The Comparison of the Investment Performance by BTID and Investment-Linked Insurance

[[abstract]]投資型保險商品，顧名思義是將保險與投資做結合，係把每年的投資型保險之保險費交給保險公司，由保險公司來進行投資，同時將一部份的保險費作為壽險的危險保費，在投資同時也享有保障，而另一種與投資型保險概念相似的投資策略為購買定期壽險餘額自行投資 (亦即BTID策略或自組型策略)，係每年購買定期壽險，將餘額自行投資在基金標的物上。本文研究目的在於比較投資型保險策略(以下稱投資型策略)與自組型策略(以下稱自組型策略)兩者之間的投資績效差異。換言之，本文利用投資模擬績效分析，探討不同的投保因素(投保年齡、性別與保險期間)及保險因素(附加費用率的總和)是否會影響上述兩策略投資績效。 本研究結果發現：首先，不論男性或女性、投保年齡、保險期間，運用自組型策略皆較具優勢。其次，我們發現保險因素（附加費用率的總和）會影響投資策略的運用。表示保險公司若收取高額的附加費用率，會使得投資型策略之投資效果不如自組型策略。最後，本文得知投資因素（平均年報酬率與報酬率之波動性因素）與投資策略的運用無明顯關係。 Investment-linked Insurance is the combined products of insurance and investment; this means that these contracts both offer insurance protection and investment by which policyholders have to take all risks. Another similar strategy concept of insurance and investment is to buy term and invest the difference(BTID); this means that consumers buy the term life insurance and invest the difference to the risky assets. Therefore, the purpose of this paper is to analyze and compare the investment performance of two strategies(that is to buy investment-linked Insurance and BTID) for the consumers on many insurance factors, by using the simulation method. This study we find that the firstly, whether gender, age and insurance period, the investment performance of BTID is better than the investment performance of investment-linked insurance product. Secondly, we find that the insurance factor (that is total loading premium ratio) will affect the consumer choice of investment strategies. Finally, the investment factor (that is average return and volatility) will not change the choice of investment strategies