FWD Online Insurance Platform [1] launches Easy WealthPlus Endowment Plan Offers 8-year guaranteed return of up to 4.53% p.a. Fully online application process doable in as quick as five minutes

Supporting customers’ medium-term saving goals; offering 105%² life protection on single premium paid without any medical examination

Provides resilience to interest rate volatility and enables long-term wealth accumulation.

HONG KONG SAR –
Media OutReach Newswire – 17 June 2024 – Planning ahead is important in different stages of life, especially when preparing for retirement. A recent survey showed that monthly expenses are rising every year for Hong Kong retirees, reaching as high as HKD14,700³ just last year. Furthermore, global interest rate volatility and inflationary pressure have introduced more challenges to financial planning. There is a clear need to reassess if current financial protections provide adequate coverage.

In response to these challenges,
FWD Hong Kong (“FWD”) has launched
Easy WealthPlus Endowment Plan (“the Plan”) through its
online insurance platform¹. From getting a quotation to paying for the premium, the application process is simple and can be done fully online. With a single premium payment, customers can enjoy an 8-year guaranteed maturity return of up to 4.0% per annum (p.a.), as well as life protection. From now until 30 June 2024, customers participating in the Plan during the promotional period⁴ can enjoy a special 4% premium discount, resulting in an even higher guaranteed return of 4.53% p.a., which is equivalent to 142.5% of the single premiums paid.

Paul Tse, Chief Marketing and Digital Officer of FWD Hong Kong and Macau, said, “FWD understands the challenges customers face in achieving their financial goals amidst fluctuating interest rates and inflationary pressure. We are also seeing firsthand how a growing number of customers appreciate the convenience of online platforms. The organic traffic to the online insurance platform saw over 300% year-on-year growth. As Hong Kong’s largest online insurance platform⁵, our latest Easy WealthPlus Endowment Plan allows customers to easily secure an 8-year guaranteed return by enrolling online, effectively hedging against market fluctuations and achieving stable returns. Its guaranteed maturity return is also much higher than the average inflation rate of 2% over the past 12 months⁶, leading to better long-term financial security and peace of mind. This Plan empowers individuals to take control of their financial futures, whether their goals involve achieving lifelong ambitions or securing a comfortable retirement.”

He added, “FWD has always been committed to bridging the protection gap and providing more comprehensive solutions for individuals and families. Our latest ‘One for All’ campaign highlights the diversity of products on the FWD online insurance platform, encompassing life, critical illness, savings, medical, accidents and more, addressing the diverse needs of every family member. We are also pleased to see more people embracing online insurance, which solidifies our platform as a key driver of growth within FWD’s diverse distribution network.”

Easy WealthPlus Endowment Plan: Supporting medium-term financial goals with life protection and flexible policy extension

The Plan does more than provide opportunities for wealth accumulation. It also offers various protections and conveniences:

1. Life protection for peace of mind: The Plan provides life coverage, where a lump sum death bene­fit will be payable to the bene­ficiary if the insured passes away. The death bene­fit is equivalent to the higher of 105%² of single premium paid or guaranteed cash value as at the date of the insured’s death.
2. Unlimited times for change of insured and nomination of contingent insured and contingent policy owner for continuous policy extension: After the end of the first policy year and if the insured is alive, customers can exercise the change of insured option⁷ for unlimited times until the policy matures. After the change of insured, the benefit term and policy values remain unchanged. In addition, customers may nominate a contingent insured⁸ while the policy is in force and the insured is alive. In the event of the death of the insured after the end of the first policy year, the nominated contingent insured will automatically become the new insured, eliminating the possibility of policy termination resulting from the unexpected death of the original insured. Furthermore, customers can nominate a contingent policy owner⁹ while the policy is in force and the insured is still alive, so that the policy can be managed by the contingent policy owner in the event of the death of the original policy owner.
3. Easy online application without medical examination: Application for the Plan is simple, and no medical examination is required. From getting a quote to paying for the premium, the entire process can be easily completed online in as little as five minutes.

If a retiree takes out a policy of HKD400,000 within the promotion period, with a premium discount and an 8-year guaranteed return of 4.0% p.a., the total value received upon maturity will be equivalent to an annual return of 4.53%, which is HKD163,400 interest income¹⁰.

Throughout the years, FWD has focused on making the insurance journey simpler, faster, and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. FWD’s new business case count through online and direct sales platforms ranks first in Hong Kong in 2023⁵. Going forward, FWD will continue to provide comprehensive protection for customers through innovative products and services, maintaining a leading position in the market as the largest online insurance platform in Hong Kong.

A family is composed of different members who have their own protection needs at different stages of life. The “One for All” brand promotion campaign (link) illustrates the advantages of the FWD online insurance platform, and caters to customers’ needs for comprehensive protection.

The Easy WealthPlus Endowment Plan is underwritten by FWD Life Insurance Company (Bermuda) Limited (“FWD Life”/”FWD”). The above information is for reference only and does not contain the full terms and conditions and is subject to the terms and conditions of the policy. For full terms and conditions, coverage, exclusions, key product risks and/or other details of the Plan, please refer to the policy provisions of the Plan and the Product brochure (https://www.fwd.com.hk/online-insurance/easy-wealthplus-endowment-plan/en/).

Appendix

FWD’s online insurance platform (https://www.fwd.com.hk/online-insurance/en/) is a direct-to-customer online insurance purchase platform which aims to complement FWD’s omni-channel distribution capabilities and better serve Hong Kong customers in broader segments. Recognising the brand’s commitment towards providing better coverage and more comprehensive protection, it offers a comprehensive suite of insurance protection for various aspects and necessities, such as:

1. Life

2. Critical Illness

3. Medical, including Voluntary Health Insurance Scheme (VHIS)

4. Car*

5. Accident*

6. Pet*

7. Home*

8. Travel*

9. Helper*

*Offered by Bolttech Insurance (Hong Kong) Company Limited.

1. The FWD Online Insurance Platform is operated by FWD Financial Limited (“FWD Financial”) (license number: FA2568), an appointed and licensed insurance agent of FWD Life Insurance Company (Bermuda) Limited (Incorporated in Bermuda with limited liability).
2. Death benefit is the higher of 105% of the single premiums paid or guaranteed cash value as at the date of insured’s death, and will be payable to the beneficiary(ies) designated by you. Any benefit payable will be deducted by any indebtedness (if any).
3. IFPHK Hong Kong Retirement Expense Index:
   https://www.ifphk.org/REI/documents/Press-Release-IFPHK_Hong-Kong-Retirees-Actual-Expenses-Survey_E.pdf
4. This Plan is offered for a limited period and on a limited quota basis, and its availability is at the discretion of FWD Life Insurance Company (Bermuda) Limited (Incorporated in Bermuda with limited liability). FWD reserves the right to decline applications for this Plan with a full refund of any premium paid and any insurance levy paid without interest.
5. Provisional Statistics on Hong Kong Long Term Insurance Business – January to December 2023, Insurance Authority of Hong Kong. The calculation includes long-term life individual business, general insurance among multi-channel life insurers only and is FWD’s own assessment based on its understanding on market information only. FWD does not take any responsibility for any errors or omissions.
6. Census and Statistics Department of the Government of the Hong Kong Special Administrative Region: Consumer Price Indices for April 2024:
   https://www.censtatd.gov.hk/en/press_release_detail.html?id=5419
7. After the end of 1^st policy year and the insured is alive, you can apply in writing to change the insured. Any change to the insured must fulfill FWD’s relevant policies and procedures as determined in FWD’s sole discretion from time to time. Any change of the insured will not have any effect on the notional amount, guaranteed cash value, policy years or benefit terms. The age of new proposed insured should fulfill the issue age (age next birthday) age 19 – age 65. The new insured must have an insurable interest with the policy owner.
8. Any nomination of the contingent insured must fulfill FWD’s relevant policies and procedures as determined in FWD’s sole discretion from time to time. The age of the contingent insured at the time of application should fulfill the issue age (age next birthday) age 19 – age 65. Only one person can be named as the contingent insured each time. The contingent insured must have an insurable interest with the policy owner. Upon the death of the insured, the contingent insured will become the insured provided that the policy has been in effect for more than 1 policy year, and subject to FWD’s approval based on relevant policies and procedures as determined in FWD’s sole discretion from time to time. The contingent insured should be alive and fulfill the issue age requirement and have an insurable interest with the policy owner upon FWD’s approval.
9. Any nomination of the contingent policy owner must fulfill FWD’s relevant policies and procedures as determined in FWD’s sole discretion from time to time. The age of the contingent policy owner at the time of application should be higher than the minimum age determined by FWD. Only one person can be named as the contingent policy owner each time. Upon the death of the original policy owner, the contingent policy owner will become the policy owner subject to FWD’s approval based on relevant policies and procedures as determined in FWD’s sole discretion from time to time and that the contingent policy owner is alive.
10. If the policy is surrendered after the cooling-off period and before the maturity of policy, FWD will pay the guaranteed cash value as at the date of surrender to you. The guaranteed cash value received may be considerably less than total premium paid. No partial surrender is allowed for this Plan.

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The issuer is solely responsible for the content of this announcement.