Chunghwa Post Co said yesterday it was still conducting a review of the company’s insurance life products and the interest rates they offer and had not made a decision on whether to suspend some products.
Company vice president Yen Yung-an (閻永安) said that the post office is required by law to review the interest rates of all postal life insurance products.
Yen said that the review was focused on insurance products that offer high periodic income payments given their relatively high assumed interest rates of between 2 percent and 2.75 percent.
The most popular product is the six-year life insurance policy, with the assumed interest rate topping 2.75 percent. This compares with a fixed interest rate of less than 1 percent offered by most banks in the country.
Yen said the post office had to consider various factors, including prevailing market conditions, before making any changes to the postal life insurance products.
Last year, the post office was rated the nation’s fifth-largest life insurer, after Cathay Life Insurance, Nan Shan Life, Shin Kong Life Insurance and Fubon Life Insurance.
The post office has about 2.5 million life insurance policyholders, of which approximately 1.4 million hold six-year life insurance policies.
Revenue generated through sales of postal life insurance topped NT$14.01 billion last year.
The post office has suspended some of its life insurance products in the past, with some of them having an assumed interest rate of up to 3.25 percent.
Taiwan might be China’s next target after it has “walled off” Hong Kong from the rest of the world with its new national security legislation, Academia Sinica Institute of Sociology fellow Wu Jieh-min (吳介民) said on Thursday. At a seminar organized by the Economic Democracy Union, the Taiwan Association for Human Rights, the Hong Kong Outlanders and the Judicial Reform Foundation, Wu said that the legislation is simultaneously a fig leaf concealing Beijing’s autocratic rule in Hong Kong and a figurative “Berlin Wall,” denying democratic countries access to Hong Kong. Wu said it is evident that Taiwan would be China’s next target. The
SAFETY CONCERNS: A construction company working nearby admitted to negligence in the incident, and is to pay a fine and other expenses related to damages Residents of homes adjacent to an alleyway in New Taipei City’s Yonghe District (永和) on Saturday were forced to evacuate their homes after the road collapsed, the New Taipei City government said yesterday. An 80m by 4m area in an alleyway on Wenhua Road (文化路) collapsed at 10:39am near an apartment building construction site where work was being done on the project’s foundation. The incident also ruptured an underground gas pipe and tilted several buildings in the area. Residents would not be able to return to their homes until tomorrow or Wednesday, when repairs are expected to be finished, the city government said. Workers
CHALLENGER DEEP: Lin Ying-Tsong was invited by Caladan Oceanic founder Victor Vescovo to join him on a 10-hour long trip in the company’s submersible Taiwanese-American Lin Ying-Tsong (林穎聰) last month became the first person from Asia and the 12th in human history to dive into the deepest part on Earth, the Challenger Deep in the Mariana Trench. Lin, 45, an expert in deep sea acoustics with the Woods Hole Oceanographic Institution (WHOI) in Massachusetts, joined US adventurer and Caladan Oceanic founder Victor Vescovo, 54, on June 22 in a descent to the central pool of the Challenger Deep, the deepest point of the trench, which lies at a depth of more than 10,900m. The pair made the descent in a submersible named Limiting Factor, a US$37
ARMS RACE: Two DPP lawmakers said that China’s development model differed from Taiwan’s, as it aims to become a global hegemon, while Taiwan seeks to protect itself Taiwanese national defense experts are split on how Taiwan should respond to the ever-growing budget of the Chinese People’s Liberation Army (PLA), with some advocating for Taiwan to increase defense spending, while others say that little can be done. The Legislative Yuan approved NT$358 billion (US$12.1 billion) for national defense spending across fiscal 2020, a 3.47 percent increase compared with last year, while China’s military budget this year is NT$5.4 trillion, more than 15 times that of Taiwan. Regardless of whether the government adopts a zero-based budgeting method for national defense spending — in which all expenses are justified and approved each