Universal Life Enhancement

Universal Life Enhancement

A 360-degree solution to protect the most important things in life

Get Cash Advance Along with Accidental Death Insurance Benefits

What are your milestones in life?

Do you plan for a new job, a foundation for a more stable future?

Are you going to start a family?

Are you thinking about retirement?

Whatever stage you’re in, life goals revolve around wellness, security for your family and an ideal retirement plan. With that in mind, we create a 360-degree solution to help you achieve and protect your life goals.

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Comprehensive Universal Life

COMPREHENSIVE UNIVERSAL LIFE

Comprehensive Universal Life Protects you against the risks in all stages of life.

Benefits

1. Flexible benefit options of Death & Total and Permanent Disability (TPD)(1)

Universal Life Enhancementoffers two different options to meet customers' particular needs.

Level Death Benefit - Saving prioritycustomers will receive the benefit equal to 100% current Sum Assured or Account Value (whichever is higher) when the insured event happens.

Increasing Death Benefit - Protection priority: customers will receive the sum of 100% current Sum Assured and Account Value upon the insured event happens.

In addition, Universal Life Enhancement offers the flexibilities to change the insurance coverage as well as adjust the financial plans in accordance with their individual needs of each stage of life by converting the insurance benefit options or adding rider benefits in line with the conditions prescribed under the Terms and Conditions of this product.

2. Benefit to increase Sum Assured upon key life events

Universal Life Enhancement ensures to be entitled to increase current Sum Assured up to 25% upon the events of getting married or having new born child without medical underwriting. This benefit allows customers to optimize their insurance policy to enjoy the enhanced financial protection (2)

3. Benefit for non-smokers

AIA will pay an additional amount/ extra coverage of 10% of current Sum Assured in case a non-smoking Life Insured dies at the age of over 15 years old

4. Benefit for full payments in due time

If premiums are paid in due time the policy shall automatically be awarded an extra accidental death benefit (before age 65) equivalent to 100% of the current Sum Assured. This extra coverage shall be given without any additional cost of insurance.
The accumlated Accidental Death Benefit per Life Assured of all insurance policies at the Company cannot exceed the maximum limit of 8 billion dong.

5. Accelerated benefit for cancer

If the Life Insured suffers from cancer before attaining the age of 65, the Company shall advance 25% of current Sum Assured (3).

6. Partial withdrawal benefit from the Account Value

In order to timely support the urgent financial needs, customers can withdraw from the Account Value provided that the policy has been in inforce at least 2 years.

7. Benefit to enjoy investment returns

During the Policy term of Universal Life Enhancement, interest will be credited to Account Value on a monthly basis. In all cases, the announced interest rate shall not lower than the guaranteed interest rate of 5%/year in the first 2 year; 4.5% in the next 2 years, 4%, 3.5%, 3%, 2% in 5th until 8th Policy year respectively; and 2% from 9th Policy year and onwards. The Company commits to perform prudent investment policy, focusing on safe and fixed income assets to preserve capital including government bonds, corporate bonds, and deposits at credit institutions.

8. Benefit to enjoy Loyalty Bonus

On the 10th policy Anniversary, a Loyalty Bonus equal to 100% of the Total Calculated Bonus Amount (4) will be allocated to the Protection Account. Similarly, on the 15th and 20th policy Anniversary, a Loyalty Bonus will be equal to 10% of the Total Calculated Bonus Amount. In order to enjoy this benefit, customers have to pay full Protection Premium at every Premium Due Date in the preceding years.

9. Maturity Benefit

Upon the Maturity of the policy, customers will receive the whole Account Value.

 

(1) Applicable when the insured event occurs before the age of 70.

(2) Only applicable to policies issued with standard conditions and maximum two (2) times during the policy term. Events must occur from the second year of the contract, prior to 65 years old, and the request must be submitted within 90 days of the event occurring.

(3) Deductible when paying out Death benefits or Disability or Total and Permanent Benefit

(4) Total Calculated Bonus Amount is total interest accumulated into Protection Account at 10th Anniversary Date. Accordingly, the total interest accumulated at these policy years will be equal to 50% Accumulated interest credit accrued to Protection Account Value in the preceding 5 policy ears.

Requirements
Age of entry From 30 days old to 65 years old
Expiry age 100 years old
Policy term 100 years old
Premium payment To ensure better implementation of financial plan, customers need to pay premiums as schedule. In the first four years, the chosen Protection Premium is the minimum premium that must be paid in full.
Premium frequency Annually, Semi-Annually, Quarterly and Monthly.
Exclusion

1. Exclusions of Death

The Company will not pay any insurance benefit as stipulated in article 7.2 and article 7.3 of this Product Terms and Conditions if the Life Assured directly or indirectly dies because of the following reasons:

  • Suicide within 24 (twentyfour) months from the Policy Effective Date or reinstatement date whichever is later. For the increased Sum Assured, this exclusion will also be applied within 24 months from the effective date of increase in Sum Assured or reinstatement date, whichever is later; or
  • Any Human Immunodeficiency Virus (HIV); AIDS and/or any HIV/AIDS-related illnesses; or
  • Intentional acts of the Policyholder, Life Assured or Beneficiary. In case of an intentional act of the Beneficiary, the Company shall only pay the benefits to designated Beneficiary who does not engage in such event in accordance with the percentage of designated benefits; or
  • Death sentence.

 

In this case, the Company shall pay Account Value at time of death.

2. Exclusions of Death due to Accident:

The Company will not pay any insurance benefit as stipulated in Article 7.4 and of this Product Terms and Conditions if the Life Assured dies due to Accident directly or indirectly dies because of the following reasons

  • Any Human Immunodeficiency Virus (HIV); AIDS and/or any HIV/AIDS-related illnesses; or
  • Intentional acts of the Policyholder, Life Assured or Beneficiary. In case of an intentional act of the Beneficiary, the Company shall only pay the benefits to designated Beneficiary who does not engage in such event in accordance with the percentage of designated benefits; or
  • Participation in war or aggressive acts, riots, strike or terrorism; or
  • Participating to scuffle, fight, arrested or repulse of arresting;
  • Intentionally self injured such as: using stimulant, heroin, suicide or suicide attempt or intentional self injured whether sane or insane; or
  • Accident happens due to using alcohol which alcohol level exceeds the allowed level by Laws or due to the influence of using medicines without prescription; or
  • Accident happens on air transportation except for customers traveling as a fare-paying passenger on commercial scheduled flights; or
  • Participation in sports with fix remuneration, being a professional athlete, or participation in any hazardous activities such as scuba diving, bungee jumping, aerial flights, mountaining, horse and automobile racing or unnecessary hazardous activities except for saving life; or
  • Influence of radioactive substance.

 

3. Exclusions of TPD

The Company will not pay the TPD benefit as stipulated in article 7.2 of this Terms and Conditions if the Life Assured directly or indirect suffers from TPD because of the following reasons:

  • Pre-existing condition of TPD which happened prior to the Policy Effective Date or Reinstatement date, whichever is later. For the increased Sum Assured, this exclusion will also be applied from the effective date of increase in Sum Assured or reinstatement date, whichever is later; or
  • Suicide within 24 (twenty four) months from the Policy Effective Date or reinstatement date, whichever is later. For the increased Sum Assured, this exclusion will also be applied within 24 months from the effective date of increase in Sum Assured or reinstatement date, whichever is later; or
  • Any Human Immunodeficiency Virus (HIV); AIDS and/or any HIV/AIDS-related illnesses; or
  • Intentional acts of the Policyholder, Life Assured or Beneficiary; or
  • Self-injure or self-inflicted injuries or any such attempts while sane or insane
  • Serve in the armed forces in time of war regardless of declared or not declared or act according to order or restore public order; or
  • Due to any birth defects can be detected or diagnosis; or
  • Physical defects (defects which are visible outside or through medical image diagnosis) or mental defects (defects which are related to thinking, mood and behavior such as depression, hallucinations, anxiety disorders, schizophrenia...) pre-exist before the Policy Effective Date or reinstatement date, whichever is later, and not being declared in application form or health declaration form. For the increased Sum Assured, this exclusion will also be applied from the effective date of increase in Sum Assured or reinstatement date, whichever is later.

 

In this case, all other insurance benefits under this Product Terms and Conditions shall remain in force.

Basic Terminologies

Protection premium: The amount is determined by customers in line with their needs, written in the Certificate and paid at every premium due date according to the chosen payment frequency.

Saving premium: The remaining premium after fully paid the annual Protection premium and other due date rider premiums (if any).

Allocation charge: The fee is deducted from the Protection premium and Saving premium at every premium payment, before being allocated into Universal Life fund. The allocation fee is a percentage of Protection premium and Saving premium as follows:

Policy Year 1 2 3 4 5
Protection premium 90% 80% 30% 20% 1.5%
Saving premium 0% 0% 0% 0% 0%

Cost of insurance: Is the cost used to pay guaranteed insurance benefits

Policy Administration Fee: Is the fee to maintain policy and provide information related to the Policy. Currently, the cost is 25.000VND per month.

Fund Management Fee: maximum is 2%/year of total asset value of the Universal Life Fund. The Fund Management Fee is deducted before the Company declares Interest Crediting Rate.

Partial Withdrawal Charge: Not applicable.

Surrender charge: Not applicable.

Protection Account Value: Is the amount which is accumulated from allocated Protection Premium plus interest after deducting the Cost of Insurance and monthly Policy Administration Fee and partial withdrawal (if any).

Saving Account Value: Is the amount which is accumulated from allocated Saving Premium plus interest after deducting the Cost of Insurance and monthly Policy Administration Fee and partial withdrawal (if any).

Account value: Sum of Protection account value and Saving account value.

Interest Crediting Rate: Is the interest earned from the actual performance of Universal Life Fund after deducting Fund Management Fee, which is applicable for calculating interest of Account Value.

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Important notice

1. The insurance products are not bank deposits or obligations of, or guaranteed by Citibank, N.A., Hanoi Branch and Citibank, N.A., Ho Chi Minh City Branch (hereinafter called “Citibank, N.A., Vietnam”) or any of its subsidiaries, group companies or affiliates. The purchase of the product is optional. The customer has full right to choose the suitable product fitting their needs and financial situation. Currently Citibank only distributes insurance product(s) for sole Vietnamese nationality customer.

2. AIA Vietnam Life Insurance Company Limited (“AIA”) is the insurance underwriter of this insurance plan and is solely responsible for all approvals, coverage and compensations of their insurance plans. All Claims under the policy will be solely decided upon by AIA.

3. This insurance product is not insured by any government agency. According to Article 54.1 of Decree No. 73/2016/ND-CP, life insurance company must maintain reserve funding for each life insurance contract to match its responsibilities. In additions, according to Article 103 and Article 105 of Decree No. 73/2016/ND-CP, life insurance companies are required to contribute to Insured Person Protection Fund under Vietnam Assurance Association with contribution amount as per announced in the fiscal year by the Ministry of Finance but not exceed 0.3% of total premiums from primary insurance contracts in the preceding fiscal year. The fund will be used to pay for insurance benefits, surrender value, premium refund obligations in cases the insurance company is unable to pay or is bankrupted. The payment will be paid in one time for each request.

4. The above information is intended for reference only. Please refer to the Policy Contract and the website www.citibank.com.vn for detailed Terms and Conditions.

5. There are certain conditions whereby the benefits under the plan will not be payable. These are stated as exclusions in the policy contract. You are advised to read the policy contract for the full list of exclusions.

6. The Benefit Illustrations (where applicable) presented are not actual and for illustrative purposes only. The accumulated interest rates, annual dividends and maturity dividend (where applicable) are subject to certain market factors etc. Past performance/ record is not necessarily indicative of future result.

7. Buying a life insurance policy is a long term commitment. An early termination of the policy might involve high costs and the surrender value may be less than the total premium paid.

8. In order to support customer in premium payment, customer may apply for Citibank Direct Debit Authorization (DDA) service by with insurance premium will be collected and paid to AIA in accordance with the amount and frequency requested by customer.

9. Subject the specific insurance product Terms & Conditions, if you are not happy with your policy, you have the right to cancel it within the Free-look Period which is 21 (twenty-one) days from the AIA insurance acceptance date on the insurance certificate and date you receive the insurance certificate. AIA will refund all premiums paid after deducting health check fee and any expenses incurred for underwriting and policy issuance process, if there is any. Should you cancel the insurance policy after the Cooling-off Period, you may lose all paid premium and just receive the account value or surrender value, depend on case by case.

10. You are advised to review your financial circumstances at least once annually in order for you to review and monitor your existing financial plans and to identify new and emerging financial needs that may arise.

11. Citibank, N.A., Vietnam is not responsible or liable for any product and service offered by AIA Vietnam. AIA Vietnam is the insurance underwriter of this insurance product and is solely responsible for all insurance and compensation related matters.

12. Tax benefits, if applicable are governed by local regulations and subject to changes in the tax laws. Citibank and its employees are not in the business of providing tax advice.

13. For more details, clarification, policy servicing, claim and cancellation enquiries, please call your bank financial consultant or contact:

www.citibank.com.vn/contactus

Citibank branches:

  • Ha Noi: 40 Cat Linh Street, Cat Linh Ward, Dong Da District.
  • Ho Chi Minh: 115 Nguyen Hue Blvd., District 1