Standard Chartered Bank (Thai) joins hands with Prudential Thailand to launch unit-linked, tapping growing wealth management segment

Stocks and Financial Services Press Releases Thursday July 14, 2016 14:35
Bangkok--14 Jul--Prudential Thailand
"PRUpremier link – Regular Premium" offers both protection and an opportunity for higher investment returns

Building on their successful bancassurance partnership, Prudential Life Assurance (Thailand) Public Company Limited ("Prudential Thailand") and Standard Chartered Bank (Thai) ("Standard Chartered Bank") jointly introduce a new product, "PRUpremier link – Regular Premium", combining life protection and investment opportunities in one. The plan is tailored to be flexible on investment choices, allowing customers to manage their investments and choose the level of protection on their own. It also comes with an opportunity to get a special bonus worth 10% of an annual regular premium when paying premium for the 5th Policy Year.

Mrs. Auraratana Jutimitta, Senior Executive Vice President, Retail Clients Thailand, Standard Chartered Bank, said, at the time of global and domestic economic uncertainty and market volatility, the performance of retail banking is becoming more diverse, especially from products and services in the wealth management segment. The Bank believes its synergy with Prudential will grow insurance business from strength to strength.

"Standard Chartered aspired to be a key player in affluent retail banking in Thailand and we have reasons to believe the future shines bright, with performance from Wealth Management unit as a key driver. We are particularly excited to be launching a new product with Prudential and hope this will contribute to the growth of our business," said Mrs. Auraratana.

Mr. Arjan Wes, Chief Distribution Officer, Prudential Thailand said, "The life insurance industry has been growing significantly over the last few years, especially through the bancassurance channel. When making a decision to buy a life insurance policy, a bank's customers are looking not only for life protection but also sound investment solutions in this historical-low interest rate environment. Therefore our new prospects are likely those who prefer managing their investment portfolio themselves with the aim to obtain higher returns.

"With this, Prudential has joined hands with our long-term partner Standard Chartered Bank, to develop a new products that can serve the protection needs of new customer groups. Through our customer-centric approach and our leading position in moving from traditional products to innovative ones, we are pleased to introduce our brand new investment-linked product, "PRUpremier link – Regular Premium", allowing customers to feel secure with financial protection while enjoying the flexibility to manage investments that suit their risk profile.

Mr. Sachin Bhambani, Head of Wealth Management, Standard Chartered Bank, said wealth story offers a much greater promise than ever before, which will play to strength of the latest bancassurance product from the partnership between Standard Chartered and Prudential.

"From a wealth management perspective, in this declining interest rate environment, clients are starting to look at new products to diversify portfolio. They are moving from risk-adverse mindset towards products like equities, mutual funds and other alternatives. Secondly, a more conducive regulatory environment offers traditionally risk-averse investors greater scope to invest in a diverse range of products. Combined with the Bank's value proposition of Open Architecture model, Global Advisory capabilities and innovative products – like PRUpremier link – we strongly believe we can cater to meet clients' financial needs," Mr. Sachin puts this into perspective.

Mr. Vishwanath Pasupathy, Chief Marketing Officer, Prudential Thailand, added that "PRUpremier link – Regular Premium" offers an opportunity for customers to ensure adequate insurance and protection for themselves while having the opportunity to earn higher investment returns through investments in leading mutual funds. Under the protection component in the policy, customers can choose the level of coverage they desire within the range of 5 to 30 times of annual regular premiums. In addition, they can choose to switch their mutual funds twelve times a year without having to pay any additional fees. This feature responds to the investment behavior of the new-generation of - our customers, who prefer the flexibility of having protection alongside the ability to manage their investment portfolios on their own."

"The other prominent feature of "PRUpremier link – Regular Premium" is that customers are allowed to pay premium on a regular basis, choose the level of protection, or pay top-up premiums at any time. In addition, customers can switch their mutual funds from and to a variety of fund types, for example a money market fund, balanced fund, equity fund or foreign fund."

"PRUpremier link – Regular Premium" provides a perfect tool for the new-generation investors to grow and protect their wealth," Mr. Vishwanath added.

"PRUpremier link – Regular Premium" is available for customers aged 1 month to 70 years old, with protection and premium payment period until 99 years old. Customers are also entitled to tax deduction privilege up to the maximum of 100,000 baht per year in line with the Revenue Department's regulations.

Interested persons can contact or ask for more information at any branches of Standard Chartered Bank (Thai), or call at Customer Service Center Tel. 1595.

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