The rates of remuneration paid on life insurance and retirement savings contracts of the General Company are rebounding! But the yields were already very low … Above all, in order to encourage its clients to abandon the fund in euros, the red and black bank will for the first time increase the remuneration of those who risk investing in units of account.
The first returns from life insurance were long overdue in early 2022 … Bad sign? Not sure. The MACSF announced this Thursday morning a sharp increase, the GMF a moderate decrease and Sogcap, the subsidiary insurer of the General Company, unveils this Thursday, January 6 an average rate up 0.11 point compared to 2020.
Admittedly, the rates served on the contracts distributed by the red and black bank had already fallen very low … With a base rate of 0.75% on the main Erable Essentiel and Squoia contracts, Socit Gnrale was doing better than La Banque Postale or Crdit Agricole, but less well than Crdit Mutuel, BNP Paribas or LCL.
Life insurance: why your bank’s contract is not very interesting
The base rate served on these general public contracts not moving: 0.75%, new, for the year 2021. But the maximum possible rate climbs from 1.38% per year to 1.76%. Why? Because until now, the remunerations of funds in euros were only increased according to the outstanding amount of your contract, that is to say the size of the accumulated sum. Savings had to be exceeded 76,200 euros to improve the fund’s return in euros. This condition is maintained but another is added: the more you bet on units of account (UC), without capital guarantee, the more you increase the return of the fund in euros.
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For the first time, customers benefit from a increase in yield according to the unit-linked portion of their contract, Sogcap explains in its press release: + 15% annual yield if this share of UA is between 15% and 35%; + 35% if it is between 35% and 50%; and + 50% if it is greater than 50%.
The 2021 rates announced by the Socit Gnrale
Here are the rates (1) served on the main contracts of the General Company:
- Maple Essential: base rate of 0.75%, bonus up to 1.76% (compared to 0.75% 1.38% in 2020)
- Squoia: base rate of 0.75%, bonus up to 1.84% (compared to 0.75% 1.38% in 2020)
- Ebne: base rate of 1.15%, bonus up to 1.80% (compared to 1.30% in 2020)
- PER Acacia: base rate of 1.20%, bonus up to 1.80%.
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(1) Rates net of management fees, before social and tax deductions.