Swiss Life
Premium Vitality Duo
General Policy Conditions
Effective as of 1 June 2020

Swiss Life GPC I EP333

Dear Customer
We are delighted that you have chosen our pension solution, offering the possibility of unit-linked savings with insurance protection. You benefit from the flexibility of a combined pension plan which enables
you to switch between tax-qualified provisions (pillar 3a) and non-tax-qualified provisions (pillar 3b) inline with your needs.
We hereby enclose the General Policy Conditions (GPC) detailing everything you need to know about
your fund-unit-linked life insurance. All the information on your insurance contract which we are required
to give you under the law has been integrated into the General Policy Conditions, the application andthe policy. We would be happy to answer any questions you may have on this.
The General Policy Conditions apply for both tax-qualified (pillar 3a) and non-tax-qualified (pillar 3b)
provisions. Where certain conditions only apply to one of the two types of coverage this is clearlystated.
Yours sincerely
Swiss LifeIn the interest of readability, the singular form is used throughout even when more than one person is involved. All role and job descriptions refer equally to men and women.

Swiss Life GPC I EP333

2 | 20Overview
1

Information on your insurance contract

4

2

Definition of key terms

53Your insurance solution
3.1 Your advantages at a glance
3.2 Unit-linked savings with insurance protection
3.3 Additional insurance for disability and death
3.4 More flexibility with the combined pension
plan

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Insurance benefits
4.1 Benefit upon survival
4.2 Death benefits
4.3 Benefits in the event of disability
4.4 Extent of coverage
4.5 Exclusions
4.6 Bonus
4.7 How do you receive your benefit uponsurvival?
4.8 Procedure in the event of death
4.9 How do you receive your disability benefits?

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Valuable information on the premiums
5.1 Premium calculation
5.2 Premium guarantee
5.3 Notes on premium payments
5.4 What happens if you do not pay thepremiums on time?
5.5 Premium interruption
5.6 Conversion to paid-up insurance and theimplications
5.7 Additional pillar 3a payments
5.8 Tax deductibility of premiums
5.9 How we use your premiums
5.10 Choice of funds
5.11 Commissions and duties
5.12 Use of distributions from investment funds
5.13 Change in the range of funds
5.14 Exit management

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Swiss Life GPC I EP333

6Your insurance contract15
6.1 Notes on the conclusion of your insurance
contract
15
6.2 Duration of your insurance coverage
15
6.3 Partial or full surrender of your contract
16
6.4 Terminating your insurance contract
prematurely
16
6.5 Annual statements
17
6.6 Establishing the order of beneficiaries
17
6.7 Pledging and assigning your insurance
entitlements
17
6.8 Granting an interest-bearing loan
18
6.9 Notices and disclosure obligation
18
6.10 Special agreements
18
6.11 Place of performance18
6.12 Data protection
18
6.13 Amendment of the General Policy Conditions 19
6.14 Limitations on sales outside Switzerland
19
6.15 Contacts
19
6.16 Applicable law
19
6.17 Place of jurisdiction for claims arising fromyour insurance contract
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Contractual relationship in the event of war
7.1 Military service
7.2 War

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3 | 201 Information on your insurance contract
Under the Federal Law on Insurance Contracts (VVG) we are obliged to inform you of your contractual
party and of the key details of your insurance contract.
Your contractual party is Swiss Life. Swiss Life is a life insurance company offering comprehensive benefits coverage for occupational pension provisions (second pillar) and for private provisions (third pillar).
Swiss Life, a public limited company under Swiss law with its head office in Zurich, is entered in thecommercial register as:
Swiss Life Ltd
General-Guisan-Quai 40
8002 Zurich
The present General Policy Conditions contain the following information in the sections indicated below:• Scope of insurance coverage
4.1, 4.2, 4.3• Calculation of and participation in bonus
4.6• Policyholder's obligations
4.7, 4.8, 4.9• Termination of the insurance contract
6.4• Processing of personal data
6.12
You will find the following information in the insurance application and policy:• Insured risks• Premiums owed
• Term of the insurance contract
The application also provides information on the following:• Surrender and paid-up values of the insurance

Swiss Life GPC I EP333

4 | 202 Definition of key terms
Fund units
Fund units represent the participation in an investment
fund and are a claim vis-à-vis the fund managementcompany to participate in the assets and the return on
an investment fund. The fund assets allocated to theinsurance contract constitute the assets underlying thefund-unit-linked life insurance. Benefits arising fromthe insurance contract depend on the performance of
the underlying assets. The fund assets are held by
Swiss Life in its own name.

The terms explained below are used consistently throughout this contract and are placed in italics.
"You" refers to the policyholder, i.e. the person who concludes the insurance contract with Swiss Life. The policyholder is Swiss Life’s contractual partner and thus assumes all rights and obligations under the insurance contract.
“We” refers to Swiss Life, the insurance company withwhich you have concluded the insurance contract.

B Basis for calculation
The basis for calculation comprises factors used to
calculate the premiums and benefits. The basis for calculation includes statistical information from mortalityand disability tables which show the probability of theoccurrence of the insured event. If a technical interest
rate is used in the calculation, this also forms part ofthe basis for calculation. The technical interest rate
and the information on the applicable mortality anddisability tables are shown in the policy.
Bonus
Bonuses are non-guaranteed benefits, which we credit
to your insurance contract each year in the form ofparticipation in the surplus if the risk or cost result for
the financial year turns out better than projected in thecalculations underlying the premium.

D Detailed statement
The detailed statement is an annual statement which
you receive at the beginning of every insurance year.
The statement shows the insurance benefits, the current fund assets and the allocation and level of yourbonuses.

F Fund assets
By investing your savings premiums in investment
funds, your insurance builds up fund assets. The fundassets correspond to the value of all the fund units inyour chosen investment fund on a specific day. The
value of the fund units is determined on the basis of
the relevant closing price of the investment fund. We
do not give any guarantee as to the value of the fundunits.

Swiss Life GPC I EP333

H Head office
Swiss Life’s head office is located in Zurich.
Swiss Life Ltd
General-Guisan-Quai 40
8002 Zurich

I

Insurance year
The beginning of the insurance year is defined in thepolicy.
Investment and divestment
Investment in investment funds involves allocating therelevant number of fund assets to the assets underlying the insurance contract. In the case of divestment in
the event of survival or death as well as surrender orpartial surrender, the underlying assets are reduced by
the corresponding number of fund assets.
Investment fundAn investment fund is a collective investment which afund management company manages for the investor
based on the principle of risk distribution. Investors
participate in the investment fund by acquiring fundunits. In the case of Swiss Life Premium Vitality Duo,
Swiss Life is the investor.

P Paid-up value
The paid-up value is the amount of the insurance benefit after the insurance has been converted into a premium-free policy before the obligation to pay premiums has expired.
PolicyThe policy is the contract document which in particularshows the level of the insured benefits and of the premiums.

5 | 20Premium
The premium is the amount you pay to finance the insured benefits and the costs.

S Savings premium
The savings premium corresponds to the portion of thepremium for the fund-unit-linked life insurance that remains for investment in fund units after the costs incurred in connection with your insurance have been
subtracted. The costs incurred with your insurance
consist of the costs for any insurance cover in theevent of death and expenses for advisory services andfor the conclusion and management of the contract.
Surrender
Surrender is the insurance term for terminating thepolicy before the end of its term at your request.

W Waiting period
The insurance benefits for disability are not paid out
until expiry of a waiting period calculated from the onset of disability. The applicable waiting period is shownin your policy.

Swiss Life GPC I EP333

6 | 20

3 Your insurance solution
3.1

Your advantages at a glance

Swiss Life Premium Vitality Duo is a fund-unit-linked life
insurance solution combining tax-qualified (pillar 3a) andnon-tax-qualified insurance (pillar 3b). The insurance is financed with monthly premiums and comprises a guaranteed lump-sum death benefit or a waiver of premiums in
the event of disability.
If you would like more extensive hedging of the financial
risk upon death or disability, Swiss Life Premium Vitality
Duo offers you additional insurance coverage.
Swiss Life Premium Vitality Duo represents an ideal combination of insurance and tax advantages.

3.2

Unit-linked savings with insurance
protection

Fund portfolio (example)

10%

25%

20%

20%

25%

CHF bond fund
EUR bond fund
Equity fund - Switzerland
Equity fund - Europe
Equity fund - Global

In the event of death during the term of the insurance contract, we pay out the fund assets. If a guaranteed lumpsum death benefit is insured under the fund-unit-linked life
insurance and its amount is greater than the fund assets,
we will pay out the guaranteed lump-sum death benefit instead of the fund assets.

3.3

To protect against the financial consequences of disability,
we provide the following options:• Disability income• Short-term disability benefit• Waiver of premium in the event of disability
There are two types of pension in each case:• Disability income in the event of illness or accident• Disability income in the event of illness
To protect against the financial implications of death we
provide the following additional options:• A fixed lump sum in the event of death resulting from illness or accident• A lump sum in the event of death resulting from illness
or accident, which decreases on an annual basis• Additional lump sum in the event of death as a result ofan accident

3.4

A range of different investment funds with various risk
characteristics are available in which you can invest yoursavings premiums.
You choose one or more investment funds based on yourrisk capacity and risk appetite.
In the event of survival upon expiry of the insurance contract, the benefits from the fund-unit-linked life insurance
correspond to the fund assets.

Swiss Life GPC I EP333

Additional insurance for disability anddeath

More flexibility with the combined pension
plan

Design your own insuranceWith its combined pension plan, Swiss Life Vitality Duooffers you flexibility in line with your personal situation.
This allows you, for example, to pay future premiums
into pillar 3b instead of 3a on leaving gainful employment or when your earned income drops.
The combined pension plan
Swiss Life Vitality Duo links a pillar 3a and pillar 3b contract, if required, and enables you to switch from pillar 3a
to pillar 3b and vice versa, with the basis for calculation
remaining unchanged. This guarantees that the insurance
coverage agreed upon conclusion of the contract continues
for the entire term of the contract.

7 | 20When you switch from pillar 3a to 3b and vice versa, theinsurance contract continues as paid-up insurance in the
one pillar. Future premiums are paid into the insurance
contract in the other pillar. Any additional cover for disability or death is maintained through insurance with identical
coverage in the other pillar.

If the same amount of premiums for the pillar 3b insurance contract is not paid for at least five consecutive
years, the premium payments are generally subject tostamp duty on life insurance premiums. In such cases wewill charge the stamp duty to you.

The insurance contracts in pillars 3a and 3b have thesame expiry date.
With premature termination of either the 3a or 3b insurance contract, you lose the right to a later conclusion of anew (second) insurance contract in the framework of the
combined pension plan within the meaning of these General Policy Conditions.
In the case of a combined pension plan, a switch from pillar 3a to pillar 3b becomes necessary if the policyholder
no longer fulfils, or only partially fulfils, the preconditions
for pillar 3a insurance (termination of gainful employment
or reduction of earned income).
Premiums
Premium for pillar 3a contract

Term of insurance
Premium for pillar 3b contract

Term of insurance

Fund assets 3aFund assets 3b
Premium 3a

Premium 3b

Premium 3a

Survival: Fund assets 3a + 3b

Benefits

Term of insurance

Swiss Life GPC I EP333

8 | 204 Insurance benefits
4.1

Benefit upon survival

If the insured person survives to the expiry of the contract,
we will pay out the fund assets.

4.2

Depending on the degree of disability of the insured person, the obligation to pay premiums is waived in full or inpart after the waiting period has expired. In this case we
assume responsibility for making the relevant future premium payments.

Death benefits

If the insured person survives the term of the contract, we
will pay the fund assets. If a guaranteed lump-sum death
benefit is insured under the contract and its sum is higher
than the fund assets, we will pay out the guaranteed
lump-sum death benefit instead of the fund assets.
The key date of the calculation of the fund assets is thedate of receipt of the death notice at our head office in
Zurich. The guaranteed lump-sum death benefit is shownin the policy.
Supplementary insurable benefits
The benefits described below are insured if they arestated in the policy.

Supplementary insurable benefits
The benefits described below are insured if they arestated in the policy.
Disability income
Depending on the degree of disability of the insured person, the agreed benefit is paid out in full or in part after
the waiting period has expired.
Disability income
Onset ofdisability
Earning capacity

Disability
Waiting period

Pension after waiting period

Fixed lump-sum death benefit
If the insured person dies before the contract expires, wewill pay out the additionally insured benefit.
Annually decreasing benefit in event of death
The insured death benefit decreases annually by a fixedamount. If the person dies before the contract expires, wewill pay out the additionally insured benefit.
Insurance in the event of death due to an accident
If the insured person dies as a result of an accident within
two years of the date of the accident, we will pay out theguaranteed additional lump-sum death benefit.

4.3

Benefits in the event of disability

Waiver of premium in event of disability
If the fund-unit-linked life insurance does not comprise aguaranteed lump-sum death benefit, the waiver of premium in the event of disability must be covered by mandatory insurance and cannot be excluded. The waiver of premium in the event of disability can be included as an additional benefit if a guaranteed lump-sum death benefit is incorporated in the fund-unit-linked life insurance.

Swiss Life GPC I EP333

Term of insurance

Short-term disability benefit
Depending on the degree of disability of the insured person, the agreed benefit is paid out in full or in part for a
maximum of 21 months after the waiting period of threemonths has expired.
If the insured person becomes disabled again after having
recovered full earning capacity, a maximum benefit periodof 21 months applies, if one of the following conditions is
met:• A new onset of disability due to the same cause, after
the insured person was fully capable of earning for thelast twelve months• Disability due to another cause.

9 | 20Definition of disability
An insured person is disabled if, due to a medically andobjectively established illness or an accident, the person
is totally or partially incapable of working in their own occupation or in any other suitable occupation, resulting in aloss of earnings. Any suitable occupation is one whichcorresponds to the insured person’s abilities and situationin life, even if the requisite knowledge and skills must firstbe acquired through retraining.

4.4

The basis for determining the degree of disability – depending on the insured person’s situation in life – is theiroccupation, their earned income, or a combination of bothfactors. If the insured person earns an income, the benefit
to be granted is determined by the degree to which this income falls short of the prior income, expressed in percent.
If the insured person does not pursue any gainful activity,
a comparison with the previous level of gainful activity determines the degree of disability.

Increased risk
Increases in risk after the application is signed are covered.

With a degree of disability of 662/3% or more, an entitlement exists to the full benefit. If the degree of disability isless than 25%, there is no entitlement to benefits.
The agreed annuity is paid out in full or in part following
expiry of the waiting period.
We do not enforce a new waiting period if, within 12
months of resuming full earning capacity, disability reoccurs due to the same cause. The condition for full earning
capacity is met if the degree of disability is less than 25%.
The disability benefit represents a form of casualty insurance, because the extent of the injury or impairment (degree of disability) – rather than the event – determines thelevel of the benefit. We will renounce our right of enforcement of a possible over-insurance and the thereby reduction involved in the indemnity event.
Waiting period overview
Disability
Waiting
periodPension after
waiting period

Earning capacity

Disability fromsame cause

Full earning
capacity (lessthan 12 months)

Pension without
waiting period

Extent of coverage

Worldwide cover
The insurance cover is valid worldwide, provided no expressly agreed exclusion applies.
Gross negligence
We will waive a reduction of benefits if a claim is the resultof gross negligence.

4.5

Exclusions

Death by suicide
If the insured person commits suicide within three years
after the commencement of the insurance, there is no insurance coverage in the event of death. We will only pay
the surrender value of the insurance. A new three-year period begins if the death coverage is increased.
These stipulations also apply if the insured person was
non compos mentis or suffering from diminished competency at the time of suicide.
If the insured person commits suicide after the three-year
period has expired, full coverage is retained.
Restrictions with regard to disability
There will be no entitlement to benefits if the disability has
been intentionally self-inflicted or is the result of active
participation in a war, war-like activities or civil disturbances.
Entitlement to benefits in the event of disability (annuities
and/or waiver of premium) lapses as soon as the insured
person gives up their residence in Switzerland and possesses neither Swiss citizenship nor the C settlement
permit.
Restrictions with regard to death
There will be no insurance coverage if the death of the insured person is the result of active participation in a war,
war-like activities or civil disturbances. We will only pay
the surrender value of the insurance.

Term of insurance

Swiss Life GPC I EP333

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4.6

Bonus

Guarantee and bonus
With fund-unit-linked life insurance, positive returns result
if the actual risk and cost experiences are more favourable than was assumed when calculating the premiums forthe insured benefits applied for.
We pass on your share of the positive returns to you in
the form of bonuses.
As investment income and risk and cost experience areparticularly prone to fluctuations, future bonus distributions cannot be guaranteed.
Bonus reserve
At the end of the financial year, we determine the share of
the positive result to be allocated to the bonus reserve.
The bonus reserve enables us to offset, to a certain extent, annual fluctuations in the bonus allocation.
Terms of bonus allocation
We determine the amount to be taken from the bonus reserve annually and allocate it to our customers.
Risk bonuses, cost bonuses and interest bonuses are allocated monthly.
Bonuses allocated under the insurance contract are incorporated into your insurance contract in the form of additional fund units.
Annual information and modification clause
We inform you annually of the bonus allocation.
We are entitled to change the terms and conditions of thebonus allocation and the bonus application system during
the term of your insurance contract, but we are obliged to
inform you and the supervisory authority in advance ofany such changes.

4.7

We are entitled to request further clarifications, documents
and reports which we deem necessary to examine andevaluate the scope of benefits. In order to establish theentitlement to benefits, we may request copies of the will,
the family certificate, and the certificate of inheritance orother documents.
Once we have completed our clarifications, we pay thebenefits to the entitled persons.

4.9

How do you receive your disability
benefits?

The disability of the insured person must be reported to us
at least one month prior to expiry of the waiting period. If
the notification of disability is made at a later date, the entitlement will only be applicable from the date of notification.
During the period in which the claim for disability benefits
is being examined, premiums remain due in full. When theclaim to disability benefits is recognised, we reimburse
any excess premiums you have paid.
We reserve the right to request medical examinations by adoctor or to obtain further information from the insured
person or a third party. In this regard, you are obliged toprovide us with the necessary information or to enable us
to procure such information.
You must notify us immediately of any change in the degree of disability or professional activity while you are receiving disability income or during a period in which thepremium is being waived. We reserve the right to review
your disability status at any time. Any excess or unwarranted benefits received must be reimbursed.

How do you receive your benefit uponsurvival?

We pay the benefit upon expiry of the insurance in accordance with your payment instructions.

4.8

Procedure in the event of deathWe must be informed as soon as possible of the death of
the insured person or the policyholder. We provide youwith the forms required in addition to the policy and the official death certificate.

Swiss Life GPC I EP333

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5 Valuable information on the premiums
5.1

Premium calculation

The premiums for the insured benefits are determined using the basis for calculation applied to this insurance
contract.
The premiums for disability income are based on the risk
category assigned to the insured person. The allocation
into risk categories is based on the occupation exercised,the education and training completed and the nature of
employment of the insured person, or other criteria.
The risk category applicable on conclusion of the contract
applies for the entire term of the insurance. If the benefit isincreased or an additional benefit is included in the contract during the term of the insurance, the current risk category is applied at the time of the increase or inclusion.

5.2

Premium guarantee

Upon conclusion of the contract, the premiums agreed are
guaranteed for the entire term of the contract, with the exception of the premiums to finance disability income.
These premiums can be adjusted annually in line with theclaims experience. The premiums cannot be adjusted
while disability income is being received.

5.3

Notes on premium payments

Swiss Life Premium Vitality Duo is financed with monthly
premiums. The amount of your premiums is stated in yourpolicy and in your detailed statement. The initial premiumis payable upon conclusion of your insurance contract.
You can pay subsequent premiums by direct debit.
The premium is only considered to have been paid if all
previously due premiums have also been received in full.

5.4

What happens if you do not pay thepremiums on time?

Initial premium
If you do not pay the initial premium on time we will send
you a reminder. If the premium has still not been paid by
the 14-day payment period stated in the reminder, the insurance contract will be terminated.

Swiss Life GPC I EP333

Subsequent premium
If you fail to pay a subsequent premium on time we will
send you a reminder. If the premium has still not been
paid after expiry of the 14-day payment period stated in
the reminder, we will convert the insurance contract topaid-up insurance or terminate the contract if conversion
is not possible.

5.5

Premium interruption

Pillar 3a
After three insurance years at the earliest and the payment of three whole annual premiums, you may request
premium interruption for a maximum of one year. The startand end of premium interruption must always fall on a premium due date.
Premium payments are suspended for a maximum of one
insurance year during the interruption. The premium due
during the interruption is taken from the insurance contract, which reduces the survival and death benefits. Any
supplementary insurance is unaffected. The premium
taken from the insurance contract is treated as a credit
balance within the insurance contract and doesn’t earn interest or entail any bonus entitlement. The credit is used
to finance any premiums due during the interruption plus
any interest rate risk financing costs.
In the event of death or surrender any remaining share ofthis credit will be paid out.
In the case of indexed contracts, where premiums are
based on the maximum deduction from pillar 3a, a switch
to level premiums may be necessary prior to the start ofthe premium interruption.
No more than three premium interruptions are permitted
during the contract term.
Pillar 3b
After five insurance years at the earliest and the paymentof five whole annual premiums, you may request premium
interruption for a maximum of one year. The start and endof premium interruption must always fall on a premiumdue date.

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Premium payments are suspended for a maximum of one
insurance year during the interruption. The premium due
during the interruption is taken from the insurance contract, which reduces the survival and death benefits. Any
supplementary insurance is unaffected. The premium
taken from the insurance contract is treated as a credit
balance within the insurance contract and doesn’t earn interest or entail any bonus entitlement. The credit is used
to finance any premiums due during the interruption plus
any interest rate risk financing costs.
In the event of death or surrender any remaining share ofthis credit will be paid out.
No more than three premium interruptions are permitted
during the contract term. There must be a minimum of five
years between two premium interruptions, with the last interruption finishing no later than five years prior to expiryof the contract.
If the premium interruption triggers insurance premium
stamp duty, we will pass on this charge to you.

5.6

Conversion to paid-up insurance and theimplications

You may request for your life insurance to be converted topaid-up insurance. If conversion to paid-up insurance ispossible, this takes effect from the due date of the first unpaid premium.
Consequences of conversion to paid-up insurance
An insured lump-sum death benefit under the fund-unitlinked life insurance is reduced. All additional insured benefits lapse.
In particular it should be noted that after full conversion to
paid-up insurance in the one pillar of the insurance contract for which premiums had been payable, the benefitsof the insurance contract which is already paid up in theother pillar are reduced. The reason is the transfer ofcosts from one contract to the other.
If, in the case of conversion to paid-up insurance, the insured person is still entitled to disability income, we willcontinue to pay it. A new cause of disability does not giverise to an entitlement to disability income nor to an increase in the disability income. The disability benefits canbe adjusted following a reduction in the degree of disability. Disability income is not entitled to a bonus after conversion to paid-up insurance.

Swiss Life GPC I EP333

The entitlement to disability income ceases as soon as
the degree of disability falls below 25%, however, at thelatest, at the end of the contractually agreed benefit period.

5.7

Additional pillar 3a payments

During the term of the contract, you may make additional
payments, taking into account the legally stipulated maximum amounts, or you may apply for a transfer of pension
fund assets from another pillar 3a employee benefits institution. With additional inpayments, the basis for calculation at the time of the inpayment can become applicable.

5.8

Tax deductibility of premiums

In pillar 3a
In the case of direct taxes at federal, canton and municipality levels, employees and the self-employed can deduct their premiums for tax-qualified provisions (pillar 3a)from their income, up to the legally stipulated maximum
amounts. An additional incoming payment from assets
transferred from another pillar 3a employee benefits institution cannot be deducted from taxable income.
Premiums for tax-qualified provisions may be paid for up
to five years after attainment of the normal AHV retirementage, provided that you can prove you are still gainfully
employed.
Further advantages in pillar 3a
We enable you to adjust the premium with supplementary payments every calendar year to obtain the maximum possible tax-deductible amount.
In pillar 3b
In the case of non-tax-qualified provisions (pillar 3b), yourinsurance premiums are tax-deductible in accordance withthe flat-rate deduction.

5.9

How we use your premiums

Your premiums for unit-linked life insurance are used to finance your investment and to cover the costs associatedwith your insurance. The investment of the savings premium involves allocating the relevant number of fund units
to the assets underlying the insurance contract. Such allocation occurs within five working days of receipt of the single premium or your purchase order. The costs incurredwith your insurance consist of the costs for insurance coverage in the event of death and expenses for advisory
services and for the conclusion and management of thecontract.

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If your contract includes supplementary insurance benefits
in the event of death or disability, these premiums cover
the costs for the additional insurance coverage and the
additional expenses for advisory services and for the conclusion and management of the contract.

5.10 Choice of funds
We offer you a selection of different investment funds. You
decide, on concluding the contract, whether the savings
premiums should be allocated to one or several investment funds (fund mix).
We ensure that all investment funds comply with the investment regulations pertaining to pillar 3a.
Fund mix
In the fund mix you decide how your savings premiums
should be allocated to the investment funds available. You
can change the fund mix for the investment of your futuresavings premiums at any time.
Fund switch
During the term of the insurance contract you can reallocate the value of the fund units partly or entirely within theavailable investment funds.

5.11 Commissions and duties
We charge an issuing commission on the investment of
your savings premium in investment funds. The amount of
the issuing commission per investment fund is shown on
the fund overview, which you can order from our Customer Services or download from www.swisslife.ch/premiumvitalityduo.
In the case of divestment we waive our commission. If
stamp duty is due, for example from buying and selling
units in investment funds governed by foreign law, we will
deduct it from the fund assets.

5.13 Change in the range of funds
We may change the range of investment funds, by investing the value of the fund units in another investment fund,without charging commissions. We will notify you in writingof a change in investment fund.
Opportunities and risks
If the value of the investment fund increases, the fundassets in your insurance contract also increase. Similarly, if the value falls, the fund assets also decrease.
This market risk is borne by you.
We would like to point out that if the fund assets perform badly, the costs for covering the mortality risk may
rise.
Information on the investment fund can be found in therelevant fund brochures. These are available free ofcharge at www.swissfunddata.ch andwww.fundinfo.com, from your insurance advisor or fromour head office.

5.14 Exit management
You can include exit management when you make yourapplication.
Exit management allows the gradual exit from the selected investment funds into a low-risk investment definedby us.
No commissions are charged for reallocations made aspart of exit management. Reallocations of investment fundunits may be subject to stamp duty.
We pay out the fund assets upon expiry of the contract.

5.12 Use of distributions from investment
funds
Any distributions (including any reclaimable withholdingtax) from investment funds are reinvested in investment
funds of the selected fund portfolio. The resulting numberof fund units is then allocated to the assets underlying theinsurance contract. There is no commission due.

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6 Your insurance contract
Persons participating in the insurance contract
The persons defined below may participate in the insurance contract in various roles:

Preconditions for concluding a pillar 3a contract
It is only possible for employees and the self-employed toconclude pillar 3a contracts.

You are the policyholder. As the policyholder, you conclude the insurance contract with us. You thus assume
the associated rights and obligations.

Spouses or registered partners may only take out a taxqualified individual insurance product on their own behalf.
Therefore, every spouse or registered partner in gainful
employment must take out their own pillar 3a insurance
contract.

The insured person is the person on whose life the insurance has been taken out. With Swiss Life Premium
Vitality Duo the policyholder and the insured person are
identical.

6.2

As the policyholder, you are the premium payer, unless you have named another person as the premium
payer.

Provisional life insurance coverage
The provisional insurance coverage commences upon receipt of your signed application at our head office in Zurich but, at the earliest, on the date from which coveragehas been requested.

The beneficiaries are the individuals entitled to the insurance benefits. You can designate the beneficiaries.

6.1

Notes on the conclusion of your insurance
contract

We examine your application and notify you of our decision in writing. The insurance contract is concluded upon
acceptance of the application. Issuance of the policy signifies acceptance of the application.
Duty to disclose
In the case of conclusion of the insurance contract, the arrangement of additional benefits, an increase in benefits
or shortening of the waiting period, you must answer ourquestions fully and truthfully.

Duration of your insurance coverage

We grant no provisional insurance coverage if the insured
person• dies before the commencement date applied for, or• was being treated by a doctor at the time of making theapplication or has been undergoing treatment during thepast six months, or• was not fully capable of working at the time of making
the application.
The provisional coverage lasts no longer than 60 days
and lapses upon acceptance or rejection of your application.
The provisional insurance coverage is limited to
CHF 300 000 for one person.

If you provide any incorrect or incomplete information, we
may give notice on the insurance contract within fourweeks of becoming aware of the failure to observe thedisclosure requirement.

Definitive coverage
The definitive insurance commences as soon as the contract is concluded but, at the earliest, on the date fromwhich coverage has been requested.

Revocation of application
If you rescind the application in writing within 14 days ofsigning, you are released from all obligations vis-à-vis us
and the insurance contract does not come into effect.

The definitive insurance ends
• upon survival of the insurance term
• upon the death of the insured person• upon premature termination of the contract.

Your insurance coverage expires once you send the notification of revocation.

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6.3

Partial or full surrender of your contract

Partial surrender
You are entitled to ask for a part of the surrender value of
your insurance contract to be paid out. Partial surrender
reduces an insured lump-sum death benefit under thefund-unit-linked life insurance. The new insured benefits
are to be documented in an updated policy.
Full surrender
You are entitled to ask for the full surrender value of yourinsurance contract to be paid out. If you opt for a full surrender, your insurance contract is terminated.
If, in the case of surrender, the insured person is still entitled to disability income, we will continue to pay it. A newcause of disability does not give rise to an entitlement todisability income nor to an increase in the disability income. The disability benefits can be adjusted following a
reduction in the degree of disability. Disability income is
not entitled to a bonus after a full surrender.
The entitlement to disability income ceases as soon as
the degree of disability falls below 25%, however, at thelatest, at the end of the contractually agreed benefit period.
Calculating the surrender value
The insurance does not have a surrender value for the
first twelve months.
The surrender value corresponds to the fund assets minus unamortised advisory and acquisition costs, at least,
however, to two thirds of the fund assets. The fund assets
are calculated on the basis of the current closing price (redemption price) of the investment fund established by thefund company. No redemption commissions are charged.
The key date for calculating the surrender value is the requested date of surrender; at the earliest however, thedate the request to surrender is received at our Zurichhead office.
Special points to note on the surrender of pillar 3alife insurance
Please note that surrender of a pillar 3a policy is only
possible in the cases described below.
Full surrender only is possible under the following conditions:• You are drawing full disability income from the federal
disability insurance (IV) and the disability risk (disability income or waiver of premium in the event of disability) is not insured in your pillar 3a contract,

Swiss Life GPC I EP333• You use the paid benefit to purchase benefits in a
pension fund or other legally recognised form of future provisions.
Provided written consent has been provided by the
spouse or registered partner, full surrender only is possible under the following conditions:• You have been self-employed up to now and are taking up a different type of work on a self-employed basis.
• You are leaving Switzerland permanently.
• You are taking up self-employment and are no longer
subject to mandatory insurance.
• The surrender value of your insurance contract is lessthan the annual premium.
Provided written consent has been provided by the
spouse or registered partner, partial or full surrender ispossible under the following conditions:• You are using the payment to purchase or construct
an owner-occupied residential property, to co-own anowner-occupied residential property or to repay amortgage loan for owner-occupied residential property.
You can apply for partial surrender in connection withowner-occupied property only once every five years.
From the age of 59 for women and 60 for men, only fullsurrender is permitted.
You may ask to surrender your policy in full at any timefrom five years prior to reaching the normal retirement
age under the AHV.
Important information about the surrender option
We would like to point out that a surrender may put you
at a financial disadvantage. Thus we recommend thatyou first turn to us for advice.
In particular it should be noted that after a full surrenderin the one pillar of the contract for which premiums had
been payable, the benefits of the contract which is already paid up in the other pillar are reduced. The reason
is the transfer of costs from one contract to the other.

6.4

Terminating your insurance contract
prematurely

You may give notice on your insurance contract at any
time. We will terminate your contract on the date requested by you, at the earliest, however, on the date thewritten notification of termination is received at our head
office in Zurich. Terminating the insurance contract results
in a full surrender of your insurance.

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Please note that premature termination of a pillar 3a insurance contract is only possible if one of the legally stipulated reasons arises.

6.5

Annual statements

At the beginning of each calendar year, you will receive,for enclosure with your tax declaration,• a certificate showing the amount of premiums you have
paid into the pillar 3a insurance• a certificate showing the tax value of the pillar 3b insurance• a certificate showing the disability income drawn underpillar 3a and 3b in the previous year.
At the beginning of every new insurance year, we also
provide you with an overview of the insured benefits andthe balance of the fund assets.

6.6

Establishing the order of beneficiaries

By means of a written beneficiary declaration, you can establish to whom the benefits should be paid in the event ofsurvival or death. The declaration documents the beneficiary's own right to the insurance entitlement allocated tothat person. In the event of death, that entitlement does not
become part of your estate. If you fail to designate beneficiaries under your pillar 3b insurance, the insurance entitlement goes into your estate.
Designation of beneficiaries in pillar 3a
The following persons are prescribed by law as beneficiaries in pillar 3a:a. in the event of survival, you as the policyholder.
b. after your death, the following persons in the order
listed below:
1. the surviving spouse or surviving registered partner, in
the absence of whom
2. direct descendants as well as natural persons who
were largely dependent on the deceased for their support, or a person who had cohabited with the deceased
in a continuous marriage-like relationship in the five
years prior to the latter's death, or must support one ormore children from the relationship, in the absence ofwhom
3. the parents, in the absence of whom
4. the siblings, in the absence of whom
5. the other legal heirs.

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You may designate one or more of the persons cited under item 2 as beneficiaries and define their entitlements ingreater detail. In addition, you may change the order ofbeneficiaries under item b, numbers 3 to 5 and define
their entitlements in greater detail.
Designation of beneficiaries in pillar 3b
Under pillar 3b there are no limitations with regard to thedesignation of beneficiaries, and you may change or revoke a beneficiary designated at the beginning of the insurance contract at any time during the contract term, except in the case of an irrevocable beneficiary.
Irrevocable beneficiary
Under pillar 3b you can designate an irrevocable beneficiary. This designation must be stated on the policy andsigned by you. You are also obliged to inform us of the irrevocable designation and to hand over the policy to theirrevocable beneficiary. It is then no longer possible tochange or rescind the designation of an irrevocable beneficiary without the latter's authorisation.

6.7

Pledging and assigning your insurance
entitlements

Entitlements from insurance contracts can be pledged orassigned to third parties. In order to be valid, the pledge
or transfer must be made in writing, the policy must be
handed over to the third party and we must be notified inwriting.
Special points to note with pillar 3a
Entitlements to benefits from pillar 3a insurance contracts cannot be pledged or assigned to third parties,
except in the following cases:• You can pledge the entitlement to insurance benefits
to purchase owner-occupied residential property, toco-own an owner-occupied residential property or todefer the repayment of mortgage loans. The provisions on encouragement of home ownership under
Art. 30b of the Federal Law on Occupational Retirement, Survivors' and Disability Pension Plans (BVG),
Art. 331d of the Swiss Code of Obligations (OR) andArt. 8 to 10 of the Ordinance on the use of occupational pension savings for home ownership (WEFV) apply accordingly.
• You may transfer your entitlement to retirement benefits
in full or in part to your spouse, or this may be done by acourt, if the marital property is dissolved for any reason
other than death. We are obliged to transfer the stipulated sum to a pillar 3a institution designated by your
spouse in accordance with Art. 1 cl. 1 of the Ordinance on the Fiscal Deduction of Contributions to

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Recognised Pension Plans (BVV 3) or a second pillar
employee benefits institution, subject to the provisions of Art. 3 BVV 3 (advance payment of benefits).
The same applies to the legal dissolution of a registered partnership if both partners have arranged thatthe assets are to be divided in accordance with thelegal provisions pertaining to the community of acquisitions.

6.8

General
We handle your data and the insured person's data withthe utmost confidentiality and process it in accordancewith the Swiss Federal Act on Data Protection. Under
these terms, it is permissible to process data if the dataprotection legislation or other legal regulations so permit
or when explicit consent has been given.

Granting an interest-bearing loan

We can offer you an interest-bearing loan in exchange forthe pledging of your insurance benefits under pillar 3b,
provided that your contract has a surrender value.
The interest and repayment terms are defined in a loan
agreement.
When we pay out the insurance benefit, or a portion or theentire amount of the surrender value of the insurance, we
offset any outstanding loan receivables and interest. The
same applies to conversion of the insurance contract topaid-up insurance.

6.9

6.12 Data protection

Notices and disclosure obligation

Notifications are to be addressed to us as follows:
Swiss Life Ltd
P.O. Box
8022 Zurich
We will send your notifications to the most recent address
known to us.
You are obliged to notify us immediately of all changes tocontract data (for example concerning your name, your residential or correspondence address, the controlling personsof legal entities or the beneficial owner).

6.10 Special agreements
Special agreements only apply if they have been confirmed in writing by two authorised signatories of our head
office in Zurich.

6.11 Place of performance
The place of performance is the Swiss domicile of the entitled person. If the entitled person has no Swiss domicile,
the place of performance is our head office in Zurich.

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Your personal data and/or the insured person's personal
data are required for processing the application, calculating the premiums, administering the insurance contract
and processing the benefits upon occurrence of the insured event.
Data processing
Data processing refers under the data protection law to all
activities involving personal data, especially when data is
obtained, stored, used, altered, disclosed, archived or destroyed. Your data and/or the data of the insured person
are maintained and archived in electronic or physical formin compliance with the relevant legal provisions. We process data obtained from insurance applications, insurance
contracts and reported claims.
To enable us to process applications and review benefits,
your health data is also procured and processed by our
medical services unit. In doing so, we always honour adoctor’s professional obligation to maintain confidentiality
with regard to the contracting parties.
Subject to observance of the applicable data protection
provisions, we may fully or partly outsource business areas and services (e.g. contract administration, paymenttransactions, IT) to third parties in Switzerland andabroad, also for the processing and handling of (personal)
data.
Consent to using data
By signing this application, you grant us the authorisation
to check your application and to procure, process andsave any data required to perform the contract; this includes clarifications with third parties if necessary (e.g.
previous insurers, public authorities, doctors, hospitals). In
addition, you authorise us to use the data for statisticalevaluations (e.g. market research) and marketing purposes within the Swiss Life Group. If we should establish
an additional benefit requirement on the basis of the data
supplied, you authorise us to identify any gaps in coverage and to forward the data to the responsible bodies or
to our cooperation partners.

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Data exchange
To safeguard the interests of all policyholders, data may
be exchanged with previous insurers and reinsurers in
Switzerland and abroad. This data exchange assists in
the risk-balancing process and with the setting of fair premiums. Such data exchange can also take place within
the Swiss Life Group.
Data storage
We store the data procured in the course of processing
the application and contract in client files and in contract
administration and benefits systems.
Contract data and business correspondence are retained
for at least ten years after termination of the contract. Bylaw, claims data must be retained for at least ten years after settlement of the claim.
Right to receive information and correct data
You and the insured person are entitled to request details
about what specific information we process about you andthe insured person. Furthermore, you and the insured persons also have the right to have any erroneous data corrected or destroyed.

6.13 Amendment of the General Policy
Conditions
Changes in the law and judicial or official
requirements
If a provision of these General Policy Conditions has to bechanged or cancelled as a result of a change in law, a judicial decision or a legally binding order of a public authority, we will amend this provision, taking into account as far
as possible the interests of both contracting parties.
Administrative reasons
If necessary for administrative reasons, we are entitled tomodify this product (e.g. within the context of data transfers or changes to administration systems) and to amend
the General Policy Conditions accordingly. In such a case,the insurance benefits provided will be of at least an
equivalent level and the premium will remain unchanged.

6.14 Limitations on sales outside Switzerland
Any relevant limitations on the sale of products and services must be observed for individuals who are resident
outside Switzerland. This life insurance may not be concluded with, or transferred to, any person who is resident
in, or a national of, the USA and its sovereign territories.
However, there is no restriction on the designation of such
persons as beneficiaries provided benefits are paid in alump sum.

6.15 Contacts
If you have any questions, please do not hesitate to contact us. You may also contact the Foundation of the Ombudsman of Private Insurance and of SUVA free ofcharge:• Foundation of the Ombudsman of Private Insurance andof SUVA, P.O. Box 2646, 8022 Zurich• Ombudsman de l'assurance privée et de la SUVA, casepostale 2608, 1002 Lausanne• Ombudsman dell'assicurazione privata e della SUVA,
Casella postale 10, 6903 Lugano
Please note that the Foundation of the Ombudsman ofPrivate Insurance and of SUVA does not offer any insurance advisory services.

6.16 Applicable law
Your insurance contract is governed by Swiss law. For
tax-qualified provisions (pillar 3a), the Ordinance on the
Fiscal Deduction of Contributions to Recognised Pension
Plans (BVV 3) applies in particular.

6.17 Place of jurisdiction for claims arisingfrom your insurance contract
Claims arising from or in connection with this contract are
to be brought before a court of jurisdiction at your Swissdomicile or at the Swiss domicile of the entitled person orat our head office in Zurich.

Implementation of an amendment
If amendments to the General Policy Conditions, as described above, have to be made during the term of thecontract, the new conditions shall apply from the datethese amendments come into effect. We will notify you in
writing of such an amendment.

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7 Contractual relationship in the event of war
The provisions apply to all the life insurance contracts oflife insurance companies operating in Switzerland.

7.1

Military service

Active service for the preservation of Swiss neutrality orfor the maintenance of internal peace and order, without
operations of war in either case, shall be regarded as military service in time of peace and, as such, shall be automatically included within the framework of the General
Policy Conditions.

7.2

War

If Switzerland is involved in a war or warlike operations,then a once-and-for-all war contribution, as due from thecommencement of war, shall become payable one year
after the cessation of the war. Whether the insured person
takes part in the war or not or resides in Switzerland or
abroad shall be irrelevant.

Should the insured take part in any war or warlike operation, without Switzerland itself being involved in war or
warlike operations and die within the duration of such war
or within six months after conclusion of peace or cessation of hostilities as the case may be, Swiss Life will be liable to the extent of the actuarial reserve of the policy as
computed at the date of death, the liability in no case exceeding the death benefit insured. Where a reversionary
annuity is insured, then the liability will be for an annuity
corresponding to the actuarial reserve as calculated at thedate of death and in no case exceeding the annuity insured.
Swiss Life reserves the right to modify the provisions relating to coverage in the event of war in agreement with
the Swiss supervisory authority. Moreover, the measuresdecreed by law or by administrative authorities in connection with any war, in particular those relating to surrenderof the insurance, are also expressly reserved.

The war contribution shall serve to cover losses caused
directly or indirectly through war, insofar as such losses
affect the policies to which the present conditions apply.
The ascertainment of such war losses and of the funds
available for coverage, as well as the assessment of thewar contribution and the manner of its recovery – if necessary, by reduction of the insured benefits – shall be undertaken by Swiss Life in agreement with the supervisory authority.
Should benefits become due under the policy before thewar contribution is assessed, Swiss Life shall be entitled
to withhold an appropriate portion of such benefits for aperiod of up to one year from cessation of war. The portion of benefits to be so withheld and the rate of interest
thereon shall be determined by Swiss Life in agreementwith the supervisory authority.
The dates to be regarded as date of commencement anddate of cessation of war for the purposes of the above
provisions shall be determined by the supervisory authority.

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