FWD, the insurance arm of Pacific Century Group, announced today the launch of "StandByU Savings Plan" (the Plan), an innovative savings plan with comprehensive coverage, to meet customers' growing needs for wealth accumulation and security at different stages of life.
The Plan offers flexible payment period at guaranteed premium rates, distributes guaranteed cash coupons for life to help realise dreams and features novel cancer benefit to give the insured extra peace of mind.
David Wong, Chief Executive Officer of FWD Hong Kong and Macau, said, “The newly launched StandByU Savings Plan demonstrates our commitment to help people secure their financial future and to also add onto their wealth against the backdrop of Asia’s strong economic development and rapidly ageing populations.”
“Over 13% of Hong Kong’s population are aged 65 and above. Based on the average 4.8% annual rate of increase over the past 50 years, the proportion of Hong Kong’s aged population will continue to significantly increase over the next 20 years1," he continued. “Combining wealth accumulation with lifelong coverage, StandByU is an excellent solution to satisfy our customers' ever-increasing desire for long-term financial stability and comprehensive protection throughout their lifetime.”
Whole life protection is provided with various premium payment period options to accommodate each individual’s personal financial needs. A payment period can be as short as 3 years, which is uncommon in the market, allowing more time for the fund to accumulate through the Plan’s tenure. Premium rates are fixed and guaranteed throughout the entire premium paying period for better financial planning.
Albert Chan, Chief Marketing Officer, FWD Hong Kong and Macau, said, “Our Cancer Benefit with automatic death benefit restoration is the first-of-its-kind in Hong Kong, and is thoughtfully designed to stand by you, the people who chose our premier Plan. Statistics show that cancer is the leading cause of death in Hong Kong over the past decade, infecting tens of thousands of individuals every year2. Knowing that the Plan’s death benefit will resume one year after a cancer diagnosis without undergoing additional underwriting process will provide extra emotional support to those affected."
Guaranteed Cash Coupons will be distributed annually until the insured reaches age 100 starting from either the fifth or the tenth policy year, depending on the choice of premium payment term. Additional Guaranteed Cash Coupons will also be offered on every tenth policy anniversary to assist the insured to realise their mid-to-long term goals. Apart from these guaranteed steady returns, the insured may also enjoy upside potential of their savings with Annual Dividends as well as Special Bonus3.
To support customers through their adversities, the Plan not only features advanced immediate assistance equating to 20% of the sum insured upon being diagnosed with cancer, but also a Complimentary Accidental Death Benefit for the first three policy years.