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By ExpatBriefing.com Editorial
20 March, 2014
Hong Kong-based Bank of East Asia (BEA) announced recently that its wholly-owned life insurance arm, BEA Life Limited, has launched a renminbi-denominated endowment plan.
The WealthBuilder RMB Insurance plan, which is available to persons aged between three months and 70 years, is to be offered for a limited period. The offering opens up the potential benefit of Renminbi (RMB) appreciation and guarantees an annual return of 2.4 percent or 2.58 percent.
According to BEA, "the plan offers life protection for five years and a premium payment period of two years, with a minimum annual premium of CNY35,000 (USD5,659).
The firm said policy payments would be settled in RMB, and customers can choose to make premium payments in RMB or Hong Kong dollars. No medical examination is required for plans with an annual premium of CNY4m or less per insured person.
Patrick Wan, Managing Director of BEA Life, said: "Owing to China's rapid economic growth in recent years, the RMB has steadily appreciated against the Hong Kong dollar, driving strong demand for RMB-denominated insurance plans."
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