It doesen't sound too bad, but I would continue to shop around.
Staying with the policy for 5 years will mean fees of around 5,000 Euro to a broker/supplier, so it's worth a little bit of extra research.
No Initial commission(or transfer fee), appears to be fairly standard. Watch the early exit penalties (typically, exiting the plan in less than 5 years)which is mainly relevant if you plan on drawing, within the next 5 years.
Some of the Buy Out Bond quotes I have received are applicable to fund values of over 100k, so the fund value can make a difference, but take a detailed look around.
It's not all about the annual charges either. Have a look at the fund choices offered. The charges are less relevant, if the fund you select is an underperformer. Getting professional advice can cost, but can be well worth it, unless you are very well informed and know exactly what you are doing