CEILLI Tutorial Slide Jan 2022 PDF

CERTIFICATE EXAMINATION IN INVESTMENT-LINKED LIFE INSURANCE (CEILLI) TUTORIAL 投资连接寿险证书考试复习 ALLIANZ ACADEMY JANUARY 2022 Internal Used Only © Copyright Allianz SE COURSE OBJECTIVE 课程目标 To equip participants with solid technical knowledge about in...

CERTIFICATE EXAMINATION IN INVESTMENT-LINKED LIFE INSURANCE (CEILLI) TUTORIAL 投资连接寿险证书考试复习 ALLIANZ ACADEMY JANUARY 2022 Internal Used Only © Copyright Allianz SE COURSE OBJECTIVE 课程目标 To equip participants with solid technical knowledge about investment- linked life insurance. 让学员深厚的了解对于投资联结寿险相关的技术性知识 To understand the key contents of CEILLI 理解CEILLI考试的重点内容 Increase passing rate! 增加及格率 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 2  CEILLI COURSE 60 questions OBJECTIVE PCIL 课程目标 Part A: (Chap 1-6) –40 questions Part B: (Chap 7-10) Part C: (Chap 11-16) –30 questions Part D: (CEILLI) –30 questions Passing rate: 50% PCE Tutorial | Allianz Academy © Copyright Allianz SE 12-Jan-22 3  INTRODUCTION TO INVESTMENT- TYPES OF INVESTMENT COURSE 01 LINKED LIFE INSURANCE 投资联结寿险简介 06 VEHICLES & POTENTIAL RISKS 投资工具种类与潜在风险 REGULAR PREMIUM OVERVIEW INVESTMENT-LINKED LIFE COMMON TYPES OF 概览 02 INSURANCE 定期保费型投资联结保险的机制与特 点 07 INVESTMENT-LINKED FUNDS 常见的投资联结基金种类 SINGLE PREMIUM INVESTMENT- PERTINENT GUIDELINES ON 03 08 LINKED LIFE INSURANCE INVESTMENT-LINKED BUSINESS 单期保费型投资联结保险的机制与特 与投资联结业务相关的指南 点 CONSIDERATIONS FOR AGENTS PROFESSIONAL 04 09 PURCHASING AN INVESTMENT- APPROACH & GUIDELINES LINKED POLICY 代理员的专业素养与指南 购买投资联结保单的考虑因素 05 INVESTMENT CONSIDERATIONS 投资时的考虑因素 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 4 CEILLI TUTORIAL SLIDES CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 5 INTRODUCTION TO INVESTMENT- LINKED LIFE INSURANCE 投资联结寿险简介 CEILLI Tutorial Slide | Allianz Academy 01 © Copyright Allianz SE 12-Jan-22 6 1.1 INTRODUCTION 概述 Insurance industry in Malaysia has experienced steady growth in the last 20 years 过去20年来，马来西亚的保险业取得稳健的增长 − Insurance companies designing and offering plans that continue to meet customers’ needs. 保险公司持续设计和提供符合保客的保险 − Introduction of investment-linked insurance and increasing popularity and demand 投联寿险的受欢迎程度和需求量日益增加 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 7 1.1 INTRODUCTION 概述 Investment-linked Premium Paid Policyholders insurance policy 缴付保费 投保人 投资联结寿险保单 Offers insurance coverage. A portion will goes to the Protection portion will be the 给于保险保障 protection. insurance coverage which is Offers a policy that directly 一部分保费是保障部分 the sum assured. connected to investment A portion will goes to the 保障部分会是保险保障也就是保 performance. investment. 额 给于一份直接联结投资表现的保 一部分保费是投资部分 Investment portion will be used 单 in to invest in funds offers by the insurance company and the earning will be the account Funds are exposed to the market fluctuation, investment account will goes up and down with value. the market. 投资部分会用在投资在保险公司 基金会被市场波动影响，投资户口会随着市场上下波动 的基金,赚取的会放进投资户口 No guarantee interest rate or minimum cash value. 没有保证回酬率或最低金额 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 8  Policy owners can choose: 持保人可选择： 1.1 INTRODUCTION Coverage Amount Annual Premium 概述 保障金额 每年保费 − Minimum sum assured(SA) − Regular Premium (Min based on age, premium RM1,200 per year) paid, & formula. 定期保费（每年最低 最低保额根据岁数，保费和 RM1,200) 程式 − Single Premium (RM5,000 − Higher SA one-time payment) 更高的保额 单期保费（一次性缴付 RM5,000) CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 9  Policy owners can choose: 持保人可选择： 1.1 INTRODUCTION Return of Contribution 投资回酬 概述 − Long-term savings to accumulate returns. 长期储蓄以累积回酬 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 10 1.1 INTRODUCTION 概述 Malaysia / Singapore UK U.S.A 马来西亚 / 新加坡 英国 美国 Investment-Linked Unit-Linked Variable Life 投资联结 单位联结 变额寿险 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 11 SELF-ASSESSMENT QUESTIONS 自我评估习题 1. The investment returns under an investment-linked life insurance policy _____. 投资联结寿险保单的投资回酬————。 I. Are not guaranteed 不是保证的 II. Are assured 是保证的 III. Are linked to the performance of the investment fund managed by the life office 直接联结着 保险公司管理的投资基金的表现 IV. Fluctuate according to the rise and fall of market prices 根据市场价格上下浮动 A. I, II and III B. I, II and IV C. I, III and IV D. II, III and IV Answer: C CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 12 SELF-ASSESSMENT QUESTIONS自我评估习题 2. The term “investment-linked” in Malaysia has similar meaning to the following terms in the United Kingdom and United States respectively which are “投资联结” 这个词用在马来西亚，在英国和美国有不同的词但同样意思，那就是 A. Unit-Linked and Variable Life. 单位联结和变额寿险 B. Unit-Trust and Variable Investment. 单位信托和变额投资 C. Unit-Linked and Variable Investment. 单位联结和变额投资 D. Unit-Linked and Variable-Linked. 单位联结和变额联结 Answer: A CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 13 SELF-ASSESSMENT QUESTIONS自我评估习题 3. Investment-linked insurance is ______.投资联结寿险保单是________。 A. A contract that invests on human life. 投资人类生名的保单 B. A contract that provides protection on human life as well as investment returns. 提供人命保 护和投资回报的保单 C. A contract of property transactions. 财产交易合同 D. Life insurance or annuity contract. 人寿保险或年金合同 Answer: B CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 14 REGULAR PREMIUM INVESTMENT- LINKED LIFE INSURANCE 定期保费型投资联结保险的机制与特点 CEILLI Tutorial Slide | Allianz Academy 02 © Copyright Allianz SE 12-Jan-22 15 2.1 INTRODUCTION 概述 More flexible, transparent, and more complicated structure compared to traditional insurance products. 更高的伸缩性，透明度，和比一般传统的 保险产品复杂 Main focus: 主要卖点 − Protection First 保障第一 − Investment Second 投资第二 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 16 2.2 MINIMUM REGULAR PREMIUM 最低定期保费 Minimum regular premium depends on insurer as Bank Negara Malaysia (BNM) have no guidelines. 最低定期保费有保险公司决定因为马来西亚国 家银行没有条规 Generally, the minimum annual premium is RM 1,200 – RM 1,800. 通常最低每年保费是RM 1,200 – RM 1,800 Payment mode: 缴付模式： − Monthly, Quarterly, Semi-annually or Annually 每月，每季，每半年或每年 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 17 2.3 ALLOCATED & UNALLOCATED PREMIUM 配置与无配置保费 Invest in funds offers by the insurer. Allocated 投资在保险公司提供的基金 Premiums 配置保费 Insurance charges, policy fee & fund management fees. 保险费用，保单费用，资金管理费 Insurance Premiums 保费 Unallocated Premiums Agent’s commissions & management fees. 代理佣金和管理开销 无配置保费 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 18 2.3 ALLOCATED & UNALLOCATED PREMIUM 配置与无配置保费 Allocated Premium Account Unallocated Premium Account 配置保费户口 无配置保费户口 To buy units 购买基金单位 To pay agent’s commissions & other Monthly cost of insurance (COI) 保险每 management expenses 支付代理佣金和 月费用 其他管理开销 Annual fund management fee Usage 每年基金管理费 用处 One-time policy fee 一次性保单费用 Others (admin / service charge) 其他 （管理/服务费用） 1st – 3rd year 第一年到第三年: 60% Allocated 4th – 6th year 第四年到第六年: 80% Premium Ratio 7th – 10th year第七年到第十年: 95% 配置保费百分比 11th year above 第十一年起: 100% CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 19 2.4 TOP-UP PREMIUM 加额保费 To enhance the accumulation of units. 5% 为了增加单位的累积 Upfront charge of 5% is deducted, remaining 95% is place into funds selected by policy owner. 5%的前期费用会被扣除，剩余的95%会 放进持保人所选的基金 95% Top-up Upfront charge CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 20 2.4 TOP-UP PREMIUM 加额保费 Regular Top-Up 定期加额 Ad Hoc Top-Up 不定期加额 − Paid together with basic − Can be paid anytime, not on due date. regular premium at each due 随时可缴付，无须在逾期前 date. − No limit for amount & frequency. 连同定期的保费在每次逾期前 没有限制金额和次数 一同缴付 − May be needed to keep a policy in force when account value is depleted (due to high COI / withdrawals). 可能需要不定期加额以确保保单在户口金额不足 时继续生效（因高保险费用或提款） CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 21 2.5 SUM ASSURED MULTIPLE (SAM) RULE 保额倍数条规 Imposed by BNM. 被马来西亚国家银行实施 Specific minimum cover that must be provided. 必须给以特定的最低保障 Based on multiplication of basic annual premium & age of policyholder during policy inception. 以基本每年保费的倍数和持保人在保单生效时的岁 数为准 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 22 2.5 SUM ASSURED MULTIPLE (SAM) RULE 保额倍数条规 Age SAM Factor 年龄 保额倍数 1 - 16 60 17 – 25 55 26 – 35 50 36 – 45 35 46 – 55 25 56 & above 15 Example: 例子： Mr. A, 30 years old A先生30岁 RM 3,600 × 50 = RM 180,000 minimum sum assured 最低保额 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 23 2.5 SUM ASSURED MULTIPLE (SAM) RULE 保额倍数条规 Exceptions to calculation of SAM Rule: 不包括在保额倍数条规里： Regular Top-Up (TU) premium. 定期加额保费 Premium-Paying Rider (PPR). 保费缴付附加保单 Unit-Deducting Rider (UDR). 单位扣除附加保单 − Riders with SA payable on death. (eg. Enhanced CI rider) 在死亡时支付保额附加保单（例：严重疾病附加保单） − Riders without SA payable on death. (eg. H&S rider) 在死亡时不支付保额附加保单（例：医疗附加保单） CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 24 2.5 SUM ASSURED MULTIPLE (SAM) RULE 保额倍数条规 𝑻𝒐𝒕𝒂𝒍 𝑺𝒖𝒎 𝑨𝒔𝒔𝒖𝒓𝒆𝒅 𝑺𝑨𝑴 总保额 = 保额倍数 (𝑻𝒐𝒕𝒂𝒍 𝑨𝒏𝒏𝒖𝒂𝒍 𝑷𝒓𝒆𝒎𝒊𝒖𝒎 − 𝑵𝒐𝒕𝒊𝒐𝒏𝒂𝒍 𝑷𝒓𝒆𝒎𝒊𝒖𝒎 𝒐𝒇 𝑹𝒊𝒅𝒆𝒓𝒔) （每年总保额 − 附加保单的估计保费） CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 25 2.6 OPTIONAL RIDERS 附加保单 Various Riders include: 各种附加保单有： − Accident rider 意外附加保单 − Medical rider 医药附加保单 − CI rider 严重疾病附加保单 − Waiver of premium rider 豁免保费附加保单 − Payor benefit rider 付款者利益附加保单 − Disability income rider 残废收入附加保单 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 26 2.6 OPTIONAL RIDERS 附加保单 Rider may be in the form of: 附加保单有以下： Premium-Paying Rider (PPR). 保费缴付附加保单 − Requires extra regular premium. 须支付额外保费 − Pays agent’s commissions. 支付代理佣金 Unit-Deducting Rider (UDR). 单位扣除附加保单 − No extra premium required. 无须支付额外保费 − Involves additional COI. 有额外保险费用 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 27 2.7 ACCOUNT VALUE 户口价值 Projected value of units at any particular time if one decides to surrender policy (net of tax & all charges). 户口价值是当持保人决定退保是预期可获 得的单位价值（扣除税务和所有费用） Depends on 2 factors: 取决于两个因素： − Value of each unit. 各单位的价值 − Number of units the policy has accumulated to date. 目前保单累积的单位数量 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 28 2.7 ACCOUNT VALUE 户口价值 Policy value should rise over time as number of units increase with every premium invested & with increases of unit values. 保单价值可能会随着时间上升当保费投资的单位数量和单位价值增加 However, policy value may decrease if fund investments fail. 可是保单价值也可能会随着失败的基金投资而下降 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 29 2.8 PARTIAL WITHDRAWAL 部分提款 No limit on frequency / amount of partial withdrawal. 没有限定提款次数或每次提款金额 Remaining account value is not below a minimum. 户口价值保持不低于特定最低额 High withdrawals may cause account value to be insufficient to meet higher COI at an older age although premiums continue. 即使继续缴付保费，高额提款 将导致户口价值不足以支付年老时期较高的保险费用 Policyholders have to make ad-hoc top up to replenish units & account value. 持保人必须进行不定期加额，以补充单位和户口价值 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 30 2.8 SURRENDER AND CHARGE 退保与费用 Total surrender is allowed without restrictions. 持保人可完全退保，并且无任何限制条件 Insurer may impose early withdrawal / surrender charge, depending of age of policy & cut-off point. 保险公司可针对早期提款或退保征收费用，取决于保单已生效的年数和退保的截 止点 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 31 2.9 FUND SWITCHING & SWITCHING FEE 基金转换与转换费用 Allow policy owners to switch part / all investment from one fund to another. 持保人可将其部分或全部投资从一项基金转换至另一项基金 Fund switches may be offered as: 基金之间的转换通常是： − FOC 免费提供 − FOC for limited switches within a period 指定期限内（通常是一年）和限定的转换次数为免费 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 32 2.10 PREMIUM HOLIDAY 保费假期 Prevent policy lapse when premium not paid, but only if account value is sufficient. 行使保费假期以免保单失效，但必须有足够的户口价值 When policy is due, but payment of premium haven’t made, the amount will be paid by the account value. 当保费到期而未缴付，应用累积的户口 价值来支付到期保费 Deduct COI & other management charges, no agency commissions. 扣除保险费用及其他管理费用，不可用于支付代理佣金 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 33 2.10 PREMIUM HOLIDAY 保费假期 Policy owners allowed to pre-select whether to: 持保人可预先作出选择： − Cover basic SA (BSA) only; or 仅支付基本保额；或 − Both BSA & riders. 支付基本保额和附加保单 2.11 FREE-LOOK PERIOD 免费检阅期 Similar with traditional life, IL policies have a 15-day free-look period from the date of delivery of the policy. 与传统保单相似，投联保单具有为期15天的免费阅览期或称冷却期 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 34 2.11 FREE-LOOK PERIOD 免费检阅期 If policyholder decided to cancel the plan within this period, insurer will refund: 如果持保人在该期限内决定终止有关计划，保险公司将退还: Unallocated premiums 无配置保费 Value of units that have been allocated Refund 已配置的单位价值 退还 Insurance charges & policy fees 保险费用和保单费用 Medical examination expenses 体检所承担的费用 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 35 2.12 NO-LAPSE GUARANTEE PERIOD 不失效保证期 IL policies will not lapse even though account value is insufficient to cover COI & other charges. 即使户口价值不足以支付保险费用及其他必 要的费用，投联保单在最初几年也不会失效 − Any unpaid COI & monthly administrative / service charge will be deducted from account value contributed by all future premium and top-up, if any, until fully repaid. 任何未付的保险费用或每月行政/服务费将从未来的保费和加额保 费中扣除 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 36 2.12 NO-LAPSE GUARANTEE PERIOD 不失效保证期 Only for first few years. 只限于最初几年 Provided that: 但是必须： − Regular premium paid. 如期缴付定期保费 − No premium holiday. 不曾行使保费假期 − No changes (eg., partial withdrawal, fund switching). 不曾对保单作出任何更 改，包括从户口价值提出部分款项或作出投资申请，比如基金转换 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 37  2.13 DEATH BENEFIT MECHANISM 死亡利益机制 𝑫𝒆𝒂𝒕𝒉 𝑩𝒆𝒏𝒆𝒇𝒊𝒕 𝑩𝑺𝑨 𝑨𝒄𝒄𝒖𝒎𝒖𝒍𝒂𝒕𝒆𝒅 𝑨𝒄𝒄𝒐𝒖𝒏𝒕 𝑽𝒂𝒍𝒖𝒆 = + 死亡利益 基本保额 累积户口价值 Death Benefit (BSA+AAV) Basic Sum Assured (BSA) Hence, Death Benefit (DB) Accumulated Account Value (AAV) RM amount should never be less 令吉 than the basic SA at any point in time as long as due premiums are paid faithfully 因此，只要如 期缴付到期保费，无论在任何时 Years 间，死亡利益都绝不可能低于基 年 CEILLI Tutorial Slide | Allianz Academy 本保额 © Copyright Allianz SE 12-Jan-22 38 2.14 DUAL PRICING & SINGLE PRICING 双重定价和单一定价制 Dual Pricing 双重定价制 Bid-offer spread (usually 5% difference). 买卖差价异(一般上为5%左右的差异) Offer Price Per Unit – unit purchase price. 单位买价(单位购入价格) Bid Price Per Unit – unit sales price / the lower figure. 单位卖价(单位售出价格) Single Pricing 单一定价制 No bid-offer spread. 不会出现买卖差价差异 The acquisition / disposal of units is at same price per unit. 单位是以相同的每单 位价格认购和出售 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 39 2.15 THE LONG HORIZON 长的时间线 Cumulative account value & compounded annual return will increase. 累 计帐户价值和复合年度回酬会增加 Long-term investment to leverage the cumulative effect from both protection & investment perspectives. 长远的去投资，以充分利用从保障 与投资的累积效应 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 40 2.15 THE LONG HORIZON 长的时间线 The graph shows the overall performance of the market over 10 years. 图表显示市场十年的表现 Even though there were up and down during the period but see from the bigger picture there is a growth. 虽然期间有上下浮动但是长 远来说是上升的 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 41 2.16 DOLLAR COST AVERAGING 平均成本投资法 Dollar Cost Averaging means leveraging price fluctuations. 平均成本投资 法是指平衡价格的波动 Even though unit prices will rise & fall, continued payment of premiums will strengthen averaging effect. 单位价格将随着市场波动而升降，但是 持续缴付保费能加强平均效应 In the long run, Dollar Cost Averaging creates a positive impact on cumulative account value & compounded annual return 长期下来， 平均 成本投资法会对累计帐户价值和复合年度回酬造成正面影响 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 42 2.16 DOLLAR COST AVERAGING 平均成本投资法 Dollar Cost Average (DCA) 平均成本投资法 Invest constant dollar amounts at equal interval over long period of time. 长期平均的投资一样的金额 1st Yr. 2nd Yr. 3rd Yr. 4th Yr. 5th Yr. Total Investment 100 100 100 100 100 500 Value/ Unit 1.00 0.50 0.25 0.40 0.80 Unit purchased 100 200 400 250 125 1075 On 5th year value / unit = 0.80 Number of accumulated units = x1075 Total value = 860 Total investment for 5 years = 500 Gain = 360 Compounded annual return = 18.65% CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 43 2.18 RETIREMENT, MEDICAL, & EDUCATION PLANS 退休计划，医药保健计划与教育计划 Some insurers design certain RP-IL plans as: 有些保险公司设计了特定的定期保费投资联结作为： − Retirement plans 退休计划 − Medical plans 医药保健计划 − Education plans 教育计划 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 44 2.18 RETIREMENT, MEDICAL, & EDUCATION PLANS 退休计划，医药保健计划与教育计划 Tax relief for medical & education plans (combined) is RM3,000 a year, subject to Inland Revenue Board approval. 持保人若同时拥有合格的医药 和教育计划（两者结合），可享有每年RM3,000的税务减免亦 Malaysians, especially self-employed who have no Employees Provident Fund (EPF), should take advantage of personal income tax reliefs. 尤其是无缴纳雇员公积金的自雇人士，应善用寿险保险以享有个人 所得税减免 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 45 SELF-ASSESSMENT QUESTIONS 自我评估习题 1. The following are correct statement about top-up, EXCEPT 以下关于保费加额都 是正确的， 除了 A. Most insurers allow ad hoc top-ups once a year and impose a maximum amount. 大部分保 险公司只允许一年一次的不定期加额还有最高金额限制 B. Top-up premiums can either be paid on a regular basis or at any time. 缴付保费加额可以是 定期的或不定期的 C. Most insurers impose a minimum amount for both regular top-ups and ad hoc top-ups. 大部 分保险公司限制加额的最低金额不管是定期或是不定期保费加额 D. An upfront charge, normally around 5 per cent, is deducted from each top-up. 通常保费加额 会扣除5%的前期费用 Answer: A CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 46 SELF-ASSESSMENT QUESTIONS自我评估习题 2. A male, aged 22 years, has decided to buy an investment-linked insurance with basic regular premium of RM 2,400 a year with enhanced critical illness rider. According to the SAM formula, the multiple factor for his age is 55 times. How would you calculate the minimum sum assured for the basic plan? 一个22的男人决定买一份值每年RM 2,400定期保费投资联结保险和附加严重疾病保单。 根据保额倍数方程式，他的岁数需要乘于55。你应该如何计算这份保单的最低保额 A. RM 2,400 minus the notional premium for the rider, multiply by 55 times. RM 2,400减附加保单估计保费乘于55 B. RM 2,400 multiply by 55 times. RM 2,400乘于55 C. RM 2,400 multiply by 50 times. RM 2,400乘于50 D. RM 2,400 minus the notional premium for the rider, multiply by 50 times. RM 2,400减附加保单估计保费乘于50 Answer: A CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 47 SELF-ASSESSMENT QUESTIONS自我评估习题 3. The following are correct statement, EXCEPT 以下都是正确的， 除了 A. The Dollar Cost Averaging phenomenon leverages the long term or the acquisition of more fund units when prices are down and the appreciation of units already acquired when prices go up. 平均成本投资法平衡长期投资或说是价钱下跌时买多单位，价钱上升时买少单位 B. Some assets in a fund may perform well in a given short period while some may not, but the overall impact is the averaging effect due to the spreading out of risk. With prudent management by fund managers, the unit price is likely to be higher in the longer run. 一些资 产会在短期内有好的表现，一些不会，但真正影响总体的是风险广散分布 C. The maximum tax relief for a qualified regular premium investment-linked medical plan and an education plan is RM 3,000 a year. If a policy owner has both, the combined limit also RM 3,000. 合格的定期保费投资联结医药计划和教育计划享有最高一年RM 3,000的税务减免。 如果持保人有这两份计划结合的总额也是RM 3,000 D. Whether a policy owner has qualified regular premium investment-linked medical plan or an education plan, or both, he qualifies for a tax relief of up to RM 6,000 a year.不管是不是合格 的定期保费投资联结医药计划或教育计划或两者兼有都可以享有最高一年RM 6,000的税务减 免 Answer: D CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 48 SELF-ASSESSMENT QUESTIONS自我评估习题 4. Identify the correct statements from those given below: 以下哪些是正确的 I. The free-look period is 15 days commencing from the date of delivery of policy contract to the policy owner. 免费检 阅期是从保单交付给保单持有人起的15天 II. The no-lapse guarantee clause stipulates that as long as premiums are paid without fail by the grace period and there was no previous premium holiday or partial withdrawal, the RP-IL policy will never lapse over the entire policy tenure although the account value may be insufficient to cover the COI at any point in time. 不失效保证期规定，只 要在宽限期内缴纳保费并且之前没有保费假期或部分提款，尽管户口价值可能在任何时候都不足以涵盖COI，保单 也不会失效。 III. The no-lapse guarantee clause stipulates the RP-IL policy will not lapse in the first few years (e.g. 2 years) even though the account value is not sufficient to cover the COI, provided: 不失效保证期规定，尽管户口价值不足以涵盖COI，投资连结保单也不会在前几年失效（例：2年），只要： - All premiums were paid during the period 在此期间缴纳全部保费 - No premium holiday was exercised during the period 在此期间没有保费假期 - There was no partial withdrawal or fund switching during the period 没有部分提款或转换基 IV. As the basic death benefit of a RP-IL policy is BSA plus account value, the life insurer will continue to deduct the COI for the basic coverage as long as the policy remains in force. 由于投资链接保单的基本死亡利益是基本保额加 户口价值，因此，只要保单仍然有效，保险公司将继续为基本保险扣除COI。 A. I, III and IV C. II and III B. II, III and IV D. I, II, III and IV Answer: A CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 49 SELF-ASSESSMENT QUESTIONS自我评估习题 5. If the purchase price (offer price) is RM2 per unit, how many units can be purchased with RM2000? 如果一个单位的买价是RM2，那么RM2000可以购买多少个单位？ A. 100 units B. 1000 units C. 950 units D. 900 units Answer: B CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 50 SELF-ASSESSMENT QUESTIONS自我评估习题 5. Assuming a policy owner pays a premium of RM5000 and the price per unit for an investment at the time of purchase is RM1 and the bid difference is 5%, by the two price method, how many units can the policy owner buy? 如果一个保单持有人缴纳RM5000的保费，而一个单位的买价是RM1，差 价是5%，如果使用双重定价制来计算，他可以买入多少个单位？ A. 5263 units B. 5000 units C. 4750 units D. 4500 units Answer: B CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 51 SINGLE PREMIUM INVESTMENT- LINKED LIFE INSURANCE 单期保费型投资联结保险的机制与特点 CEILLI Tutorial Slide | Allianz Academy 03 © Copyright Allianz SE 12-Jan-22 52 3.2 MAIN OBJECTIVE FOR SINGLE PREMIUM IL LIFE INSURANCE 单期保费型投联保险的主要目的 Main focus: 主要卖点 − Investment First 投资第一 − Protection Second 保障第二 3.3 MINIMUM BASIC SINGLE PREMIUM 最低基本单期保费 Range of basic single premium (SP) : RM5,000 – RM20,000. 现有范围介于RM5,000 ~ RM20,000不等 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 53 3.4 ONE-TIME UNALLOCATED PREMIUM CHARGE 一次性无配置保费费用 Since only one premium is paid, unallocated premium charge is a one- time payment. 基于仅缴付一次保费， 因此，无配置保费费用也只需给付一次 Normally around 5%, depending on insurance structure. 一般收费介于5%，根据保险公司采用的结构而定 Same charge for Top-Up Premium. 加额保费也需承担相同的费用 Balance of 95% will be channeled to acquire units. 剩下的95%将用于认购单位 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 54 3.5 SUM ASSURED FORMULA 保额算式 Standard Basic Sum 125% of Paid SP Cases Assured (BSA) 标准 基本保额 已付单期保费的125% Sub- RM5000 Standard Basic Sum or Cases / Assured (BSA) 基本保额 105% of Paid SP (whichever higher) Older Age RM5000或单期保费的105%,视何者为高 年长及次标准 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 55 3.6 DEATH BENEFIT FORMULA 死亡利益算式 Death Benefit formula is either: 死亡利益是其中之一： Basic Sum Assured (BSA) 基本保额 whichever is higher OR 视何者为高 Accumulated Account Value (AAV) 户口价值 All TUs are excluded from BSA formula. 所有加额保费不概括在基本保额算式 Additional payments of TU are meant for investment. 额外的款项将被用于投资 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 56 3.7 COI DEDUCTION & SUM AT RISK MECHANISM 扣除保险费用与保额风险 Basic Sum Assured (BSA) Account Value (AV) 180000 There will be Cost of Insurance (COI) deduction if 160000 there is Sum at Risk (SAR). 当有保额风险就需要扣 除保险费用 140000 SAR is the shortfall between the BSA and the AV. 保额风险就是总保额和户口价值之间的分别 120000 SAR If the BSA more than the AV then there will be SAR. 保额风险 100000 当总保额多过户口价值时，就会有保额风险 If the BSA less than or equal to the AV then the 80000 SAR will cease. 当总保额少过或于户口价值相等， 60000 就不会有保额风险 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 57 SUMMARY FEATURES OF RP & SP PLANS 定期保费与单期保费的特点 Regular Premium 定期 Single Premium单期 Sum Assured 基本保额 Death Benefit Mechanisms 死亡利益机制 Similarities Allocated / Unallocated Premium Ratio 分配与不被分配保费 相同点 比例 COI Deduction Mechanisms 保险费用机制 Protection first 保障第一 Investment first 投资第一 Investment second 投资第二 Protection second 保障第二 Differences Unallocated portion spans Unallocated premium over first 10 years in reducing charge is a one-time 区别 ratios payment 未分配部分跨越了前10年中减 未分配的保费是一次性付款 少的比例 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 58 SELF-ASSESSMENT QUESTIONS 自我评估习题 1. Which of the statements below are correct regarding single premium investment-linked insurance? 以下哪项关于单期保费 投资联结保险是对的？ I. When the account value of a single premium investment-linked policy is still below the sum assured, the shortfall gap between the two levels is called sum at risk. 当单期保费投资联结保单的户口价值低过保额，它们之间的差距是 保额风险 II. Deduction of COI is based on the shortfall amount from the account value level to the sum assured level. 当户口价 值和少过保额就须扣除保险费用 III. Most insurers set their minimum basic single premium as ranging from RM 5,000 to RM 20,000, depending on product design. 大部分保险公司根据产品的设计限制单期保险的保费从RM 5,000 到RM 20,000 IV. Top-up premiums, if any, also bear the same normal upfront or unallocated premium charge ratio of around 5% as the basic single premium. 如有任何保费加额，和平常一样前期或无配置保费费用是基本单期保费的5% A. I, II and III B. I, II and IV C. I, III and IV D. All of the above CEILLI Tutorial Slide | Allianz Academy Answer: D © Copyright Allianz SE 12-Jan-22 59 SELF-ASSESSMENT QUESTIONS自我评估习题 2. Under the investment-linked life insurance policy, the amount payable upon death is usually _______ of the single premium paid 根据与投资有关的人寿保险单，死亡时应支付的金额通常为 已付单笔保费的_______ A. 100% B. 110% C. 120% D. 125% Answer: D CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 60 SELF-ASSESSMENT QUESTIONS自我评估习题 3. A male, aged 40, signs up for a single premium investment-linked plan by paying n initial RM 100,000. Half year later, he pays another RM 100,000 as top up. The total sum assured in his policy after payment of the top up is 一个40的男人决定买一份值RM 100,000单期保费投资联结保险。半年 后，他加额RM 100,000。加额以后他的保单的总保额是 A. RM 250,000 B. RM 125,000 C. RM 225,000 D. RM 281,250 Answer: B CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 61 SELF-ASSESSMENT QUESTIONS自我评估习题 4. The following are the differences between single premium investment-linked plan and the regular premium investment- linked plan, EXCEPT 以下都是单期保费投资联结计划和定期保费投资联结计划的分别， 除了 A. The sum assured formula for single premium plans is the same as the regular premium plans. 单期保费计划和定期 保费计划的保额算法是一样的 B. The death benefit formula for single premium plans is not guided by the same minimum Sum Assured Multiple rule applicable to regular premium plans. 单期保费计划和定期保费计划的死亡利益算法用不同的最低保额倍数算法 C. The allocated premium ratio for single premium plans is different from that for regular premium plans. 单期保费计划 和定期保费计划的保费分配百分比是不一样的 D. While the policy is kept in force, the cost of insurance deductions for single premium plans may not be continuous because the formula is based on sum at risk, unlike regular premium plans which are based on sum assured. 当保 险还有效时，单期保费计划的保险费用的扣除是根据保额风险计算，而定期保费保险的保险费用的扣除是根据保额计 算 Answer: A CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 62 SELF-ASSESSMENT QUESTIONS自我评估习题 5. Top-ups for single premium investment-linked plans are encouraged when 鼓励在以下那种情况下为单期保费投资连结计 划充值 I. the market is on the upturn and unit prices are rising. 市场回暖，单位价格上涨 II. a market downturn sets in not long after policy inception, thus causing the sum at risk to prolong longer than expected, based on the initial premium outlay. 保单生效后不久出现市场低迷，从而导致根据最初的保费支出，保额 风险延长时间比预期的长。 III. the nation is experiencing a period of strong economic or GDP growth. 国家正经历一段强劲的经济或国内生产总值 增长时期 IV. the policy owner believes in the impact of Dollar Cost Averaging and wants to leverage that to boost the account value instead of relying on just one single outlay. 保单持有人相信平均成本投资法的影响，并希望利用这一点来提高 户口价值，而不是仅仅依靠一项支出 A. I, II and III B. II and IV C. I, III and IV D. All of the above CEILLI Tutorial Slide | Allianz Academy Answer: B © Copyright Allianz SE 12-Jan-22 63 CONSIDERATIONS FOR PURCHASING AN INVESTMENT-LINKED POLICY 购买投资联结保单的考虑因素 CEILLI Tutorial Slide | Allianz Academy 04 © Copyright Allianz SE 12-Jan-22 64 4.2 BENEFITS 利益 Transparency 透明度 Administration 行政事务 Expertise 专业管理 BENEFITS 利益 Diversification / Pooling Access 集资与多元化投资 透支通路 Flexibility 灵活性 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 65 4.2 BENEFITS 利益 Pooling and Diversification. 集资与多元化投资 IL funds offers access to a “pooled” & diversified portfolio of investments which they would be unable to construct with their own small sum of money. 投资联 结基金为持保人提供一个“集资”和多元化投资组合的管道，以个人的力量及小 数额的资金是难以建立 A well-diversified fund has better risk characteristics than less diversified one. 良好的多元化投资组合具有更佳的风险特性 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 66 4.2 BENEFITS 利益 Expertise. 专业管理 Funds managed by professional fund managers with investment expertise & good financial knowledge to achieve high return over long term. 基金由一群专业的基金经理管理，他们拥有专业的基金投资经验和 擅长使用他们金融方面的知识在长期投资取得高回酬 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 67 4.2 BENEFITS 利益 Flexibility. 灵活性 IL policy owner may change premium / protection, as long as it’s within Sum Assured Multiple (SAM) guidelines. 持保人可更改保费或保障金额,只 要遵守最低保额倍数的原则 May also take premium holiday, TU premiums, partial withdrawals, fund switching. 也可行使保费假期、加额保费、部分提款及基金转换 Traditional with-profit life insurance products are SA-driven and very inflexible towards major changes. 由于传统分红寿险产品是以保额为主导， 因此不能灵活的在产品特征上作出重大的改变 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 68 4.2 BENEFITS 利益 Access. 投资通路 Policy owner gains access to well-diversified IL funds managed by professionals with proven track records. 持保人有机会投资于经由专业投 资经理管理，并拥有优良业绩记录的多元化投资联结基金 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 69 4.2 BENEFITS 利益 Administration. 行政事务 Policy owners are relieved from day-to-day admin tasks. 持保人无需对日常行政 事务操心 Can keep track of investment through unit statements provided regularly by insurer & unit prices in newspapers. 通过由寿险公司所发出的定期单位结单和各 大报章经济版刊登的单位价格，追踪其投资表现 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 70 4.2 BENEFITS 利益 Transparency. 透明度 Agents present official sales materials (sales quotation & illustration) at point of sale. 代理员务必在进行销售时展示正式销售资料（销售价格和预 算） Consists of: 资料可能包含： Proposal Summary Description of Exclusions 献议书摘要 不受保风险 Special Advisory Highlights Descriptions of Benefits Statement on Premium Holiday (pg. 37) 利益说明 保费假期声明 特别咨询摘要 (pg. 31~33) COI Statement Statement of Assumed Investment Returns 保险费用声明 估计投资回酬声明 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 71  a) Investment Fluctuations: 投资波动： 4.3 RISKS & UNCERTAINTIES Guaranteed 保证 Non-Guaranteed 不保证 风险与不确定因素 − Death & TPD benefits are − Account value is based on based on SA. unit value at point of 死亡和终生全残利益根据保 surrender / maturity, it is 额 directly linked and fluctuates according to fund performance. 户口价值根据 弃保或保单到期时的单位价 格，单位价格是直接连接和 根据基金表现浮动 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 72 4.3 RISKS & UNCERTAINTIES 风险与不确定因素 a) Investment Fluctuations. 投资波动 IL policies are only suitable for policy owners who can tolerate risks of short-term fluctuations in their investment account. 只适合那些能接受短 期现金价值波动的持保人 However, policy owner may expect to achieve higher return than traditional whole-life product over the long term. 持保人仍可预算获得高于 传统寿险保单的长期回酬 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 73 4.3 RISKS & UNCERTAINTIES 风险与不确定因素 b) Charges. 费用 Administration fee. 行政费 Insurance charge. 保险费 Fund management fee. 基金管理费 − Non-guaranteed. 通常不受保证 − Subject to review by insurance company. 寿险公司可进行调整 − Companies do not revise fees unnecessarily / frequently. 保险公司不会经常调整不必要的费 用 − Only COI increases yearly according to attained age. 只有保险费用随着年龄增长而增加 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 74 4.4 REGULAR PREMIUM IL PLANS VS WHOLE LIFE PAR PLANS 定期保费型投联计划VS 分红型终身寿险计划 Agents tend to compare regular premium IL plans with whole life participating plans as both are designed for long term & have inherent investment elements. 代理员总是习惯互相比较定期保费型投资联结计划 和分红型终身寿险计划，因为两者均属长期计划 Refer to table pg. 75-77. 参考pg75—77 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 75 4.4 REGULAR PREMIUM IL PLANS VS WHOLE LIFE PAR PLANS 定期保费型投联计划VS 分红型终身寿险计划 Regular Premium Investment-Linked Plan Whole Life Participating Plan No. 定期保费型投资联结计划 分红型终身寿险计划 Whole life coverage up to age 100 1. 终身保障，高达100岁 Account value is not guaranteed as it depends on fund Cash value (CV) is guaranteed and incorporated in the 2. performance policy contract 户口价值不受保证，取决于基金表现 现金价值（CV）受保障，并纳入保单契约 Surrender value is based on an accrual in the account value Surrender value is based on cash value plus vested bonus 3. payable or dividend 退保价值乃根据累积的户口价值给付 退保价值乃根据现金价值加上既得红利或分红 Death benefit is payable from the sum assured plus account Death or maturity benefit is payable from the sum assured 4. value. Maturity benefit is payable from the account value. plus vested bonus or dividend 死亡利益为应付保额加上户口价值。期满利益从户口价值给付 死亡或期满利益为应付保额加上既得红利或分红 Policyholder can choose from an array of funds Investments instrument are decide by insurer 5. 保单持有人可从系列基金中挑选 投资工具由保险公司决定 Policy can choose a higher sum assured with the same premium Premium amount is based on sum assured 6. 保单持有人可选择以相同的保费投保更高的保额 保费多寡取决于保额 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 76 4.4 REGULAR PREMIUM IL PLANS VS WHOLE LIFE PAR PLANS 定期保费型投联计划VS 分红型终身寿险计划 Regular Premium Investment-Linked Plan Whole Life Participating Plan No. 定期保费型投资联结计划 分红型终身寿险计划 Policyholder can add rider/s via cost of insurance deduction from Policyholder has to pay extra premium for the rider/s account value. This mean that no extra premium is required 7. chosen 保单持有人可通过从户口价值扣除保险费用的方式添加附加保单。 保单持有人需为所选的附加保单缴付额外的保费 意即无须缴付额外保费 Top-up premium is allowed at any time Top-up is not allowed 8. 可随时加额保费 不允许加额保费 No partial withdrawal is allowed from the cash value but withdrawal can be made from the surrender value of bonus Partial withdrawal from the account value is allowed 9. or vested dividend 允许对户口价值进行部分提款 不允许对现金价值进行部分提款，只能对红利或既得分红 的退保价值进行提款 There is no policy loan feature Policy loan is available with interest chargeable 10. 无保单贷款特点 备有需付利息的保单贷款 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 77 4.4 REGULAR PREMIUM IL PLANS VS WHOLE LIFE PAR PLANS 定期保费型投联计划VS 分红型终身寿险计划 Regular Premium Investment-Linked Plan Whole Life Participating Plan No. 定期保费型投资联结计划 分红型终身寿险计划 Policyholder can choose to request premium holiday if he does There is an automatic premium loan (APL) feature with not have the means to pay the premium. The cost of insurance interest chargeable to cover the premium in default, if 11. will still be deducted from the account value if it is sufficient there is sufficient cash value 保单持有人可在无法缴付保费时申请保费假期。保险费用将继续 备有现金价值不足可通过自动保费贷款以支付预定保费的 从户口价值中扣除，惟必须具有充足的户口价值 特点，惟需付利息 Same tax relief as accorded to a regular premium Same tax relief as accorded to a whole life participating plan 12. investment-linked plan 享有与分红型终身寿险计划相同的税务减免 享有与定期保费型投资联结计划相同的税务减免 Minimum age of 10 – 16 can apply on own life. Age 10 – 15 will require parental consent. Parental consent is not Minimum age 18 years to apply on own life required for age 16. 13. 至少年满18岁即可申请投保本身生命 至少年满10-16岁即可申请投保本身生命。 年龄介于10-15 岁者需预先获得家长的同意。16岁以上则无需获得家长的 同意 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 78 SELF-ASSESSMENT QUESTIONS自我评估习题 1. When an investment-linked policy reaches maturity, the maturity value will be 当定期投资连接保险到期， 期满价值是 A. The basic sum assured and the account value. 保额和户口价值 B. The account value. 户口价值 C. The account value plus terminal / maturity value. 万户口价值加终止或期满价 值 D. The basic sum assured and the account value plus terminal / maturity bonus. 保额和户口价值加终止或期满价值 Answer: B CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 79 SELF-ASSESSMENT QUESTIONS自我评估习题 2. Which of the statements are correct? 以下哪项是对的？ I. The minimum age for applying a regular investment-linked policy on own life is age 18 last birthday. 给自己买一份定期投资连接保险最低年龄要求是18岁 II. A minor aged 16 last birthday who is applying for an investment-linked policy on own life needs parental consent. 一名16岁的小孩需要家长的允许给自己买投资连接保险 III. A minor aged 16 last birthday can apply for a whole life participating policy without parental consent. 一名16岁的小孩无须家长允许购买分红终生寿险 IV. Minors aged 10 to 15 last birthday can apply for a whole life participating policy with parental consent. 小孩在10到15 岁之间在家长允许下可以买分红终生寿险 A. I, II, III and IV B. I, II and III C. I and III D. I, III and IV CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 Answer: D 80 SELF-ASSESSMENT QUESTIONS自我评估习题 3. What are two similarities between a regular premium investment-linked plan and a whole life participating plan? 以下哪项是定期保费投资连接计划和分红终生寿险计划的共同点？ I. Both plans provide lifetime coverage up to maximum age 100. 终生保费到一百岁 II. Both plans allow the addition of riders without additional premium. 允许增加附加保单无须额外保费 III. Both are entitled to the same income tax relief treatment for premium paid. 一样的保费税务减免 IV. The minimum age for an individual to apply on own life, and not as juvenile application arrangement, is age 16 for both products. 给自己买保险最低年龄是16岁 A. I and II B. II and III C. I and III D. I, II, III and IV Answer: C CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 81 SELF-ASSESSMENT QUESTIONS自我评估习题 4. What is provided in the current investment-linked life insurance policy? 当前的投资连结寿险保 单提供了什么？ A. Policyholder has complete flexibility to determine investment and protection amounts. 投保 人可以完全灵活地确定投资和保障金额 B. Insurance company has full authority of invest on behalf of its policyholders. 保险公司有权代 表保单持有人进行投资 C. Policyholder have partial flexibility to determine investment and protection amounts. 投保人 具有部分灵活性来确定投资和保障金额 D. Policyholders have no rights to determine policy features. 投保人无权确定保单功能 Answer: A CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 82 SELF-ASSESSMENT QUESTIONS自我评估习题 5. Diversification in investment involves _________. 投资多元化涉及________. A. reducing the risk of investment by putting all of one’s eggs in one basket. 通过将所有鸡蛋放 在一个篮子中来降低投资风险 B. putting all the funds of a management into one category of investment. 将管理层的所有资金 归为一类投资 C. spreading the risks of investment by not putting the fund into several categories of investment. 通过不将基金分为几类来分散投资风险投资 D. reducing the risks of investment by putting the fund under management into several categories of investments. 通过将基金分为几类投资类别来降低投资风险 Answer: D CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 83 INVESTMENT CONSIDERATIONS 投资时的考虑因素 CEILLI Tutorial Slide | Allianz Academy 05 © Copyright Allianz SE 12-Jan-22 84 5.1 INTRODUCTION 概述 Diversification 多元化投资 Investment Objectives Investment Performance 投资目标 投资表现 Key Considerations Availability of Funds Before Making Taxation Treatment 手头上可供运用的资金 Investment Decision 税务 投资之前必需知道的 主要考量因素 Risk or Security Accessibility of Funds 风险或保障 可获取的资金 Investment Horizon CEILLI Tutorial Slide | Allianz Academy 投资期限 © Copyright Allianz SE 12-Jan-22 85 5.2 INVESTMENT OBJECTIVES 投资目标 3 Fundamental Characteristics Of Investment Vehicle 投资工具的三种基本特征分类 Safety Income Growth 安全 收益 增长 Relatively safe returns, but need to Clients must be able to accept risk- Objective is to realize capital gains & forego growth & income stream. return trade-off before venturing into hold stocks for long period to derive 投资回酬相对性较安全，但是必需放弃 investment vehicles. profits from investment growth 增长和收益 在采用有关工具之前，客户必需权衡风 目标是要实现资本收益，而且会长期收 At best would only hedge against 险与收益因素这个概念 存有关股票，以期从投资成长中获益 inflation. Eg. High risk high return, low risk low For investors who seek possibility of 充其量只能作为协助客户对抗通膨的保 return longer-term growth. 值措施 高风险，高回酬；低风险，低回酬 投资者通常放眼长期增长的可能性 Quite conservative 回酬较保守 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 86 5.2 INVESTMENT OBJECTIVES 投资目标 Hedging inflation 对抗通膨 Liability cancellation Providing fund for dependents 清偿债务 为家属提供基金 Other Achieving a state of financial Improving financial position 改善个人财务状况 Investment freedom Objectives 实现财务自主 其他投资目标 Funds for paying expenses & Retirement income taxes upon death 退休收入 为身故后支付必要开销和税务 的资金作准备 Providing fund for education Ensuring comfortable living CEILLI Tutorial Slide | Allianz Academy & upbringing of children standard © Copyright Allianz SE 12-Jan-22 87 提供养育和教育子女的基金 确保更舒适优质的生活水平 5.2 INVESTMENT OBJECTIVES 投资目标 What should I invest in? 我应投资什么? Depends on Objective 根据投资目标 Income Producing Instruments Or Growth Weighted Instruments 收益型工具 或 增长型工具 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 88 5.3 FUNDS AVAILABLE 手头上可供运用的资金 The level of funds available will affect investment decision, so it is vital to draw personal budget. 可供运用的资金将大大影响投资决定，因此必需制定一份个人预算案 − To control spending and save money. 能有效控制开销，和进行储蓄 − To ensure clients are able to follow through with financial obligations of investment. 协助客户能负起投资的财务责任 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 89 5.3 FUNDS AVAILABLE 手头上可供运用的资金 How? 如何？ Simple monthly cash flow analysis. 简易的每月现金周转分析 Simple net worth analysis. 简易的净值分析 − To determine positive / negative net worth position by subtracting liabilities from assets.通过减除财务债务来计算净值状况 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 90 5.3 FUNDS AVAILABLE A) Simple Monthly Cash Flow Analysis To determine surplus funds. No. Income (A) RM Expenditure (B) RM 1. Salary 5,000 Rental / Housing Loan Payments 1,000 2. Rental 500 Groceries and Utilities 750 3. Commission 1,000 Childcare / Parents allowance 500 4. Other- 1,000 Education Expenses 250 5. Loans (Car, Credit Card etc) 2,000 6. Insurance Premiums 500 7. Savings 500 8. Misc 1,000 TOTAL 7,500 6,500 Client has RM1,000 surplus fund per month for investment. CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 91 5.3 手头上可供运用的资金 A) 简易的每月现金周转分析 为了找处盈余 项目 收入(A) RM 开销 (B) RM 1. 薪金 5,000 房租/摊还房屋分期贷款 1,000 2. 租金 500 食品杂货和水电费 750 3. 佣金 1,000 保姆费/双亲津贴 500 4. 其它 1,000 教育费 250 5. 贷款（汽车、信用卡等） 2,000 6. 保费 500 7. 储蓄 500 8. 杂费 1,000 TOTAL 7,500 6,500 此顾客每月拥有RM1,000的盈余可作为投资基金。 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 92 5.3 FUNDS AVAILABLE B) Simple Net Worth Analysis To determine positive / negative net worth position by subtracting liabilities from assets. Assets No. Amount Liabilities Amount (Present Value) 1. House 220,000 Housing Loan Balance 200,000 2. Car 30,000 Car Loan Balance 35,000 3. EPF 20,000 Credit Card Balance 5,500 4. Saving Account 1,500 Personal Loan Balance 10,000 5. Ins.Cash Value 20,000 Others 15,000 TOTAL 291,500 265,500 RM291,500 - RM265,500 = RM26,000 Client has a Positive net worth position. CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 93 5.3 手头上可供运用的资金 B) 简易的净值分析 扣除负债来分析客户的净值状况 项目 资产(现有价值) 数额 负债 数额 1. 房子 220,000 房屋贷款结余 200,000 2. 汽车 30,000 汽车贷款结余 35,000 3. 公积金 20,000 信用卡结余 5,500 4. 储蓄户口 1,500 个人贷款结余 10,000 5. 保险现金价值 20,000 其它 15,000 TOTAL 291,500 265,500 RM291,500 - RM265,500 = RM26,000 客户拥有良好的净值状况 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 94 5.4 RISK OR SECURITY 风险或保障 Risk Return Trade-off : 回酬及风险权衡： Client’s Investor Risk Profile. 投资者风险承担能力测试 − Client’s age, income strength, family situation, current financial picture, overall tendencies and investment disposition (ie., overall investment experience, background, and attitude). 投 资者的年龄、收入、家庭、现有经济状况与整体投资倾向和定位(投资方面的经验，整体背景， 对投资的看法以及态度) CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 95 5.5 INVESTMENT HORIZON 投资期限 Total length of time a sum of money is expected to be invested. 一笔钱预期用于投资的时间长短 Total length of time investor expects to hold a security / portfolio. 投资者预计持有某项证券或投资组合的总计时限 Used to determine: 用于决定 − Investors’ income needs. 收入需求 − Investors’ desired risk exposure. 承受风险的程度 Ultimately influences investment strategy. 会影响投资策略 − The shorter the investor’s horizon, the less risk he should be willing to accept. 投资期限越短，则表示他所愿意承担的风险越低 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 96 5.6 ACCESSIBILITY OF FUNDS 可获取的资金 3 Categories Of Accessibility Of Funds. 可获取的资金分成如下三个部分 1. When client needs the money? (ie., Liquidity). 顾客几时需要动用资金 （流动性） − How easily can client access or extract the fund when they need the money. 在顾客需要钱的 时候，容易部容易把钱取出来用。 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 97 5.6 ACCESSIBILITY OF FUNDS 可获取的资金 3 Categories Of Accessibility Of Funds. 可获取的资金分成如下三个部分 2. Cost / Penalty if exit investment early? 提前退场必需缴付的费用或罚金 − If penalty is too big then defeats investment objectives. 如果有关费用非常高，就会使原有的 投资目标落空 3. Cost to setup investment account? 用于购入有关投资的初期费用 − Should be made clear to clients upfront. 代理员必需告知客户 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 98 5.7 TAXATION TREATMENT 税务 Tax treatment of IL Different types of insurance is same as Different tax treatment investment traditional plans 不同的税收待遇 不同投资 投联和传统寿险保单的税收 待遇相同 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 99 5.8 INVESTMENT PERFORMANCE 投资表现 Investment performance depends on the following factors: 投资的表现受下列因素所影响： Regional and global Competencies and Country’s economic, economic factors capabilities of the regulatory & political factors 区域和国际经济因素 management team 国家的经济、法规和政治因素 管理层的能力与才干 Past experience of the Invested company’s level of investment History of the invested costs 过去的投资经验 company 投资公司的开支多寡 Life cycle of the investment 投资公司的历史背景 投资的生命周期 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 100 5.9 DIVERSIFICATION 多元化投资 The process of investing across different asset categories & across different market segments. 将投资分散在不同种类的资产，并且跨越不同的市场环境 Reduces risk without sacrificing too much returns. 在不牺牲回酬的情况下，有 效地减低风险 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 101 5.9 DIVERSIFICATION 多元化投资 Spread risks by: 通过下列降低风险： Putting money into several categories of investments. 投入多种投资组别 − Eg., shares, bonds, money market instruments, real estate investment trusts “REITs”. 其中包括股票、债券、货币市场、房地产投资信托(REITs)等 Buying shares in different countries. 购买不同国家的股票 Choosing different types of shares. 选择不同种类的股票 CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22 102 SELF-ASSESSMENT QUESTIONS自我评估习题 1. Which statement below explains what a simple (current) net worth analysis involves? 以下哪项解释什么是简易（目前）净值分析概括？ A. The forecast of a person’s future net wealth and financial status (e.g. middle income upper middle income, etc.). 预算个人未来的净财产和经济状况（如，中产阶级，高中 产阶级，等） B. A calculation of the sum of assets in current monetary terms that a person presently owns, not including any future inheritance. 一个算式包括了目前个人的总资产，不包 括未来的继承 C. The total sum of all assets owned by a person in present value minus the existing total sum of all liabilities he is obliged to settle. The balance, if any, is his present net worth to his family in the event of his early demise. 个人目前的总资产减总负债。如 有余额就是当他不在时他目前可以给他的家人的净值 D. A personal plan outlining the targets for values of current and future assets to be achieved at a certain time in the future. 一个个人计划，概括了对现在和未来一段时间 的目标资产 CEILLI Tutorial Slide | Allianz Academy Answer: C © Copyright Allianz SE 12-Jan-22 103 SELF-ASSESSMENT QUESTIONS 自我评估习题 2. The main purpose of an agent conducting a risk profile on his potential client is 代理员帮客户做风险承担为了 A. To assess whether the potential client is willing to use a major portion of his savings or liquid assets to purchase a large investment-linked plan. 知道客人是否愿意接受大数目的存款或流 动资产购买大投资连接计划 B. To help the potential client understand his own risk profile, i.e. whether he has conservative, aggressive or balanced risk characteristics, and also to consider the type of asset categories suitable for his profile. 帮客人明白自己的风险承担能力， 就是他是保守， 冲动或平均风险承 担能力， 和考虑适合客人风险承担能力的资产 C. To assess whether the potential client will be attracted to the product/s being offered. 知道客 人是否被介绍的产品吸引 D. To assess whether the potential client is willing to forego some of his existing liquid assets in order to buy an investment-linked product. 知道客人是否愿意放弃他现有的流动资产去买一份 投资连接产品 Answer: B CEILLI Tutorial Slide | Allianz Academy © Copyright Allianz SE 12-Jan-22