Announcement

Aviva Newsroom - 11 June 2012

Aviva Hong Kong launches ‘Aviva WealthGrower RMB Insurance Plan II’

Enjoy 2.32% p.a. guaranteed annualized return1 in 5 years

Together with potential RMB appreciation

Subsequent to last year’s success, Aviva Hong Kong, the wholly-owned subsidiary of the UK’s largest2 insurer Aviva plc, today announced the launch of another tranche of RMB Insurance Plan – ‘Aviva WealthGrower RMB Insurance Plan II’. In response to the strong demand for RMB investment products, Aviva has particularly raised the guaranteed annualized return of this plan to 2.32% p.a.1. Besides guaranteed return, policyholders can also have the opportunity to earn the potential appreciation of RMB over time. ‘Aviva WealthGrower RMB Insurance Plan II’ is suitable for those who are looking for stable returns and optimistic to the potential appreciation of RMB in medium to long term.

‘Last year, Aviva launched a similar product with limited quota3 through our bancassurance partner DBS Bank (Hong Kong) Limited. The product sold out in a short period of time; this indicates that the public is keen on RMB insurance plans due to its stable returns. In view of this, we expanded the distribution channels for this plan. This year, in addition to offering the plan through our bancassurance partner, Aviva offers this plan, with limited quota3 as well, through Aviva Advisors, our direct sales force and selected independent financial advisory partners. This plan is one of the most competitive plans among other similar plans in the market currently. We feel confident that the new RMB insurance product will be a hit in the market and there will be a high demand for such product.’ said Ms. Elba Tse, Managing Director of Aviva Hong Kong.

This plan is a 5-year savings plan requiring only 2 years of premium payment. The minimum annual premium of each policy is CNY25,000. It offers the policyholders a guaranteed return of 110.90% of the total premiums paid4, which is equivalent to an annualized return of 2.32% payable at maturity1.

In addition, the plan also provides Death Benefit1 and additional cover against Terminal Illness1,6. In the event of death of the life assured, a lump sum equivalent to the higher of either 105% of the total premiums paid4 or cash surrender value as at the date of death of the life assured will be payable to the beneficiary. Therefore, the life assured’s family members are protected with financial assistance at time of need. If the life assured is diagnosed with a Terminal Illness1,6, Aviva will accelerate the payment of Death Benefit1 to the beneficiary, offering him or her financial flexibility to deal with the difficult stage.

RMB is the contract currency of the plan; however Premium and benefit settlement can be accepted or made in CNY or Hong Kong Dollar7. Application is simple and easy, as medical underwriting is waived.

For any enquiries about ‘Aviva WealthGrower RMB Insurance Plan II’, please contact Aviva’s Customer Hotline on (852) 3550-9888.

1. Maturity value, cash surrender value and all other benefits payable under the policy will be calculated / paid in the contract currency. Due to exchange rate fluctuation, there is a risk that if RMB depreciates substantially, one could lose a substantial portion of such value or benefit, in terms of Hong Kong dollar.
2. Source: 2011 Aviva plc annual report.
3. Aviva reserves the right to stop offering this plan at any time and without prior notice. Receiving the premium does not represent the acceptance of one’s application for this plan.
4. The term ‘total premiums paid / TPP’ in this plan means the premiums already paid under the policy in contract currency. If the payment currency is Hong Kong dollar, the premium will be converted to the contract currency at the Prevailing Exchange Rate5 and the date of payment of such premium will be the date on which payment is processed by Aviva in contract currency.
5. In case any currency conversion is required i.e. when payment currency or settlement currency is different from the contract currency, such conversion (from HKD to CNY and vice versa) will be subject to the prevailing exchange rate determined by Aviva from time to time (“Prevailing Exchange Rate”).
6. For the definition of Terminal Illness, please refer to the terms and conditions of the policy which will be made available by Aviva. Please note that the policy will be terminated upon diagnosis of terminal illness of the life assured.
7. Subject to the Prevailing Exchange Rate5 determined by Aviva from time to time.

 

‘Aviva WealthGrower RMB Insurance Plan II’

Entry age (age next birthday) Life assured: 1-80
Policyholder: 19 or above
Policy term 5 years
Premium term 2 years
Minimum/ Maximum annual premium Minimum Annual Premium: ¥25,000 per policy (premium amount in multiple of ¥5,000)
Maximum Annual Premium: ¥5,000,000 per life assured

The above information is for reference only. For details, please refer to the terms and conditions of the policy which will be made available by Aviva.

 

About Aviva plc

Aviva provides 43 million customers2 with insurance, savings and investment products. We are the UK’s2 largest insurer and one of Europe’s leading providers of life and general insurance2.

We combine strong life insurance, general insurance and asset management businesses under one powerful brand. We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.