Insurance broker / Unit-linked pension insurance / Policy wording archive Unit-linked pension
NÜRNBERGER fondsgebundene mit Garantiefonds: the policy wording in full
Fondsgebundene Rentenversicherung mit Erlebensfallgarantie, die über einen Garantiefonds und bei Bedarf über das sonstige Vermögen gesichert wird, daneben freie Investmentanlage mit bis zu zehn Fonds; Leistungen und Optionen stehen in gesonderten Tarifbedingungen.
German market: tariffs for people living in Germany.
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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 NÜRNBERGER fondsgebundene mit
Garantiefonds.
Product and guarantee
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Pure unit-linked policy without guarantee (investment risk borne by the customer) | no | „Unabhängig von der Fondsentwicklung steht im Erlebensfall zum vereinbarten …“ | § 2 Absatz 5, page 2 |
| Premium guarantee at the start of the pension (percentage quoted in the text) | yes | „Unabhängig von der Fondsentwicklung steht im Erlebensfall zum vereinbarten …“ | § 2 Absatz 5, page 2 |
| Guarantee level selectable at inception and changeable during the term | not addressed | ||
| Hybrid model (general account, guarantee fund and free funds, rebalanced by the insurer) | yes | „eine Aufteilung auf Garantiefonds, freie Investmentanlage und sonstiges Vermögen.“ | § 3 Absatz 1, page 3 |
| Locking in of gains (lock-in, high-watermark protection, guarantee increase on request) | not addressed | ||
| Investment in the insurer's general account selectable (classic component) | yes | „Sofern dies nach anerkannten Regeln der Versicherungsmathematik zur Sicherstellung der …“ | § 2 Absatz 1, page 1 |
| 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 | „Die Beiträge zu Ihrer Rentenversicherung können Sie je nach ursprünglicher Vereinbarung …“ | § 4 Absatz 1, page 3 |
| Minimum regular premium (amount in limit, payment frequency in text) | not addressed |
Fund investment
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Free choice from a fund list (number of funds held at once quoted) | yes | „Ein Depot besteht aus maximal zehn verschiedenen Einzel- oder Dachfonds.“ | § 2 Absatz 1, page 1 |
| ETFs or index funds named as an investment option in the terms | not addressed | ||
| Managed portfolios or investment strategies of the insurer selectable | yes | „Die Auswahl der verschiedenen, dem Anlagestock zugrunde liegenden Investmentfonds sowie …“ | § 2 Absatz 1, page 2 |
| Switching funds for future premiums possible, number of free switches quoted | not addressed | ||
| Reallocation of the existing fund value (shift) possible, number of free shifts quoted | not addressed | ||
| Fee for switches or shifts beyond the free allowance (amount in limit) | not addressed | ||
| Automatic rebalancing (restoring the chosen allocation) | not addressed | ||
| Lifestyle switching (move into low-volatility assets before the pension starts) | not addressed | ||
| Insurer may replace or close funds without consent | yes | „Als Ersatz werden wir Ihnen einen neuen Fonds vorschlagen. Der neue Fonds soll dabei in …“ | § 19 Absatz 1, page 10 |
| Rule for suspension of redemptions or liquidation of a fund | yes | „Ein Fondswechsel gemäß § 6 der Tarifbedingungen ist während der Aussetzung und bei …“ | § 19 Absatz 4, page 11 |
| Valuation date for converting premiums and benefits into units defined | yes | „Bei Tod wird als Stichtag der letzte Börsentag vor dem Eingang der Meldung des …“ | § 2 Absatz 6, 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) | not addressed | ||
| Annuity factor guaranteed only in part (percentage quoted) | not addressed | ||
| Insurer may lower the annuity factor later (trustee clause) | not addressed | ||
| Best-of check at pension start (at least the guaranteed factor, otherwise current bases) | not addressed | ||
| Flexible pension start (bring forward or defer) | not addressed | ||
| Earliest pension start (age quoted) | not addressed | ||
| Latest pension start or maximum age at the end of accumulation (age quoted) | not addressed | ||
| Lump sum option instead of pension, notice period quoted | not addressed | ||
| Partial lump sum at pension start (remainder as pension) | not addressed | ||
| Transfer of fund units to a custody account instead of cash payment | not addressed | ||
| 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 | not addressed | ||
| Commutation of very small pensions (threshold in limit or text) | not addressed |
Death and additional cover
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Death benefit before pension start (fund value, return of premiums or minimum, quoted) | not addressed | ||
| 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) | yes | „Bei vorsätzlicher Selbsttötung der versicherten Person vor Ablauf von drei Jahren seit …“ | § 10 Absatz 1, page 8 |
| Waiver of premium on occupational disability as a rider | not addressed | ||
| Long-term care option (higher pension in case of care need) | not addressed | ||
| Beneficiary freely nominated and changeable (revocable or irrevocable) | yes | „Sie können ausdrücklich bestimmen, dass der Bezugsberechtigte sofort und unwiderruflich …“ | § 15 Absatz 2, page 9 |
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 | „Bei Zuzahlungen werden die Abschluss- und Vertriebskosten bei Zuzahlungseingang …“ | § 6a Absatz 2, page 6 |
| Partial withdrawals before pension start (minimum and remaining value in limit or text) | not addressed | ||
| Fee or deduction on partial withdrawal | not addressed | ||
| Premium holiday or deferral without losing the contract (maximum duration quoted) | yes | „Bei Zahlungsschwierigkeiten können Sie mit einer Frist von einem Monat zur nächsten …“ | § 6 Absatz 8, page 5 |
| Increase or reduce the premium during the term | not addressed | ||
| Making the policy paid-up (minimum fund value in limit or text) | not addressed | ||
| Reinstatement after paid-up status or holiday (period quoted) | yes | „Befristete Umwandlung mit automatischer Wiederinkraftsetzung“ | § 6 Absatz 8, page 6 |
| Indexation: scheduled premium increases, right lapses after repeated refusal (quoted) | yes | „Sind planmäßige Erhöhungen der Beiträge und Leistungen nach NÜRNBERGER Plus vereinbart …“ | § 6 Absatz 8, page 6 |
| 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 - jedoch nur vor Beginn der Rentenzahlung - zum …“ | § 6 Absatz 1, page 4 |
| Surrender value equals the fund value (calculation described) | not addressed | ||
| Surrender charge on termination or paid-up conversion | none | „Einen Stornoabzug (§ 169 Absatz 5 VVG) nehmen wir nicht vor.“ | § 6 Absatz 2, page 4 |
| Acquisition costs spread over at least five years or the whole term (rule quoted) | yes | „Die dort genannten Abschlusskosten werden bei laufender Beitragszahlung gleichmäßig …“ | § 3 Absatz 1, page 2 |
| Costs quantified in the terms or reference to other documents (quoted) | not addressed | ||
| Ongoing charges as a percentage of the fund value (rate quoted) | yes | „Zur Deckung der Kosten des Kapitalanlagemanagements bei einem Managed Fund wird eine …“ | § 2 Absatz 1, page 2 |
| Insurer may raise costs or fees during the term | not addressed | ||
| Profit participation regulated (cost and risk surpluses, valuation reserves in payout) | yes | „Wir erläutern Ihnen, • wie wir den in einem Geschäftsjahr entstandenen Überschuss …“ | § 17 Absatz 1, page 9 |
Framework and country items
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Health questions or duty of disclosure for the main policy | yes | „In diesem Fall können wir von Ihnen die Kosten für ärztliche Untersuchungen im Rahmen …“ | § 5 Absatz 1, page 3 |
| Restriction of the death benefit in case of war or NBC weapons | yes | „Bei Ableben der versicherten Person in unmittelbarem oder mittelbarem Zusammenhang mit …“ | § 9 Absatz 2, page 8 |
| Rule on moving abroad (notification, tax consequences, continuation) | yes | „Dies gilt auch dann, wenn gegebenenfalls keine steuerliche Ansässigkeit im Ausland …“ | § 21 Absatz 3, page 11 |
| 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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legally only the wording of your own contract in the edition stated there applies.
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Policy wordings and provider
- Legal entity
- NÜRNBERGER Lebensversicherung Aktiengesellschaft
- Distribution
- brokers and direct
- Allgemeine Bedingungen für die Fondsgebundene Rentenversicherung mit Garantiefonds (GN 331572) Edition: GN331572_202612 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 NÜRNBERGER fondsgebundene mit Garantiefonds and available as
plain text.
Volltext NÜRNBERGER fondsgebundene mit Garantiefonds Fondspolice · As text (Markdown) NÜRNBERGER fondsgebundene mit Garantiefonds Unit-linked pension