AXA LAUNCHES DOLLAR LIFE INSURANCE PLANSMakati City, May 5, 2003 -- Philippine AXA Life is launching the country's first US dollar-denominated variable life insurance plans.
Called Honey and HoneyPot, these products integrate life insurance and investment in a single product.
Honey is a regular-pay variable life insurance plan with premiums paid on an annual, semestral or quarterly basis while HoneyPot is a single-pay variable life insurance plan, which only requires one-time payment of premiums.
"These second-generation life insurance products go beyond the traditional life insurance products. With our Honey and HoneyPot, we hope to create a significant niche in the market as well as in the industry," says Victor Quisumbing, Philippine AXA Life president and CEO.
Philippine AXA Life seeks to duplicate the successful launch of these products among its AXA affiliates in the Asia-Pacific Region. Honey and HoneyPot have been well-received by the markets in Hong Kong and Singapore.
Because both plans have an investment component, their policy value is linked to one or more of the investment funds available to clients.
Quisumbing remarks, "We are initially offering the market two invest-ment funds namely; the AXA Philippine Premium Bond Fund and AXA Philippine Capital Investment Fund. These are primarily bond funds with securities issued by top Philippine corporations and the Philippine govern-ment. Both funds are managed by the Metrobank-Trust Banking Group."
The Metrobank Trust Banking Group, which commands over 40 years of experience in risk management, portfolio construction and performance monitoring and evaluation, is the company's official fund manager.
Variable life in-surance has expe-rienced tremendous growth in Europe and in North America for the past 20 years. Over 65% of the market in these regions have purchased variable life insurance plans, proving the strong need towards maxi-mizing investment potential for wealth generation.
Reported by: Sol Jose Vanzi
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