WEALTH MANAGEMENT | Contributed Content, Malaysia

HLB launches new insurance plan

Hong Leong Bank has launched Hong Leong Endowment Plus, a new insurance plan that pays customers a guaranteed cash payment of 5% and potentially an additional 2% of the sum assured on an annual basis. The cash payment will start from the end of 5th year if the premium payment period is 5 years, or end of 8th year for 8 years of payment. An eligible customer can choose to be covered up until 25 years.

According to Ms Moey Tan, HLB’s Chief Operating Officer, Personal Financial Services, “Hong Leong Endowment Plus offers generous insurance and financial benefits – in today’s low interest rate environment and volatile equity markets, many of our customers are seeking high return alternative savings plans with guarantee features to protect their retirement or child education fund. Hong Leong Endowment Plus is one of the few products which offer customer this benefit. For example, a customer who saved for a period of 5 years, would in return receive high protection coverage against death or accidental death, but more importantly, after the fifth year of payment, customer would receive a minimum guaranteed cash payment of 5% of the sum assured and potentially an additional cash dividend of 2% on the sum assured at the end of the 5th year each year, for up to 21 years. And if there are no claims made over the tenure of the plan, at the maturity on top of the 5% guaranteed cash payments paid out previously, customer would also receive 100% of the sum assured paid back to them. 

The features of the plan underwritten by Hong Leong Assurance Berhad (HLA) are suitable for customers who desire a comfortable retirement or want a good return for their child education fund. For retirement, the 5% guaranteed cash payments help to ensure that a customer continues to receive an income when they stop working. This means retirees can sit back and enjoy their cash payments, cash dividends, and the lump sum cash payment upon maturity of the policy. 

For parents saving towards their child’s education, this plan also provides an avenue for them to save for their children’s educational needs in future. When the child is ready to go to college, the parents can take the maturity amount as payment for education fees. The Plan is subject to product terms and conditions. On top of that, if the policy is meant for education, the payor of the policy can enjoy tax relief.  In addition to the financial gains, with additional premium, parents can also add the Waiver of Premium riders onto their children’s policies which allow for premiums to be waived and ensures continuation of the policy to provide for the child’s education in the event that the parent is diagnosed with a critical illness or if the unfortunate befalls. The policy also ensures that the policyholder and their loved ones are well compensated upon the death or total permanent disability of the policyholder.    

Hong Leong Endowment Plus is distributed through HLB’s 186 branches nationwide.

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