Public Bank and ING Insurance launched a plan designed for investing in selected Asian markets and benefit from its potential recovery.
The PB-ING Asian Jewels Plan, a five-year single premium unit-linked plan, also pays a fixed annual coupon at the end of the first four years of the policy. One-hundred percent of premium paid, in Australian Dollar nominal amount, will be returned to customers if the plan is held to maturity.
The plan also offers insurance coverage against death and total and permanent disablement.
"The PB-ING Asian Jewels Plan invests up to 97 percent of the premium paid into a Australian Dollar denominated financial instrument that links to the China, Hong Kong, Korea, India and Taiwan indices to generate potential returns," said Tan Sri Tay Ah Lek, Managing Director, Public Bank Berhad.
He added that the five Asian markets were chosen as Public Bank and ING believe these markets will play an important role in the current economy today.
"Despite the current economic turmoil, we expect strong recovery in these regions, especially China and India which are forecasted to make quick recovery compared to countries in the West, thus offering good prospects of growth for our customers," he pointed out.
The prime benefit of the PB-ING Asian Jewels Plan is that at the end of each year of the policy, the fund will lock in the returns of the highest performing market.
The PB-ING Asian Jewels Plan is open for subscription and investment for a 22-day period. It starts from 13 July 2009 to 3 August 2009. Entry age is from 30 days to 70 years old; however, the minimum age of the policy owner is 18 years old. The minimum single premium is RM30,000 or US$4,387.
Although the Plan will be on offer for only a limited period, both Public Bank and ING are positive that the launch of this new plan will be well received.
President and CEO of ING Insurance Berhad, Dato’ Dr. Nirmala Menon said, "We are very confident with the PB-ING Asian Jewels Plan. Australia generally has a steady economy despite the downturn and we expect the currency to be stable in the near future."
"All Public Bank and ING customers should take advantage of the dip in the current stock markets to buy while it’s low and when the economic situation improves, benefit from the appreciation in value," added Dato’ Dr. Nirmala Menon.
PB-ING Asian Jewels Plan is exclusively distributed by Public Bank and underwritten by ING. Customers can purchase this plan from any Public Bank branches across nationwide from 13 July 2009 onwards.
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