PRODUCT REVIEW — BRANCH 23
The product uses ETFs as underlying assets — but the insurance wrapper adds 2.37%/year in fees. Over 10 years, that's tens of thousands of euros lost compared to investing directly.
IN BRIEF
Vivium Selection Dynamic plus Passive is a Branch 23 contract that invests in ETFs — but through an insurance wrapper charged at 2.54%/year (RIY). With a €25,000 minimum, the product targets investors with significant capital. Over 10 years (recommended horizon), the total cost of the wrapper represents 2.54% × accumulated capital — tens of thousands of euros you would have kept by buying the same ETFs directly.
Source: Key Information Document (KID) for Vivium Selection Dynamic plus Passive, P&V Verzekeringen CV, 01/08/2024. Fees shown are from the official KID available on the FSMA website.
Vivium Selection Dynamic plus Passive has one feature that sets it apart from most Branch 23 products: it invests in ETFs and index funds as underlying assets (98% equities). On paper, this sounds attractive.
The problem: the insurance wrapper itself costs 2.23%/year in management and administration fees, plus 0.02% in transaction fees — totalling 2.54%/year in annual cost (RIY).
For comparison: a global ETF like IMIE costs 0.17%/year. Vivium therefore charges you 2.37%/year extra to access ETFs you could buy directly through any Belgian broker.
⚠️ The product speaks for itself: over the recommended 10-year period, the expected gross return is 10.14%/year — but the net return after costs falls to 7.60%/year. The insurance wrapper absorbs 2.54% of your return every year.
Premium tax: 2%
Deducted from every premium payment — identical for all Branch 23 products.
Distribution fee: up to 2.54%
The maximum distribution is 2.54% of the invested amount. This compensates the broker. It is negotiable but rarely waived — independent brokers live on these commissions.
Total annual fees: 2.54%/year (RIY)
2.23% management and administration fees + 0.02% transaction fees. On a capital of €100,000, that is €2,540/year in fees — versus €170/year for a global ETF at 0.17%. Difference: €2,370/year, every year, not compounding.
Minimum investment: €25,000
Unlike other Branch 23 products reviewed on ClearInvest, Vivium requires a minimum of €25,000. This excludes the majority of retail savers and positions the product for investors with significant existing capital.
| Product | Fees/year | Min. entry | Management |
|---|---|---|---|
| Vivium Selection | 2,54 % | 25 000 € | Index |
| AXA Index4P | 1,40 % | — | Index |
| NN Strategy | ~1,50 % | — | Active |
| AG Fund+ | ~1,70 % | — | Active |
| Baloise | ~2,20 % | — | Active |
| ETF IMIE | 0,17 % | ~a few € | Index |
We use the product's recommended horizon (10 years) and minimum investment (€25,000), as stated in the official document.
Moderate scenario over 10 years, €25,000 invested: surrender value of €20,800 at maturity — a real capital loss after fees and premium tax.
| IMIE ETF | Vivium Selection | |
|---|---|---|
| Capital invested | €25,000 | €25,000 |
| Entry tax / friction | €30 (STT) | €500 (2% tax) + distrib. fee |
| Annual fees | 0.17% | 2.54% |
| Gross return | ~8%/year | ~8%/year (same underlying market) |
| Gross capital (10 years) | ~€52,600 | ~€42,700 |
| CGT (on sale) | −€4,260 | −€1,770 |
| STT on sale | −€63 | — |
| Net value | ~€48,277 | ~€40,930 |
| Net real gain | +€23,277 | +€15,930 |
| Gap vs ETF | — | −€7,347 |
Moderate scenario over 10 years: €20,800 surrender value on €10,000 invested, an annualised net return of 7.60%. Over the same period, an ETF at 8% gross minus 0.17% fees delivers ~9.83% net. The 2.23% annual gap over 10 years represents a significant loss of compounded capital.
* Methodology note: gross return of 8%/year based on the historical average of MSCI ACWI IMI (2005-2025). The official document uses 10.14% gross (moderate scenario) — we use 8% to remain consistent across all our analyses. Distribution fees are excluded from the table above (variable by broker) — including them would further worsen the result for Vivium.
Run the numbers with your own figures in our calculator.
Open the calculator →Unlike AXA Index4P, Vivium Selection cannot be used as a long-term savings vehicle under normal conditions.
The long-term savings tax scheme caps deductible contributions at €2,450/year — less than 10% of Vivium's minimum entry (€25,000). The product is structurally designed for large single premiums, not for annual contributions within a tax framework.
Even if technically a first premium of €25,000 could partially qualify (only the first €2,450), the tax complexity and structural mismatch make this approach impractical.
ESTATE PLANNING
Like any Branch 23 contract, Vivium Selection allows naming specific beneficiaries who receive the capital directly upon death, outside the standard inheritance process. For investors aged 60+ looking to organise the transfer of significant capital (≥ €25,000), this feature has real value. For any other use — wealth accumulation, regular investing, tax optimisation — Vivium Selection is structurally disadvantaged compared to a direct ETF.
Vivium Selection Dynamic plus Passive is the most expensive Branch 23 product in our review: 2.54%/year RIY.
The product's irony: it invests in ETFs — the exact same instruments you could buy directly for 0.17%/year. The insurance wrapper costs you an extra 2.37%/year, every year, on your entire capital.
The €25,000 minimum excludes the majority of retail investors. And the product is not compatible with the long-term savings scheme — the only scenario where a Branch 23 product can compete with an ETF.
Ideal for:
Wealth transfer for investors aged 60+, capital ≥ €25,000, objective of naming beneficiaries outside standard inheritance. Consult a notary before subscribing.
Avoid for:
Any investor seeking to build wealth. The 2.54% annual fee mechanically destroys performance over any time horizon.
Last updated: April 2026
Simulation for illustrative purposes only. Past performance does not guarantee future results. This content is provided for educational purposes only and does not constitute investment advice.