MANILA, Philippines - Insular Life Insurance Co. has launched a structured variable unit-linked insurance product that pays out returns on an annual basis. It is the first structured product in the local market that carries this feature since previous offers payout returns on maturity. Available at a minimum single premium of $5,000, this US dollar-denominated product matures in seven years and provides 100-percent capital protection, if held to maturity. I-Dollar Pay 7’s underlying asset is the China Prime Fund which is invested in a note that is linked to the China Target Volatility 10 percent-tracker. This tracker provides dynamic exposure to Chinese companies listed in the Hang Seng China Enterprise Index (HSCEI) through a volatility control mechanism. The annual payout of I-Dollar Pay 7 will be based on the investor’s participation on the performance of the tracker against the lookback level. Using the lookback level as the basis for returns computation is another innovation offered by the product. Lookback level refers to the lowest tracker level among seven observation periods in the first three months after the investment was made. This is against the current practice where the index’s level on the product’s strike date becomes the basis for returns. In embedding this feature, the potential returns of the client are enhanced.