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FINANCIAL SERVICES | Tony Chua, Hong Kong
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ACE Life launches its CNY-denominated endowment plan

ACE Renminbi Endowment Plan offers competitive guaranteed returns and potential gains from the appreciation of the currency.

ACE Life Insurance Company Ltd. (“ACE Life Hong Kong”), a part of the ACE Group of Companies, announced today the launch of its first Renminbi-denominated life insurance plan — the ACE Renminbi Endowment Plan. This five-year insurance plan for individuals aged between zero and 80 offers a guaranteed return of up to 2.24% per annum, with premium payments for just two years, according to an ACE Life report.

Ms Diana Kwan, Chief Marketing Officer, ACE Life Hong Kong, said, “As a customer-focused company, ACE Life Hong Kong strives to understand our customers’ needs and respond with innovative and suitable protection products that meet their needs. The ACE Renminbi Endowment Plan not only provides customers with life protection, but also the opportunity to enjoy a higher guaranteed return1 and the benefit of the potential appreciation of Renminbi at policy maturity, thereby enabling them to achieve their short-term savings goals.”

According to the Hong Kong Monetary Authority, the Renminbi has continued to appreciate against the Hong Kong Dollar. From January 2010 to June 2011, the Renminbi has grown over 5% compared with the Hong Kong Dollar.

The ACE Renminbi Endowment Plan is a short-term insurance plan which combines savings and life protection. For a minimum of Renminbi 60,000 in annual premium, customers can enjoy life protection while investing in a growing currency. In the unfortunate event that the insured dies during the policy period, the beneficiary will receive a death benefit of up to 105% of the total premium paid, or the guaranteed cash value, whichever is higher. If the insured is aged between 18 and 60 at the point of policy issuance, the policy will also include an accidental death benefit amounting to 30% of the total premium paid which will be paid to the beneficiary in the event that the insured dies as a result of an accident. This is in addition to the basic death benefit.

The ACE Renminbi Endowment Plan is issued for a limited period only.

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