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Insurance Claims Trust

What should Mei do?

  1. Mei is a lively and adorable girl at the age of 8 years old. In an unfortunate accident, she lost both of her parents. Although her parents purchased an insurance of NTD 30 million each previously during their lifetime, after Mei received the insurance benefit of NTD 60 million, she has no idea how to manage such large amount of property, relatives of Mei are also under disputes for her custody and a lot of unseen relatives and strangers to Mei start to show up in her family!!!

What is “Insurance Claims Trust”?

  1. “Insurance Claims Trust” refers to trust property based on the insurance benefit. After the proposer (Mei’s parents) purchases insurance, the insurance beneficiary (Mei) then signs a trust contract with our bank. In case of occurrence of insured accident, the insurance company then delivers the insurance benefit into the “trust property dedicated account” opened for managing the property of Mei. Our bank then periodically pays the expenses for Mei’s education and living etc. according to the terms specified in the trust contract until Mei turns into an adult with the ability to management property, our bank then returns the remaining trust property to Mei.

What are the advantages of “Insurance Claims Trust”?

  1. It is able to prevent Mei’s improper use of the insurance benefit or being misappropriated by others. 
  2. Early planning on the insurance benefit by Mei’s parents is able to truly ensure the education and living expenses of Mei in the future without worries. 
  3. It is also permitted to include a trust supervisor in order to ensure that the insurance benefit is able to properly look after Mei without being improperly drawn by others. 
  4. Insurance Claims Trust is an own-benefit trust, and the insurance benefit is exempted from the gift tax and estate tax; therefore, it is of the effect of tax saving, and the trust property is also of the characteristic of independence. 

To apply for the service, please proceed to any operating unit of our bank with the following documents:

  1. Original copy of insurance policy, original copy of trust declaration endorsement (the insurance company endorses or declares “designated insurance benefit is limited to remittance into the trust property dedicated account of Chang Hwa Bank”). 
  2. Identity proof documents and seals of settlor: For a minor settlor, please submit the original copy of the household registration certificate and original copy of the identification certificate of the legal representative. For new customer of our bank, please also provide a second identity proof document (such as national health insurance card). 
  1. Insurance Claims Trust Structure Diagram
  2. Please contact the service telephone of Trust Division of Chang Hwa Bank at (02) 2536-2951Ext. 2211~2215