Non-guaranteed Return Items Explained (Chinese Article)

Estimated reading time 6 minutes
08 Dec 2021
Non-guaranteed Return Items Explained  | 10Life
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08 Dec 2021

Estimated reading time 6 minutes

長期儲蓄保險憑着較高非保證回報在低息環境下熱Sell。而非保證回報又有些細項值得投保人留意,包括「週年紅利」、「歸原紅利」、「終期紅利」,究竟這些「紅利」有甚麼分別?10Life今次會以保險代理近月力推的4款長期儲蓄保險作實例闡釋,更發現原來「歸原紅利」於不同保險公司有不同定義,將影響回報可靠性。
 
長期儲蓄保險種類眾多,有些強調高人壽保障,有些強調高保證回報,亦有些所謂「Coupon Plan」重視每年分派紅利,我們今次集中比較着重非保證回報的儲蓄保險。這類保險保證回報、身故賠償保障相對低,被視為適合子女升學教育、退休等理財目標,儲蓄期長達20年。
 
重視非保證回報 惟紅利各有差異
 
惟正如其他儲蓄及投資產品,較高的非保證回報意味着不確定性較高。消費者需要注意的是,非保證回報有不同組成部份,不同「紅利」意味着回報穩定性各有差異。
 
10Life今次以4款儲蓄保險作實例解釋非保證回報差異,包括友邦充裕未來・盈尚(友邦充裕)、宏利創富傳承保障計劃2(宏利創富)、保誠特級「雋陞」儲蓄保障計劃II(保誠雋陞)、永明金融傳富儲蓄計劃(永明傳富)。
 
是次比較情景為35歲非吸煙男性,繳付期5年,每年供款2萬美元,總供款為10萬美元,目標儲蓄期為長達20年,並以基本情景作出比較。
 
圖一:於第20年退保時的預期現金價值及紅利分類
 


註: 
1.是次比較情景為35歲非吸煙男性,繳付期5年,每年供款2萬美元,總供款為10萬美元,目標儲蓄期為長達20年回報,並以基本情景作出比較。
2.保險產品以保險公司英文名稱排序。
3.上述資料截至11月19日。
週年紅利:每年派發及支付
 
根據保監局定義(見註1),「週年紅利」(Cash Bonus)為每年派發及支付,已派發的數額將不會改變,並可提取或存放於保險公司,以收取非保證利息。不過,上述4款產品較傾向發放歸原紅利及終期紅利予保單持有人。
 
歸原紅利:不同公司不同定義
 
「歸原紅利」(Reversionary Bonus)屬非保證回報一種。保監局定義下,其面值(Face Value)在派發後不會改變,永久附加於人壽保額(Sum Assured)上,並會於受保人身故時支付。然而,正如較早前提到,這類長期儲蓄保單本身不重視身故保障,僅重視長線儲蓄回報,因此僅增加人壽保額意義不大。
 
至於「歸原紅利」在現金價值(Cash Value)上,一經宣佈亦非保證,退保時保險公司僅會按折讓價值支付,通常低於其面值。因此「歸原紅利」本質上較重視身故賠償,與投保人的理財目標可能有衝突。
 
10Life比較4款產品中,有3款產品提供「歸原紅利」。不過,10Life發現永明傳富「歸原紅利」定義與其他2款保險有重大分別,原因是永明傳富無論是面值還是現金價值,一經宣佈都「將變成保證並在保單內累積」(見下表),與其他保險公司提到現金價值一經宣佈亦屬非保證有差異,對於投保人而言穩定性更高,對長期儲蓄更有利。

表一:三間保險公司已公佈的歸原紅利對保單價值的影響

保險公司產品 已公佈的歸原紅利對保單價值的影響
面值 (Face Value) 現金價值 (Cash Value)
友邦充裕 變成保證 非保證
保誠雋陞 變成保證 非保證
永明傳富 變成保證 變成保證
 資料來源:有關保險產品條款
 
以第20個保單年期退保計算,永明傳富「歸原紅利」預期現金價值為3.9萬美元,屬3款產品中最高,之後為保誠雋陞(2.8萬美元)、友邦充裕(8,685美元)。值得注意的是,後兩者僅面值屬一經公佈即屬保證,僅適用於身故賠償。宏利創富則未有提供任何歸原紅利。
 
終期紅利:保單終止前浮動幅度大
 
「終期紅利」(Terminal Bonus)每年均會公佈,惟之後金額可能會升升跌跌,到保單終止時(如身故、退保或保單期滿)才釐定實際金額並一次過支付,意味期間價值可能會浮動,屬三種紅利中不確定性最高。
 
以4款產品為例,第20年宏利創富終期紅利為14.2萬美元,緊隨其後為友邦充裕(12萬美元)、永明傳富(10.2萬美元)、保誠雋陞(8.9萬美元)。
 
以總現金價值計算,當中計及4款產品的保證現金價值,第20個保單年度宏利創富及永明傳富預期連本帶利接近24.2萬美元,其次為友邦充裕(22.9萬美元)及保誠雋陞(22萬美元)。
 
上述4款長期儲蓄保險僅屬例子,以闡釋不同紅利之分別,市場上仍有不少同類型產品供投保人選購。最後,投保人若打算買入這些重視長線回報的儲蓄保險產品,此前必須明白「週年紅利」、「歸原紅利」、「終期紅利」分別,了解哪種非保證回報確定性較高;亦需要了解在個別名詞上,例如「歸原紅利」不同保險公司有不同定義。
 
註:
  1. 見保監局紅利的種類
 
附錄一:

於20年退保時的現金價值
項目 友邦充裕未來
・盈尚
宏利創富傳承
保障計劃2
保誠特級「雋陞」
儲蓄保障計劃II
永明傳富
儲蓄計劃
保證現金價值 $101,222 $100,327 $102,359 $100,700
累積週年紅利 $0 $194 $0 $100,700
累積歸原紅利 $8,685 $0 $27,706 $39,230
終期紅利 $119,597 $141,931 $89,464 $101,723
總現金價值 $229,503 $242,452 $219,529 $241,653
 
註:
1.是次比較情景為35歲非吸煙男性,繳付期5年,每年供款2萬美元,總供款為10萬美元,目標儲蓄期為長達20年回報,並以基本情景作出比較。
2.保險產品以保險公司英文名稱排序。
3.資料截至11月19日。

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Jack, Ng Wai Lap

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