HONG KONG, May 10, 2017 /PRNewswire/ -- FTLife Insurance Company Limited ("FTLife") today unveiled the new Regent Insurance Series1 to provide policyowners with adequate whole-life protection, while going to extraordinary lengths to help them grow wealth over an extended period.
The new insurance series also offers a legacy planning solution for policyowners to allocate their wealth flexibly via assignment of beneficiaries and making provision such that the future generations will have the means to realise their dreams in life.
Justification for the Regent Insurance Series exists in the findings of a survey carried out by the University of Hong Kong2, which found that more than 60% of the rich are concerned over the issue of inheritance of wealth. In fact, some started laying plans to protect wealth and facilitate legacy growth while still in their 30s.
Six key advantages offered by the Regent Insurance Series
1. Wealth accumulation: In addition to guaranteed cash value, the plan distributes annual dividend3 starting from the first policy anniversary -- payment starts comparatively early among similar products. Also, the total rate of return is among the tops of other products in the market4.
2. Longest protection period: The plan provides life protection for the insured up to the age of 128 of the initial insured. Once the premium payment period has completed, the insured can be changed to another person5, which means the policy value can be accumulated until the policy anniversary after the initial insured's 128th birthday.
3. Guaranteed death benefit: Up to 132%6 of total premiums paid as death benefit.
4. Death benefit settlement option : The policyowner can preselect how the death benefit will be paid, either as a lump-sum payment, or regular payment of a designated amount7, so as to allocate wealth to beneficiaries.
5. Two versions are available -- Regent.Prestige and Regent.Premier. Regent.Prestige provides premium payment periods of 8 and 15 years. If clients opt for the 8-year premium payment period, they can choose to prepay the premiums in 1, 3 or 5 years. Regent.Premier offers shorter premium payment periods of 2 and 5 years. Clients also have the option to settle the total premiums in full via a lump-sum payment upfront in order to start accumulating wealth at the earliest stage possible.
6. No medical underwriting simplifies the application process.
Regional CEO and CEO of FTLife Lennard Yong said: "FTLife is committed to developing superior products for customers at different life stages. The Regent Insurance Series is designed specifically for long-term wealth planning. This flagship product outperforms similar products in the market. It provides clients and their family with comprehensive protection."
He added: "Moreover, policyowners can assign beneficiaries and opt to take benefits of a designated amount at various stages. The plan serves as a tool similar to a small-scale family trust in allocating assets, but the procedure is far simpler, without complicated processes to navigate before inheriting an estate."
Premium discounts
From now until 30 June 2017, upon successful application of the Regent Insurance Series with specific premium amount, clients will enjoy premium discount for the whole premium payment period plus a refund of certain percentage of the first year's premium, thereby accumulating wealth with ease.
Remarks:
1. The new Regent Insurance Series includes Regent.Prestige Insurance Plan and Regent.Premier Insurance Plan.
2. Source of information : "Survey on People's Attitude and Preferences Towards Wealth Succession" by The University of Hong Kong Public Opinion Programme https://www.hkupop.hku.hk/chinese/report/WealthSuccession2013/content/resources/presentation.pdf
3. Annual dividend, terminal dividend and interest from accumulated annual dividend are not guaranteed.
4. It is based on the total rate of return in 100 policy years.
5. Changing the insured will not affect the units, guaranteed cash value, maturity date or policy year. The new insured must be aged between 15 days and 65 years at the time of submitting the request to change the insured. The new insured must be younger than the initial insured. Such change is subject to the prevailing administrative rules and must be endorsed by the policyowner, insured and assignee (if applicable). Both the new and previously insured must be alive at the time the insured is changed.
6. The death benefit is the higher of (i) a percentage of total premiums paid, where such percentage will be 105% during the 1st policy year with 3% increment on each subsequent policy anniversary starting from the 1st policy anniversary to the 9th policy anniversary, up to a maximum of 132%; or (ii) the sum of the guaranteed cash value as at the date of death of the insured and terminal dividend (if any) plus accumulated annual dividends (if any) minus any indebtedness.
7. The policyowner can opt for the beneficiary to receive death benefit as a fixed amount at regular intervals within a specified period of time. Only lump-sum death benefit payment is applicable if the policy is assigned.
Important notes:
Media inquiries
FTLife Insurance Company Limited
Branding, Marketing & Communications
Tel: +852-2591-8888
Email: ftlhk.mkt@ftlife.com.hk
About FTLife Insurance Company Limited
FTLife Insurance Company Limited ("FTLife") is one of Hong Kong's largest life insurance companies and a wholly-owned subsidiary of Tongchuangjiuding Investment Management Group Co., Ltd. ("JD Group"). Capitalising on a heritage of professionalism and excellence in serving clients, FTLife seeks to become a leading insurance group in Asia. It serves individual and institutional clients from a diverse portfolio of financial protection and wealth management products. FTLife aims to excel by cultivating lasting relationships and dedicates itself to providing clients with best-of-breed financial services to help them lead fulfilling lives.
About JD Group
Headquartered in Beijing, JD Group has offices in China, North America and other parts of Asia. The Group runs companies in the financial services industry and is engaged principally in investment, Internet finance, and insurance. One such business is JD Capital, a China-based leader in private equity investment. The Group aspires to become an insurance-centric financial asset management platform operating on a global scale.
