Chubb Life adds 3-year option to flagship savings plan

The new structure targets faster capital recovery and wealth accumulation goals.

Chubb Life Hong Kong has enhanced its flagship savings product, Chubb MyLegacy Insurance Plan V, with the introduction of a new three-year premium payment option designed to accelerate capital recovery and wealth accumulation.

The insurer said the new option, available under the Chubb MyLegacy V – Harvest plan, offers a guaranteed breakeven period of as little as six years, which it said is amongst the fastest available for comparable savings insurance products in Hong Kong.

The enhancement comes as concerns over market volatility continue to weigh on retirement planning. 

Citing a report by the Hong Kong Institute for Monetary and Financial Research, Chubb Life noted that 40% of pre-retirees in Hong Kong consider market volatility a major threat to their savings.

Chubb MyLegacy Insurance Plan V offers two product options. The Harvest version, available with three- and five-year payment terms, is designed for customers seeking capital efficiency, liquidity and shorter- to medium-term wealth accumulation. 

The Blossom version, available with payment terms of two, five, eight and 12 years, is aimed at customers pursuing longer-term savings and legacy planning goals.

The plan includes features that support wealth transfer across generations, including successor ownership arrangements, policy continuation for beneficiaries, support for minor successors and the option to name charitable organisations as beneficiaries.