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没有封顶利率的IUL，比有封顶利率的更好吗？

前一篇文章，我们介绍了IUL产品的底层投资逻辑，为什么可以做到跟涨不跟跌。我们也提到，目前新加坡市场上大部分的IUL产品在保底的同时会设置封顶利率，一般在10%上下，但也有少数产品上不封顶，而且这类产品有越来越多的趋势。

相信绝大多数朋友乍一听，都会觉得收益上不封顶的IUL产品更有吸引力，毕竟如果某一年指数上涨了非常多，我们肯定更希望自己也能获得相同的收益，而不是被卡在某一个封顶的利率。

但是，没有封顶利率的IUL产品一定更好吗？我会谈一下我的看法。

首先我们要知道很重要的一点，有封顶利率的IUL和没有封顶的IUL，所追踪的指数有显著的不同。有封顶利率的IUL，所追踪的通常都是传统的市场指数，比如标普500指数、纳斯达克100指数、恒生指数。这些指数通常波动比较大，更加透明，也可以直接反映市场的变化。

而没有封顶的IUL，所追踪的指数通常是传统市场指数的变体，或者自定义的结构指数，通过一些策略把它们的波动率限制在比较低的水平。比如有的IUL产品使用的标普500 FC指数，设定的波动率目标为11.5%；还有标普PRISM指数，设定的波动率目标为5.5%。这些指数的表现通常更加平稳，不直接反映市值的变化，相对比较复杂。

在前一篇文章里我们讲过，IUL保单投资的是一个固收资产加指数期权的组合，利用固收资产的投资收益来保本，利用指数期权来获得增长潜力。而期权的定价逻辑决定了，期权标的的波动率越大，它的看涨期权的价格就越贵，反过来波动越小就越便宜。因此，追踪传统指数比如标普500的IUL保单，投资期权的成本更高，所以保险公司需要设定一个封顶利率来控制成本。而追踪低波动指数比如标普500 FC的IUL保单，因为购买期权的成本比较低，所以可以有条件不设定封顶利率。

但是，没有封顶利率，并不代表客户的IUL保单就能够获得与市场相同的投资收益，主要有两个原因。其一是保险公司仍然会通过调整保单的参与率来控制自身成本。比如一份不设封顶利率的IUL保单，假如某一周期的参与率定为70%，如果这个周期内所追踪的指数实际涨了10%，客户的保单就只获得7%的收益。

第二个原因是这类产品所追踪的指数，因为波动率被限制，所以在市场比较好的时候，取得的收益大多时候会低于传统指数的收益。比如我们对比标普500 FC指数和标普500指数从2005年到2024年这20年间的年度收益，会发现在市场取得正增长的16个年度里，标普500 FC在其中11个年度的表现都低于标普500指数。

再比如标普PRISM指数，因为波动率被控制得更低，因此增长受限更大。过去十年标普500的年化收益率达到了10.92%，而标普PRISM指数同期仅有4.33%，因此保险公司需要把参与率调到很高才能与标普500的收益匹配。

 

总结来说，没有封顶利率的IUL保单，长期收益潜力相对更高。如果追踪的指数未来表现很好，而且保险公司将参与率设定在比较合理的范围，可以帮助客户获得比上有封顶的IUL保单更高的回报。

不过相对应地，这类IUL保单的不确定性也更大。比如，它们所追踪的指数问世的时间通常都还很短，它们的投资策略尚未经过很多年的市场检验。再比如，保险公司可以随时调整参与率，对我们到手的收益也会造成直接的影响。当然，上有封顶的IUL保单，保险公司也有权利调整封顶利率，但是调整参与率往往要比调整封顶利率容易得多。

所以我的观点是，没有封顶的IUL不一定比有封顶的更好，两者各有优劣，更多是取决于客户个人的风险偏好。

当然，除了是否设有封顶利率，挑选IUL保单我们需要考量的标准还有很多，我会在下一篇文章详细介绍。

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Li Yu 李雨

2008年获SM1奖学金来新加坡留学
毕业于新加坡国立大学，此后进入保险行业，至今已逾7年
至今已为上百个新加坡、中国大陆和台湾家庭提供私人定制的保险与财富管理方案

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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策