Asia-based Transamerica Life (Bermuda) (TLB) has launched universal life plan, Wealthassure Universal Life.
It is aimed at maximising high net worth individuals’ (HNWIs) wealth protection while strengthening their legacy and retirement planning.
The product integrates capital accumulation and protection with the flexibility to access cash for wealth and lifestyle goals.
The key features of Wealthassure Universal Life include:
- A 3.50% lock-in crediting interest rate per annum for five years;
- Capital preservation;
- No medical examination requirement;
- Two premium payment options – the insured can choose to pay the premium either through a single premium payment option or a periodic premium payment option spread over five years;
- Flexible access to cash value – this allows access to the policy’s cash value through partial withdrawals. Its systematic withdrawal option also enables automatic annual / semi-annual payments from policy year 11 onwards;
- 101% death benefit; – which is provided to the beneficiaries; and
- An Insured Exchange Option – the insured party may be changed once during the life of the policy.
Marc Lieberman, president and chief executive of TLB, said: “The current economic uncertainty and global health concern over covid-19 are driving HNWIs’ desire to have stronger capital protection along with a cash cushion that helps them meet their lifestyle needs while safeguarding their financial legacy.
“Wealthassure is our answer to their need for a life insurance solution that provides capital surety and flexibility while giving them peace of mind from knowing that their loved ones are protected from any unfortunate event.”
TLB has offices in Hong Kong, Singapore and Bermuda and is part of the Aegon Group.
Elsewhere in the sector, Axa Hong Kong and Macau has rolled out its Wealth Ultra Savings Plan.
It has three features, including flexible premium option, no aggregate limit for bonus lock-in rate and flexi continuation option.
Customers have the flexibility to apply these options over time to meet their needs at different life stages in order to provide extra protection for their family and to pass on their wealth.
Kevin Chor, chief life and market development officer at Axa Hong Kong and Macau, said: “Under the current volatile market conditions, we understand that people want to have more flexibility to achieve their savings goals.
“Wealth Ultra provides flexible and personalised options for customers to best meet their financial goals at different life stages, allowing them to have more certainty to achieve their plans and to share their wealth with future generations.”