Manulife Launches RMB-Denominated Insurance Plan

Radhika Badiani

21 August 2014

, part of the Manulife Financial group of companies, has launched ManuFlex Protector, an renminbi-denominated universal life insurance plan.

Clients will be able to adjust the protection and saving elements of the plan according to their needs, as well as taking advantage of the policy's flexible premium payments and withdrawal scheme.

Customers can withdraw from the policy’s current surrender value any time after the first policy year, enabling customers to better manage their liquidity needs, Manulife said in a statement.

The plan provides customers with whole life protection, plus interest accrued and earned daily. A loyalty bonus will be paid into the policy at the end of every five policy years, starting from the 15th policy anniversary. The plan incorporates two death benefit options providing a minimum face amount of RMB160, 000 ($26,056).

“RMB is becoming an increasingly important investment currency in Hong Kong, and we have seen a growing demand for RMB-linked insurance products. By introducing ManuFlex Protector, we aim to provide customers life protection coverage with exposure to potential RMB appreciation,” said Paul Smith, vice president and head of individual financial products.