AXA launches “FortuneXtra Savings Plan” 9 policy currency options with most flexibility in currency conversion and market-first dual currency accounts

HONG KONG
& MACAU – Media OutReach – 10 January
2022 –
AXA Hong Kong and Macau (AXA)
today announced the launch of “FortuneXtra Savings Plan (“FortuneXtra”)
to help customers seize currency potentials and accelerate wealth
building with exceptional flexibility to suit changing trends and needs.

Kevin Chor, Chief Life and Health Insurance Officer, AXA Hong
Kong and Macau
, said, “In
September 2021, Hong Kong recorded a 6-year record high for non-US Dollar
foreign currency deposits, equivalent to over HKD 2 trillions. In particular,
RMB customer deposits increased by more than 25% YoY1. We observed a huge market
demand for foreign currencies which is subsequently validated by the survey2 jointly conducted by AXA
and an independent research agency in November 2021.

70% of the respondents currently possess foreign
currency savings or investment, among which, insurance products come as the third
most common investment vehicle after bank deposits and stocks. In terms of
favoured currencies, Euro is one of their top choices other than USD and RMB.
Many people are looking for flexible saving vehicles with good returns to help
them fulfil their changing needs in different life stages, such as wealth
accumulation, preparation for an education fund, legacy planning, overseas
property investments and retirement planning. These survey
findings inspired us to launch FortuneXtra which provides exceptional potential
return and unmatched flexibility to meet the market needs, underscoring AXA’s
commitment to be a life-long partner to our customers.”

Four
notable features of FortuneXtra include:

1)
Meeting global citizen lifestyle and maximising wealth
accumulation advantage with market-highest policy currency options
3, including market-unique Euro

FortuneXtra provides a choice of up
to 9 policy currency options, offering the most options in the market3, including Renminbi (RMB), United
States Dollar (USD), British Pound (GBP), Euro (EUR), Canadian Dollar (CAD),
Australian Dollar (AUD), Singapore Dollar (SGD), Hong Kong Dollar (HKD) and
Macau Pataca (MOP; only for policies issued in Macau), each offering competitive
potential return. Among the currencies, Euro is uniquely available in
FortuneXtra3, promptly responding to the emerging market needs.

2)
Exceptional flexibility to meet changing needs with free
currency conversion in whole or in part

FortuneXtra (both 5-year pay and 10-year pay) offers unlimited number of times4 of full or partial policy
currency conversion for free from the 3rd policy anniversary. Whether due to changes in life plan or shifts in global market
opportunities, our customers can convert their policy to one of a different
policy currency, in whole or in part, while keeping the same policy
commencement date to ensure their wealth accumulation remains on track after
the conversion. In particular, partial conversion is unique in market3 and can help customers flexibly deal with different foreign
currency needs at the same time.

 

3)
Market-first3 dual currency accounts
to capture gains and accumulate interest

Unlike conventional savings insurance plans, FortuneXtra offers
the opportunity to save in up to two currencies under the same policy. Starting
from the 10th policy anniversary, customers can flexibly lock the
policy value to capture market upside, turning non-guaranteed values into
guaranteed. After that, dual currency accounts allow customers to earn
competitive interests in policy currency or one of the other 8 available
currencies as selected and make flexible withdrawals any time as they wish.

4)
Grow generations of wealth and pass on legacy with change of
the insured an unlimited number of times and foreign currency needs catered

While FortuneXtra is extremely flexible, it is also great for
legacy planning. Customers can change the insured of the policy for an
unlimited number of times, enabling them to share their legacy with the
generations to come. What’s more, inheritance solution coupled with the
currency conversion capability can fully cater for the currency needs of the
next generations and further enhance the flexibility of legacy planning.

From now until 9 February
2022, customers can enjoy up to 20% premium refund if they successfully apply
for FortuneXtra.

For more
information on FortuneXtra, please visit https://www.axa.com.hk/en/fortune-xtra-savings-plan.

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

 


[1] Source: HKMA
Monthly Statistical Bulletin (Sep 2021)

[2] The survey was
conducted in Hong Kong in November 2021, with a total of 1,017 respondents who
are aged 18 or above. Figures are weighed in relation to online population in
Hong Kong.

[3] This is based on a
comparison among participating savings plans with reversionary bonus available
for new business 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.

[4] Starting from the
3rd policy anniversary, one application for conversion can be made within one
Policy Year; and application must be submitted within 30 days from each Policy
Anniversary.

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