HONG KONG, April 30, 2021 /PRNewswire/ — Transamerica Life (Bermuda) Ltd. (TLB), a leading High Net Worth (HNW) life insurance provider, today announced the launch of its new universal life insurance plans, Universal Life Alpha Pro (ULA Pro) and Universal Life Alpha Pro Century (ULA Pro Century). ULA Pro and ULA Pro Century will be available immediately through Singapore, Hong Kong and Bermuda from 30 April 2021.
Based on TLB’s award-winning Universal Life Alpha Private Series product, ULA Pro and ULA Pro Century are refreshed for today’s market environment, offering a suite of improvements to meet broader customer needs. The new enhanced plans provide a unique combination of permanent life insurance coverage, cash value growth potential, and inherent design flexibilities that HNW individuals’ desire. In addition, ULA Pro Century features an added “no lapse guarantee” benefit that offers HNW customers certainty that their coverage will last to age 100.
Key features and benefits of ULA Pro and ULA Pro Century include:
Lifetime insurance protection – Death benefit^ designed to last a lifetime, providing for secure family protection, legacy planning, and estate liquidity goals. Cash value growth potential – Steady stream of interest at rates TLB declares, which will never be lower than 1.50% per annum. Starting from policy year 26, the account value will be credited with an additional interest based on the loyalty bonus crediting interest rate of 1.00% per annum until the insured’s age 100. Flexibility – Customers may choose to pay by single premium or planned premiums over a duration of choice with an option to contribute additional unscheduled premiums at any time+, giving customers the ability to plan around their lifestyle needs. Access to policy value#– Customers may make withdrawals on the policy’s net cash value subject to surrender charges and other limitations at any time after the cooling-off period. From policy year 11 onwards, withdrawals up to 5% of the account value per policy year is allowed without incurring a surrender charge. Insured exchange option – The insured life can be changed during the life of the policy, subject to underwriting approval and other conditions##, providing seamless transition and