BNP Paribas Cardif Life Insurance announced the launch of ‘Good Rich ETF Variable Annuity Insurance (Non-dividend type)’, a long-term investment solution with ETF funds. The product is now available on Rich & Co., one of independent insurance agency, partnered with BNP Paribas Cardif Life Insurance.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.
‘Good Rich ETF Variable Annuity Insurance’ which consists of funds investing on ETFs, suggests the efficient long-term investment in diverse sectors with the enhancement from the existing ETF variable annuity insurance in terms of the subscription age and investment strategy.
In terms of subscription age, the new product is available for customer aged 0 to 70 that allows customers in diverse age group can choose the product according to their own purposes. For those in their 40s and 50s, the product can be a solution to raise asset for their old age or expense for children, and for those in their 60s or order, it can be used to prepare for the affluent future of their grandchildren.
Options for investment strategies have also expanded. For those who want diversified investment focused on domestic assets, <Smart Beta> strategy can be the solution. <New Global Asset Allocation> and <Global Asset Allocation II> can be the option as well for those who want to invest in foreign assets or overseas ETF, respectively. ETF funds within the selected investment strategy are automatically rebalanced on quarterly basis according to advice from Samsung Asset Management, the leading company in Korean ETF market share, enabling convenient and professional fund management.
Lim Si Hyuk, the head of GA/Business Development in BNP Paribas Cardif Life Insurance said, “We have been providing our ETF variable insurance products in GA(General Agency) channel since 2019, and it is gaining steady interest and popularity due to high interest in ETF investment that is cost-effective and convenient for diversified investment. We expect as many customers as possible to benefit from ETF investment with the new product’.”
‘Good Rich ETF Variable Annuity insurance’ can be subscribed from KRW 0.1 million to 1 million per account for regular payment type and from KRW 50 million or more for single payment type. Since it is an insurance product, customer can be covered from insurance accidents. If the insured becomes disability status of more than 80% during the insurance period before the commencement of pension payment, accident disability benefits will be offered. If the policyholders want to keep the earned income more stable while responding to market conditions more flexible, it can be managed with the public interest by switching to a ‘general account’ or ‘bond-type fund’ instead of constantly re-investing in ETFs. It is also available to utilize a certain percentage of reserve at the time of commencement of pension payment for the purpose of expense for the old life.
Meanwhile, customers of BNP Paribas Cardif Life Insurance’s variable life insurance products can be benefited from the variable insurance management program offered by the company that provides the investment outlook, fund information, profit-alarm services, long-term contract maintenance guidance, in-depth fund consultations, etc to help customers transparently and regularly monitor and manage their contracts after singing up in more convenient and professional way.