TLB launches Genesis II Indexed Universal Life

February 20, 2024

Transamerica Life (Bermuda) Ltd. (TLB) today announced the launch of its upgraded indexed universal life (IUL) insurance plan - Genesis II Indexed Universal Life (Genesis II). The upgraded IUL plan is designed to better empower high net worth individuals (HNWIs) to maximize and safeguard their wealth with a suite of new features such as a wider choice of index account options, extended coverage to infants and juveniles, and enhanced life benefits.

Backed by 115 years of experience in serving HNW customers

With Transamerica’s heritage of serving high net worth (HNW) customers for 115 years and pioneering expertise in managing universal life insurance portfolios for over 40 years, TLB first launched its innovative Genesis IUL series in 2021 to serve the increasing needs of HNWIs for lifetime protection, options for wealth optimization and liquidity to accessing cash. The newly upgraded Genesis II offers even greater growth potential and flexibility, as well as extended life protection for different family wealth and business continuation needs.  

Greater flexibility for aligning personal priorities and family goals with fortified life benefits

According to a research, more than half of HNWIs across Asia-Pacific (APAC) indicated that protecting their families and ensuring they are taken care of is a clear constant goal, but more needs to be done in terms of aligning and structuring their family wealth. Also, more than half indicated they require a balance among their values, beliefs and returns in their insurance portfolios.

Jeremy Young, Chief Commercial Officer of TLB said, “While providing our customers with a wider variety of options and personalized solutions to meet their specific family and business needs, the upgraded Genesis II Indexed Universal Life insurance plan also allows us to better serve a more diverse group of target customers across the globe as we strive to diversifying our offerings and distribution approaches to drive overall business growth over the coming years.”

Customers of Genesis II can opt for a Fixed Account, Index Accounts, or a combination of both, and transfer funds across the accounts under a policy to suit their evolving wealth maximization and preservation needs.

A wider and innovative choice of index account options to seize opportunities and maximize wealth

Taking into account the shifting needs of HNW customers in aligning their personal priorities and family goals, Genesis II incorporates a wider choice of index account options. In addition to a focus index account tracking a major index’s performance and a global index account covering three major indices across the globe, two new index account options have been added for Genesis II: 

  • US market index account: This index account is tied to U.S. stock indices covering the three major market capitalization segments, namely large-cap, mid-cap and small-cap, to form the best performance framework and to provide diversification across U.S. companies of different sizes and growth stages. A special feature of the US market index account is that every year, it combines large-cap performance with whichever segment performs better between mid-cap and small-cap, so as to help minimize volatility while enhancing return potential.  
  • Shariah compliant index account: Solely tied to a Shariah index, this option focuses on Shariah-compliant constituents. The index company applies a screening process to exclude companies involved in activities prohibited by Islamic law, such as those related to alcohol, gambling, pork, interest-based financial services and certain forms of entertainment.

Chirag Rathod, Chief Executive Officer of TLB, said “The investment sentiments and strategies of HNWIs are changing to reflect shifting priorities and we need to make sure we are there to support the changes,”. Chirag continued, “The introduction of Genesis II Indexed Universal Life insurance plan is not only timely in providing greater flexibility for our customers to seize investment opportunities amid market volatility, it also underscores our longstanding commitment to pioneering new and innovative ways in safeguarding their wealth with a lifetime of financial security.”

The launch of Genesis II aligns with TLB’s growth ambition by making the business more accessible and more accommodating to a wider variety of preferences of our distribution partners, brokers and banks. Through product offerings diversification we are able to better serve customers’ unique needs as a globally aligned and locally relevant HNW insurance solutions provider.