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[Guest Report] Mirae Asset’s policies offer living and death benefits

Oct 31,2017
Mirae Asset Life Insurance’s “Variable Universal Whole Life Insurance, Two Promises” product guarantees benefits for the policyholder in death and in living. [MIRAE ASSET LIFE INSURANCE]
Mirae Asset Life Insurance recently launched its “Variable Universal Whole Life Insurance, Two Promises” product offering benefits for policyholders in living and in death. Backed by the firm’s unique expertise in variable life insurance, the funds, including a new exchange-traded fund, are providing the highest rates of return in the industry.

“Variable Universal Whole Life Insurance, Two Promises” not only guarantees money in cases of death but also assures policyholders money to cover living costs while they’re still alive. Once they designate the period when they want to start receiving payments, the money is automatically provided for 20 years starting from that time.

The payments are calculated as 4.5 percent of the aggregated amount. For example, if the aggregate limit of the insurance policy is 100 million won ($89,000) and the policyholder has accumulated 60 million won at the point of retirement, the death benefit at the first year of retirement will be 95.5 million won — 100 million won minus 4.5 million won (4.5 percent of 100 million). That’s because the living cost payments will come from 4.5 percent of the money saved, so in this case, 2.7 million won from the 60 million won will go to the policyholder in the first year of retirement. To minimize the impact of fluctuating markets, the firm guarantees 2 percent returns.

Mirae Asset is the first in the local industry to introduce six types of exchange-traded funds, including global variable portfolio funds. Mirae Asset’s Variable Portfolio (MVP) program allows customers to select funds based on their risk tolerance and investment goals. In particular, the variable life insurance fund has gained a solid reputation for leading a paradigm shift toward long-term asset allocation strategies and up-to-date quarterly fund choices to maintain stable returns. In a record period of time, Mirae Asset’s MVP fund accumulated net assets exceeding 500 billion won and is still recording steep growth.

For the coming year, Mirae Asset is determined to bring its PCA Life Insurance acquisition to a successful close and achieve quality growth for the satisfaction of customers and employees. The firm will step up efforts to ensure the secure retirement of its clients through ceaseless innovation and substantial management as retirement planning specialists.

“‘Variable Universal Whole Life Insurance, Two Promises’ guarantees death and living benefits,” said Oh Eun-sang, chief of product development at Mirae Asset Life Insurance. “This will provide customers with the premium return rate and investment experience for customers who are concerned about both guarantees and assets after retirement.”



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