Protection Linked Plans (PLP) - What You Need to Know

Estimated reading time 4 minutes

10Life Team

15 Jun 2022
甚麼是保障型投資相連壽險PLP?
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10Life Team

15 Jun 2022

Estimated reading time 4 minutes

保監局去年底引入一項新投資相連壽險(簡稱投連險,ILAS)種類,名為保障型投資相連壽險(Protection Linked Plans,PLP)。有保險公司蓄勢待發預備推出相關產品,但究竟甚麼是PLP?與投連險又有甚麼分別?

1.身故賠償保障大幅上升


投連險身故賠償很多時候都是佔「保單價值105%」,僅少數產品是以「已繳保費105%」計算。而由於保單價值很大程度與組合內的基金投資表現掛鈎,意味身故賠償很容易受投資環境影響。

PLP則要求65歲前簽發的保單,身故賠償須佔已繳保費150%或以上。以保單簽發年齡45歲以下為例,65歲前身故賠償需佔已繳保費150%、200%或250%(詳見下圖)。而65歲以後則不得低於保單價值105%或總已繳保費(扣除已提取部份),並以較高者為準。

圖一:繕發年齡與身故賠償佔已繳保費百分比


2.退保費用須與保障性質相稱


投連險收費經常讓人詬病,保單持有人有機會被收取前期收費(即首幾個保單年度扣除供款作為收費,upfront charge)或退保費用,但PLP規定兩種費用只能收一種。

就退保費用方面,證監會亦列明PLP退保費用必須與投連險的保障性質相稱,例如本身保險成份低,似是一個基金平台產品,應該容許較短時間內退保,且費用應要降低;身故賠償高達已繳保費150%的產品則列為高保障類,容許較高退保費用。

3.平台費及保險成本不得高於市場


證監會去年表明新發行的投連險(包括PLP)保險成本不能高於市場上可以比較的保險產品,包括定期人壽;亦指明平台費需要與市場上其他同類型基金投資平台可比較,意味平台費不得高於市場。

4.費用披露趨透明


PLP利益說明文件會詳細列出不同保單年度的收費,包括平台費的前期收費、經常性的平台費、保險費用,最終會得出可用作投資的淨保費,而相較以往投連險僅披露複雜的總費用及收費披露(TFCD)及不同收費之百分比,PLP收費明顯更具體及透明(見圖二)。

圖二:PLP利益說明文件將詳列費用



利益說明文件亦會列明在持有年期10年、15年、20年情況下,應繳總平台費及應繳總保險費用是多少(見圖三)。

圖三:PLP利益說明文件均會列明長期平台費及保險費用



5.保險中介人佣金攤長支付


就包括PLP在內的投連險中介佣金費用上,保險公司需要攤分繳付,以避免「sell and go」不良銷售行為。以分期繳付投連險為例,首年佣金不得超過總佣金一半,其餘須平均攤分5年以上繳付。

6.投資失利保單或失效


保險費用在整個保單期內,一般會隨着受保人年紀增長而有所提高,故從PLP保單價值中扣除的金額亦會因此上升;保險費用亦可能因相關投資選項表現的不理想而增加。

此外,保監局設計PLP時,沒有要求保險公司承諾「保證不斷保」(No-Lapse Gaurantee),假如保單價值不足以支付保險費用及適用的平台費用,投連險保單會因此失效,而保單持有人亦可能會因此損失所有投資和相關權益,包括身故賠償,故此雖然PLP保障成份大幅提升,但並非絕對的安全網。

7.必須提供ESG基金


保監局規定,PLP投資選項當中,必定要有最少一項是證監會核準的ESG基金供客戶選擇。另外,一些保單持有人若果即將退休,PLP投資選項中需要包含一些去風險元素的選項,包括目標日期基金、生命周期基金等。

8.不適合中短期有資金需要人士


PLP於保單持有人退休前提供遠超其保單應繳總保費(150%至250%)的身故賠償額作人壽保障,保單期內可能獲取長期資本增值,但不適合有短期或中期流動資金需要的人。

另一方面,雖然保監局推出PLP這項新型投連險產品,但低保障的投連險(身故賠償為保單價值105%)仍在市面上繼續有售。

現時市場上尚未有PLP推出市面,而保監局上述提出的僅是產品要求及框架,PLP是否值得買入須視乎未來推出的產品細節,但可以肯定的是保障成份較傳統投連險為高。

註:本文最後更新日期:2022年6月7日。

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