Launched in early 2022, FortuneXtra is a multi-currency savings plan that addresses concerns on the lack of flexibility, diversity, liquidity, and sustainability in current financial planning strategies. According to a news release, the latest enhancements aim to provide customers with more options and adaptability in the face of evolving market conditions.
According to Janet Lee, chief life and health insurance officer at AXA Hong Kong and Macau, wealth planning is a key concern for the public. A recent survey revealed that respondents require at least HKD 4 million to achieve their life goals, with over 80% lacking sufficient funds for new aspirations. Lee emphasized the importance of continuous product development to meet evolving customer needs.
The upgraded FortuneXtra introduces a limited-time two-year payment plan, allowing customers to enjoy an 8.8% p.a. guaranteed preferential interest rate for the first year on the prepaid premium when paying two years’ premiums upfront, according to Lee.
“As a lifetime partner for our customers, we continuously develop and introduce the best-in-class products that provides more diversified options with great flexibilities for customers amid the ever-changing market conditions, to meet our customers’ evolving needs,” Lee said.
The plan offers premium payment terms of five and 10 years, along with a limited-time two-year plan. Customers opting for the two-year plan in USD can potentially earn a total cash value as high as 296% of total premiums paid in year 20 and 593% in year 30, projected to double every 10 years on average.
FortuneXtra introduces well-considered arrangements for smooth wealth succession. Options include change of insured and the market-rare Flexi Continuation option. Additionally, policy owners can now designate a direct family member as a contingent owner, ensuring the continuation of legacy planning.
To facilitate efficient wealth allocation, FortuneXtra's policy owners can exercise the Flexi Segregation option, allowing the transfer of certain policy values to a separate policy. This option, available from the third policy anniversary, provides unlimited segregations within each year, adapting to customers' evolving needs and objectives.
The limited-time offer with an 8.8% p.a. guaranteed preferential interest rate on prepaid premiums is valid from Jan 22 to April 30.
For detailed information on FortuneXtra, including promotional offers and product features, visit https://www.axa.com.hk/en#?category$CategoryList=savings
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