[Asia Economy Reporter Changhwan Lee] AIA Life announced on the 4th that it has newly launched the '(Non-participating) Golden Time Annuity Insurance II' as a Korean won-denominated product.
This product allows customers to pay a lump sum at the time of subscription and receive a fixed interest rate without fluctuation for 5 years based on the interest rate at the time of subscription. If subscribed when interest rates are high, even if rates fall later, the interest income based on the rate at the time of subscription will be applied for the agreed 5-year period.
If subscribed by the 15th of this month, a fixed interest rate of 4.64% for 5 years will be applied, and sales are limited to 100 billion KRW on the 15th of every month. It is available for those aged 15 to 75, with a minimum subscription amount of 15 million KRW.
The company explained that after the 5-year fixed interest period, additional deposits can be made at the announced interest rate, and if maintained for more than 10 years, interest income is eligible for tax exemption benefits.
Nathan Chong, CEO of AIA Life, said, "Korea is one of the countries with the longest life expectancy in the world," and in this context, "we are pleased to launch the new long-term savings insurance '(Non-participating) Golden Time Annuity Insurance II (Korean won-denominated)'."
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