic pension) | not addressed | ||
| Partial lump sum at start of pension | not addressed | ||
| Commutation of a very small pension | no | „Die Ansprüche aus Ihrem Vertrag sind nicht kapitalisierbar und nicht veräußerbar.“ | Ziffer 1.3, page 2 |
| Guaranteed payment period | not addressed | ||
| Residual capital converted to survivor pension after start | not addressed |
Death and survivors
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Benefit on death before the start of pension | not addressed | ||
| Amount of death benefit before start (account value, return of premiums or none) | yes | „die Summe der gezahlten zum Rentenbeginn garantierten Renten zu Ihrem Todeszeitpunkt …“ | Ziffer 1.2 Abs. 1, page 2 |
| Death benefit only as pension to eligible survivors | yes | „zahlen wir eine monatliche Rente.“ | Ziffer 1.2 Abs. 1, page 2 |
| Without eligible survivors the capital is forfeited | yes | „erlischt die Versicherung.“ | Ziffer 1.2 Abs. 4, page 2 |
| Survivor rider (widow, widower and orphan pension) | not addressed | ||
| Orphan pension only while child benefit is due (at most to age 25) | yes | „das 25. Lebensjahr noch nicht vollendet hat und“ | Ziffer 1.2 Abs. 1, page 2 |
| Waiting period for suicide | yes | „Selbsttötung uneingeschränkt, wenn seit Abschluss Ihres Vertrags 3 Jahre vergangen sind.“ | Ziffer 4.2 Abs. 1, page 5 |
Premium and flexibility
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Minimum regular premium | not addressed | ||
| Single premium possible, minimum amount | yes | „in einem einmaligen Beitrag zahlen“ | Teil B Ziffer 2.1 Abs. 1, page 8 |
| Top ups during the term, minimum amount | not addressed | ||
| Top ups limited (annual maximum, tax ceiling or insurer consent) | not addressed | ||
| Premium holiday or deferral | not addressed | ||
| Reduce the premium and raise it again later | not addressed | ||
| Paid up policy, minimum value required | not addressed | ||
| Resumption of premiums after paid up status, deadline | not addressed | ||
| Automatic annual premium increase | not addressed | ||
| Premium waiver on occupational disability available | not addressed | ||
| Disability pension as supplementary cover (more than half of the premium must go to old age provision) | not addressed |
Termination, costs and lock in
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Right of withdrawal (period in days) | not addressed | ||
| Termination only leads to a paid up policy, no surrender value | not addressed | ||
| Surrender value on termination | no | „Über die Ansprüche auf Auszahlungen aus Ziffer 1.1 und Ziffer 1.2 (Garantierente …“ | Ziffer 1.3, page 2 |
| Surrender or paid up charge | not addressed | ||
| Acquisition costs spread over at least five years | not addressed | ||
| Costs quantified in the terms | yes | „Informationen zur Höhe der Abschluss- und Vertriebskosten und der Verwaltungskosten …“ | Ziffer 6.1 Abs. 3, page 6 |
| Change of provider: transfer of capital to another certified contract | not addressed | ||
| Fee for the change of provider | not addressed | ||
| Rights not inheritable, transferable, pledgeable, saleable or commutable | yes | „Die Ansprüche aus Ihrem Vertrag sind nicht kapitalisierbar und nicht veräußerbar.“ | Ziffer 1.3, page 2 |
| Insurer waives ordinary termination | not addressed | ||
| Advance or policy loan (excluded for the basic pension) | no | „Sie können die Ansprüche aus Ihrem Vertrag weder abtreten noch verpfänden, beleihen …“ | Ziffer 3.1 Abs. 2, page 4 |
Tax framework, duties and market specifics
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Reference to tax deduction and deferred taxation in the terms | not addressed | ||
| Health questions at inception or for riders | yes | „Sie sind bis zur Abgabe Ihrer Vertragserklärung verpflichtet, alle Ihnen bekannten …“ | Teil B Ziffer 1, page 7 |
| Restriction for war or NBC weapons | yes | „Ihr Tod steht in unmittelbarem oder mittelbarem Zusammenhang mit kriegerischen …“ | Ziffer 4.1 Abs. 2 a), page 5 |
| Annual statement on capital, costs and investment | yes | „Wir informieren Sie nach den Regelungen des …“ | Teil C Ziffer 7, page 11 |
| Austria: state bonus under section 108g EStG | not addressed | ||
| Austria: capital guarantee on premiums and state bonuses | not addressed | ||
| Austria: minimum lock in (ten years) and options afterwards | not addressed | ||
| Spain: guaranteed interest of the PPA and guarantee period | not addressed | ||
| Spain: contingencies covered (retirement, disability, death, dependency) | not addressed | ||
| Spain: early access (serious illness, long term unemployment, contributions older than ten years) | not addressed | ||
| Spain: early access or transfer at market value of assets | not addressed | ||
| Spain: payout as lump sum, annuity or mixed | not addressed |
Evaluated by NAMMERT from published policy wordings.
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Policy wordings and provider
- Legal entity
- Allianz Lebensversicherungs-Aktiengesellschaft
- Distribution
- through tied agents
- Bedingungen BasisRente SofortRente (E418) Edition: E418, 12/2022 Original from the insurer (PDF, German)
Full text of the wording
The full text exists only in German.
It is printed on the German page for Allianz SofortRente and available as plain text.
Volltext Allianz SofortRente Rürup-Basisrente · As text (Markdown) Allianz SofortRente Rürup basic pension