Pillar 3b
Note: This language version is an automatically generated translation. The text may therefore contain linguistic and terminological errors.
view in original language (German)Note: This language version is an automatically generated translation. The text may therefore contain linguistic and terminological errors.
view in original language (German)In 2023, X took out a life annuity insurance policy with a life insurance company based in Switzerland. The life annuity insurance contract is governed by the VVG.
In 2025, X receives the following annuity payments from this insurance policy:
Note: The guaranteed bonus annuity was financed from surpluses.
The surrender value of the life annuity insurance amounts to CHF 220,000 as of December 31, 2025.
In 2018, at the age of 58, Y took out a life annuity insurance policy with a life insurance company based in Switzerland. The life annuity insurance contract is subject to the VVG.
The first annuity payment is due on February 1, 2027. In 2025, Y decides to terminate the life annuity insurance policy and notifies the insurance company of the surrender.
Y receives a surrender value of CHF 350,000. This amount is composed as follows:
Note: The bonus annuity was financed from surpluses.
How is the surrender treated for tax purposes?
In 2018, at the age of 48, Y took out a life annuity policy with a life insurance company based in Switzerland. The life annuity contract is governed by the VVG.
The first annuity payment is due on February 1, 2027. In 2025, Y decides to terminate the life annuity insurance policy and notifies the insurance company of the surrender.
Y receives a surrender value of CHF 350,000. This amount is composed as follows:
Payment from the contractually guaranteed annuity portion: CHF 200,000
Payment from the bonus annuity portion: CHF 100,000
Payment from surplus shares: CHF 50,000
Note: The bonus annuity was financed from surpluses.
How is the surrender treated for tax purposes?
Person Z, a resident of the Canton of Aargau, took out a life annuity insurance policy in 2010 with a life insurance company based in Switzerland. The life annuity insurance contract is subject to the VVG. Z is both the policyholder (contracting party) and the insured person (subject of the contract).
The annuity has been in effect since January 1, 2015. Z dies in 2025.
The contract ends upon Z’s death. At the same time, the occurrence of the insured event “death” triggers the benefit “premium refund upon death” (abbreviated “premium refund”) in the amount of CHF 350,000.
In economic terms, and to put it simply, the “premium refund upon death” essentially consists of the premiums that have not yet been used.
The refund amount is to be divided equally between Z’s daughter, residing in Zurich, and his niece, residing in St. Gallen.
The refund amount totaling CHF 350,000 is composed as follows:
Note: The bonus pension was financed from surpluses.
How is the premium refund payable upon death treated for tax purposes for the two beneficiaries?
Ms. U resides in the Canton of Zurich. In 2010, she took out a life annuity insurance policy with an insurance company based in Switzerland. The life annuity insurance contract is governed by the VVG.
U is both the policyholder and the insured person. In addition to her own life, the life of her partner is also insured. If one of the two insured persons dies, the annuity continues to be paid in full until the death of the second insured person.
A premium refund upon death is not payable upon the death of the first insured person.
U dies on January 1, 2025. According to her will, the policyholder status of the life annuity insurance is transferred to her partner. The partner is 60 years old at the time of U’s death.
For 2025, the following annuity benefits result from the life annuity insurance:
Note: The bonus annuity was financed from surpluses.
What are the tax implications for the life partner?
Mr. K is a widower and has taken out a temporary life annuity insurance policy. The annual guaranteed annuity amounts to CHF 24,000; the insurance contract has no cash value (temporary life annuity insurance without premium refund upon death).
Mr. K is 62 years old and no longer employed. He is subject to the AHV contribution obligation for non-working individuals (Art. 10 ff. AHVG). In addition to the temporary life annuity insurance, Mr. K has assets totaling CHF 300,000 (cash and securities).
B has entered into a so-called capitalization transaction with an insurance company based in Switzerland. The premium amounts to CHF 500,000. The contract entered into is a unit-linked capitalization transaction.
B receives an annual guaranteed benefit of CHF 27,000 for 20 years.
Person C is an employee of X AG and earns an annual salary of CHF 80,000. The employer, X AG, has contractually obligated itself to pay 80% of the salary for 24 months in the event of disability. X AG has reinsured this obligation with an insurance company.
C has also taken out private disability insurance for himself with an insurer. In the event of disability, he receives a pension of CHF 48,000 after a 24-month waiting period.
In early 2025, C becomes unable to work and receives 80% of his salary for two years, i.e., CHF 64,000 per year. Since the inability to work continues, C begins receiving the disability pension of CHF 48,000 from his private insurance policy starting in early 2027.
In 2020, Ms. R took out a capital insurance policy with a surrender option, periodic premium payments, and a 10-year term. A benefit of CHF 108,000 is insured in the event of both survival and death.
In 2010, at the age of 41, F takes out a single-premium insurance policy for CHF 100,000. The term of the insurance contract is 20 years. The guaranteed living benefit amounts to CHF 155,000; the guaranteed death benefit is also CHF 155,000.
In 2020, Mr. G takes out a term life insurance policy with an annual premium of CHF 2,000. If G dies within these 20 years, the beneficiary receives a death benefit of CHF 300,000.
If, however, G survives to the end of the term in 2040, the insurance policy expires without any benefit being payable.
The insurance is therefore not surrenderable, as the occurrence of the insured event is not certain.
In 2020, Ms. P takes out term life insurance with an annual premium of CHF 2,000 and a death benefit of CHF 300,000. The term of the insurance is 20 years.
The insurance serves to secure a mortgage in the same amount that P took out with her bank. The right to the death benefit from the insurance is pledged to the bank.
If P dies during the 20-year term, the bank, as the secured creditor, receives the death benefit in the amount of CHF 300,000.
According to the insurance policy, the beneficiary is P’s husband, who also inherits the property upon her death.
Ms. B takes out the following redeemable endowment insurance policy:
Annual premium: CHF 6,000
Term of the contract: 10 years
Guaranteed survival benefit: CHF 60,000
Guaranteed death benefit: CHF 180,000
The death benefit is thus three times as high as the survival benefit.
B dies after 3 years and the beneficiary husband receives the death benefit in the amount of CHF 180,000.
How is the death benefit for Mr. B taxed?
A sole proprietorship has taken out a business loan in the amount of CHF 500,000. To secure the loan, a term life insurance policy for the same amount is taken out.
The contractual roles are defined as follows:
Policyholder: Sole proprietorship
Insured person: Business owner / Self-employed individual
Premium payer: Sole proprietorship
Beneficiary in the event of death: Owner’s spouse / self-employed individual (who is also the sole heir)
Assignment of insurance proceeds to the lending bank
A corporation wishes to protect itself in the event that an employee critical to operations becomes unavailable.
To this end, the company takes out the following term life insurance policy:
Policyholder: Public limited company
Insured person: Employee of the corporation
Premium payer: Public limited company
Beneficiary in the event of death: Public limited company
Naming the company as the beneficiary is not strictly necessary, as it is entitled to the insurance proceeds anyway as the policyholder.
What are the tax consequences during the term of the insurance and in the event of the employee’s (insured person’s) death?
The owner of the corporation has the idea of taking out life insurance on his wife’s life through his company. He expects this to provide tax advantages.
To this end, the company (formally) takes out the following life insurance policy:
Policyholder: Corporation
Insured person: Owner of the corporation
Premium payer: Public limited company
Beneficiary in the event of death: Owner’s wife
What are the tax consequences during the term of the insurance and in the event of the owner’s (insured person’s) death?
In 2022, T takes out a periodically funded, surrenderable endowment insurance policy with a term of 10 years. The annual premium is CHF 3,000.
