【2024 New Year Plan】A decision for lasting legacy

“Raising a child is a lifelong commitment, and parents always save the best for their children, hoping to make proper arrangements for the next generation. In fact, the cost of bringing up children nowadays can easily run into millions. To lay a smooth educational path for your children’s future, early planning is essential, allowing wealth to grow steadily over time.”

To achieve life goals, you need the right financial planning tool. YF Life’s 富饒千秋儲蓄計劃, which won the “5-Star Savings Insurance Award” in the 10Life “5-Star Insurance Awards 2024”, is not merely a savings insurance plan, but also carries blessings for your loved ones and future generations. With a single policy, you can achieve the three major financial goals of wealth accumulation, retirement planning and wealth transfer.

A comprehensive and reliable financial plan can help you accumulate considerable wealth for yourself and future generations. 富饒千秋儲蓄計劃 is managed by a professional team. Through asset allocation and a dynamic adjustment strategy to balance investment risk, it aims to achieve higher potential returns.

In addition to a guaranteed cash value¹, the plan also offers non-guaranteed “reversionary bonuses¹” and “terminal bonuses¹”. By harnessing the snowball effect, it helps roll over the wealth accumulated through hard work and sow the seeds of asset growth, allowing you and future generations to enjoy a prosperous life in the future.

Starting from the 15th policy anniversary as early as possible, you may apply to exercise the “bonus lock-in benefit”, transferring the latest cash value of the reversionary bonuses and terminal bonuses to the bonus lock-in account to accumulate interest, or withdraw them for use, according to your needs at different times.

Many parents consider arranging for their children to study abroad, enabling them to broaden their horizons, or may plan to start their retirement life overseas with their spouse. This has given rise to many “astronaut” families. As such, flexibility in financial planning is also very important. 富饒千秋儲蓄計劃 offers up to 9 policy currency options, including USD, HKD, MOP², RMB, GBP, SGD, AUD, CAD and CHF, bringing greater flexibility to future living and catering to different needs.

In addition, the plan also allows policyholders to switch policy currency. As early as the first policy anniversary, they may convert the original policy currency to a new policy currency to match changes in financial needs. Whether studying abroad, retiring, starting a business or buying a home overseas, they can switch to a suitable currency.

“Retirement” is a highly personal plan, and everyone has a different definition of an ideal retirement lifestyle. A savings plan that offers multiple lifetime annuity options can therefore meet a wide range of needs. 富饒千秋儲蓄計劃 offers 12 lifetime annuity payout options, unique in the market³, fully catering to different individuals’ personalised retirement planning. Whichever annuity payout option you choose, lifetime payments are guaranteed until the end of your life, allowing you to enjoy retirement with peace of mind.

富饒千秋儲蓄計劃 provides flexible asset allocation arrangements. You may choose to convert all of the accumulated cash value into a lifelong annuity, securing a sustainable monthly annuity income after retirement, or convert only part of the cash value into an annuity, while the remainder continues to accumulate within the policy.

The plan offers an unlimited number of policy owner/insured changes⁴, as well as a policy split benefit that can be applied for as early as the first policy anniversary⁵, so that wealth can be passed directly to one’s children, then from children to grandchildren, and then to great-grandchildren, great-great-grandchildren, subsequent generations and beyond… With just one policy, you and your descendants can both enjoy a lifetime annuity option, while also enabling wealth to be passed on forever.

As parents, you may spend a lifetime accumulating wealth and carefully planning for your children’s future. However, plans may not always keep pace with change. In the event of an emergency, this could affect arrangements for wealth transfer. 富饒千秋儲蓄計劃 offers the market’s first³ policy splitting pre-authorised instruction benefit⁶, which allows part of the policy’s cash value to be split into another policy for family members after the policyholder’s death, so that the wealth accumulated in the policy can be passed on.

Policyholders may also worry that, should they suffer an accident, their young children may not be able to make good use of the wealth. This plan introduces the market’s first³ minor beneficiary payment arrangement⁷. If the insured passes away while the beneficiary is still a minor, the death benefit⁸ can be held in custody until the beneficiary reaches the age of 18, when it will be paid out in a lump sum.

The plan also includes the market-rare³ pre-authorised instruction benefit for “mental incapacity”⁹. If the policyholder is diagnosed with specified illnesses such as severe dementia, or otherwise loses mental capacity, the entire policy or a split policy may be transferred to family members, ensuring they can access the assets in an emergency.

Mr Cheung, who has one son, chose to take out the 富饒千秋儲蓄計劃 at the age of 35, with a premium payment term of 5 years and an annual premium of USD50,000. When Mr Cheung reaches 65, the policy value is projected to be approximately USD1.35 million. He decides to exercise the policy split benefit, converting 60% of the cash value into a fixed lifetime annuity for his retirement, receiving around USD5,200 per month¹¹, while the remaining 40% of the cash value is split into another policy and transferred to his son as a legacy. By making good use of the policy split advantage, Mr Cheung can enjoy his retirement while also passing wealth on to the next generation.

From now until 28 March 2024 during the promotion period, customers who successfully apply for 富饒千秋儲蓄計劃 can enjoy up to 30% annualised premium discount¹². Customers who successfully apply for the US dollar policy of the Plan on or before 29 February and make a one-off prepayment of the full premium required for the policy term can enjoy a limited-time, limited-quantity offer of up to 8% p.a. on the prepayment premium¹².

Notes:

1. The currency conversion benefit will affect the guaranteed cash value, reversionary bonuses and terminal bonus. For details of the currency conversion, please refer to the terms and conditions.
2. Applicable only to policies issued in Macau.
3. Based on similar plans in the Hong Kong and Macau market as at 1 December 2023.
4. There must be at least one year between two changes of insured person. There must be evidence of insurable interest between the new insured person and the policyholder. The actual age of the new insured person on the effective date of the change of insured person must meet the policy application age requirements. YF Life reserves the right to request proof of insurability. After the change of insured person, any supplementary benefits originally attached to this policy will terminate. For details of the change of insured person, please refer to the terms and conditions.
5. Applicable to policies that have been in force for 1 year or more and for which all cash value has not been converted into annuity (not applicable to policies with pre-paid premiums or during a premium holiday), and a written application must be submitted within 30 days from each policy anniversary. A policy may be split once in each policy year, but there is no limit on the number of policies split each time. The policy effective date and premium payment term of the split policy will be the same as those of the original policy. Under the current rules, each time a policy is split, the cash value converted into each new policy must reach USD10,000 / HKD80,000 / MOP80,000 / RMB65,000 / GBP7,500 / SGD15,000 / AUD15,000 / CAD15,000 / CHF7,500; and after the policy split, the annual premium of the basic plan for the portion not converted must not be less than the minimum premium requirement. Any policy indebtedness (if any) must be fully repaid before the policy is split. For details of the policy split benefit, please refer to the terms and conditions.
6. The policyholder may pre-specify the policy split ratio and the policyholder of the split policy after their death. YF Life will process the relevant instructions upon receipt of the policyholder’s death certificate. For details of the default instruction benefit for policy split, please refer to the terms and conditions.
7. The death benefit amount will not accumulate interest. For details of the choice of compensation method, please refer to the terms and conditions.
8. The death benefit is only applicable during the policy term and before the annuity benefit is exercised at full cash value. The death benefit does not include the annual premium of the basic plan that has been reduced (i.e. partial surrender). Policy indebtedness must be deducted.
9. The policyholder may give advance instructions naming the new policyholder after they have lost mental capacity; or pre-set the split ratio and the policyholder of the split policy, so that the policy can be split after the policyholder loses mental capacity. During the annuity period, the annuitant may pre-set instructions specifying the person to whom the relevant annuity income will be paid after they have lost mental capacity, and such request must be made by the annuitant together with the policyholder. YF Life will process the relevant instructions upon receipt of documentary proof that the policyholder / annuitant has been diagnosed as permanently mentally incapacitated, in a vegetative state, brain-damaged / incapable of living independently, in a coma or suffering from severe dementia. For details of the default instruction benefit for mental incapacity, please refer to the terms and conditions.
10. All figures are hypothetical and for illustrative purposes only. The projected cash value is calculated based on the current expected reversionary bonuses and terminal bonus, assuming premiums are paid annually in full and on time until the end of the premium payment term, and that no cash value is withdrawn, no policy loan is taken, no currency conversion benefit is exercised and no premium holiday is taken during the policy term. The projected cash value is rounded to the nearest whole number.
11. Calculated based on the annuity benefit option of "Fixed Lifetime Annuity" and the current assumed annuity rate.
12. Subject to the relevant terms and conditions.

Subject to the terms and conditions. Please click here to learn more details before applying.

This English version of this article has been generated by machine translation powered by AI. It is provided solely for reference purposes. In the event of any discrepancy or inconsistency between this translation and the original Chinese version, the Chinese version shall prevail.