BNP Paribas Cardif Life Insurance, the Korean subsidiary of BNP Paribas Cardif, the insurance arm of BNP Paribas, is pleased to announce that it now offers ‘(NP) ELS Pro VL (Regular type)’ through Shinhan Bank and is boosting efforts in providing ELS (Equity Linked Securities)-investing products to a broader range of customers.
BNP Paribas Cardif Life Insurance’s ELS-investing VL product was the first of its kind in the industry, and recorded sales of over KRW 100 billion in less than a year since its launch. The product has gained the reputation as the most representative ‘medium-risk, medium-profit’ product in the low interest rate period.
The insurer also launched a regular-type product last month, (NP) ELS Master VL (Regular type) . The regular-type ELS VL invests in different ELS every month through the ELS-investing fund, and offers policyholders an opportunity to invest in ELS without committing a lump sum upfront. At the same time, the product has the advantage in hedging risks by making investments on a monthly basis.
For ‘(NP) ELS Pro VL (Regular type)’, its greatest merit is that upon redemption, it will reinvest the principle and the proceeds in additional ELS with similar features to the ones policyholders signed up for at the time of subscription, helping the policyholders to see where their money is invested in.
‘(NP) ELS Pro VL (Regular type)’ allows policyholders to make long-term investment without worries about renewals or incidental charges. Furthermore, policyholders can expect increased profits from their investment as a result of tax exemption should they meet the requirements of the relevant tax laws.
Byung Uk Lee, Chief Marketing Officer of BNP Paribas Cardif Life Insurance, said: “BNP Paribas Cardif Life Insurance offers its policyholders the opportunity to invest in ELS on a monthly basis with ‘(NP) ELS Master VL (Regular type)’ and ‘(NP) ELS Pro VL (Regular type)’. With these new products, we hope to assist customers in making wise investments by selecting ELS VL which are tailored to their individual investment styles and financial conditions, especially during the current low interest rate environment.”
The entry age of ‘(NP) ELS Pro VL (Regular type)’ is from 15 to 70 with minimum monthly premiums of over KRW 200,000. If the premium exceeds KRW 500,000, a 1% discount will be applied to the exceeding amount. Policyholders can withdraw the investment free of charge without cancelling the policies, or can even convert it into annuity in preparation for retirement.
More details on ‘(NP) ELS Pro VL (Regular type)’ can be found at the insurer’s website (www.cardif.co.kr) or through call center at 1688-1118.