Analysis by Good Value for Money of the characteristics of the Kompoz modular online life insurance contract (sicavonline)

  • Insurance contract analysis
  • Good Value for Money

Launched in 2020 by sicavonline in partnership with Ageas FranceKompoz is a particularly original life insurance policy. It allows investors to set three parameters themselves which have a direct impact on the pricing of his contract (i.e. the level of costs on outstandings), namely:

  • the minimum percentage of units of account in outstandingswhich can range freely between 0% and 100% of outstandings,
  • the width of the range of units of account accessiblewith two investment universes:
    • a basic universe called “Essential” already integrating 520 heritage units of account in open architecture (150 management companies), as well as 6 OPCIs,
    • an expanded universe called “Expanded” providing additional access to SCPI, index supports (trackers or ETFs) and live actions (live title),
  • setting up (or not) scheduled payments.

The impact of each of these three parameters on invoicing of the contract is as follows:

  • Minimum percentage of units of account in outstandings of the contract :
    • 30% CPU at least  0.05% fee annual on outstandings less
    • 50% CPU at least  0.10% fee annual on outstandings less
    • 70% CPU at least  0.15% fee annual on outstandings less
    • 100% CPU  0.20% fee on annual on less outstanding
  • Investment universet in terms of ranges of units of account:
    • Essential RangeFees on basic outstanding
    • Extended Range0.20% surcharge annual fees on outstandings
  • Existence of scheduled payments:
    • Lack of scheduled paymentsFees on basic outstanding
    • Existence of program payments  00.05% less annual fees on outstanding amounts.

In free management, Kompoz offers 6 completely free and highly configurable automatic arbitration options :

  • progressive investment savings from €200 per month,
  • automatic quarterly savings rebalancing compared to a reference allocation,
  • boosting profit sharing collected on the fund in euros,
  • arbitration of unrealized capital gains with the choice of a level of + 5% to + 30% in steps of 1%,
  • limitation of capital losses in absolute value,
  • limitation of capital losses in relative value.

For memory, sicavonline is one of the historical and benchmark online brokers on the French market. In 2022, the platform will bring together 150,000 customers and achieve more than €400 million in turnover.

Main advantages of Kompoz

  • Online life insurance contract allowing the saver to benefit from reduced fees:
    • 0% entry fee on payments,
    • 15 free online arbitrations per year,
    • Charges on outstanding amounts between 0.45% and 0.85% depending on the package of services chosen.
  • Access within the extended investment universe to a range of units of account including in addition:
    • 11 REITs,
    • 5 SCI/SC/SCP,
    • 39 index supports (trackers or ETFs),
    • 129 live actions (live titles),
    • 1 private equity fund (FCPR).
  • Contract offering greater cost transparency than the practice of the life insurance market thanks to its mechanisms for sharing additional sources of income with savers: “The higher the unit-linked rate used by the customer in his contract, the lower the costs on outstanding amounts billed”.
  • Accessible contract with :
    • a minimum subscription payment amount lowered to 100 € if the saver sets up scheduled payments (€500 otherwise),
    • a minimum free deposit amount of €100,
    • the possibility of setting up scheduled payments from €50 per month.
  • Free access to the fund in euros of the contract (general assets of Ageas France), knowing that the rate paid (net of fees and gross of social security contributions) was between 1.25% and 1.61% in 2021 depending on the options chosen by the client.

Main disadvantages of Kompoz

  • Possibility of enriching the range of delegated management by integrating offers from external managers, the current range integrating three profiled managements managed internally: defensive, balanced, offensive.
  • Relatively high billing for the optional floor guarantee beyond 50 yearswith for example a rate of 1.15% of capital at risk for a 60-year-old saver.
  • Contract not offering “multi-pockets”which means that the entire outstanding amount of the contract must be concentrated on a single management method at a given time, namely:
    • either free management,
    • either delegated management,
    • either delegated management with security.

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