AXA Hong Kong and Macao has launched a new savings insurance plan which it says will help clients “seize currency potential and accelerate wealth building with exceptional flexibility to adapt to changing trends. and needs”.
In a statement, AXA said its new “FortuneXtra Savings Plan” offers customers a choice of nine policy currency options – including Chinese renminbi (RMB), US 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 ability to save up to two currencies under the same policy,” AXA said. “From the 10th anniversary of the policy, customers can flexibly lock in the value of the policy to take advantage of market upside, turning unsecured values into guaranteed. After that, dual currency accounts allow clients to earn competitive interest in the policy currency or any of eight other selected available currencies and make flexible withdrawals anytime they want.
Additionally, the company said the product is “ideal for legacy planning.”
“Clients can change the policy insured an unlimited number of times, allowing them to share their inheritance with future generations,” AXA said. “In addition, the legacy solution combined with the currency conversion capability can fully meet the currency needs of next generations and further enhance the flexibility of legacy planning.”
“We observed a huge market demand for foreign currency which is further validated by the survey conducted jointly by AXA and an independent research agency in November 2021,” said Kevin Chor, director of life and health insurance at AXA Hong Kong. and Macau. “Seventy percent of respondents currently have foreign currency savings or investments, of which insurance products are the third most common investment vehicle after bank deposits and stocks. Many people are looking for flexible savings vehicles with good returns to help them meet their changing needs at different stages of life, such as accumulating wealth, preparing an education fund, planning inheritance, overseas real estate investments and retirement planning. These survey results inspired us to launch FortuneXtra which offers exceptional return potential and unparalleled flexibility to meet market needs, underlining AXA’s commitment to being a lifetime partner for our clients.