ACE Life Vietnam Launches Universal Life Product
The US insurer ACE Life Vietnam earlier this week launched a new product, namely the Universal Product, the first of its kind in Vietnam.
The new product is designed to offer great flexibility. It will provide lifetime insurance coverage combined with a savings component and yearly renewable term rates that will facilitate the accumulation of savings in the earlier years.
Universal Product, as a unique product in Vietnam, is expected to acquire 30-40 per cent of the local market share in the next three or four years, said ACE Life chairman Lam Hai Tuan.
ACE Life Vietnam, with paid-in capital of US$20 million, was licensed to offer life insurance in Vietnam in late June last year during the visit by Vietnamese Prime Minister to the US.
Starting official operation in Vietnam in last December, ACE Life has provided nine products never before seen in the country.
The US insurer is also planning to branch out into non-life insurance services in Vietnam, which will focus on investment in bonds, shares and real estate projects.
VNA, Vietnam Panorama
Vietnamese
