Insurance broker / Company pension schemes in Germany (bAV) / Policy wording archive
myLife bAV fondsgebundene: the policy wording in full
Fondsgebundene Direktversicherung als Nettotarif ohne Provision mit wählbarem garantiertem Verrentungskapital von 0 bis 100 Prozent, garantiertem Rentenfaktor, Abrufphase von 62 bis 85 und kostenlosem monatlichem Fondswechsel.
German market: tariffs for people living in Germany.
Done in two minutes: your details are enough, we take care of the rest.
- Free for you, same price as going direct
- 4.98 out of 5 stars from 5,042 reviews
- On your side when you claim
Take out this policy through NAMMERT
You have already worked out with your AI what fits you.
All we need now are your details and a few answers.
We prepare your application with myLife.
- AI has advised
- 2Your details
- Application to myLife
Thank you, we have your application.
We prepare it with myLife and get back to you with the documents.
Everything about this policy
What the policy covers: 62 points, each with its clause
Quotes are shortened. The full German wording of each point is on the German page for myLife bAV fondsgebundene.
Basics and funding vehicle
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Direct insurance (employer is policyholder, employee is the insured person) | yes | „Sofern es sich bei dem Vertrag um eine Direktversicherung aus Entgeltumwandlung handelt“ | § 15 Abs. 3, page 14 |
| Pension fund or occupational group insurance as funding vehicle | not addressed | ||
| Reinsurance policy backing a direct pension promise or support fund | not addressed | ||
| Funding by employee salary sacrifice possible | yes | „Sofern es sich bei dem Vertrag um eine Direktversicherung aus Entgeltumwandlung handelt“ | § 15 Abs. 3, page 14 |
| Purely employer funded pension possible | not addressed | ||
| Tax favoured contributions under local law | yes | „Es gilt der gesetzliche Höchstbetrag gemäß § 3 Nr. 63 EStG.“ | § 15 Abs. 4, page 12 |
| Employer top up on salary sacrifice (Germany 15 percent) regulated in the wording | not addressed | ||
| Group framework contract with own terms (simplified acceptance, special costs) | not addressed |
Retirement benefit and guarantees
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Guaranteed technical interest rate during accumulation | yes | „Als Rechnungsgrundlagen verwenden wir den Rechnungszins in Höhe von 1,0% und die …“ | § 2 Abs. 2a, page 2 |
| Contribution guarantee at retirement (share of paid contributions) | yes | „Dieser prozentuale Anteil darf ganzzahlig zwischen 0 Prozent und 100 Prozent liegen“ | § 2 Abs. 2d, page 3 |
| Defined contribution with minimum benefit or contribution oriented benefit promise expressly covered | not addressed | ||
| Guaranteed annuity factor or minimum pension at retirement | yes | „Der Rentenfaktor gibt die monatliche Rente an, die wir für je 10.000 Euro …“ | § 2 Abs. 2a, page 2 |
| Lifelong annuity as standard benefit | yes | „Ab dem Rentenbeginn zahlen wir monatlich eine gleichbleibende Rente, solange die …“ | § 2 Abs. 1, page 2 |
| Option to take a lump sum instead of a pension | yes | „Anstelle der Rente zahlen wir zum vereinbarten Rentenbeginn auf Ihren Wunsch das …“ | § 2 Abs. 11, page 4 |
| Partial lump sum alongside the pension | yes | „bis maximal 30% der gesamten Kapitalabfindung“ | § 2 Abs. 12, page 3 |
| Flexible retirement start (earlier or deferred) | yes | „Innerhalb der Abrufphase können Sie den vereinbarten Rentenbeginn zwei Mal vorverlegen …“ | § 2 Abs. 2, page 3 |
| Guaranteed annuity period or return of remaining capital in payout | yes | „Haben Sie eine Rentengarantiezeit vereinbart und stirbt die versicherte Person …“ | § 2 Abs. 16, page 4 |
| Pension increases in payment (profit use, indexation) | yes | „Bei Abschluss des Vertrags können Sie mit uns vereinbaren, dass die Höhe der Rente …“ | § 2 Abs. 1, page 2 |
| Fund investment with fund choice during accumulation | yes | „Eine aktuelle Liste der Fonds, die in Ihrem Vertrag wählbar sind, finden Sie auf …“ | § 6 Abs. 1, page 8 |
| Profit participation and share of valuation reserves | yes | „Wir beteiligen Sie an den von uns erwirtschafteten Überschüssen und Bewertungsreserven.“ | § 3 Abs. 1, page 3 |
Survivors and additional cover
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Death benefit before retirement (return of contributions or fund value) | yes | „Stirbt die versicherte Person vor dem Rentenbeginn, verwenden wir das Vertragsguthaben …“ | § 2 Abs. 14, page 4 |
| Survivor pension to spouse or registered partner | yes | „an den Ehegatten bzw. bei einer eingetragenen Lebenspartnerschaft an den/ die …“ | § 2 Abs. 18, page 4 |
| Orphan pension to dependent children | yes | „das Kind das 25. Lebensjahr noch nicht vollendet hat und sich nachweislich noch in …“ | § 2 Abs. 18, page 4 |
| Beneficiaries limited to survivors allowed under tax rules | yes | „Eine Leistung im Todesfall zahlen wir in Form einer Rente an die gemäß § 3 Nr. 63 EStG …“ | § 2 Abs. 18, page 4 |
| Funeral grant to other persons (amount) | yes, up to EUR 8,000 | „Ist kein Hinterbliebener vorhanden, zahlen wir ein Sterbegeld in Höhe der …“ | § 2 Abs. 21, page 4 |
| Disability cover as rider in the same contract | not addressed | ||
| Premium waiver if the employee becomes disabled | not addressed | ||
| Long term care option or higher pension in case of care need | not addressed |
Vesting and change of employer
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Immediate vesting of rights from salary sacrifice | not addressed | ||
| Vesting period for employer funded parts | not addressed | ||
| Irrevocable beneficiary right of the employee from the start | yes | „Sie können auch bestimmen, dass der Bezugsberechtigte die Ansprüche aus dem Vertrag …“ | § 13 Abs. 3, page 12 |
| Insurance contract solution on leaving (policy passes to the employee) | not addressed | ||
| Transfer to a new employer or provider | not addressed | ||
| Private continuation with own contributions after leaving | not addressed | ||
| Contribution pause during parental leave, sick pay or short time work | yes | „Bei einer Beitragsfreistellung führen wir Ihren Vertrag beitragsfrei weiter.“ | § 10 Abs. 3, page 11 |
| Reinstatement after paid up status without new health check | not addressed | ||
| Insolvency protection of the entitlement | not addressed |
Costs, cancellation and disposal
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Zillmerised tariff (acquisition costs offset against first contributions) | none | „Bei Ihrem Vertrag handelt es sich um ein sogenanntes Nettoprodukt. Daher erheben wir …“ | § 14 Abs. 3, page 13 |
| Acquisition costs spread over at least five years or the whole term | not addressed | ||
| Deduction on cancellation or paid up status | none | „Einen Abzug wegen Beitragsfreistellung erheben wir nicht.“ | § 10 Abs. 5, page 11 |
| Deduction on transfer to another provider | not addressed | ||
| Disposal restriction: assignment, loans and surrender by the employee excluded | yes | „die Zahlung eines Rückkaufswerts ist ausgeschlossen.“ | § 17 Abs. 2, page 15 |
| Free fund switch | yes | „Ein Fondswechsel ist einmal pro Kalendermonat möglich. Dies ist für Sie kostenlos.“ | § 6 Abs. 5, page 9 |
Underwriting and employer duties
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Simplified health check for riders in group business | not addressed | ||
| Minimum number of insured employees in the group | not addressed | ||
| Shareholder managing directors or family employees insurable | not addressed | ||
| Minimum contribution per insured person | yes | „Es gilt der gesetzliche Mindestbetrag gemäß § 1a Absatz 1 BetrAVG.“ | § 15 Abs. 3, page 12 |
| Maximum contribution per insured person | yes | „Es gilt der gesetzliche Höchstbetrag gemäß § 3 Nr. 63 EStG.“ | § 15 Abs. 4, page 12 |
| Employer notification duties (leaving, salary change, parental leave) | not addressed | ||
| Consequences of late contributions (reminder, deadline, employee information) | yes | „Falls Sie die Zahlung innerhalb der Frist nach Absatz 4 schuldhaft versäumen, haben …“ | § 15 Abs. 7, page 14 |
| Annual statement to the employee | yes | „Einmal im Jahr informieren wir Sie über die aktuelle Höhe des Vertragsguthabens.“ | § 2 Abs. 23, page 5 |
| Pledge of the reinsurance policy to the beneficiary provided | not addressed |
Austria and Spain specifics
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Austria: occupational group insurance under section 93 VAG 2016 and Company Pensions Act | not addressed | ||
| Austria: pension fund contract with investment and risk group | not addressed | ||
| Austria: minimum return guarantee | not addressed | ||
| Spain: company pension insurance plan (PPSE) | not addressed | ||
| Spain: simplified occupational pension plan (PPES), also for self employed | not addressed | ||
| Spain: group insurance expressly funding pension commitments | not addressed | ||
| Spain: covered contingencies (retirement, disability, death, dependency) | not addressed | ||
| Spain: early access (ten year old contributions, serious illness, long term unemployment) | not addressed | ||
| Spain: control committee with employee representation | not addressed | ||
| Spain: tax imputation of employer contributions to employees | not addressed |
Evaluated by NAMMERT from published policy wordings.
Despite care, a value may be misread;
legally only the wording of your own contract in the edition stated there applies.
Please report errors, we correct them the same day.
Policy wordings and provider
- Legal entity
- myLife Lebensversicherung AG
- Distribution
- available through brokers
- Allgemeine Bedingungen für die myLife bAV Edition: Bed_bav_2412 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 myLife bAV fondsgebundene and available as plain text.
Volltext myLife bAV fondsgebundene · As text (Markdown) myLife bAV fondsgebundene