AIA Group Limited earlier conducted a survey on the impact of COVID-19 on household savings. Results of the AIA Save Smarter Study 20211 showed that more than half (52%) of Hong Kong respondents plan to save more in 2021; 7% plan to increase their savings by more than 50%.
However, the survey also revealed that respondents lack smart planning in their wealth management: 1) 42% of Hong Kong respondents, compared to 31% across all Asian markets surveyed, do not have a proactive saving plan and simply save what is left after expenses; 2) By far the most popular place to save is the bank, and one out of four respondents (27%) uses only bank deposits as a savings tool; 3) A further impact of the pandemic is a stronger interest in insurance, with 62% of Hong Kong respondents agreeing that insurance has become more important than ever to provide better protection in case of unexpected incidents. However, only 10% of Hong Kong respondents, lower than the 18% across all Asian markets surveyed, plan to increase their allocation of funds to insurance, reflecting that many people are aware of the “need”, yet most of them are not putting it into action.
Growing Savings Requires Smart Planning
To encourage people to “save smarter”, AIA Hong Kong is launching a new promotion offer for AIA Global Power Multi-Currency Plan. Customers who apply for the plan from now until 30 September can enjoy up to 14% premium refund2. The plan offers a rare choice of up to six currencies, allowing customers the flexibility to change their policy currency3, helping them seize global currency opportunities and plan ahead to achieve their financial goals throughout various life stages, be it setting up their children’s education fund, reaching their retirement goals, or planning their legacy.
Ms. Bonnie Tse, Chief Customer, Strategy and Transformation Officer of AIA Hong Kong & Macau said, “Relying solely on bank deposits as a savings tool may not be enough to yield expected returns in a low interest rate environment. Insurance products provide an additional option for long-term wealth planning and help people save smarter. AIA Global Power Multi-Currency Plan can help customers meet their needs at different life stages, such as planning for children’s education, retirement and legacy, and allows customers the flexibility to seize currency opportunities in an evolving world for long-term wealth accumulation. We hope the attractive promotion offer will further encourage people to plan early for their long-term savings and achieve different financial goals to live Healthier, Longer, Better Lives.”
AIA Global Power Multi-Currency Plan Offers Flexibility of Six Currencies, plus Option to Change Policy Currency
AIA Global Power Multi-Currency Plan provides customers with a rare choice of up to six currencies: Renminbi (RMB), US Dollar (USD), Australian Dollar (AUD), Canadian Dollar (CAD), HK Dollar (HKD) and Macau Pataca4 (MOP). It also allows customers to change their policy currency3 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 Option5, Change of Insured Option and Contingent Insured Option6, and an Unemployment Benefit7 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 at different life stages.