BNP Paribas Cardif expands bancassurance channel

Models hold a sign promoting a new fund set up by BNP Paribas Cardif Life Insurance available for sale at branches of NongHyup Bank, Aug. 22. Courtesy of BNP Paribas Cardif

By Lee Kyung-min

BNP Paribas Cardif Life Insurance has rolled out a new financial product that can help long-term, stable profit via a diversified business portfolio, the life insurer said Thursday.

This followed a partnership agreement with NongHyup Bank, a move for the insurer to expand the marketing channels to help land more customers.

Starting Aug. 22, the fund, “The Easy Wealth Management ETF Variable Life Insurance III” will be available at branches of NongHyup Bank nationwide.

An exchange-traded fund (ETF) is a market-listed fund that tracks the performance of a particular stock index or assets.

Customers will be able to choose one of six types of ETF portfolios according to their investment preferences and strategies based on risk appetite.

The fund will be managed according to the investment advice from ETF experts.

Those aged between 15 and 70 are eligible to buy the fund.

At least 10 million won ($8,280) will be needed for the single payment plan, or 100,000 won monthly premium for those who choose the monthly payment option.

“We are expanding the bancassurance sales network with products that can bring added value to customers as well as partners. We hope this product will enhance customer convenience,” a BNP Paribas Cardif official said.

BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.