3.

The following information relating to the commitment shall be communicated: the definition of each benefit and each option; the term of the contract; the means of terminating the contract; the means of payment of premiums and duration of payments; the means of calculation and distribution of bonuses; an indication of surrender and paid-up values and the extent to which they are guaranteed; information on the premiums for each benefit, both main benefits and supplementary benefits, where appropriate; for unit-linked policies, the definition of the units to which the benefits are linked; an indication of the nature of the underlying assets for unit-linked policies; arrangements for application of the cooling-off period; general information on the tax arrangements applicable to the type of policy; the arrangements for handling complaints concerning contracts by policy holders, lives assured or beneficiaries under contracts including, where appropriate, the existence of a complaints body, without prejudice to the right to take legal proceedings; the law applicable to the contract where the parties do not have a free choice or, where the parties are free to choose the law applicable, the law the life insurance undertaking proposes to choose.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.