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HUK-COBURG Premium-Rente: the policy wording in full
Premium Rente: fondsgebundene Rentenversicherung mit wählbarem Garantieniveau von 0, 50, 70 oder 90 Prozent der Beiträge, Garantie- und Fondsguthaben, Gewinnsicherung, Ablaufmanagement und kostenfreiem Switch und Shift.
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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 HUK-COBURG Premium-Rente.
Product and guarantee
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Pure unit-linked policy without guarantee (investment risk borne by the customer) | yes | „wir die Höhe der Rente aus Ihrem Fondsguthaben vor dem Beginn der Rentenzahlung nicht …“ | § 3 Absatz 4, page 2 |
| Premium guarantee at the start of the pension (percentage quoted in the text) | yes | „Es kann zu Beginn 0 %, 50 %, 70 % oder 90 % betragen.“ | § 2 Absatz 1, page 2 |
| Guarantee level selectable at inception and changeable during the term | yes | „Sie haben in der Ansparphase grundsätzlich die Möglichkeit, das“ | § 14 Absatz 1, page 9 |
| Hybrid model (general account, guarantee fund and free funds, rebalanced by the insurer) | yes | „Das Gesamtguthaben besteht aus dem Garantieguthaben und dem Fondsguthaben.“ | § 11 Absatz 3, page 7 |
| Locking in of gains (lock-in, high-watermark protection, guarantee increase on request) | yes | „Dieses Verfahren schichtet bei guter Fondsentwicklung einen Teil des Fondsguthabens in …“ | § 15 Absatz 1 b, page 9 |
| Investment in the insurer's general account selectable (classic component) | yes | „Dies ist das Guthaben, das wir benötigen, um die“ | § 6, page 5 |
| Net tariff or fee-based tariff (no commission priced in, remuneration agreed separately) | not addressed | ||
| Single premium contract possible (minimum in limit or text) | yes, up to the sum insured | „einzigen Beitrag (Einmalbeitrag), durch Monatsbeiträge“ | § 8 Absatz 1, page 5 |
| Minimum regular premium (amount in limit, payment frequency in text) | yes, up to EUR 300 | „mindestens 300 Euro beträgt.“ | § 11 Absatz 9, page 7 |
Fund investment
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Free choice from a fund list (number of funds held at once quoted) | yes | „einen oder mehrere andere Investmentfonds anlegen.“ | § 16 Absatz 1, page 9 |
| ETFs or index funds named as an investment option in the terms | not addressed | ||
| Managed portfolios or investment strategies of the insurer selectable | not addressed | ||
| Switching funds for future premiums possible, number of free switches quoted | yes | „Sie können jederzeit in Textform verlangen, dass wir die künftigen zur Anlage …“ | § 16 Absatz 1, page 9 |
| Reallocation of the existing fund value (shift) possible, number of free shifts quoted | yes | „Bei einem Shift entstehen für Sie keine Kosten.“ | § 16 Absatz 2, page 9 |
| Fee for switches or shifts beyond the free allowance (amount in limit) | none | „Bei einem Shift entstehen für Sie keine Kosten.“ | § 16 Absatz 2, page 9 |
| Automatic rebalancing (restoring the chosen allocation) | not addressed | ||
| Lifestyle switching (move into low-volatility assets before the pension starts) | yes | „Dieses Verfahren schichtet in den letzten fünf Jahren vor“ | § 15 Absatz 1 c, page 9 |
| Insurer may replace or close funds without consent | yes | „Dabei wählen wir einen Fonds, der dem bisherigen Fonds hinsichtlich Anlagestrategie“ | § 20, page 11 |
| Rule for suspension of redemptions or liquidation of a fund | yes | „diese Anteile auf ein Depot Ihrer Wahl zu übertragen.“ | § 20, page 11 |
| Valuation date for converting premiums and benefits into units defined | yes | „ist der erste Börsentag des Monats, nach Ende der Versicherung.“ | § 3 Absatz 7 e, page 2 |
| Initial charge on the purchase of fund units is levied | not addressed | ||
| Fund rebates are credited to the contract | not addressed | ||
| Sustainable funds or options under the Disclosure Regulation named | not addressed |
Start of pension and payout
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Guaranteed annuity conversion factor at inception (pension per 10,000 euros, quoted) | yes | „Der Rentenfaktor gibt an, wie viel Rente Sie pro 10.000 Euro Guthaben erhalten.“ | § 1 Absatz 2, page 1 |
| Annuity factor guaranteed only in part (percentage quoted) | not addressed | ||
| Insurer may lower the annuity factor later (trustee clause) | yes | „Die Mitwirkung des Treuhänders nach Absatz 1 entfällt, wenn die“ | § 28 Absatz 4, page 13 |
| Best-of check at pension start (at least the guaranteed factor, otherwise current bases) | not addressed | ||
| Flexible pension start (bring forward or defer) | yes | „Sie können den Rentenbeginn vorziehen.“ | § 13 Absatz 1, page 8 |
| Earliest pension start (age quoted) | yes | „frühestmögliche Rentenbeginn ist der erste ... der auf die Vollendung des 55 …“ | § 13 Absatz 1, page 8 |
| Latest pension start or maximum age at the end of accumulation (age quoted) | yes | „spätmöglichste Rentenbeginn ist der erste ... der auf die Vollendung des 90 …“ | § 13 Absatz 2, page 8 |
| Lump sum option instead of pension, notice period quoted | yes | „Zu Rentenbeginn können Sie einmalig Kapital aus Ihrer Versicherung auszahlen lassen.“ | § 18 Absatz 6, page 10 |
| Partial lump sum at pension start (remainder as pension) | not addressed | ||
| Transfer of fund units to a custody account instead of cash payment | yes | „diese Anteile auf ein Depot Ihrer Wahl zu übertragen.“ | § 20, page 11 |
| Unit-linked pension payout (fund value stays invested during drawdown) | not addressed | ||
| Withdrawal plan from the fund value instead of a lifelong pension | not addressed | ||
| Guaranteed payment period or return of remaining capital on death after pension start | yes | „vereinbarten Rentengarantiezeit, zahlen wir die garantierte Rente“ | § 1 Absatz 4, page 2 |
| Commutation of very small pensions (threshold in limit or text) | yes, up to EUR 300 | „als 300 Euro jährlich, finden wir die Rente bei Rentenbeginn durch eine einmalige …“ | § 1 Absatz 3, page 1 |
Death and additional cover
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Death benefit before pension start (fund value, return of premiums or minimum, quoted) | yes | „stirbt, gilt: Wir zahlen die zu diesem Zeitpunkt im Garantieguthaben vorhandene Summe.“ | § 1 Absatz 4, page 2 |
| Minimum death cover above the fund value (for example 101 or 110 percent, quoted) | not addressed | ||
| Restriction of the death benefit in case of suicide (period quoted) | not addressed | ||
| Waiver of premium on occupational disability as a rider | yes | „Haben Sie eine Berufsunfähigkeits-Zusatzversicherung eingeschlossen“ | § 8 Absatz 6, page 6 |
| Long-term care option (higher pension in case of care need) | not addressed | ||
| Beneficiary freely nominated and changeable (revocable or irrevocable) | yes | „Deshalb können Sie Ihre Bestimmung bis zum Eintritt des jeweiligen Versicherungsfalles …“ | § 24, page 12 |
Premium and flexibility
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Additional payments during the term (minimum or maximum in limit or text) | yes, up to the sum insured | „Für Beitragserhöhungen und Zuzahlungen lesen Sie bitte § 17.“ | § 6, page 5 |
| Partial withdrawals before pension start (minimum and remaining value in limit or text) | yes, up to the sum insured | „Vor dem vereinbarten Rentenbeginn können Sie aus Ihrem Guthaben Kapital entnehmen.“ | § 18 Absatz 1, page 10 |
| Fee or deduction on partial withdrawal | yes, up to the sum insured | „als die Hälfte des Gesamtguthabens, erheben wir eine Gebühr.“ | § 18 Absatz 2, page 10 |
| Premium holiday or deferral without losing the contract (maximum duration quoted) | yes | „Die Stundung kann für maximal 24 Monate ab Fälligkeit des ersten gestundeten Beitrags …“ | § 8 Absatz 7, page 6 |
| Increase or reduce the premium during the term | yes | „Die Beitragsreduzierung ist möglich, wenn der reduzierte Beitrag“ | § 11 Absatz 9, page 7 |
| Making the policy paid-up (minimum fund value in limit or text) | yes, up to EUR 1,000 | „zum Zeitpunkt der Beitragsfreistellung mindestens 1.000 Euro beträgt.“ | § 11 Absatz 9, page 7 |
| Reinstatement after paid-up status or holiday (period quoted) | yes | „beitragsfrei gestellten Versicherung jederzeit beantragen, die“ | § 11 Absatz 14, page 8 |
| Indexation: scheduled premium increases, right lapses after repeated refusal (quoted) | yes | „eine vereinbarte Dynamisierung durch, erheben wir erneut Kosten nach Absatz 1.“ | § 7 Absatz 9, page 5 |
| Change of policyholder possible (for example parent to child) | not addressed |
Termination, surrender and costs
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Right of withdrawal after conclusion (period quoted) | not addressed | ||
| Termination by the policyholder possible at any time (notice quoted) | yes | „Sie können Ihre Versicherung jederzeit in Textform zum Schluss der Versicherungsperiode …“ | § 11 Absatz 1, page 7 |
| Surrender value equals the fund value (calculation described) | yes | „Der Rückkaufswert entspricht dem Gesamtguthaben zu dem Zeitpunkt, zu dem die Kündigung …“ | § 11 Absatz 3, page 7 |
| Surrender charge on termination or paid-up conversion | yes, up to the sum insured | „den Rückkaufswert (Absätze 3 und 5) vermindert um einen Abzug (Absatz 4) sowie“ | § 11 Absatz 2, page 7 |
| Acquisition costs spread over at least five years or the whole term (rule quoted) | yes | „Die Abschluss- und Vertriebskosten verteilen wir über einen Zeitraum von fünf Jahren …“ | § 7 Absatz 3, page 5 |
| Costs quantified in the terms or reference to other documents (quoted) | yes | „Mit Ihrer Versicherung sind Kosten verbunden.“ | § 7 Absatz 1, page 5 |
| Ongoing charges as a percentage of the fund value (rate quoted) | not addressed | ||
| Insurer may raise costs or fees during the term | not addressed | ||
| Profit participation regulated (cost and risk surpluses, valuation reserves in payout) | yes | „Wir beteiligen Sie an dem Überschuss und an den Bewertungsreserven.“ | § 4 Absatz 1, page 3 |
Framework and country items
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Health questions or duty of disclosure for the main policy | not addressed | ||
| Restriction of the death benefit in case of war or NBC weapons | not addressed | ||
| Rule on moving abroad (notification, tax consequences, continuation) | not addressed | ||
| Reference to the German tax rule (payout after twelve years and from age 62) | not addressed | ||
| Austrian insurance tax and minimum term for single premiums (10 or 15 years, quoted) | not addressed | ||
| Annuitisation in Austria: mortality table and interest rate fixed only at pension start | not addressed | ||
| Spain: structured as PIAS or SIALP (tax wrapper quoted) | not addressed | ||
| Spain: express notice that the policyholder bears the investment risk | not addressed |
Evaluated by NAMMERT from published policy wordings.
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Policy wordings and provider
- Legal entity
- HUK-COBURG-Lebensversicherung AG
- Distribution
- brokers and direct
- Allgemeine Versicherungsbedingungen Premium-Rente Edition: PR 2021.01 V4 (2023.12) 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 HUK-COBURG Premium-Rente and available as plain text.
Volltext HUK-COBURG Premium-Rente Fondspolice · As text (Markdown) HUK-COBURG Premium-Rente Unit-linked pension