Anyone who has not reached the age limit specified in the contract terms (65 years in the case of the Allianz Life Program, and 55 years in the case of the Allianz Bonus Life Program), and who has not become entitled to a pension in their own right and has not reached the applicable retirement age for old-age pension.

Pension insurance helps to lay the foundation for carefree retirement years by providing a pension insurance service in the case of the following insured events.

If:

• the insured person becomes entitled to pension in their own right according to the law on social security pension (retires); or
• the insured person’s health is impaired at least to a degree of 40%, provided that, at the time of the conclusion of the pension insurance contract, the health impairment of the primary insured person did not reach 40%; or
• the insured person reaches the general retirement age applicable to them at the time of the conclusion of the pension contract.

 

If 10 years pass between the conclusion of the contract and the payment of the annuity, a service of any length can be selected, and if a period of less than 10 years has passed, a service lasting at least 10 years can be selected.

Lump sum services can be provided in the following cases:

• If the beneficiary claims the service due to a health impairment of more than 40%.
• If, pursuant to Section 89(8) of Act CXVII of 1995 on Personal Income Tax, the monthly amount of the pension insurance allowance does not reach the statutory amount (HUF 5,000 in the case of contracts concluded after 31 December 2016, and HUF 10,000 in the case of contracts concluded before that).

Pension insurance services are exempt from interest taxes and inheritance taxes.

A 20% tax credit of a maximum HUF 130,000 is available for the (regular, top-up and single) premiums paid for the contract. Even a total annual tax credit of HUF 280,000 can be achieved in the case of pension insurance, retirement savings accounts (RSA) and voluntary pension fund payments, but no tax relief is available for the costs (fees) of risk insurance.

The tax relief is credited to the pension insurance contract. It corresponds to 20% of the annually paid premiums but cannot exceed HUF 130,000.

If the contract terminates before the start of the provision of the pension insurance service, or if it is amended in such a manner that thereafter it is no longer considered pension insurance, or if the insurer performs a lump sum or continuous cash withdrawal based on the pension insurance contract, the tax relief used plus 20 per cent must be repaid to the tax authority. 

Our target date Funds (for HUF based Life Programs CDA, CDB, CDC, CDD, CDE, CDF, CDG, for EUR based Life Programs CEC, CED, CEE) are especially suitable for the investment of retirement savings, since the proportion of risky investments in the Fund decreases as the target date approaches. In addition to this, for the implementation of your investment plans, you can also select the options that are the most suitable for you from the extensive Funds we offer. The Allianz Life Programs with a pension clause offer various Funds that can be individually compiled, among which all common fund types are available.

Your choice of Fund depends on your risk appetite. You as the Policyholder are entitled to choose from the different Funds. The investment risk is also borne by you as the Policyholder.

Taking the coverages provided into account, you can compile your insurance protection individually with the help of our consultants, or in case of HUF based Life Programs you can choose from our pre-compiled insurance packages that are created based on typical life situations. The Allianz Life Programs basic insurance with a pension clause includes a service relating to the death of the main insured person as a result of a traffic accident. All other life, accident and health insurance can be selected by you for inclusion in the contract. You can find more information about our supplementary insurance products here.

The return on the investments is greatly affected by the costs arising in connection with the investments. The lower these costs, the more the investor keeps of the return realised on the investment. You can find the current Total Cost Indicators here. 

HUF based Life Programs:

The premium can be paid to the following bank account of the insurer:

         ·  OTP Bank Nyrt: 11794008-21349434-00000000

EUR based Life Programs:

            The premium can be paid to the following bank account of the insurer:

           OTP Bank Nyrt: 11763945-03700888-00000000

            IBAN: HU23 1176 3945 0370 0888 0000 0000

            BIC (SWIFT): OTPVHUHB

You can also include your ad hoc extra income in the contract, even for a short term, by paying a top-up premium.

 We provide the following to you regarding top-up premiums: 

·         Wide range of asset Funds

·         Free switching between Funds

·         Competitive returns.

·         We provide all this in a cost-effective manner, since only a 1.19% fund management/asset-proportionate cost will be charged on the amount invested by you.

If you choose a Life Program with a pension clause, you can change both your investments and your insurance protection during the term, taking the restrictions into consideration. To ensure that you make responsible and effective decisions, your financial consultant will be at your disposal throughout the term.

Regarding your savings,

·         you can choose a new fund distribution for your investments at any time;

·         you can profitably invest larger one-time amounts at any time in addition to your regular savings;

·         you can also invest your top-up and regular savings according to different fund distributions.

Regarding your insurance,

·         you can extend the insurance protection to someone who is important to you;

·         you can change the insurance protection according to your current life situation;

·         you can increase or reduce the sums insured.

Please note that, for contracts concluded after 31 December 2016, the above amendments concerning the insurance protection can be initiated from the second year of the insurance term.

Please also note that the cost of insurance protection, i.e. the additional insurance coverage chosen by the policyholder, is deducted from the unit account, which reduces the savings for retirement.Contracts concluded before that can be amended at any time during their term. For information about amendment options, please click here.

The Loyalty Bonus available under the Allianz Bonus Life Program (HUF and EUR) with a pension clause is designed to encourage long-term self-care. The Loyalty Bonus is credited by the insurer to the contract, once per insurance year, starting from the first year. The amount of future bonuses can be reduced if you initiate a cash withdrawal from the units created from the regular premiums paid for the contract, if you reduce the regular premium or if you make the contract paid-up. Future loyalty bonuses will be cancelled in the event of surrender.