Sony Life to Commence Sales of ASLIC's Variable Individual Annuity Products
November 30, 2009
Sony Life Insurance Co., Ltd.(Sony Life), a wholly-owned life insurance subsidiary of Sony Financial Holdings, today announced the conclusion of an agency agreement with AEGON Sony Life Insurance Co., Ltd. (ASLIC), a 50%-owned equity method affiliate of Sony Life. With this agreement, Sony Life will undertake business operations, including marketing and sales activities, and back office work for ASLIC and commence sales of ASLIC's variable individual annuity products through approximately 3,800 of Lifeplanner* sales employees from December 1, 2009.
This sales tie-up will enable Sony Life to expand its product lineup and enhance its lifelong protection and services to its customers.
Variable individual annuity products
1. Winning Road
(Variable Individual Annuity (GLWB Type) )
Policyholders are eligible to receive annuity payments from investments in the separate account assets for their entire life.
This product provides a minimum guarantee that policyholders will receive an amount equivalent to a lump sum premium payment, as a death benefit before annuity payments begin, or as the total amount received from annuity and lump sum death payments after the annuity payments begin. This product also includes a fixed minimum guarantee on the surrender value five or more years after the policy effective date.
2. Victory Run
(Variable Individual Annuity (GMAB Type) )
This product provides a minimum guarantee that policyholders will receive an amount equivalent to a lump sum premium payment, as a death benefit before annuity payments begin, or as annuity resources after the annuity payments begin. Policyholders can choose a grace period of either ten or fifteen years, however, the fifteen year option involves a possible increase in the minimum guarantee level every five years depending on performance.
In support of customer life plans, policyholders can freely choose the way they receive annuity payments in the future when annuity payments begin. In addition to certain annuity payment or lifetime annuity payment with minimum guaranty options, policyholders may also choose a lump sum payment option of annuity resources.
* Lifeplanner is a registered trademark of Sony Life.
Note: This is an English-language summary of a Japanese announcement made by Sony Life on November 30, 2009. The summary was prepared by Sony Financial Holdings Inc. solely for the convenience of non-Japanese readers.
