France's Life Insurance vs PER Savings: Fees and Returns Compared

The euro‑fund components of French life‑insurance contracts and Plan d’Épargne Retraite (PER) schemes posted very similar average yields in 2025, with life‑insurance funds at 2.63% and PER funds at 2.66%, according to France Assureurs and the Facts & Figures cabinet. Some providers have outperformed the market average: the mutualist Garance offered 4.5% on its PER Sérénité and Vivacité contracts versus 3.5% on its life‑insurance product; another French mutualist reported 4% on its PER against 3.5% on its insurance plan. Traditional banks also show modest gaps – BoursoBank posted 3% on its insurance offering and 3.5% on its PER, while Crédit Agricole’s flagship Predissime 9 delivered a base rate of 2.15% (potentially up to 3.95%). The PER Perspective and LCL Retraite PER both quoted 3.05%.

Fee structures can erode those returns. Life‑insurance contracts commonly impose entry fees of 3‑5% of each deposit, though online brokers now often waive them. Annual management and arbitration fees range from 0.8% to over 1% on unit‑linked supports, with additional arbitration charges of 0.5‑1% per transaction. Selecting low‑cost contracts and negotiating fee waivers can preserve net performance. Contrary to a popular myth, funds remain redeemable at any time; there is no mandatory eight‑year lock‑in period.