Insurance broker / Company pension schemes in Germany (bAV) / Policy wording archive
WGV Direktversicherung: the policy wording in full
Klassische Direktversicherung als beitragsorientierte Leistungszusage mit vereinbarter lebenslanger Rente, Beitragsrückgewähr als Hinterbliebenenrente, Kapitalwahl ganz oder bis 30 Prozent und gezillmerten Abschlusskosten.
German market: tariffs for people living in Germany.
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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 WGV Direktversicherung.
Basics and funding vehicle
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Direct insurance (employer is policyholder, employee is the insured person) | yes | „Versicherungsnehmer dieser Rentenversicherung ist der Arbeitgeber.“ | Einleitung, page 2 |
| 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 | „Soweit die Versicherungsleistung auf Beiträgen aus Entgeltumwandlung beruht, ist dieser …“ | § 9 Abs. 1, page 7 |
| Purely employer funded pension possible | yes | „Bei Arbeitgeberfinanzierung der Beiträge können Sie Ihre Rechte aus dem …“ | § 9 Abs. 3, page 7 |
| Tax favoured contributions under local law | yes | „die nur im Rahmen des § 3 Nr. 63 Einkommensteuergesetz (EStG) (Steuerfreiheit der …“ | Einleitung, page 1 |
| 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 | not addressed | ||
| Contribution guarantee at retirement (share of paid contributions) | not addressed | ||
| Defined contribution with minimum benefit or contribution oriented benefit promise expressly covered | yes | „Bei diesem Vertrag handelt es sich um eine Direktversicherung als beitragsorientierte …“ | Einleitung, page 2 |
| Guaranteed annuity factor or minimum pension at retirement | yes | „zahlen wir die vereinbarte Rente, solange die versicherte Person lebt.“ | § 1 Abs. 1, page 2 |
| Lifelong annuity as standard benefit | yes | „zahlen wir die vereinbarte Rente, solange die versicherte Person lebt.“ | § 1 Abs. 1, page 2 |
| Option to take a lump sum instead of a pension | yes | „uns spätestens zwei Monate vor dem Fälligkeitstag der ersten Rente vorliegen …“ | § 1 Abs. 11, page 3 |
| Partial lump sum alongside the pension | yes | „Zum Rentenbeginn können Sie verlangen, dass einmalig bis zu 30 % der für diesen …“ | § 1 Abs. 12, page 3 |
| Flexible retirement start (earlier or deferred) | yes | „Rentenzahlungen dürfen frühestens mit Vollendung des 62. Lebensjahres der versicherten …“ | § 1 Abs. 1, page 2 |
| Guaranteed annuity period or return of remaining capital in payout | yes | „Wir zahlen die vereinbarte Rente auch bei Tod der versicherten Person bis zum Ende der …“ | § 1 Abs. 3, page 2 |
| Pension increases in payment (profit use, indexation) | yes | „Die jährlichen Überschussanteile werden zur Erhöhung der Versicherungsleistungen“ | § 2, page 4 |
| Fund investment with fund choice during accumulation | not addressed | ||
| Profit participation and share of valuation reserves | yes | „Wir beteiligen Sie an dem Überschuss und an den Bewertungsreserven …“ | § 2 Abs. 1, page 3 |
Survivors and additional cover
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Death benefit before retirement (return of contributions or fund value) | yes | „wird eine Todesfallleistung in Höhe der bis zum Todestag fällig gewordenen Beiträge“ | § 1 Abs. 2, page 2 |
| Survivor pension to spouse or registered partner | yes | „der mit der versicherten Person bei Tod in gültiger Ehe lebende Ehegatte“ | § 9 Abs. 2, page 7 |
| Orphan pension to dependent children | yes | „längstens bis zur Vollendung des 25. Lebensjahres.“ | § 1 Abs. 2, page 2 |
| Beneficiaries limited to survivors allowed under tax rules | yes | „Für die Leistungen im Todesfall sind in nachfolgender Rangfolge“ | § 9 Abs. 2, page 7 |
| Funeral grant to other persons (amount) | yes | „Den Betrag der gewöhnlichen Beerdigungskosten bestimmt die Aufsichtsbehörde.“ | § 1 Abs. 3, page 2 |
| Disability cover as rider in the same contract | yes | „Haben Sie eine Zusatzversicherung zu Ihrem Vertrag abgeschlossen“ | § 12 Abs. 8, page 8 |
| 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 | yes | „ist dieser Teil der Versicherung ab Beginn unverfallbar.“ | § 9 Abs. 1, page 7 |
| Vesting period for employer funded parts | yes | „Nach Ablauf der Fristen zur Erreichung der Unverfallbarkeit gemäß Betriebsrentengesetz …“ | § 9 Abs. 1, page 7 |
| Irrevocable beneficiary right of the employee from the start | yes | „ist dieses Bezugsrecht unwiderruflich.“ | § 9 Abs. 1, page 7 |
| 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 | „Anstelle einer Kündigung nach Absatz 1 können Sie jederzeit in Textform verlangen, zum …“ | § 12 Abs. 3, page 8 |
| Reinstatement after paid up status without new health check | yes | „Innerhalb von drei Jahren können Sie den Versicherungsschutz der Hauptversicherung bis …“ | § 12 Abs. 8, page 8 |
| Insolvency protection of the entitlement | not addressed |
Costs, cancellation and disposal
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Zillmerised tariff (acquisition costs offset against first contributions) | yes | „Wir wenden auf Ihren Vertrag das Verrechnungsverfahren nach § 4 der …“ | § 13 Abs. 2, page 9 |
| Acquisition costs spread over at least five years or the whole term | yes | „gleichmäßiger Verteilung der angesetzten Abschluss- und Vertriebskosten auf die ersten …“ | § 12 Abs. 4, page 8 |
| Deduction on cancellation or paid up status | not addressed | ||
| Deduction on transfer to another provider | not addressed | ||
| Disposal restriction: assignment, loans and surrender by the employee excluded | yes | „Eine Abtretung oder eine Beleihung durch die unwiderruflich bezugsberechtigte Person …“ | § 9 Abs. 4, page 7 |
| Free fund switch | not addressed |
Underwriting and employer duties
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Simplified health check for riders in group business | yes | „und bewirkt eine Erhöhung der Versicherungsleistungen ohne erneute Gesundheitsprüfung.“ | § 1 Abs. 15, page 3 |
| Minimum number of insured employees in the group | not addressed | ||
| Shareholder managing directors or family employees insurable | yes | „beherrschenden Gesellschafter-Geschäftsführern einer Kapitalgesellschaft“ | Steuerinformationen, page 11 |
| Minimum contribution per insured person | not addressed | ||
| Maximum contribution per insured person | yes | „den Höchstbetrag nach unseren „Bestimmungen über Gebühren und tarifabhängige …“ | § 1 Abs. 15, page 3 |
| Employer notification duties (leaving, salary change, parental leave) | not addressed | ||
| Consequences of late contributions (reminder, deadline, employee information) | yes | „Die Zahlungsfrist muss mindestens zwei Wochen betragen.“ | § 11 Abs. 3, page 8 |
| Annual statement to the employee | yes | „Über den Stand Ihrer Ansprüche unterrichten wir Sie jährlich.“ | § 2 Abs. 11, page 4 |
| 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.
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Policy wordings and provider
- Legal entity
- WGV-Lebensversicherung AG
- Distribution
- direct from the insurer only
- Allgemeine Bedingungen für die Direktversicherung (ABD) Edition: ABD 01/2026 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 WGV Direktversicherung and available as plain text.
Volltext WGV Direktversicherung · As text (Markdown) WGV Direktversicherung