What is PRUmyretirement RMB annuity income plan?

As you approach retirement, you will no doubt be taking a serious look at planning ahead for a relaxing lifestyle. To realise your dreams, you need a plan that provides a stable and continuous income in addition to your savings and other retirement funds.

Features:

  • One-off premium payment for a continuous 20 years of Monthly Income1 payable in RMB
  • A 3% annual increase of the Guaranteed Monthly Income1 which may help to counter inflation.
  • As the plan is denominated in Renminbi (RMB), you may also seize the potential appreciation2 of RMB if the RMB appreciates against the Hong Kong dollar (HKD) during the Annuity Income Period.
  • Financial protection for your loved ones to secure their future with the benefit.
  • Hassle-free application as medical underwriting3 is not required.
  • Other flexibility to meet your needs.
1 Monthly Income comprises of Guaranteed and Non-guaranteed Monthly Income. The amount of Guaranteed Monthly Income for the first year of the Annuity Income Period is stated on the policy document. The Guaranteed Monthly Income will be increased by 3% per annum on each policy anniversary starting from the 2nd policy anniversary until the end of the Annuity Income Period. The amount of Non-guaranteed Monthly Income is not guaranteed and may be adjusted on each policy anniversary while the policy is in force based on the actual experience and projection of the plan (including but not limited to investment returns, expenses, claims and persistency experience). The actual values of Non-guaranteed Monthly Income may change with the values being higher or lower than those illustrated. In particular, the Non-guaranteed Monthly Income may increase or decrease during the Annuity Income Period.
2 Please refer to the "Exchange rate and currency risk exposure" stated below for information about the relevant risks you may encounter.
3 No medical underwriting is applicable if the aggregate of total single premium of all designated single premium insurance plans, including PRU myretirement RMB annuity income plan, does not exceed the maximum limit which is equivalent to HK$12,000,000 per life assured.
Important notes:
PRUmyretirement RMB annuity income plan is a single premium insurance plan. It is not a bank deposit. Part of the premium is applied to pay for the insurance and related costs.
You should not apply for the plan unless you are fully prepared to hold your policy until maturity. Early surrender of your policy may result in getting back considerably less than what you have paid in.
Your investment is subject to the credit risk of Prudential Hong Kong Limited("Prudential").
If you cancel your policy during its cooling-off period, Prudential will refund the premium paid by you in original currency tendered without interest.
You are not allowed to withdraw any amount other than the Monthly Income payment nor apply for a policy loan from your policy.
The plan is offered for a limited period only. Prudential reserves the right to withdraw the plan from the market at any time at its sole discretion without prior notice, regardless of whether or not your policy application has already been received. Prudential will, however, pledge to return the premium already paid by you in original currency tendered without interest if it decides to withdraw the plan after its receipt of your policy application.
Prudential reserves the absolute right to accept or decline any application based on the information provided by the proposer and/or life proposed during the application.

Exchange rate and currency risk exposure:
While Renminbi (RMB) is the plan currency, Prudential will accept premium payment in RMB and will pay out benefits/values under the policy in RMB. Any fluctuations in the RMB/HKD exchange rate will have a direct impact on the value of your benefits if any currency conversion between HKD and RMB is required. There is a risk that you could lose a substantial portion of your benefit value after currency conversion from RMB to HKD, if the RMB depreciates substantially against the HKD when a benefit becomes payable under the policy.

RMB is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to certain restrictions. For personal customers, as the conversion of RMB is subject to daily limit, customer may have to allow time for conversion of RMB from/to another currency of an amount exceeding the daily limit. In addition, customers should note that the currency exchange arrangement that needs to be made for converting the Monthly Income into other currencies is also subject to the relevant currency exchange restrictions applicable at the time when the Monthly Income is paid. Converting the RMB denominated benefits to another currency is the customers' sole decision and responsibility. Prudential takes no responsibility for such arrangement.

The above information is for reference only. For more information, terms and conditions of the respective life insurance plan, please refer to the relevant policy document and product leaflet.

Note:
The life assurance plans are life insurance products and are not bank deposit. They are underwritten by Prudential and distributed by Standard Chartered Bank (Hong Kong) Limited ("Standard Chartered"). Some of these plans may have a savings element and are not an alternative to ordinary savings or time deposits. Part of the premium pays for the insurance and related costs.

If you are not happy with your policy, you have a right to cancel it within the cooling off period and obtain a refund of any premiums paid, less any withdrawals (if applicable), provided that no claim has been made under the policy. A written notice signed by you should be received directly by the Prudential’s Hong Kong Principal Office at 25th Floor, One Exchange Square, Central, Hong Kong within the cooling off period (that is, within 21 days after the delivery of the policy or issue of a notice (informing you or your representative about the availability of the policy and expiry date of the cooling off period), whichever is the earlier). After the expiration of the cooling off period, if you cancel the policy before the end of the term, the projected total cash value (if applicable) may be less than the total premium you have paid. You should check with Prudential if you have any doubt regarding your cooling off right.

Standard Chartered is an insurance agent of Prudential.

As the issuer of the life assurance plans, Prudential will be responsible for all protection and claims issues. Prudential is not an associate or subsidiary company of Standard Chartered. This promotional material is not a contract of insurance and is intended to be a general summary for reference purpose only. Please refer to the policy for full terms and conditions. Standard Chartered does not accept any responsibilities regarding any statements provided by Prudential or any discrepancies or omissions in the contract of insurance nor shall Standard Chartered be held liable in any manner whatsoever in relation to your contract of insurance.

This promotional material is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Hong Kong. Prudential and Standard Chartered do not offer or sell any insurance product in any jurisdictions outside Hong Kong in which such offering or sale of the insurance product is illegal under the laws of such jurisdictions. This promotional material does not constitute a contract of insurance or an offer, invitations or recommendation to any person to enter into any contract of insurance or any transaction described therein or any similar transaction. Customers should not rely on the information in this promotional material alone into any transaction. Specific professional advice is recommended.

Whether to apply for insurance coverage is your own individual decision. For Prudential’s life assurance plan policy provisions, details and risk disclosure please refer to relevant plan’s product leaflet/offering document and specimen policy.

In respect of an eligible dispute arising between Standard Chartered and the client out of the selling process or processing of the related transaction, Standard Chartered is required to enter into a Financial Dispute Resolution Scheme process with the client; however any dispute over the contractual terms of the product should be resolved between directly Prudential and the client.

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* The life insurance products are underwritten by Prudential; Standard Chartered is an insurance agent of Prudential. This hotline is provided, managed, and operated by Prudential and provides policyowners with easy access for information about their Prudential life insurance policies taken out through Standard Chartered, claims, and other designated services.
^ For enquiries after service hours (service hours: Monday – Friday 9:00a.m. – 8:00p.m.; Saturday 9:00a.m. – 3:00p.m. and except public holidays), policyowners are able to access designated services through the hotline's Interactive Voice Response System. Alternatively, policyowners can simply leave messages, and Prudential's Customer Service Officers will follow up on the next working day.

All of the offers and services are subject to terms, conditions, and important notes. For details, please refer to relevant promotional leaflets or contact our branch staff.

Terms and Conditions

Notes:
The life assurance plans are life insurance products and are not bank deposit. They are underwritten by Prudential and distributed by Standard Chartered Bank (Hong Kong) Limited ("Standard Chartered"). Some of these plans may have a savings element and are not an alternative to ordinary savings or time deposits. Part of the premium pays for the insurance and related costs.

If you are not happy with your policy, you have a right to cancel it within the cooling off period and obtain a refund of any premiums paid, less any withdrawals (if applicable), provided that no claim has been made under the policy. A written notice signed by you should be received directly by the Prudential’s Hong Kong Principal Office at 25th Floor, One Exchange Square, Central, Hong Kong within the cooling off period (that is, within 21 days after the delivery of the policy or issue of a notice (informing you or your representative about the availability of the policy and expiry date of the cooling off period), whichever is the earlier). After the expiration of the cooling off period, if you cancel the policy before the end of the term, the projected total cash value (if applicable) may be less than the total premium you have paid. You should check with Prudential if you have any doubt regarding your cooling off right.

Standard Chartered is an insurance agent of Prudential.

As the issuer of the life assurance plans, Prudential will be responsible for all protection and claims issues. Prudential is not an associate or subsidiary company of Standard Chartered. This webpage is not a contract of insurance and is intended to be a general summary for reference purpose only. Please refer to the policy for full terms and conditions. Standard Chartered does not accept any responsibilities regarding any statements provided by Prudential or any discrepancies or omissions in the contract of insurance nor shall Standard Chartered be held liable in any manner whatsoever in relation to your contract of insurance.

This webpage is intended to be valid in Hong Kong only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Hong Kong. Prudential and Standard Chartered do not offer or sell any insurance product in any jurisdictions outside Hong Kong in which such offering or sale of the insurance product is illegal under the laws of such jurisdictions. This webpage does not constitute a contract of insurance or an offer, invitations or recommendation to any person to enter into any contract of insurance or any transaction described therein or any similar transaction.

Whether to apply for insurance coverage is your own individual decision. For Prudential's life assurance plan policy provisions, details and risk disclosure please refer to relevant plan's product leaflet/offering document and specimen policy.

In respect of an eligible dispute arising between Standard Chartered and the client out of the selling process or processing of the related transaction, Standard Chartered is required to enter into a Financial Dispute Resolution Scheme process with the client; however any dispute over the contractual terms of the product should be resolved between directly Prudential and the client.

 

Important Note:
This Life Insurance Services may involve introducing investment-linked insurance plans to you. The investment decision is yours but you should not invest in such plans unless the intermediary who introduced them to you had explained to you that such plans are suitable for you having regard to your financial situation, investment experience and investment objectives.

Risk Disclosure Statement:

  • Investment involves risks. The investment returns under investment-linked insurance plans are calculated with reference to the fluctuation of performance of the underlying assets or underlying funds of the policy's investment choices. The investment returns are not guaranteed and it is possible for investor(s) to suffer loss of investment and premium paid.
  • Whether to apply for insurance coverage is your own individual decision. For Prudential's life assurance plan policy provision, details, important note and risk disclosure, please refer to relevant plan's product leaflet / product brochure and specimen policy.

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