Manulife Hong Kong launches two new participating savings plans

This comes as 7 in 10 Hong Kongers see financial health as important to longevity.

Manulife Hong Kong has launched two new participating life insurance savings products, the Genesis Centurion Insurance Plan and the Prestige Achiever Insurance Plan, as it expands its savings and wealth planning offerings in the city.

KC Cheung, Chief Product Officer of Manulife Hong Kong and Macau, said the two new plans are meant to give customers more flexibility in growing and accessing their savings, whilst also providing support during major life events.

Manulife said the product launch follows findings from its latest Manulife Asia Care Survey, which showed that 70% of respondents in Hong Kong see financial health as important to longevity, whilst 61% believe insurance plays a role in maintaining physical health.

The Genesis Centurion Insurance Plan is positioned as a long-term wealth accumulation product, building on Manulife’s existing Genesis Plan, which is aimed at medium-term financial needs. 

Manulife said the expanded Genesis Series is intended to give customers more options for different life stages and financial goals.

The Prestige Achiever Insurance Plan focuses on near-term financial security, offering a guaranteed cash value of up to 83% of total premiums paid from the first day of the policy. The plan also has a projected total internal rate of return of up to 4.6% by the end of the 10th policy year, according to the insurer.
For Genesis Centurion, Manulife said projected surrender values could reach four times total premiums paid by the 25th policy year, six times by the 31st year and eight times by the 35th year. 
The plan allows customers to choose from seven policy currencies and to switch currencies once a year from the third policy anniversary. 
Policyholders can make withdrawals without surrendering the policy through regular income options or customised withdrawals from the terminal bonus. 
The plan also includes a one-time option to realise up to 100% of the terminal bonus if the insured is diagnosed with a designated critical or mental illness.
Prestige Achiever offers similar withdrawal features, with regular non-guaranteed income available from the second policy year and flexible access to the terminal bonus whilst the policy remains in force. 
It also includes the same critical and mental illness benefit linked to the terminal bonus.