BNP Paribas Cardif Life Insurance, the Korean subsidiary of BNP Paribas Cardif, the insurance arm of BNP Paribas, announces that it has further diversified the portfolio of (NP) Grand Prix Variable Universal Life Insurance IV (Grand Prix VUL IV) by adding European Equity Fund of Funds that invests in European stocks as the European market has become increasingly attractive to investors.
As shown in major European countries’ improving fiscal and current account balances, economic recovery in Europe has now entered into a stable stage and investors’ interest in the European stock market has been heightening. To capitalize on these positive market circumstances, BNP Paribas Cardif Life Insurance added a new fund that invests in the European market to Grand Prix VUL IV.
Grand Prix VUL IV’s portfolio includes a wide range of funds that invest in Korea, US, China, BRICs and emerging markets as well as global dividend stocks, global bonds and natural resources. The addition of the European Equity Fund of Funds allows subscribers to adopt an investment strategy that reflects their individual preferences and capitalizes on stock market conditions with a single insurance product.
In addition, people investing in a variable life insurance can expect a higher return by receiving tax-exemption compared to direct overseas investment through a regular fund.
Byung Uk Lee, Chief Marketing Officer (CMO) of BNP Paribas Cardif Life Insurance, said: “Amid rapidly-changing market conditions, BNP Paribas Cardif Life Insurance remains dedicated to maximizing customers’ profit on a long-term perspective. The addition of European Equity Fund of Funds is another forward step taken so as to achieve this goal. Grand Prix VUL IV is a product well-suited for retirement planning, as it offers benefits such as flexible fund switching, tax-exemption, and convertibility into an annuity plan.”
Grand Prix VUL IV’s portfolio is comprised of 12 foreign investment funds including the newly added European fund and six local investment funds. Investors can improve the stability of investment by adding ‘daily averaging function,’ which hedges investment risk by putting money into funds on a daily basis.
The detailed information of the product and subscription can be obtained from BNP Paribas Cardif Life Insurance’s bancassurance partners: Citibank Korea, Korea Exchange Bank, KDB Daewoo Securities, Hanwha Investment & Securities and HMC Investment Securities.
 The non-taxation benefit on earnings from the insurance will be available if the investment fits the requirements of relevant tax laws.