Savers in Hong Kong will have more solutions to choose from following financial services group Manulife unveiling two savings plans.
Customers can opt for the ManuGrand Saver, which offers a higher guaranteed cash value for extra stability, or ManuImperial Saver for a higher non-guaranteed cash value for a potential higher return.
The firm said ManuGrand Saver will suit those “who value certainty in their financial planning”, while ManuImperial Saver “targets those with a higher risk appetite”.
Wilton Kee, chief product officer for individual financial products at Manulife Hong Kong, said: “Wealth accumulation is one of the key pillars of financial planning. But it is rarely straightforward, as one’s financial needs and priorities change at different life stages.
“With our new savings plans, you can choose a plan that suits your goals and your needs. Either way, you can grow your wealth with flexible options to realise gains, while also enjoying extra peace of mind through life protection for your family.”
Details of plans
Both plans allow customers to accumulate wealth with “guaranteed cash value; regularly with non-guaranteed annual dividends; and in the long term with a terminal bonus”.
In addition, the following options will also be available:
• Different ways to pay – Both plans offer customers various options for the payment period, options designed to help customers plan their futures more easily.
• The option to lock in gains – To realise long-term savings gains without cashing in the policy, customers can lock in up to 50% of the terminal bonus on their policy anniversary, from the 15th year onwards. This amount is added to the annual dividend accumulation, where it earns interest and can be withdrawn as needed.
• Flexible withdrawal options – If customers need extra cash flow, they can choose to withdraw the locked-in terminal bonus or any non-guaranteed annual dividends that have built up. They could also partially withdraw the guaranteed cash value and non-guaranteed terminal bonus by reducing the notional amount.
• Passing wealth down to the next generation – Customers have the option to change the life insured to another loved one, enabling wealth to be passed on through one or more generations.
In addition to life protection, if the life insured passes away due to an accident within the first five policy years, an additional accidental death benefit is payable to help relieve the financial burden on the family.
It will be paid at an amount that is equal to 100% of the aggregate sum of relevant premium due and paid.
