Provides Fund Management by World’s Finest Asset Managers
AIA Korea has launched its (Non-par) AIA Vitality Diamond Wealth Variable Universal Life Product.
This product is offered to those between age 15 to 70 with payment of single premium between 10 million won and 9.9 billion won. The attachable rider to this policy, (Non-par) AIA Vitality Single Level Term Rider, has a sum assured in the amount between 10 million won to 5 billion won.
The new product includes a universal feature that allows policyholders to access readily available cash withdrawal service. A unique benefit it offers is the additional fund boost effect on the total fund from premium of the rider depending upon the status of AIA Vitality, reflecting the level of healthy activities of customers. It is notable that interest income will be tax-free with this product.
The new product also gives customers privileged access to premium fund managed by the world’s finest asset management companies. Customers can choose from three types of funds comprised of a strategic mix of equities and bonds in accordance with the investors’ target return and risk preferences.
AIA Group is managing assets through AIA Investment Management (AIAIM), its own asset management firm based in Singapore. The subsidiary manages investment funds of US$251 billion, with plans to effectively maximize profits by increasing collaboration with numerous global asset managers, including Blackrock, Wellington and Baillie Gifford, that are normally available to institutional investors only.
AIAIM Elite Fund has managed ‘(Non-par) AIA Vitality Diamond Wealth Variable Annuity Product' since its launch in June this year and will offer the same service to (Non-par) AIA Vitality Single Accumulation Service Rider. As of Nov. 4, the fund recorded a return rate of 4.91% to 7.11% despite the high volatility in Korean stock market during the second half of this year.
The AIA Vitality Accumulation Service, which rewards healthy lifestyles, is what differentiates the new product from other variable universal life insurance products. Customers’ continuous efforts to manage their health and improve fitness level will be reflected on their Vitality Status (Bronze, Silver, Gold and Platinum), which differentiates the amount of premium discount they can receive on the rider. The discounted premium will then be topped up on the account value of the base plan and invested in funds.
“This product was designed for individuals who want to effectively manage a sizable sum of money. It encourages customers to live a healthier lifestyle and rewards their efforts with additional fund accumulation, connecting healthy activities into wealth through AIA Vitality Program—a unique offering of AIA Korea,” said Peter Chung, AIA Korea’s chief executive. “It is a representative product reflecting AIA Korea’s commitment to put customers at the heart of our business and empower them to live healthier, longer and better lives.” Make better health become wealth.