AXA Hong Kong has unveiled a new savings product, the AXA Wealth Advance Savings Plan, which is said to combine wealth accumulation in a traditional way with a life protection feature, International Investment has learned.
It is thought that the product is aimed more at local Hong Kong residents than expatriates.
AXA Hong Kong officials weren’t immediately available to comment or provide details on the new product, but the axa.com.hk website describes it as a “participating life insurance plan designed to provide you with growth potential for your savings, in [a] medium- to long-term time horizon”.
According to the AXA Kong Kong website, the new Wealth Advance Savings Plan’s product features include:
- Potential returns with a ‘reversionary bonus’ and terminal bonus, to meet medium- to long-term savings goal
- A “short” premium payment term of five or 10 years
- “Better budget management”, with fixed premiums
- “Easy access” to one’s savings
- Financial security for the client’s family, via a protection element
- A “wide range” of supplementary protection options if desired
A reversionary bonus is a sum added to the amount of an insurance policy which is payable at the maturation of the policy or at the death of the person insured.
AXA Hong Kong is a part of the Paris-based AXA Group.