BNP Paribas Cardif Life Insurance announces that it is offering ‘(NP) ELS Star Variable Life Insurance’ by partnering with KB Kookmin Bank. The new product allows subscribers to secure monthly profits through the investment in ELS (Equity-Linked Securities).
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.
(NP) ELS Star Variable Life Insurance has been developed as the customized product for customers of KB Kookmin Bank who pursue monthly profits. The product adds the function of monthly profits payment to the structure of ELS, which has been already proven in terms of customers’ investment preference.
In addition, the new product enhanced ‘Convenience’ and ‘Stability’ in terms of long-term ELS investment. While individual ELS investments require customers to find new product to re-invest upon early redemption or maturity redemption of ELS, the investment principal of (NP) ELS Star Variable Life Insurance will be re-invested automatically into another ELS of similar structure without subscribers’ additional efforts to find a new ELS.
By investing in the index-linked ELS with the ‘No Knock-in’ structure which is less influenced by the volatility of stock market than individual stocks, (NP) ELS Star Variable Life Insurance allows subscribers to secure stable monthly profits. Subscribers can receive monthly profits if ELS meets the conditions at the time of expiration regardless of the performance during the period of investment before the expiration.
Jeong Soo Han, Head of Product Development department in BNP Paribas Cardif Life Insurance, said: “BNP Paribas Cardif Life Insurance introduced the variable life insurance invested in ELS first in the industry for the customers who are looking for higher returns than saving product such as immediate annuity and lower risk than direct equity investments.” He added: “(NP) ELS Star Variable Life Insurance would be a proper solution against change in monthly income followed by diverse reasons such as retirement.”
‘(NP) ELS Star Variable Life Insurance’ is available for people over 15 and under 70 years old, starting with an immediate premium of KRW 10 million. If the policyholders want to keep the earned income more stable instead of constantly re-investing in ELS, it can be managed with the public interest rate like saving insurance products by switching to a ‘general account’. In addition, the policyholders can change the type of funds from ELS funds to other type funds such as stock-type funds and bond-type funds responding to the market situation.
Meanwhile, BNP Paribas Cardif Life Insurance will offer a French cosmetic gift set for all new subscribers joining BNP Paribas Cardif Life Insurance’s variable life insurances until 31st of March.
 (NP) ELS Star VL(Variable Life Insurance), (NP) The Easy Asset Management ETF VL III, (NP) ELS Income VL IV, (NP) ELS Pro VL VI