Archipelago Life Insurance Limited is pleased to announce that policyholders subscribed into Endowment Alpha Series 3B in November 2014 has matured in March 2016 recently. Policyholders will be receiving the single premium and a 10% fixed coupon within the 15 days starting from the maturity date. Endowment Alpha Series 3B or EAS3B is a short-term endowment life protection of 18-months with a fixed coupon of 10% upon maturity, provided there is no claim.
Mr. Ian Lim, Principal Officer of Archipelago Life Insurance Limited, shared that there were a total of 34 EAS3B’s policyholders. These policyholders were given an option to roll-over into a new Endowment plan upon maturity and about 42% of them decided to do so. Policyholders can opt to roll over the principal and coupon or just the principal only.
He also added that Archipelago Life Insurance Limited is targeting between USD15 million to USD25 million total asset under management (AUM) for this year. He explained that the market penetration for offshore life insurance within the SEA region is low at the moment and hoped that the partnership with licensed Intermediaries at each SEA’s countries will boost its presence in the market place.
Endowment Alpha Series is a closed-end product. It was first launched in January 2014 and it launches on a quarterly basis. It provides a combination element of protection and savings for policyholders at a shorter period of cover of up-to 36 months. With a minimum single premium of USD20,000, the product provides a fixed coupon upon maturity or death benefit. Each Endowment is open for subscription for 1-month.
In March 2016, the company has launched two separate new Endowments – a USD and a SGD Endowment. The response has been very encouraging.
Archipelago Life Insurance Limited is licensed under the Labuan Financial Services and Securities Act 2010 to carry on business as a Labuan life insurer. It operates within the strong Labuan IBFC regulated environment and is also a member of the Labuan International Insurance Association (LIIA). With its co-located office in Kuala Lumpur, it works closely with licensed insurance brokers and professional financial advisers/planners and it aims to penetrate Asia Pacific region with its innovative suit of products targeted towards the high networth individuals and multinational corporations.