Hong Kong Life’s Wealth Up Savings insurance plan combines life protection and potential wealth appreciation with premium reduction and up to 4.24% per annum projected total rate of return at policy maturity

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By Hong Kong Life Insurance Limited

Thursday 04 August 2022 11:30 MYT

HONG KONG SAR – Media outreach – August 4, 2022 – In the face of an ever-changing economic environment, being well prepared can help you stay ahead of opportunities to achieve your goals. A savings plan with regular returns makes it easy to build your wealth and offer more possibilities for you and your loved ones. Hong Kong Life announces the launch of the Wealth Up Savings insurance plan. With just a 2-year premium payment, clients can enjoy 20 years of savings and life protection while benefiting from potential returns. The plan offers a prepaid premium arrangement, flexible death settlement options, and a simple application process with no medical exam required, making it easy for customers to achieve their mid- to long-term financial goals.
Ms. Micky Cho, Chief Marketing Officer of Hong Kong Life, said: “Financial goals evolve throughout different stages of life, which is driving market demand for wealth management solutions. In times of economic uncertainty, the public seeks stability and the long term. long-term growth of their assets when thinking about wealth management. Hong Kong Life has specially launched the Wealth Up Savings Insurance Plan which provides medium and long-term return opportunities to meet clients’ needs for wealth accumulation and comprehensive protection to build a prosperous future for customers and their relatives.
Limited Time Offer: Enjoy premium discount and up to 4.24% per annum projected total rate of return at policy maturity1
From now until September 30, 2022, customers can benefit from a premium reduction of up to 6% for the first year upon successful enrollment in the Wealth Up Savings insurance plan with compliance with the first year premium requirement and successful issuance of the policy. Customers can also benefit from a prepayment premium reduction of up to 4% in the second year of insurance by prepaying the full second year premium at the time of subscription. The projected total rate of return can reach up to 4.24% per year at policy maturity1.
Key Features of the Wealth Up Savings Insurance Plan:
  • Short premium payment term2 with 20 year lifetime protection

The premium payment period2 of the Plan is 2 years2 only with 20 years of life protection for the Insured.

  • Premium prepayment arrangement3 to easily build your wealth

You can prepay the premium for the second year at the time of the request and take advantage of the prepayment reduction of the premium on the second year of premium3so that you can easily build your wealth.

  • Extra return to build your wealth

The plan not only offers a guaranteed cash value, a terminal dividend (not guaranteed)4 may also be payable at the end of the 5th or aftere The insurance year in which the policy is fully surrendered by the policy owner, upon death of the insured or upon expiry of the policy, whichever comes first.
When the policy is partially surrendered by the owner, final dividend (not guaranteed)4 may be payable at the end of the 5th policy year or later. The amount payable is equal to the Terminal Dividend (unsecured)4 attributable to the reduced part of the capital5. Terminal dividend (unsecured)4 will not accumulate in the policy.

  • Life protection for peace of mind

On the death of the insured, the total death benefit will be paid to the beneficiary as follows:

Insurance year Total death benefit
1 – 5 101% of total premiums paid6 less debt (if any).
6 – 20 Applicable to the Insured
with problem aged 70 or less:
105% of total premiums paid6
WHERE
100% of the guaranteed cash value on the date of the insured’s death (whichever is greater)
Applicable to the Insured
with an issue age greater than 70 years:
101% of total premiums paid6
WHERE
100% of the guaranteed cash value on the date of the insured’s death (whichever is greater)
plus Terminal dividend (unsecured)4(if only),
less debt (if any).

  • Flexible Death Settlement Optionsseven

The plan offers flexible death benefit settlement optionsseven. Instead of receiving the death benefit as a lump sum payment, the policy owner can designate other settlement options, including installment payments (fixed amount) or installment payments (fixed period) while the plan is in effect. force and that the insured is alive to pay the death benefit to the Beneficiary.

  • Fixed premium for your best planning

The premium will remain unchanged for the duration of the premium payment2allowing you to have a better plan for your future.
The application procedure is simple and no medical examination is required.
Learn more about the Wealth Up Savings Insurance Plan:
https://www.hklife.com.hk/en/products/personal-insurance/savings-plan/wealth-up-savings-insurance-plan/index.html
Terms and conditions of application. For any enquiries, please contact our customer service on 2290 2882 or visit the Hong Kong Life website www.hklife.com.hk.
To note:

  1. For the USD policy, the expected total rate of return is 4.24% per annum (unguaranteed) at policy maturity, if no policy loans, no partial surrenders, no policy value withdrawals and all premiums were paid when due during the term of the guarantee, with the 6% discount on the first year’s premium of USD 375,000 or more and the 4% discount on early payment of the premium of the second year which is paid in full at the time of the request. Client Incentive is subject to the “Fortune Evergrow 2022” Client Promotion Incentive Terms & Conditions – Wealth Up Savings Insurance Plan. For more details on the customer promotion incentive, please refer to: https://www.hklife.com.hk/en/promotions/index-id-34.html
  2. The policy will terminate if the policy owner cannot settle the premium payment before the end of the grace period during the premium payment term, subject to the no-forfeiture option and other relevant provisions of the police. For detailed terms and conditions, please refer to the policy document issued by Hong Kong Life. If the policy is terminated before the policy matures, the total cash value (if any) received by the policy owner may be less than the total premiums paid.
  3. Upon payment of the first year premium, the second year annual premium may be pre-deposited into the premium deposit account at the same time in order to be eligible for a 3% discount (applicable to HKD policy) or 4% (applicable to USD policy) on the second year premium. If the premium is prepaid in HKD for the USD policy, the prepaid amount will be converted to USD based on the exchange rate on the date of prepayment and deposited into the premium deposit account for the second year’s premium payment. . The amount of the premium deposit account will be automatically debited to pay the premium on the premium due date of the 2nd insurance year. No interest will be credited and no partial or full withdrawal is allowed for the amount of the Premium deposit account.
  4. The terminal dividend is not guaranteed and may change from time to time. Past performance is not indicative of future performance. The actual amount payable may be more or less than those illustrated in the insurance application. Hong Kong Life reserves the right to change them from time to time.
  5. The capital is used to calculate the initial premium, any subsequent premium, benefits and policy values ​​(if any) of the respective base plan and any additional benefits. Any subsequent changes to the capital will result in a corresponding change to the premium, benefits and policy values ​​(if any) of the respective base plan and any additional benefits. The sum insured does not represent the amount of the death benefit of the respective basic plan and any additional benefits.
  6. Total premiums paid means the total amount of premiums due and payable from the date of the policy until the date of termination of the plan, paid to the plan and received by Hong Kong Life. Any payment in excess of this amount of premiums due and payable will not be included in the total premiums paid. In the event of a partial surrender, the total premiums paid under the policy will be adjusted and reduced proportionately as specified in the partial surrender provisions. The total premiums paid do not include the amount in the premium deposit account. In the event of the death of the insured, the amount of the premium deposit account (if any) will be paid to the beneficiary. If the policy owner requests a surrender, the amount in the premium deposit account (if any) will be returned to the policy owner.
  7. Death benefit settlement options only apply in the event of the death of the insured after the premium payment period and all premiums due have been paid, and subject to the terms and conditions and administrative rules then determined by Hong Kong Life from time to time. For detailed terms and conditions, please refer to the policy document issued by Hong Kong Life.

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About life in Hong Kong

Founded in 2001, Hong Kong Life Insurance Limited (“Hong Kong Life”) was founded by five local financial institutions, including Asia Insurance Company Limited, Chong Hing Bank Limited, CMB Wing Lung Bank Limited, OCBC Wing Hang Bank Limited and Shanghai Commercial Bank Limited. , which have laid their foundations and have been serving the people of Hong Kong for more than 50 years on average. Through our extensive network of approximately 150 distribution outlets including Chong Hing Bank, CMB Wing Lung Bank, OCBC Wing Hang and Shanghai Commercial Bank, we provide a comprehensive range of insurance services.

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