The Royal Bank of Scotland Group (RBS) has signed an agreement with Transamerica Life (Bermuda) Ltd. (Transamerica) to offer Transamerica’s Universal Life insurance products. The relationship is part of the bank’s strategy to broaden its product suite and strengthen its position as a wealth management service provider for the mass affluent group of clients, which the bank serves under its Royal Preferred Banking platform.
RBS will make Transamerica flagship Universal Life policies – TransACE, TransACE Elite, TransUltra and TransUltra Elite – available to its customers. These policies are designed to meet the growing demands of the bank’s clients for wealth preservation, and wealth transfer as well as estate and trust planning. RBS is among the first financial institutions in Singapore to make available Universal Life plans to the mass affluent segment. These products are traditionally the preserve of the private bank’s high-net-worth clients who use them for succession and inheritance planning.
“Transamerica has a strong track record of providing high quality insurance products,” says Ajay Mathur, head of RBS’s Retail Banking Singapore. “We believe the relationship will greatly benefit RBS’s mass affluent clients who will be able to access niche insurance products not readily available in the market to help them in estate planning and securing assets for coming generations.”
“For affluent individuals and businesses banking in this market, Transamerica’s Universal Life products can be structured to fit a vast array of life insurance, wealth preservation and estate transfer needs with numerous features, options and benefits,” says Yen Saw, vice president and principal officer at Transamerica. “Our Universal Life policies offer competitive premiums, cash value accumulation, access to cash surrender values, and exceptional policy guarantees. These products are valuable tools for effective financial and estate planning. We are pleased to have entered into this agreement with RBS as we expand our reach in this market.
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