First Product: 'Plus Alpha Savings Insurance'
3.20% Fixed Interest Rate for 5-Year Maturity
Eligible for Tax-Free Comprehensive Savings Plan
Chubb Life Insurance announced on May 13 that it is resuming its bancassurance business by launching the 'Chubb Plus Alpha Savings Insurance 2504 Non-Participating' product through KB Kookmin Bank.
The Chubb Plus Alpha Savings Insurance offers a fixed annual interest rate of 3.20% for a five-year maturity. It is designed to help customers prepare funds for specific purposes in a stable manner amid the highly volatile financial market.
If the policy is maintained until the five-year maturity, a long-term maintenance bonus of 4.0% of the paid premiums will be provided, allowing for additional returns.
It can be subscribed to as a tax-free comprehensive savings plan (tax-advantaged). If the requirements stipulated in the relevant tax laws are met, policyholders can receive tax-exempt benefits on paid premiums up to 50 million KRW until December 31.
In addition to its savings function, the product also strengthens retirement support. It provides death benefits and is designed so that, by utilizing the pension conversion rider, policyholders can convert insurance payouts into a pension form as needed. Eligible subscription ages range from 15 to 80 years old. The single premium payment limit ranges from 5 million KRW to 1 billion KRW.
Albert Kim, CEO of Chubb Life Insurance, stated, "By resuming our bancassurance business, we are now able to provide customers with a broader range of financial solutions." He added, "The Chubb Plus Alpha Savings Insurance, launched through KB Kookmin Bank, is a fixed interest rate product that enables customers to plan their financial goals and prepare funds in a stable manner, even amid financial market volatility."
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