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ACE Life offers first RMB-denominated plan

ACE Life Insurance Company has launched its first renminbi-denominated life insurance plan.

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The ACE renminbi Endowment Plan is a five year insurance plan for individuals aged between zero and 80 offering a guaranteed return of up to 2.24% per annum, with premium payments for two years.

Diana Kwan, chief marketing officer at ACE Life Hong Kong said: “The ACE Renminbi Endowment Plan not only provides customers with life protection, but also the opportunity to enjoy a higher guaranteed return 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, growing 5% between January 2010 and June 2011.

If the client dies during the two year term of the plan, ACE said the beneficiary will receive a death benefit of up to 105% of the total premium paid, or the guaranteed value, whichever is greater. If the client 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.

Minimum investment in the plan is 60,000 RMB in annual premium. The product is only available for a limited time.

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