Press Releases
Transamerica Life (Bermuda) Ltd. Launches TransACESM Elite
New Universal Life Insurance Policy Offers Death Benefit Protection, Enhanced Early Cash Value Accumulation Potential and Competitive Pricing for Younger-Aged Market
SINGAPORE (11 JUNE 2007) - Transamerica Life (Bermuda) Ltd. today introduced TransACESM Elite, a new individual, flexible premium universal life insurance policy. Available for sale in Hong Kong and Singapore, TransACE Elite is specially designed to appeal to the younger market with competitive premiums for lifetime "no-lapse" death benefit guarantees and enhanced cash value accumulation potential.
"TransACE Elite is structured to provide the potential for higher cash value accumulation earlier in the life of the policy," said Niju Vaswani, Managing Director, Transamerica Life Bermuda. "TransACE Elite complements our other "no-lapse" guaranteed death benefit universal life insurance policy, TransACESM, providing more options to help clients reach their financial goals."
TransACE Elite offers a three percent guaranteed minimum interest rate, and includes the No-Lapse Guarantee Endorsement (also known as the ACE Endorsement), which guarantees the death benefit in the event the cash value is insufficient to allow the policy to stay in force, provided policy conditions continue to be met.
TransACE Elite is designed for a variety of premium schedules, including those that pay level lifetime premiums and high initial premiums such as limited-pay and lump-sum scenarios. Premiums are flexible and may be made at any time prior to the policy anniversary at age 111, subject to the minimum and maximum premium limitations as explained in the policy.
Minimum face amounts for TransACE Elite are US $100,000 for Hong Kong residents (issued in Hong Kong), US $400,000 for Singapore residents (issued in Singapore only), and $1,000,000 for residents of other countries. Issue ages are 16 to 89. The product features Transamerica's "age last birthday" pricing advantage.
TransACE Elite has seven underwriting classes: Select Nonsmoker, Preferred Nonsmoker, Standard Nonsmoker, Nonsmoker, Preferred Smoker, Standard Smoker and Smoker. The Select Nonsmoker risk class—the most competitive underwriting class—is available only for qualifying nonsmokers for issue ages 16 to 80 (age-last-birthday).
General agents and producers interested in more information about TransACE Elite may contact TLB's Hong Kong Branch Office at (852) 2506-0311 or TLB's Singapore Branch Office at (65) 6236-2366.
About Transamerica Life (Bermuda) Ltd.
Transamerica Life (Bermuda) Ltd. is a long-term insurer incorporated in Hamilton, Bermuda. It is a subsidiary of Transamerica Occidental Life Insurance Company and has branch offices in Hong Kong and Singapore.
Transamerica Occidental Life has conducted business in Asia for more than 70 years. It established its first branch in Shanghai in 1933, opened a second branch in Hong Kong in 1947, and began sales operations in Japan in 1955. Transamerica Occidental Life remains one of the few U.S. companies authorized as a branch in Hong Kong.
Founded in 1906 as Occidental Life Insurance Company, Transamerica Occidental Life has led the insurance industry in the development of innovative products and earned a reputation for financial strength, stability and dependability in meeting its customers' needs.
Transamerica Life (Bermuda) Ltd., domiciled in Bermuda, and Transamerica Occidental Life, domiciled in the U.S., are AEGON companies. AEGON is a multinational insurance organization headquartered in The Hague, the Netherlands, and is one of the world's leading life insurance and financial services organizations.
For more information about Transamerica Life (Bermuda) Ltd. and Transamerica Occidental Life, visit www.transamerica.com, http://www.transamerica.com.hk or http://www.transamerica.com.sg.
