AXA Hong Kong and Macau launches new savings insurance plan | Insurance Business Asia
AXA Hong Kong and Macau has launched a new savings insurance plan that it says will help customers “seize currency potentials and accelerate wealth building with exceptional flexibility to suit changing trends and needs.”
In a statement, AXA said its new “FortuneXtra Savings Plan” provides customers with a choice of up to nine policy currency options – including Chinese renminbi (RMB), United States dollar (USD), British pound (GBP), Euro (EUR), Canadian dollar (CAD), Australian dollar (AUD), Singapore dollar (SGD), Hong Kong dollar (HKD) and Macau pataca (MOP, for policies issued in Macau).
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“Unlike conventional savings insurance plans, FortuneXtra offers the opportunity to save in up to two currencies under the same policy,” AXA said. “Starting from the 10th policy anniversary, customers can flexibly lock the policy value to capture market upside, turning non-guaranteed values into guaranteed. After that, dual currency accounts allow customers to earn competitive interests in policy currency or one of the other eight available currencies as selected and make flexible withdrawals any time as they wish.”
Additionally, the company said that the product is “great for legacy planning.”
“Customers can change the insured of the policy for an unlimited number of times, enabling them to share their legacy with the generations to come,” AXA said. “What’s more, inheritance solution coupled with the currency conversion capability can fully cater for the currency needs of the next generations and further enhance the flexibility of legacy planning.”
“We observed a huge market demand for foreign currencies which is subsequently validated by the survey jointly conducted by AXA and an independent research agency in November 2021,” said Kevin Chor, chief life and health insurance officer at AXA Hong Kong and Macau. “Seventy percent of the respondents currently possess foreign currency savings or investment, among which, insurance products come as the third most common investment vehicle after bank deposits and stocks. Many people are looking for flexible saving vehicles with good returns to help them fulfil their changing needs in different life stages, such as wealth accumulation, preparation for an education fund, legacy planning, overseas property investments, and retirement planning. These survey findings inspired us to launch FortuneXtra which provides exceptional potential return and unmatched flexibility to meet the market needs, underscoring AXA’s commitment to be a life-long partner to our customers.”