This calculator models a French assurance vie, the country's life insurance savings policy, year by year: your payments, the split between the euro fund and unit-linked funds, each one's return and the fees. It shows what fees really cost, then the French tax on a full withdrawal before or after eight years, and what you keep. For expats, cross-border workers and non-residents who hold one or are weighing one. Free, no sign-up.
The rate an insurer declares for its euro fund is already net of the fund's management fees: add those fees back before entering it, or set the euro fund fees to 0.
Month-by-month calculation at a constant return: a projection, not a forecast. Unit-linked funds are not guaranteed. The tax shown is French tax for a French tax resident, on payments made since September 27, 2017.
The calculator follows your policy month by month. Each payment, minus fees on payments, is split between the euro fund and unit-linked funds according to the share you choose. Each investment earns its annual return, minus its management fees charged on the balance. At the end of each year, 17.2% of the euro fund's interest goes to French social charges, which the insurer withholds. At the end of the term, it works out a full withdrawal: social charges on unit-linked gains, income tax on all gains, and what you keep.
The default values are an example: €10,000 at opening, €200 a month for 20 years, 60% in the euro fund and 40% in unit-linked funds, no fees on payments, and 0.6% a year in management fees on each. The euro fund earns 3.23% before fees: once those 0.6% are taken off, it pays 2.63%, the average euro fund rate for 2025 published by the ACPR, France's insurance supervisor, net of charges on the balance and before social charges. After 17.2% in social charges, 2.18% a year is left. Unit-linked funds earn 4% a year before fees: a cautious assumption for a diversified mix of funds, not a promise.
Assurance vie is a French product, and the tax shown here is French tax for a French tax resident. If you live outside France, the tax on a withdrawal also depends on your country of residence and on its tax treaty with France: check with a local adviser before relying on these figures.
To check the maths by hand: €10,000 in unit-linked funds only (0% in the euro fund), with no payments and no fees, at 3% a year for 10 years, comes to 10,000 × 1.03^10 = €13,439.16, which the calculator rounds to €13,439 before tax.
The initial payment, the monthly payment and the term. The calculator adds up what you pay in: that is the basis of the tax, since only gains are taxed at withdrawal.
The share in the euro fund, with the rest in unit-linked funds, each one's return before fees, then fees on payments and management fees. The calculator returns the policy's value with those fees and without them: the gap is their real cost.
Single person or couple: after eight years, the annual allowance on gains differs. The calculator works out the French tax on a full withdrawal at the end of the term, then the net amount.
Each month, each investment is multiplied by (1 + return − management fees)^(1/12), then the month's payment is added, minus fees on payments. At the end of each year, 17.2% of the euro fund's interest is withheld. At withdrawal, gains are the policy's value minus the payments.
Investment options, managed or self-directed, fees, withdrawals, transfers: the guide to assurance vie explains how the policy works, with official sources.
Read the assurance vie guide →An assurance vie can charge set-up fees at opening, fees on each payment, management fees every year, switching fees when you move between investments and, rarely, an exit penalty, capped at 5% and banned after ten years. The calculator takes into account the two that hit every euro invested, on each payment or every year: fees on payments and management fees.
Here is the effect of management fees on the default policy, €10,000 then €200 a month for 20 years, with the same fee rate on the euro fund and on unit-linked funds:
| Management fees a year | Value after 20 years | Cost of fees | Of which fees taken |
|---|---|---|---|
| 0% | €85,937 | – | – |
| 0.5% | €81,203 | €4,734 | €4,100 |
| 0.6% (default) | €80,293 | €5,644 | €4,886 |
| 1% | €76,772 | €9,165 | €7,921 |
| 1.5% | €72,625 | €13,312 | €11,482 |
Between 0.5% and 1% in management fees, the gap reaches €4,431 after 20 years, for €58,000 paid in. At 1%, fees cost you €9,165, while the insurer only took €7,921: the rest is the gains the money taken never produced. Half a point of fees is therefore measured in final capital, not in what you pay each year.
Fees of 3% on each payment cost €2,409 on the same policy, of which €1,740 taken on the way in. Many policies opened online charge none. Enter the fees of your policy, or of the one you are comparing: more than the policy's name, they make the difference.
The euro fund guarantees the capital and the interest already credited to the policy: the insurer carries the risk. Unit-linked funds are units of investment funds, ETFs included, or property: they follow the markets, up and down, and are not guaranteed. Their value can fall, even below what you paid in, and a projection at a constant return does not show the bad years.
Same policy and same fees, by share in the euro fund and return on unit-linked funds, value after 20 years:
| Share in the euro fund | Unit-linked funds at 4% a year | Unit-linked funds at 0% a year |
|---|---|---|
| 100% | €75,332 | €75,332 |
| 60% | €80,293 | €66,840 |
| 40% | €82,774 | €62,593 |
| 0% | €87,736 | €54,101 |
At 4% a year before fees, more unit-linked funds mean more capital: €87,736 all in unit-linked funds, against €75,332 all in the euro fund. If they earn nothing, the same policy all in unit-linked funds is worth only €54,101 for €58,000 paid in: management fees have eaten into the capital. The euro fund, for its part, pays its social charges every year, which slows its growth a little: 2.63% becomes 2.18%.
The guide to how assurance vie works sums up what each is for: the euro fund for money that must not fall, unit-linked funds for money that can wait several years.
An assurance vie is only taxed on its gains, when you withdraw money, which insurers call a rachat. For payments made since September 27, 2017, according to service-public.fr, the French government's official guide: before eight years, gains bear 12.8% income tax and 17.2% social charges, 30% in total. After eight years, they get an annual allowance of €4,600 for a single person and €9,200 for a married or civil-partnered couple, then are taxed at 7.5% as long as payments do not exceed €150,000, 12.8% above, plus 17.2% in social charges. Assurance vie keeps that 17.2% in 2026, while it rises to 18.6% on most other investment income.
The default policy, fully withdrawn at different dates, for a French tax resident:
| Full withdrawal after | Gains | Social charges at withdrawal | Income tax, single | Income tax, couple | Net, single |
|---|---|---|---|---|---|
| 7 years | €3,662 | €326 | €469 | €469 | €29,667 |
| 8 years | €4,509 | €402 | €0 | €0 | €33,307 |
| 12 years | €8,800 | €793 | €315 | €0 | €46,492 |
| 20 years | €22,293 | €2,046 | €1,327 | €982 | €76,920 |
After 7 years, the €3,662 of gains pay €469 in income tax. A year later they reach €4,509, under the €4,600 allowance: income tax falls to zero. After 20 years, a single person pays €1,327, 7.5% of gains above €4,600, and a couple €982. Social charges remain due on all gains: those on the euro fund were withheld along the way, €2,160 over 20 years, those on unit-linked funds are taken at withdrawal.
The 7.5% rate only applies to the share of gains linked to the first €150,000 paid in, across all policies: the calculator assumes this policy is the only one. With €100,000 at opening and €500 a month for 20 years, €220,000 paid in, the gains taxable after the allowance are taxed at 7.5% for €69,391 and at 12.8% for €34,529. The allowance is applied first to the share taxable at 7.5%, as France's official tax doctrine, the BOFiP, provides.
To compare assurance vie with another investment over the same period, the compound interest calculator runs the numbers without tax, inflation included. The exact taxable gains on a withdrawal appear on the yearly tax statement (IFU) the insurer sends.
This page is educational. It is neither investment advice nor tax advice, and past performance does not predict future returns. Unit-linked funds carry a risk of capital loss.
Enter your initial payment, your monthly payment, the term, the share in the euro fund, each investment's return before fees and your policy's fees. The calculator works out the policy's value month by month, the cost of fees, then the French tax on a full withdrawal and the net amount. The calculation runs in your browser.
Over 20 years, with €10,000 then €200 a month, 0.5% a year in management fees costs €4,734 and 1% costs €9,165, compared with the same policy with no fees. The cost is more than the fees taken, because the money taken in fees no longer earns anything.
For a French tax resident, only gains are taxed: the policy's value minus payments. Before eight years: 12.8% income tax and 17.2% social charges. After eight years: an allowance of €4,600 or €9,200, then 7.5% up to €150,000 of payments, plus 17.2%. For the default policy withdrawn after 20 years, a single person pays €1,327 in income tax.
Yes, for how payments, returns and fees build up: that part does not depend on where you live. The tax shown is French tax for a French tax resident: outside France, the tax on a withdrawal depends on your country of residence and its tax treaty with France, so check with a local adviser.
Yes: the rate an insurer declares is net of the euro fund's management fees, but not of social charges. The 2.63% average for 2025, published by the ACPR, is too. The calculator asks for a return before fees: 3.23% by default, which gives 2.63% after 0.6% in management fees.
Yes, free and no sign-up. The “Copy the link to this projection” button puts your inputs in the address, so you can come back to it or share it.
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