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Ho Chi Minh city, August 08, 2008 – ACE Life Insurance Co., Ltd., part of the ACE Group of Companies®, global leaders in insurance and reinsurance, today announced the official launch of a new variant of Universal Life, “Senior Citizen”, specially designed for people aged between 71 and 80. |
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The Senior Citizen product particularly meets the demands of the elderly customers who wish to have their own financial plan for their golden years. In addition, it also caters to the younger generation who wish to present the product as a token of gratitude to their “senior” relatives or friends. The “Senior Citizen” product will enable people in their old age to enjoy life with an independent expenditure plan until the age of 99, removing the financial burden from family members as the elderly age.
This is the first time a life insurance product tailor-made for the elderly has been introduced in the Vietnam market. The “Senior Citizen” product is not only viewed as a break-through for the local life insurance industry but shows ACE Life as a company with a strong sense of corporate social responsibility in caring for the elderly.
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At a press conference organized to launch the product, Mr. Lam Hai Tuan, Chief Executive Officer of ACE Life, said “It is the duty of the whole community to care for the elderly. This product is a token of affection and gratitude. We take pride in introducing this product as a special gift to senior citizens, even though it exposes ACE Life to significant risks as a life insurer”. |
As a variant of Universal Life, the “Senior Citizen” product allows for a flexible premium payment and cash advance or withdrawal from the Contract Account Value as a personal bank account. Full details about the annual insured interest, Contract Account Value and Cash Surrender Value are included in the product description document provided to customers.
With the launch of the “Senior Citizen” product, together with the “Universal Option”, “Pre-eminent Option” and “Single Premium A&B”, ACE Life has positioned itself well in the market as the first one-stop provider of life insurance for all ages from 0 to 80.