最低保證提領附約(Guaranteed Minimum Withdrawal Benefit；GMWB)為變額年金保險之創新型態附約，附有最低保證提領附約之契約，以期初投資總額計算最低保證提領金額，提供被保險人規避連結投資標的物而產生之資產跌價損失風險，給予被保險人於保險契約到期前提領最低保證金額。
　　本研究依據Milevsky and Salisbury (2006)保證提領附約計價模型及基本假設架構，將附約分解為確定年金與亞式匯率選擇權契約，利用蒙地卡羅方法，計算隱含之避險成本，以2007年台灣定存利率實證分析及對照，探究保險人合理避險成本，藉由保證提領率、無險利率、連結標的物波動度三種參數進行敏感度分析，歸納參數對避險成本之影響，提供保險機構於發行最低保證提領附約時，避險成本之參考依據。
　　由數值計算結果歸納發現，最低保證提領附約之避險成本與保證提領率、無險利率與標的物波動度三項參數有關，摘要如下：
1. 無險利率與避險成本呈反向關係，給定銀行利率2.34%，每期保證提領率7%，連結標的波動度20%時，保險人之避險成本為270基準點。
2. 標的物波動度與避險成本呈正向關係，於給定本研究條件下，連結標的物波動度為30%時，保險人之避險成本顯著增加為600基準點。
3. 保證提領率與避險成本呈正向關係，於給定本研究條件下，模擬數值結果顯示，保證提領率每增加0.5%，保險人避險成本將再增加20基準點。

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