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myLife Invest Generation: the policy wording in full
Fondsgebundene Nettopolice gegen Einmalbeitrag als Generationenvertrag: Fondsvermögen zum Ablauf, bei Tod Fortführung bis zum Termfix-Termin, zusätzliche Todesfallleistung ab dem sechsten Jahr, freie Fonds oder Anlagestrategien, Zuzahlungen und Auszahlungen, kein Stornoabzug.
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Everything about this policy
What the policy covers: 68 points, each with its clause
Quotes are shortened.
The full German wording of each point is on the German page for myLife Invest Generation.
Product and guarantees
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Traditional endowment policy with guaranteed interest (general account) | not addressed | ||
| Unit linked life insurance (savings invested in funds, investment risk with the customer) | yes | „Sie haben eine fondsgebundene Lebensversicherung mit einer Leistung im Todesfall und im …“ | Einleitung, page 1 |
| Hybrid product (general account, guarantee fund and free funds combined) | not addressed | ||
| Single premium contract available | yes | „Sie zahlen Ihren Einmalbeitrag und Ihre Zuzahlungen an uns.“ | § 13 (1), page 9 |
| Guaranteed maturity benefit (sum assured on survival fixed in advance) | no | „Sie haben die Chance auf einen Wertzuwachs, tragen aber auch das Risiko einer …“ | § 2 (2), page 2 |
| Premium guarantee at maturity (percentage of premiums paid, quoted in text) | no | „Sie haben die Chance auf einen Wertzuwachs, tragen aber auch das Risiko einer …“ | § 2 (2), page 2 |
| Guaranteed technical interest rate on the savings part (rate quoted in text) | not addressed | ||
| Interest guaranteed only for a period, then reset by the insurer | not addressed | ||
| Surplus participation regulated (method and timing of allocation) | yes | „Wir beteiligen Sie an den von uns erwirtschafteten Überschüssen.“ | § 3 (1), page 3 |
| Share of valuation reserves on maturity, death or surrender | no | „Wir beteiligen Sie an den von uns erwirtschafteten Überschüssen. Bewertungsreserven …“ | § 3 (1), page 3 |
| Terminal bonus (also pro rata on early termination) | not addressed | ||
| Fund switches possible (number of free switches quoted) | yes | „Sie können jederzeit, solange die versicherte Person lebt, einen Fondswechsel in Form …“ | § 7 (1), page 6 |
| Insurer may replace or close funds without consent | yes | „Wenn ein von Ihnen gewählter Fonds aus von uns nicht zu vertretenden Gründen nicht mehr …“ | § 8 (2), page 7 |
| Expiry management (switch to low risk assets before maturity) | not addressed |
Term and payout
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Fixed term with maturity date (minimum and maximum term quoted) | yes | „Zum vereinbarten Ablauftermin zahlen wir das dann Ihrem Vertrag zugeordnete …“ | § 2 (1), page 2 |
| Whole of life term (benefit on death, withdrawals at any time) | not addressed | ||
| Flexible maturity (call period, earlier or deferred payout) | not addressed | ||
| Term extension without new health check | not addressed | ||
| Annuity option (maturity benefit as lifelong pension instead of lump sum) | not addressed | ||
| Payout in fund units instead of cash possible | yes | „Statt der Leistung in Euro können Sie auf Antrag und unter Nennung eines Depots die …“ | § 2 (3), page 2 |
| Maturity benefit paid in instalments | not addressed |
Death benefit and beneficiaries
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Death benefit during the term (sum assured or fund value) | yes | „Stirbt die versicherte Person vor dem vereinbarten Ablauftermin ab Erreichen des …“ | § 2 (6), page 3 |
| Amount of the death benefit (sum, return of premiums, fund value or minimum, quoted) | yes | „Das zum Todesfallzeitpunkt Ihrem Vertrag zugeordnete Fondsvermögen, ggf. erhöht um die …“ | § 2 (5), page 3 |
| Minimum death cover above fund value (for example 101 or 110 percent) | yes | „Vor dem sechsten Versicherungsjahr beträgt dieser 0%. Der Prozentsatz beträgt im …“ | § 2 (7), page 3 |
| Additional benefit on accidental death (rider) | not addressed | ||
| Advance death benefit on terminal illness | not addressed | ||
| Joint life cover (two insured persons) | not addressed | ||
| Beneficiary freely designated and changeable (revocable or irrevocable) | yes | „Bis der Versicherungsfall eintritt, können Sie Ihre Bestimmung jederzeit widerrufen …“ | § 12 (2), page 9 |
| Death benefit limited in case of suicide (period quoted) | yes | „Eine vorsätzliche Selbsttötung innerhalb der Frist von drei Jahren nach Abschluss des …“ | § 4 (1), page 4 |
| Waiting period or scale for the full death benefit (period quoted) | yes | „Vor dem sechsten Versicherungsjahr beträgt dieser 0%.“ | § 2 (7), page 3 |
Premiums and flexibility
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Premium holiday or deferral without losing the contract | not addressed | ||
| Maximum duration of the premium holiday (months quoted) | not addressed | ||
| Premium reduction during the term | not addressed | ||
| Paid up option (contract continues with reduced benefit) | not addressed | ||
| Top up payments possible (minimum or maximum in text) | yes, up to EUR 1,000 | „Eine Zuzahlung muss mindestens 1.000 Euro betragen. Die Summe aller Zuzahlungen darf …“ | § 9 (5), page 8 |
| Partial withdrawals or partial surrender during the term | yes, up to EUR 1,000 | „Eine Auszahlung muss mindestens 1.000 Euro betragen, das verbleibende Fondsvermögen …“ | § 10 (2), page 9 |
| Indexation: regular increase of premium and benefit without health check | not addressed | ||
| Indexation right lapses after repeated refusals | not addressed | ||
| Guaranteed insurability (increase death cover without health check on life events) | not addressed | ||
| Premium waiver on disability as rider | not addressed | ||
| Child policy: insurer pays premiums on death of the payer | not addressed | ||
| Policy loan or advance on the benefit | not addressed | ||
| Change of policyholder possible (for example parent to child) | not addressed |
Cancellation, surrender and costs
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Right of withdrawal after conclusion (period quoted) | not addressed | ||
| Termination by the policyholder at any time to the end of the period | yes | „Sie können Ihren Vertrag jederzeit, solange die versicherte Person lebt, zum Ersten des …“ | § 15 (1), page 11 |
| Surrender value on termination (calculation described) | yes | „Der Rückkaufswert entspricht dem Fondsvermögen zum Vertragsende.“ | § 15 (2), page 11 |
| Guaranteed surrender values as table or reference to the policy schedule | not addressed | ||
| Surrender charge on termination or paid up | none | „Einen Stornoabzug erheben wir nicht.“ | § 15 (2), page 11 |
| Surrender only after a minimum period (period quoted) | not addressed | ||
| Acquisition costs spread over at least five years (zillmerisation regulated) | yes | „Die Kosten für den Abschluss und die Verwaltung werden über die gesamte …“ | § 13 (5), page 10 |
| Costs stated in the terms or referred to other documents (quoted) | yes | „Die Höhe der Kosten für den Abschluss und die Verwaltung Ihres Vertrages können Sie dem …“ | § 13 (7), page 10 |
| Assignment and pledge of claims possible (for example as loan security) | yes | „Sie können die Ansprüche aus diesem Vertrag abtreten oder verpfänden, wenn derartige …“ | § 12 (4), page 9 |
| Reinstatement after paid up or premium holiday | not addressed | ||
| Insurer waives ordinary termination | not addressed |
Tax and market framework
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Half income taxation mentioned (payout after twelve years and from age 62, Germany) | not addressed | ||
| Minimum term for tax exemption mentioned (Austria 15 years, single premium 10 or 15 years) | not addressed | ||
| Insurance tax and additional tax on early surrender regulated (Austria) | not addressed | ||
| SIALP (long term individual savings insurance) tax free after five years (Spain) | not addressed | ||
| PIAS (systematic individual savings plan) converted into a life annuity (Spain) | not addressed | ||
| Unit linked with investment choice within the tax rules (Spain, article 14.2 h LIRPF) | not addressed |
Duties and exclusions
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Health questions or pre contractual disclosure duty for the death benefit | yes | „Das gilt insbesondere für die Fragen zu Erkrankungen, gesundheitlichen Störungen und …“ | § 16 (1), page 11 |
| Period after which the insurer can no longer invoke a breach of disclosure (years quoted) | yes | „Unsere genannten Rechte erlöschen nach Ablauf von fünf Jahren seit Vertragsbeginn.“ | § 16 (16), page 13 |
| Death benefit limited in case of war or civil unrest | yes | „Kriegerische Ereignisse.“ | § 4 (1), page 4 |
| Limitation for nuclear, biological or chemical weapons | yes | „Vorsätzlicher Einsatz von atomaren, biologischen oder chemischen Waffen“ | § 4 (1), page 4 |
| Limitation for dangerous sports, aviation or motor racing | not addressed | ||
| Documents required for a claim listed (death certificate, medical report, policy) | yes | „eine amtliche Sterbeurkunde. Diese muss Alter und Geburtsort der versicherten Person …“ | § 11 (2), page 9 |
| Annual statement on contract value, fund value and surplus | yes | „Einmal im Jahr informieren wir Sie über die aktuelle Höhe des Fondsvermögens.“ | § 2 (9), page 3 |
| Sustainable investment options or funds under the disclosure regulation named | 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.
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Policy wordings and provider
- Legal entity
- myLife Lebensversicherung AG
- Distribution
- available through brokers
- Allgemeine Bedingungen für myLife Invest Generation Edition: Bed_Generation_2512 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 Invest Generation and available as plain text.
Volltext myLife Invest Generation Kapitalleben · As text (Markdown) myLife Invest Generation Savings life