A Pricing Model of Equity-linked Life Insurance with Investment Return Guarantees
一个具有保底投资收益的投资连接寿险定价模型

This paper presents a new pricing model for equity-linked life insurance with two kinds of guarantees: death benefit guarantees and investment return guarantees.Some numerical results are given.The results show that such kind of contract is composed with a guaranteed investment fund and a European bear spreads option package(EBSOP) whose value can not be ignored.The package is out-of-money only when the death benefit guarantee is smaller than invest return guarantee.On such condition,the contract can be treated as an early exercisable fund with interest rate guarantees.