American International Assurance (AIA) - the giant insurance company whose parent American International Group (AIG) bought deposit-taking company SPC Credit in April - has unveiled a whole-life product offering policy-holders preferential rates on consumer loans. The newly launched Privilege Life plan is AIG's first attempt to exploit synergies between its AIA and SPC subsidiaries. The new whole-life product takes advantage of AIG's extensive interests in the financial services industry by providing cheap access to AIA's affinity credit cards and preferential rates on SPC's home-owner, personal and car-park loans. Policy-holders are entitled to a waiver of the first year's fee on AIA's gold Visa and Mastercards issued through Standard Chartered Bank. The cards accrue interest at 2 per cent a month, or 26 per cent annually. Buyers of Privilege Life plans can also take out home-owner loans of up to $50,000 at a preferential monthly interest rate of 0.6 per cent, or an annualised rate of 13.83 per cent. SPC Credit's monthly interest charges on these loans would normally start at 0.75 per cent. Similarly, personal loans of up to $300,000 are available to policy-holders at a monthly rate of 0.6 per cent, compared with the normal charge of 0.75 per cent.