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ACE Life Insurance Co., Ltd. officially launched the ‘Single Premium Universal Life (UL) - Options A & B’. This is a variant of the Universal Life product which ACE Life pioneered in the Vietnam insurance market two years ago (March 3, 2008). |
Single Premium UL – Options A & B is targeted at customers who have made good profits from investments, trading, savings, good inheritance or other good income sources. Market analysis also reveals that this segment of customers would prefer hassle-free purchase of insurance with just one premium payment or have the intention to purchase insurance as a gift for a loved one or family members.
As a product of single premium payment for whole life protection, this new variant offers distinct benefits including the insured’s insurance benefits of up to 125% of the face amount or the contract account value, whichever higher is applied, for Option A. On the other hand, for Option B, the insurance benefit can be higher, possibly reaching 110% of the contract’s account value or 125% of the face amount, whichever higher is applied, with the minimum guaranteed interests being 5%/year in the first 10 years and 4%/year for the remaining years. Prospective customers are advised to read the policy’s full terms and conditions for more details.
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This is the second step in our strategy to introduce Universal Life variants with superior benefits and features which are well suited to the local people’s life styles and living standards. Our aim is to build on the strong base of Universal Life policy holders while creating variants of it so that more Vietnamese can purchase insurance products"
Mr. Lam Hai Tuan
ACE Life Chief Executive Officer
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As a variant of Universal Life, Single Premium UL offers enhanced transparency for policy holders. For example, customers are provided with product description tables about how their premiums will be used and what benefits they will earn on a yearly basis. Moreover, the company’s investment policies and yearly contract reports will be regularly provided to customers and all information about the product is avalaible in the Products and Services.