Ace Life Vietnam boosts universal life products

The product, which offers customers aged between 18 and 70 financial protection against critical illness, has two options.

Option A covers four common critical illnesses, namely, life-threatening cancer, accident, heart attack and coronary artery bypass surgery.

Option B covers 36 common critical illnesses such as life-threatening cancer, heart attack, end-stage renal failure and end-stage pulmonary disease with higher compensation.

According to Ace Life Vietnam’s general director co Ace Life’s senior vice president Lam Hai Tuan, there were 70,000 people in Vietnam died due to cancer. The treatments for these critical illnesses are very costly, especially when performed overseas.

Critical Illness product’s policyholders can help policyholders set their minds at ease and focus on their recoveries.

The policyholders also can be offered flexibility in premium payment depending on the policy’s financial status and investment benefits from the Universal Life Fund guaranteed minimum interest rate of 4 per cent.

ACE Life has been a pioneer in the introduction of the Universal Life product in the Vietnam market since March 2006.

Presently, ACE Life offers a full range of Universal Life products that allow individuals and groups, between the ages of 0 and 80 from varied social-economic backgrounds to apply.

This new product, together with Global Personal Accident launched late 2010, are expected to boost Ace Life Vietnam’s growth in this year.

Ace Life Vietnam’s revenue within first nine months grew 140 per cent versus same period of last year. Over the course of 2010, ACE Life’s production reached VND731 billion, equivalent to 150 per cent of that in 2009.