AXA upgrades "FortuneXtra Savings Plan"

Launches limited-time 2-year pay 8.8% p.a. guaranteed preferential interest rate for first year on prepaid premium – a top-of-the market[1] interest rate

Offers enhanced potential returns, facilitates wealth continuation and enhances flexibility

HONG KONG, Jan. 22, 2024 /PRNewswire/ — AXA Hong Kong and Macau (AXA) today 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 multicurrency savings plan that aims to help customers accelerate wealth building and seize currency potentials with up to 9 policy currency options and convert policy currency to in full or in part afterwards and the market-first[2] dual currency accounts. Three major enhancements of FortuneXtra will alleviate concerns from customers of their current financial planning lacks the necessary flexibility, diversity, liquidity, and sustainability.

Janet Lee, Chief Life and Health Insurance Officer, AXA Hong Kong and Macau, said, “Wealth planning has been a core focus among public. According to our recent survey, at least HKD 4 million is needed for the respondents to achieve their life goals[3] [4],while over 80% of the respondents do not possess sufficient money to achieve their new goal[3]. 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 launch a limited-time 2-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 2 years’ premium at one go. As a lifetime partner for our customers, we continuously develop and introduce the best-in-class products that provides more diversified options with great flexibilities for customers amid the ever-changing market conditions, to meet our customers’ evolving needs.”

Three major enhancements of FortuneXtra include:

1.    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 5 and 10 years, as well as 2-year plan which is limited time offer for customers[5]. If the customers choose a 2-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[6].

During the promotion period[5], 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 2 years’ premium in one go, further enhancing the return.

2.    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[7] 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.

3.    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.

For more information on FortuneXtra, please visit:  https://www.axa.com.hk/en#?category$CategoryList=savings or watch the video about The “2023 Financial Attitudes Survey” https://www.axa.com.hk/fx-en-promovideo.

The above information is for reference only. For details on promotional offer and product features, content, terms and exclusions, please refer to the product brochure, policy provision and promotional leaflet.

1 The data of  “Top of the market” are as of 22 Jan 2024. When comparing to the major Hong Kong insurance providers’ multi-currency savings insurance products, FortuneXtra’s Savings Plan offers the market’s highest guaranteed preferential annual interest rate on prepaid premiums.

2 This is based on a comparison among participating savings plans with reversionary bonus available for new business from 2011 to November 2021 provided by insurers which are covered in the Provisional Statistics on Hong Kong Long Term Insurance Business for January to June 2021 (in respect of life & annuity (non-linked (Class A)) individual business (direct new business)) published by the Insurance Authority. The comparison was made with reference to the information on the company website of the relevant insurers and other information available to AXA as of November 2021.

3 Source: The “2023 Financial Attitudes Survey” was conducted in November 2023 by YouGov, a market research agency commissioned by AXA Hong Kong, and participated by a total of 1,011 respondents aged 18 or above.

4 HKD 4 million on average is necessary for a respondent to accomplish a maximum of 3 new life goals, and the amount is rounded to the nearest million.

5 From 22 January 2024 to 30 April 2024, both dates inclusive.

6 The projected values are for reference only, based on certain assumptions, the actual amounts may differ from the projected values.

7 This is based on a comparison among participating savings plans with multi-currency features provided by major insurance companies in Hong Kong. The comparison was made with reference to the information on the company website of the relevant insurers and other information available to AXA as of 2 January 2024.

 

About AXA Hong Kong and Macau
AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 51 markets and serving 93 million customers worldwide. Our purpose is to act for human progress by protecting what matters.

As one of the most diversified insurers in Hong Kong, we offer integrated solutions across Life, Health and General Insurance. We are the largest General Insurance provider and a major Health and Employee Benefits provider. Our aim is to not only be the insurer to provide comprehensive protection to our customers, but also a holistic partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product & service innovation and customer experience enrichment, which is achieved through actively listening to our customers’ needs and leveraging and investing in technology and digital transformation.

We embrace our responsibility to be a driving force against climate change and a force for good to create shared value for our community. We are proud to be the first to address the importance of mental health through different products and services and thought leading iconic research. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We are committed to integrating environmental, social and governance factors across our business and strive to contribute to a sustainable future through 3 distinct roles – as an investor, insurer and an exemplary company.

THIS PRESS RELEASE IS AVAILABLE ON AXA’S WEBSITE: AXA.COM.HK

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in the forward-looking statements. Please refer to Part 4 – “Risk factors and risk management” of AXA’s Universal Registration Document for the year ended December 31, 2019, for a description of certain important factors, risks and uncertainties that may affect AXA’s business, and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as part of applicable regulatory or legal obligations.

Source : AXA upgrades "FortuneXtra Savings Plan"

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