Introduces first-in-market "Wealth Booster Option" to Create Value Beyond Insurance
To further promote its brand awareness, CTF Life displayed its new company name on the rooftop LED billboard of COFCO Tower on Hong Kong Island and the large outdoor advertisement at the Royal Hong Kong Yacht Club in Causeway Bay. To celebrate its 40th anniversary, the company also advertised on billboards on five major commercial buildings, including Far East Finance Centre, Harcourt House, Sing Ho Finance Building, Chinachem Century Tower and V Point.
Man Kit Ip, Chief Executive Officer of CTF Life, said: "CTF Life is embarking on a new journey in 2024, proudly stepping into its 40th year. Over the years, we have overcome challenges and seized opportunities together with Hong Kong, achieving remarkable growth. Looking ahead, we will further strengthen our collaboration with the diverse conglomerate of the Chow Tai Fook Group, leveraging its robust financial strength and strategic investments across the globe to continue to expand our service network and optimise our products and services. Drawing on our roots in Hong Kong, we will extend our reach across China and other Asian markets, continually creating value beyond insurance for our target customers."
MyWealth Savings Insurance Plan 2 for Flexible Wealth Management
To celebrate its 40th anniversary and meet the financial needs of customers at different stages of life, CTF Life has launched MyWealth Savings Insurance Plan 2 (MyWealth 2), building on the success of its MyWealth Savings Insurance Plan (MyWealth 1). The new plan features the first-in-market1 "Wealth Booster Option" 2, which allows customers to change the amount components under the policy to help enhance the projected returns. The plan's special-in-market1 "Wealth Accumulation Switching Options" 3 give customers greater autonomy to cater their investment preferences at different life stages. MyWealth 2 features "Dual Succession", which allows unlimited changes of Insured4 and entitles the policy owner to assign up to two beneficiaries for legacy planning, ensuring the continuation of the policy and maximising the efficacy of wealth inheritance.
Jarita Kwan, Chief Product Officer of CTF Life, said, "Based on the thoughtful features of MyWealth 1, CTF Life has launched MyWealth 2 to meet the financial needs of customers at different stages of life. Taking USD policy as an example, MyWealth 2 offers a shorter breakeven period, higher projected returns, and greater flexibility. It enhances withdrawal advantages, allowing customers to seize market opportunities in a timely manner, helping wealth accumulation and inheritance."
The three main advantages of MyWealth 2
- With a five-year premium payment period5, customers can achieve total breakeven and guaranteed breakeven on the 7th and 13th policy anniversaries, respectively. Furthermore, the total policy value is projected to exceed 200% of the total premiums paid by the end of the 17th policy anniversary. Moreover, MyWealth 2 offers potentially higher projected returns than MyWealth 1.
- Building on the strengths of MyWealth 1, MyWealth 2 offers more flexible withdrawal arrangements to meet the needs of customers at various stages of life.
- First-in-market1 "Wealth Booster Option" 2: On the 10th policy anniversary or any policy anniversary thereafter, customers can apply once to exercise the first-in-market1 "Wealth Booster Option"2 . This allows customers to change the amount components# under the policy according to the long-term target asset allocation under this option in order to enhance the projected return of their policy.
- "Wealth Accumulation Switching Option" 3: The 3 special-in-market1 Switching Options, including "Advance", "Balanced" and "Conservative", allow customers the flexibility to choose the value ratio of their "Stable Asset Account" 6 from three preset Switching Options, starting from the 10th policy anniversary, fulfilling their financial needs at different stages of life. MyWealth 2 allows customers to apply for this option five years earlier than with MyWealth 1.
- Free conversion of the policy currency: On the 3rd policy anniversary and any policy anniversary thereafter, customers can apply to exercise the "Currency Switching Option", changing the policy currency of the basic plan to a different currency (US dollar, Hong Kong dollar, Chinese yuan, British pound sterling, Euro, Singapore dollar, Australian dollar or Canadian dollar), accommodating their global wealth management goals.
- "Policy Split Option" 7: After the end of the 5th policy year or the end of the premium payment period (whichever is later), customers can split the existing policy into two by allocating a portion of the Units of the basic plan under the existing policy to a sperate "Split Policy". The process involves splitting a policy into two, then two becomes four, and so on, allowing customers to maximise the power of asset allocation.
- Premium Holiday8 of up to four years: Customers can apply for a Premium Holiday of up to four years, on or after the 2nd policy anniversary. The premium payment of their next policy anniversary will be suspended, and customers do not need to worry about the immediate termination of their policy and the loss of protection.
- Dual Succession: After the 6th policy monthly anniversary, customers may change the Insured for unlimited times4. The coverage period will be adjusted to age 128 of the new Insured ("Changed New Insured"), allowing sufficient time for wealth accumulation of the policy. In addition, MyWealth 2 provides a "Policy Continuation Option"9, enabling the Policy Owner to assign up to two beneficiaries and specify the proportion of the Death Proceeds to be paid for each beneficiary. Upon the death of the Insured, the designated beneficiaries will become the new Insured(s), offering flexibility on inheritance.
- Customised Death Benefit Settlement Option: The Policy Owner can designate a specified year or a specified age of the beneficiary to start paying the death benefit. This flexible payment allows each beneficiary to have the most appropriate arrangement, leaving a lasting legacy of love.
- Premium Waiver10: Accidents or diseases are unforeseeable. MyWealth 2 offers "Waiver of Premium Benefit" and "Payor Benefit" to ensure that the accumulated wealth remains unaffected and to safeguard the financial future of the customer's children.
To help customers realise their financial plans more easily, they can enjoy a First-Year Premium Refund11 of up to 26% when they successfully apply for MyWealth 2. If all premiums payable are settled through a lump sum prepayment, the remaining balance from the prepayment will enjoy a guaranteed interest rate of up to 5% p.a. throughout the whole premium payment period12. This allows customers to start their financial plans at a lower cost.
#The amount components refer to Guaranteed Cash Value, face value and cash value of accumulated Reversionary Bonuses and Terminal Bonus (if any) and accumulated value of Stable Asset Account (if any) of the basic plan.
Switching option(s) | "Stable Asset Account" allocation | Allocation of the cash value of Reversionary Bonus (if any) and cash value of Terminal Bonus (if any) |
Advance | 0% | 100% |
Balanced | 40% | 60% |
Conservative | 80% | 20% |
- The information contained in this press release is intended as a general summary of information for reference only. MyWealth Savings Insurance Plan 2 features Prestige Version and Premier Version. For more details, please refer to the product brochures, promotion leaflets, and policy documents. For details regarding the CTF Life MyWealth Savings Insurance Plan 2, the terms and conditions of the policy contract shall prevail.
- This press release does not contain the full provisions of MyWealth Savings Insurance Plan 2, and the full terms can be found in the Policy documents. MyWealth Savings Insurance Plan 2 may serve as standalone plan(s) without bundling with other type(s) of insurance product. Please refer to the main product brochure and policy terms and conditions, as well as the explanatory documents provided by your licensed insurance intermediary, to fully understand the details and complete terms and conditions regarding the mentioned definitions, fees, product features, exclusions, and compensation payment conditions related to the MyWealth Savings Insurance Plan 2.
- Please refer to the product brochure for more information on MyWealth Savings Insurance Plan 2 (Prestige): https://www.ctflife.com.hk/pdf/en/mywealth-savings-2-prestige-insurance-plan-brochure.pdf
- Please refer to the product brochure for more information on MyWealth Savings Insurance Plan 2 (Premier): https://www.ctflife.com.hk/pdf/en/mywealth-savings-2-premier-insurance-plan-brochure.pdf
- For further details, please contact CTF Life's Customer Service Hotline on +852 2866 8898.
- This press release is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or a solicitation to buy or provision of any of our products outside Hong Kong. Chow Tai Fook Life Insurance Company Limited hereby declares that it has no intention to offer to sell, to solicit to buy or to provide any of its products in any jurisdiction other than Hong Kong in which such offer to sell or solicitation to buy or provision of any product of Chow Tai Fook Life Insurance Company Limited is illegal under the laws of that jurisdiction.
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About CTF Life
Chow Tai Fook Life Insurance Company Limited ("CTF Life") is proud of its rich, nearly 40-year legacy in Hong Kong. CTF Life is a wholly-owned subsidiary of NWS Holdings Limited (Hong Kong Stock Code: 659) and one of the most well-established life insurance companies in Hong Kong. As a member of Chow Tai Fook Enterprises Limited, CTF Life consistently strengthens its collaboration with the diverse conglomerate of the Cheng family ("Chow Tai Fook Group" or "the Group") to support customers and their loved ones in navigating life's journey with personalised planning solutions, lifelong protection and diverse lifestyle experiences. By leveraging the Group's robust financial strength and strategic investments across the globe, CTF Life aspires to become a leading insurance company in the Greater Bay Area while continuously creating value beyond insurance.
source: CTF Life
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