ACE Life offers more options for its customers

The initial phase of this product focused on optimising benefits for the bread-earner of a family, while the new five additional supplementary benefits are particularly designed to offer special benefits to the main insured’s family members (including the legal spouse or parents or legal guardian).

In addition to the previous five supplementary benefits introduced at the product launch in September 2013, customers can now enjoy five additional supplementary benefits: Spouse Term, Spouse Waiver, Payor Term, Payor Waiver and Inflation Indexed Term.

“It is obvious that customer’s demands are increasing in recent years. Their higher expectations for life insurance companies lead us always put our efforts into bringing a diversified products portfolio providing customers with better financial protection benefits,” said Lam Hai Tuan, chairman and country president of ACE Life in Vietnam.

Particularly, with the new Payor Term and Payor Waiver benefits, Premier Universal Life 2013 is the first product of ACE Life designed to emphasize the benefits for children from six months to 12 years old. If the child’s parents or legal guardian suffers unexpected risks causing death, the insured child will be paid 100 per cent of face amount of the “Payor Term” benefit, meanwhile with the “Payor Waiver” benefit the child’s policy would be waived all future cost of insurance charges and policy admin fees until the child attains age 22. Furthermore, the Payor Waiver also provides an additional benefit equivalent to 1 per cent of the policy’s main sum assured which is annually credited it to the account value to provide  financial support for the child to start his/her own life when he/she reached to age 22.

Additionally, the new Spouse Term and Spouse Waiver benefits provide several options for both the main insured person and his/her spouse to select. The options include a free conversion into a main plan without re-underwriting, and a waiving of premium payments while account value remains free of policy charges and continues earning interest till the expiry of the plan, subject to certain stipulated terms and conditions.

One of the advanced features of Premier Universal Life 2013 is that all of the benefits are packaged in one policy, all deposited premium after deducting prescribed fees will be allocated to one account value and the policy account value will be invested in order to maximize the investment return. There will thus, be a considerable increase in the policyholder account value if customers choose more supplementary benefits.

“Customers feel secured with the flexibility and transparency of the Universal Life series – a flagship product that ACE Life pioneered in the Vietnam market since March 2006, which is still customers’ favourite. Following the success of Premier Universal Life 2013 since its launch, we believe customers will also appreciate the new five additional benefits”, Tuan said.

Although ACE Life’s Premier Universal Life 2013 has just been introduced for six months, this product are becoming a popular choice of customers. Combined to five previous supplementary benefits introduced at the product launch, the Premier Universal Life 2013 is offering a total of ten benefits for customers to protect them and their family members against unexpected risks.