Universal Life

REASONS WHY YOU CHOOSE UNIVERSAL LIFE

	First in the market to provide customers with guaranteed Medicash benefits of 200.000 dong to 300.000 dong/day to the age of 75
	Reasonable insurance premiums with high protection benefit up to age 99
	Flexibility in choosing the face amount from 10 times to 80 times of annual paid premiums
	A combination of protection plan and investment plan with an under attractive interest rate
	Being able to withdraw cash from the account to meet your immediate cash needs of cash
	Being flexible in choosing a premium holiday at any point of time from 2nd policy year onward while still being fully-protected (policy account value cannot be negative)

BEING ASSURED WITH THE OUTSTANDING ADVANTAGES OF UNIVERSAL LIFE

Death benefit until the age of 99
Under the same premium, there are 2 choices of plans:

Plan A: Insurance benefit is maximum of Face Amount and Account Value Plan A is more suitable for those who prefer saving to protection. .	Biểu đồ Kế hoạch bảo hiểm cơ bản
Plan B: Insurance benefit is sum of Face Amount and Account Value Plan A is more suitable for those who prefer protection to saving.	Biểu đồ Kế hoạch bảo hiểm nâng cao

Guaranteed Medicash benefit:
First in the market to provide Medicash benefit to the age of 75*
Plan A: 200.000 dong/day
Plan B: 300.000 dong/day
*The maximum number of days for Medicash claim is 750 days in a policy
Illustration of a 30-year-old female customer buying UL policy with face amount of 300 mil dong and premium of 10 mil dong. Premium payment period is 15 years. At the age of 60, she will get:

Investment interest rate	Guaranteed interest rate of 4%/year for the first 5 years and 3%/year for the following years		Estimated interest rate of 8%/year
	Account Value	Death Benefit	Account Value	Death Benefit
Plan A	215 mil	300 mil	704 mil	704 mil
Plan B	183 mil	300 mil + 183 mil = 483 mil	629 mil	300 mil + 629 mil = 929 mil

Investment benefit from Universal Life fund
Interest rate will be declared at calendar month-end by Manulife Vietnam and will be used to compute for interest credits applied to policies. Interest credit is based on the actual number of days the customer’s money resides in the policy account. 

Partial withdrawal from account value
Starting in year 2, customers can request for partial withdrawal to meet the needs of cash as long as the maximum amount is not more than 80% of the cash surrender value.

Flexibility in top-up, face amount, and death benefit options
Customers can be flexible in choosing the face amount multiple from 10 to 80 times, or request top-up depending on their financial capability. They can also adjust their premium top-ups and death benefit options to meet periodical demands.

Loyalty Bonus
A persistency / loyalty bonus will be reviewed & credited to the policy’s account value on the 5th anniversary and each subsequent anniversary provided all criteria are met. The loyalty bonus amount payable is 0.50% of the average account value in the prior 12 month period.

Maturity Benefit
The maturity benefit at the age 99 is the sum of the following:
The account value of the policy; plus any maturity benefit from riders; less any outstanding loan or debt.

For further information about Universal Life’s outstanding benefit, please contact Manulife’s financial consultants. 

UNIVERSAL LIFE’S STRUCTURE

Customers’ regular premiums will be partially allocated into the charge of insurance. The remaining will be distributed into the Policy Account Value. The amount in the Account Value will be invested in a portfolio to produce interest which is credited into the account value on monthiversary. Depending upon the actual investment results, this crediting rate may change and be up to or over 8%/annum.

The (net) minimum crediting rate guaranteed under this policy is 4%/annum for the first five policy years; is 3%/annum for each following policy year. In order to ensure customers benefit to the highest value, the investment assets of the Universal Life Fund are limited to money markets & fixed-income assets which include government bonds, municipal bonds, corporate bonds and bank deposits.

Transparency

Actual interest rate, asset structure, and investment outcomes of the Universal Life Fund will be updated periodically at every month-end on Manulife website www.manulife.com.vn. Within 90 days from the fiscal year end date, Manulife will inform policyholders in writing of the Universal Life Fund's financial performance and details on individual customer's investment benefits of that year. Manulife will also respond promptly to any customer's query or concern upon request through our professional customer service: 

Hochiminh City: (08) 5416 0708          
Hanoi: (04) 3936 2555

Note: Universal Life policy is a long-term commitment; therefore, customer should not cancel the policy within the short time. 

CHARGE STRUCTURE

Basic premium: the amount payable by the policy owner for a certain premium year

Excess premium: the balance amount in each premium payment after basic premium is fully paid to the current policy year, following Company’s rules. 

Premium load: Following are the premium loads to be deducted from the Regular basic & excess / top-up premium:

Premium Year	1	2	3	4	5	6	7	8	9	10+
Regular basic (%) Excess/Top up (%)	50% 10%	40% 9%	30% 8%	20% 7%	10% 6%	9% 5%	7% 5%	5% 5%	4% 5%	3% 5%

Any remaining amount (after deduction of premium load charge) will then be allocated to the fund account.

Insurance Charge: is determined based on the sex, attained age, and risk class

Policy fee:  20.000 dong per month (to the maximum of 60.000 dong/month) to be deducted from the account value at the beginning of each policy month.

Fund Management Fee: equal to 2.0% per annum (can be increased up to 2.5%/annum). This will be deducted from the gross interest that will be credited to the policy’s account value.

Partial Withdrawal Charge: Excluding the 1 free partial withdrawal benefits, if the partial withdrawal is less than or equal to 80% of CSV then the charge is maximum of 2% of partial Withdrawal or 100.000 VND.

Surrender Charge (guaranteed): The surrender charge (SC) is expressed as a percentage of the first year annualized regular premium (following current UVL practice).

Premium Year	Năm 1-5	6	7	8	9	10+
SC as % of RP	100%	80%	60%	40%	20%	0%

ENHANCING MAIN POLICY BENEFITS WITH EXTRA OPTIONS

Attached to main policy with small premium payments, extra options enhance the saving and protection plan of customers and their family

Products	Benefits
Accidental dismemberment, Total Permanent Disability (TPD)	Benefit can be up to 4 times the face amount of the basic policy
Term rider	Benefit can be up to 5 times the face amount of the basic policy
Medicash	Providing medicash benefit in case the insured has to stay in hospital

You are advised to refer to the policy provision for the precise terms and conditions of this plan.

Manulife provides sound advice, sound decisions. For more information about this product or any other Manulife products or services, Contact Us.