Selected Life Old-Age Pension Products

AbstractThis product range includes, like the first, the basic product of pension insurance—a permanent monthly pension. However, it also contains products in which a permanent pension is extended by a guarantee of the payment of pensions during the first seven years of payment of the pension, either to the policyholder of the pension or to his survivors in the event of his/her death. These hitherto mentioned pensions are extended in other products by a survivor’s pension for one or two years with a geometrically rising annuity by a certain percentage yearly. This offer of products is also inspired by the offer of pension products, which are listed in Act 43/2004 Coll. This product range is general and can be a basis for other products that could be offered not only within the European Union. The calculation of the amount of pensions in this chapter is made on the basis of classical actuarial modelling and forms the basis for profitability testing in Chap. 5.