ILAS: Understanding the Loss Scenario (Chinese Article)

Estimated reading time 5 minutes

10Life Team

02 Sep 2021
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10Life Team

02 Sep 2021

Estimated reading time 5 minutes

港股頹勢,但美股今年表現強橫。在投資氣氛熾熱日子下,不難發現保險顧問以強勁基金回報表現作餌,推介投資相連壽險(簡稱投連險,ILAS)予客人。事實上,投連險有過度呈現美好投資回報之嫌,未有披露潛在虧損情景以提醒客戶,更未有就收費及費用開支作出清晰披露。
 
牛市期間,在保險顧問落力銷售下,投資者容易輕率購買投連險。投連險是長期壽險產品,本質上更似基金投資,原因是身故賠償很多時候與投資表現掛鈎。市民決定買入前,有必要先理解這類產品是否真的滿足到其投資及保障需要。
 
有別於一般壽險,投連險的保單價值很大程度上與投資選擇掛鈎,而投資有升有跌,所以只能列出「假設」情景。
 
根據保監局發出的《長期保險保單利益說明指引》(指引28)(註1),投連險利益說明文件需要提供提供4個假設年度淨回報率,包括0%、3%、6%、9%作闡述,並列出不同保單年度的退保金額及身故賠償。

圖一: 監管要求下,投連險假設淨回報率要求



若年蝕3% 長遠承受重大損失

要了解投連險披露是否足夠,筆者向保險顧問取得一份友邦「卓達智悅」計劃書作例子,嘗試以利益說明文件解釋。

以整付保費100萬港元(假設1美元兌8港元),每年回報0%為例,上述投連險第10年、20年、30年預計退保價值分別為85萬港元、80萬港元、75萬港元;以每年正回報3%為例,上述投連險第10年、20年、30年預計退保價值分別為115萬港元、145萬港元、183萬港元。

圖二:上述投連險計劃書截圖(單位為美元)



但現時監管要求下,投連險毋須提供虧損情景。雖然個別投資者積極管理基金投資組合,但實情是不少人購入投連險後,很多時會任由其「自生自滅」,最終每年出現若干百分比虧損情況亦時有發生,所以虧損情景有必要在利益說明文件披露。
 
筆者亦要求10Life研究團隊,嘗試在同一個假設下,運算每年蝕3%情景下退保價值的變化(註2)。上述投連險到第10年時,預計退保價值僅餘下62萬港元,第20年餘下43萬港元,到第30年得30萬港元,與正回報落差高達150萬港元。
 
圖三:假設整付保費100萬港元,上述投連險不同年期和回報假設下退保價值估算

保單年度終結
每年虧損3%(註2)
每年回報0%
每年回報3%
10 年
62萬港元
85萬港元
115萬港元
20 年
43萬港元
80萬港元
145萬港元
30 年
30萬港元
75萬港元
183萬港元

短線止蝕離場 須繳退保費用
 
事實上,投保人亦有可能在市況暢旺時,高位買入基金,轉勢後則短時間內止蝕離場。同樣以「卓達智悅」為例,假設投連險第二年保單價值累計虧損 20%,投保人選擇離場,除了要承受投資損失外,第二年退保更要繳付「提款費用率」6%,較買入一般單位信託基金將承受更大損失。

兼且,在投連險生效初期,其費用是基於已繳付保費,惟當投資失利導致保單價值下跌時(例如100萬港元跌至僅得60萬港元),但費用仍然會基於100萬港元收取,將會衍生另一重損失。
 
筆者曾向保監局作出查詢,對消費者而言,投連險這款產品風險相對較高,為甚麼沒有一個投資層面出現虧損的假設?保險利益說明文件假設未能夠全面反映產品有機會出現虧損的實際情況,會否有機會誤導投資者,令他們未能準確掌握風險?會否考慮要求利益說明文件增加一個虧損假設,以更好反映產品回報情況?
 
保監局回覆時指出,投連險利益說明文件設計原意,是向投保人說明在不同回報率之下,保單的費用和收費對保單價值的影響,並不代表保單的實際回報。
 
該局續指,為了進一步說明在保守及沒有增長的情況下,保單的費用和收費所帶來的影響,自2014年起於「承保類別C業務指引(指引15)」中,要求所有投連險利益說明文件中須包括假設淨回報率0%的情況。
 
精明消費者 須清楚閱讀產品條款
 
總括而言,投連險與傳統儲蓄壽險性質上有重大差異,消費者必須了解這類產品伴隨的風險,而不是理所當然地認為這類產品必然有高回報。正如投資者及理財教育委員會經常教導市民,基金價格可升可跌。

證監會及保監局過去亦致力加強投連險產品披露、設計、風險條款,以保障消費者利益;但消費者亦有責任在購入投連險前,清楚閱讀產品小冊子及計劃書,及向保險顧問提出產品相關的疑問。

往後,筆者將會就如何提升投連險產品披露著墨,尤其是在收費事宜上,並向證監會及保監局提出具體建議,以奉行我們以保險消費者利益為先的宗旨。

註:
  1. 每年虧損3%情景有關數據是根據友邦「卓達智悅」產品資料概要及利益說明文件提供的資料及數據而估算,10Life精算師團隊以最大努力模擬,惟估算數據與實際數據或有差異。 

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Jack, Ng Wai Lap

黃維立

AXA Unit Manager

4.7
4002
611

Nik, Leung Tsz Kei

梁芷萁

10Life Financial Manager, Insurance Specialist

4.8
1173
274

Arthur, Law Wing Kai

羅永楷

10Life Financial Manager of Business Development

5
245
80

Winnie, Ng Wai King

吳惠琼

FTLife Agency Manager

4.8
1852
309

Even, Shum Miu Chu

岑妙珠

恆泰 高級理財顧問

4.6
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Philip, Lee Hon Lun

李漢麟

YF Life Branch Manager

4.4
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Tony, Yeung Chun Fung

楊俊鋒

FWD Life Wealth Planner

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Mabel, Siu Sin Wan

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AIA Associate Director, Wealth Management and Protection

4.4
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249

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