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Updated Insurance Terminology

Updated Insurance Terminology

We have changed certain insurance terminology in our product materials, including Product Summary, benefit illustrations and the related correspondence. Please refer to the mapping table below.

Old terminology Updated terminology
Accumulation Value  Account Value
Administrative Charges Premium Charge
Crediting Rate Crediting Interest Rate
Current Interest Rate  Current Crediting Interest Rate
Face Amount Sum Assured
Guaranteed Minimum Interest Rate Guaranteed Minimum Crediting Interest Rate
Interest Rate Crediting Interest Rate
Lock-in Interest Rate Lock-in Crediting Interest Rate
Lock-in Interest Rate Period Lock-in Crediting Interest Rate Period
Planned Periodic Premium Period Planned Premium Payment Term
Surrender Penalty  Surrender Charge
Surrender Penalty Factor Surrender Charge Rate
Surrender Penalty Period Surrender Charge Period
Policy Value Cash Value / Account Value (depends on the context)