AIA Hong Kong today announced the launch of AIA Global Power Multi-Currency Plan to meet customers' growing need for long-term wealth planning and to support them in setting and achieving their financial goals throughout various life stages, as well as seizing global currency opportunities. The plan offers great flexibility and provides customers with a rare choice of up to six currencies for their policy: Renminbi (RMB), US Dollar (USD), Australian Dollar (AUD), Canadian Dollar (CAD), HK Dollar (HKD) and Macau Pataca1 (MOP). It also allows customers to change their policy currency2 to another currency by exchanging their plan to the latest plan under the Global Power Series at the time to suit their personal needs. Moreover, the plan features Bonus Lock-in Option3, Change of Insured Option and Contingent Insured Option4, and an Unemployment Benefit5 of extending the grace period for late premium payment to up to 365 days, among others – all designed to help customers attain their financial goals with great flexibility, be it setting up their children's education fund, reaching their retirement goals, or planning their legacy. Customers who successfully apply for AIA Global Power Multi-Currency Plan can enjoy a 10% premium refund^.
AIA Hong Kong had commissioned an independent market research company to conduct a survey* on Hong Kong people's long-term financial planning. Findings revealed that one in five parents plan to send their children abroad for education. However, many respondents do not have long-term financial planning and their reserves fall short of target. Key survey findings are as follows:
- One in five (21%) Hong Kong parents plan to send their children abroad for education
- Over 20% (21%) parent respondents have no savings for their children's education
- Close to 80% (79%) of parent respondents have saved for their children's education (e.g. opened a savings account, made investments, etc.), yet 35% of parent respondents' savings for their children's education are behind target
Ms. Bonnie Tse, General Manager, Strategy and Wealth Management of AIA Hong Kong & Macau said, “AIA Hong Kong has long encouraged customers to make long-term financial planning, enabling them to achieve their goals with ease throughout future life stages. AIA Global Power Multi-Currency Plan is developed with a forward-thinking vision to meet the public's growing need for financial flexibility and global currencies. It offers a rare choice of up to six currencies and the option to change policy currency2 to meet the customer's changing needs in different life stages, such as education for their children and their own retirement, or legacy planning, seizing currency opportunities in an evolving world for long-term wealth accumulation to live Healthier, Longer, Better Lives.”
Key Features of AIA Global Power Multi-Currency Plan:
- A Choice of up to Six Currencies: The plan offers customers a rare choice of up to six currencies, including RMB, USD, AUD, CAD, HKD and MOP1 for their policy.
- Currency Exchange Option2: After the end of the 3rd policy year, the Currency Exchange Option allows customers to change their policy currency to another currency by exchanging their plan to the latest plan under the Global Power Series at the time while maintaining the policy duration, without the need of any medical examination, and the policy value will continue to accumulate. The option is available once per policy year.
- Potentially Attractive Long-Term Returns: Customers can achieve guaranteed and potential gains. Starting from the end of the 3rd policy year, non-guaranteed Reversionary Bonus and Terminal Bonus will be declared to their policy at least once per year. The plan offers a one-time or five-year premium payment term to meet different budgeting needs.
- Bonus Lock-in Option3: This option enables customers to transfer a certain percentage of the latest cash values of the Reversionary Bonus and Terminal Bonus into a Bonus Lock-in Account to earn interest at a non-guaranteed rate. Customers can also withdraw cash from the Bonus Lock-in Account anytime without reducing the principal amount of their policy to meet their financial needs throughout various life stages.
- Change of Insured Option and Contingent Insured Option: During the lifetime of the current insured and after the end of the 1st policy year, the Change of Insured Option allows customers to change the insured to another loved one twice at most4, helping them pass on their wealth with extra flexibility. With the Contingent Insured Option, during the lifetime of the current insured, customers can designate another loved one, e.g. their spouse, as a contingent insured. Upon the passing of the current insured, the contingent insured may become the new insured without affecting the policy values so as to protect and pass on their legacy.
- Unemployment Benefit: If customers are laid off and become involuntarily unemployed, they may claim for the Unemployment Benefit to extend the grace period for late premium payment up to 365 days5 to help ease their financial burden while keeping the insured protected.
- Other features include:
- Flexible Cash Withdrawal6: Customers may withdraw their policy values in one go or make withdrawals flexibly according to their changing needs in the future.
- Educational Merit Benefit:Once the policy has been in force for at least one year, if the insured obtains the required academic achievements before the age of 25, they will be paid the corresponding award amount7 while the policy is in force.
- Add-on cover for policies with a 5-year premium payment term: Customers may select an add-on plan8 to AIA Global Power Multi-Currency Plan.