To offer Transamerica's universal life insurance products
The Royal Bank of Scotland has entered into an agreement with Transamerica Life Bermuda to offer Transamerica’s universal life insurance products.
According to The Royal Bank of Scotland Group (RBS), the relationship is part of its 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. RBS said that it is among the first financial institutions in Singapore to make available universal life plans to the mass affluent segment.
Ajay Mathur, head of RBS’s retail banking Singapore, said: Transamerica has a strong track record of providing high quality insurance products. 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.
Yen Saw, vice president and principal officer at Transamerica, said: 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.