The Bank of East Asia has launched the WealthBuilder RMB Insurance plan by BEA Life Limited, BEA’s wholly-owned life insurance arm.
Customers may apply for the Plan during the application period from now until 25th March, 2014 to reap the potential benefit of Renminbi (RMB) appreciation and receive a guaranteed annual return of 2.4% or 2.58%.
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The Plan is an RMB-denominated endowment plan available to persons aged between three months and 70 years. It offers life protection for five years and a short premium payment period of just two years, with a minimum annual premium of as low as CNY35,000.
Customers can enjoy guaranteed annual returns of 2.4% upon policy maturity, with guaranteed life protection of up to 105% of the total premium paid. By prepaying the premium of the second policy year upon enrolment, customers can enjoy a guaranteed interest rate of 4.25% for the premium prepaid, paid upon the effective date of the second policy year.
Together with the interest earned, the plan’s guaranteed annual returns will be increased to 2.58% upon policy maturity.
Patrick Wan, managing director of BEA Life, said: "Owing to China’s rapid economic growth in recent years, the RMB has steadily appreciated against the Hong Kong dollar, driving strong demand for RMB-denominated insurance plans. In view of the current low interest rate and volatile investment environment, the WealthBuilder RMB Insurance Plan is one of the best ways for customers to benefit from potential RMB appreciation and achieve their desired financial goals."
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By GlobalDataPolicy payments are settled in RMB3. Customers can choose to make premium payments in RMB or Hong Kong dollars ("HKD"). The application process is simple and easy, and no medical examination is required for plans with an annual premium of CNY4,000,000 or less per insured person.
