Underwriting service Premium collection service Policy owner service VIP Program Claim service Claim figure
B2E system BCS system Webmail Ministry Of Finance Association Insurance Vietnam Cathay Life Taiwan Cathay Life China
Product code: I01-I02
Được phê chuẩn theo Công văn số 3047/BTC-QLBH ngày 07/03/2012 của Bộ Tài Chính
Premium after deducting initial cost will be invested to make interest and accumulated to Account Value. Each month, Cost of Insurance and Policy Management Cost will be automatically subtracted from Account Value.
At the beginning of each calendar month, Cathay will declare interest rate applied to Account Values. This interest rate may change but will not be lower than the minimum guaranteed rate of 4%/year for first 10 policy years and 3%/year for the remaining years. Cathay will implement safe investment policy, focusing in buying government bond to ensure we will fulfill our guaranteed rates
Basic Premium: an amount that the Policy Owner pays to the Company in accordance with payment frequency and payment method as agreement. Basic Premium is determined according to Sum Assured, age and gender of the Insured.
Top-up Premium: the excessive amount of the Basic Premium paid by the Policy Owner and comply with the Company’s conditions.
Allocated Premium: the amount allocated into the Account Value to get interest and to increase value of the Account Value after deducting the Initial Cost.
Initial Cost: fee that is subtracted before premium is allocated to Account Value. This fee changes according to payment year and types of premium (Basic premium or Top-up premium).
|Percentage of Basic Premium||50%||20%||10%||5%||5%||2.5%|
|Percentage of Top-up Premium||8%||7%||5%||5%||5%||2.5%|
Cost of Insurance: cost to pay for insurance benefit. This amount is based on the risk of death and total and permanent disability, depending on gender and age of the Insured. Cost of Insurance will be deducted monthly from Account Value.
Policy Management Cost: cost to pay for the maintenance of policy and is subtracted monthly from Account Value. Currently, this cost is at 15,000 VND/month. Policy Management Cost may change but at maximum 60,000 VND/month.
Fund Management Cost: cost to pay for the management of Universal Life Fund. Cathay will deduct a Fund Management Cost of 2%/year.
Surrender Charge: applied when Policy Owner requests to surrender policy.
|Percentage of 1st Year Basic Premium
Withdraw a Portion of Surrender Value: fee applied when customer requests to withdraw money from Surrender Value.
Cathay brings to you two insurance benefits so that you can choose for yourself the most suitable plan
If the Insured unfortunately dies or becomes totally and permanently disabled, Cathay will pay the higher amount between the Sum Assured and Account Value.
Basic benefit is more suitable for investment target than protection target.
If the Insured unfortunately dies or becomes totally and permanently disabled, Cathay will pay the total amount of the Sum Assured and Account Value.
Advanced benefit focuses on protection more than investment.
Example: A male customer, 35 years old, buys Whole Life Universal Life with Sum Assured 300 million VND and pays 10 million VND each year for 20 years. After 20 years, Death or Total and Permanent Disability benefit would be:
|Guaranteed Interest Rate||Declared Rate 8%/year|
|Account Value||Insurance Benefit||Account Value||Insurance Benefit|
|Unit: million VND|
During effective period of policy, interest will be calculated monthly based on the declared interest rate and automatically added to Account Value.
During effective period of policy, you can withdraw cash from Surrender Value of the policy to pay for your expenditure demands. Request to withdraw money can only be carried out after first policy year.
During effective period of policy and after two policy years, you may request to change Sum Assured according to your insurance need.
On the anniversary date when the Insured is 99 years old, Cathay will pay 100% Account Value
|Policy Term||20 years|
|Premium Payment Period||Equals Policy Term|
|Entry Age||Basic: 0 – 60
Advanced: 0 – 50
|Minimum Period of Basic Premium Payment||2 years|
|First Premium||Minimum 1 annual basic premium or 3 million VND|
|Minimum Sum Assured||100 million VND|