AXA Hong Kong and Macau (AXA) has announced the upgrade of FortuneXtra Savings Plan (FortuneXtra) to provide customers with attractive potential returns, professional wealth continuation support, and more flexibility in financial planning to meet customers' ever-changing needs.
Launched in early 2022, FortuneXtra is a multi-currency savings plan that aims to help customers accelerate wealth building and seize currency potentials with up to nine policy currency options and convert policy currency to in full or in part afterwards and the market-first dual currency accounts. The three major enhancements of FortuneXtra will alleviate concerns from customers that their current financial planning lacks the necessary flexibility, diversity, liquidity, and sustainability.
Ms Janet Lee, Chief Life and Health Insurance Officer, AXA Hong Kong and Macau, said, "Wealth planning has been a core focus among the public. According to our recent survey, at least HK$4 million is needed for the respondents to achieve their life goals, while over 80% of the respondents do not possess sufficient money to achieve their new goal.
“Therefore, we upgrade FortuneXtra with new features and even more attractive potential returns to increase the effectiveness of wealth accumulation for customers. In addition, we are launching a limited-time two-year pay plan which customers can enjoy 8.8% p.a. guaranteed preferential interest rate for first year on the prepaid premium when they pay two years' premium at one go.
“As a lifetime partner for our customers, we continuously develop and introduce the best-in-class products that provide more diversified options with great flexibility for customers amid the ever-changing market conditions, to meet our customers' evolving needs."
The three major enhancements of FortuneXtra include:
- Achieving customers' ambitions with attractive potential returns at ease
FortuneXtra aims to help customers best meet their financial goals and achieve their ambitions at different life stages. FortuneXtra offers premium payment terms of five and 10 years, as well as a two-year plan which is a limited time offer for customers. If the customers choose a two-year plan with policy currency in USD, they can potentially earn a total cash value as high as 296% of total premiums paid in year 20 and 593% of total premiums paid in year 30, which is projected to double every 10 years on average. During the promotion period, customers can also enjoy a limited time offer with 8.8% p.a. guaranteed preferential interest rate on the prepaid premium if they choose to pay the two years' premium in one go, further enhancing the return.
- Reassuring smooth wealth succession with well-considered arrangements
FortuneXtra strives to help customers plan ahead for unforeseeable events and streamlines the process of wealth continuation for their families and loved ones. In addition to Change of Insured Option and the market rare Flexi Continuation Option to designate a contingent insured to assign the portion for wealth succession and compassionate benefit in advance, FortuneXtra now also enables policy owner to designate a direct family member as a contingent owner, who shall become the new policy owner in the unfortunate event that the original policy owner passes away. The contingent policy ownership helps ensure continuation of customers' legacy planning.
- More flexibility for coping with customers' changing needs
To help customers with more efficient wealth allocation, FortuneXtra's policy owner can now exercise the Flexi Segregation Option to transfer certain policy values of their policy to a separate policy with the same policy commencement date as the existing policy, starting from the third policy anniversary. There is an unlimited number of segregations within each year and throughout the policy term. Customers can exercise different policy options such as Currency Conversion Option, Flexi Continuation Option and Change of Insured Option, under the original policy and each segregated policy according to their evolving needs and objectives over each new life stage.
Launched in early 2022, FortuneXtra is a multi-currency savings plan that aims to help customers accelerate wealth building and seize currency potentials with up to nine policy currency options and convert policy currency to in full or in part afterwards and the market-first dual currency accounts. The three major enhancements of FortuneXtra will alleviate concerns from customers that their current financial planning lacks the necessary flexibility, diversity, liquidity, and sustainability.
Ms Janet Lee, Chief Life and Health Insurance Officer, AXA Hong Kong and Macau, said, "Wealth planning has been a core focus among the public. According to our recent survey, at least HK$4 million is needed for the respondents to achieve their life goals, while over 80% of the respondents do not possess sufficient money to achieve their new goal.
“Therefore, we upgrade FortuneXtra with new features and even more attractive potential returns to increase the effectiveness of wealth accumulation for customers. In addition, we are launching a limited-time two-year pay plan which customers can enjoy 8.8% p.a. guaranteed preferential interest rate for first year on the prepaid premium when they pay two years' premium at one go.
“As a lifetime partner for our customers, we continuously develop and introduce the best-in-class products that provide more diversified options with great flexibility for customers amid the ever-changing market conditions, to meet our customers' evolving needs."
The three major enhancements of FortuneXtra include:
- Achieving customers' ambitions with attractive potential returns at ease
FortuneXtra aims to help customers best meet their financial goals and achieve their ambitions at different life stages. FortuneXtra offers premium payment terms of five and 10 years, as well as a two-year plan which is a limited time offer for customers. If the customers choose a two-year plan with policy currency in USD, they can potentially earn a total cash value as high as 296% of total premiums paid in year 20 and 593% of total premiums paid in year 30, which is projected to double every 10 years on average. During the promotion period, customers can also enjoy a limited time offer with 8.8% p.a. guaranteed preferential interest rate on the prepaid premium if they choose to pay the two years' premium in one go, further enhancing the return.
- Reassuring smooth wealth succession with well-considered arrangements
FortuneXtra strives to help customers plan ahead for unforeseeable events and streamlines the process of wealth continuation for their families and loved ones. In addition to Change of Insured Option and the market rare Flexi Continuation Option to designate a contingent insured to assign the portion for wealth succession and compassionate benefit in advance, FortuneXtra now also enables policy owner to designate a direct family member as a contingent owner, who shall become the new policy owner in the unfortunate event that the original policy owner passes away. The contingent policy ownership helps ensure continuation of customers' legacy planning.
- More flexibility for coping with customers' changing needs
To help customers with more efficient wealth allocation, FortuneXtra's policy owner can now exercise the Flexi Segregation Option to transfer certain policy values of their policy to a separate policy with the same policy commencement date as the existing policy, starting from the third policy anniversary. There is an unlimited number of segregations within each year and throughout the policy term. Customers can exercise different policy options such as Currency Conversion Option, Flexi Continuation Option and Change of Insured Option, under the original policy and each segregated policy according to their evolving needs and objectives over each new life stage.