Requirements for asset management insurance contract

The possibility of choosing from several predefined investment strategies does not make an endowment insurance policy into an asset-managing insurance contract.

An asset-managed life insurance policy in which separate management of investments compiled specifically for this policy has been agreed in the insurance contract and the customer can directly or indirectly determine the sale of the investments and the reinvestment of the proceeds is treated differently from other life insurance policies for tax purposes. However, the customer's ability to choose from several standardized investment strategies does not make the insurance contract an asset-managed life insurance policy. Also, the fact that the insurance benefit depends on the performance of the investment stock and that the customer has the option to terminate the insurance contract does not, in the view of the Federal Fiscal Court, constitute an indirect power of disposition that would lead to a different assessment.