Manulife Launches Genesis Plan with Market-first Features and Unique Offerings 

HONG KONG – Manulife Hong Kong today announced the launch of Genesis, a new participating life-insurance savings plan designed to help customers accelerate their long-term savings. With Genesis, customers only need to pay premiums for five years to enjoy a TIRR of up to 4.29%¹ at the end of the 10th policy year, and a TIRR of up to 7.19%¹ at the end of the 100th policy year, allowing for potential wealth transfer to the next generation. The plan also offers several first-in-market⁴ or unique features, including 1) a withdrawal option that enables customers to receive a regular non-guaranteed income without cashing in their policy; 2) an advance benefit for designated critical and mental illnesses, and a value-added service that allows customers to transfer the policy at a designated date or age of the successive policyowner^2,3.

When Hongkongers are asked about their level of confidence in achieving their desired financial well-being over the next decade, they express a desire to achieve a score of 85 on a scale of 1 to 100, but they estimate that they can achieve a score of 70 only, indicating a big gap of -15 points, according to Manulife’s latest Asia Care Survey⁵. Rising living and healthcare costs are cited as the top concern impacting their confidence. The survey further reveals that having adequate savings for rainy days is their most common financial goal. However, other research⁶ from Manulife shows that savings insurance products rank only fourth in terms of product ownership and consideration out of ten types of financial solutions, suggesting a discrepancy between Hongkongers’ financial goals and the actions they take to achieve them.

Darren Thompson, Chief Product Officer of Manulife Hong Kong and Macau, said: "When it comes to saving for the future, many conventional savings insurance products are often perceived as long-term commitments that lack liquidity. With saving being an essential part of one’s financial planning, Manulife has developed Genesis as an innovative solution to meet short, mid and long-term financial needs. Genesis offers a flexible withdrawal option that enables customers to receive a lifetime non-guaranteed income stream, and an advance benefit that covers designated critical and mental illnesses. This makes it a great option for those who wish to have the freedom to withdraw their savings when they need it and be covered in the event of an unforeseen illness.”

Genesis comes with a wide range of features and value-added services:

• Total Internal Rate of Return (TIRR): Genesis offers a TIRR as high as 4.29%¹ at the end of the 10th policy year, 6%¹ at the end of the 20th policy year, and 7.19%¹ at the end of the 100th policy year, helping customers to potentially accelerate their long-term savings.
• [First-in-market⁴] Easy Choice: A flexible withdrawal option that enables customers to receive a regular non-guaranteed income drawn from the terminal bonus⁷, after their total premium has been paid in full and for as long as their policy is in force.
• [First-in-market⁴] Body and Mind Advance Benefit: A one-time option for customers to realize up to 100% of the terminal bonus if the customer is diagnosed with any of the designated critical and mental illnesses⁸.
• [First-in-market⁴] Legacy Choice^2,3: A flexible option that allows customers to transfer their policy at a designated date or a designated age of the successive policyowner upon their death. For example, if the intended successive policyowner is currently under the age of 18, customers can pre-appoint an interim policyowner. In the event of the customer’s death, the interim policyowner will be responsible for managing the policy based on the pre-set policy administration rights until the designated date or the designated age of the successive policyowner (who must be 18 or above), at which point the interim policyowner’s administration rights will end and the ownership of the policy will be transferred.
• Seven currencies available for switching: A currency switch option that offers customers the flexibility to change their policy currency to any of the following currencies from the 3rd policy anniversary onwards: United States Dollar (USD), Hong Kong Dollar (HKD), Renminbi (CNY), Canadian Dollar (CAD), Australian Dollar (AUD), British Pound Sterling (GBP), and Singapore Dollar (SGD). This option allows customers to capitalize on global market opportunities.
• Incapacity Care Service³: A convenient option for customers to pre-appoint a family member to manage the policy when they become mentally and/or physically incapacitated.

Separately, Manulife has also announced the launch of Whole-in-One Prime 3 (“WIOP3”), an upgraded participating life insurance plan that aims to help customers achieve various protection and wealth management goals, building upon the success of its predecessor Whole-in-One Prime 2 (“WIOP2”). WIOP3 offers a range of premium payment periods, including single premium, 5 years, and 10 years. Not only does it offer potential long-term returns with a guaranteed cash value and a non-guaranteed terminal bonus⁹, it provides customers opting for single premium payment with a surrender value of up to 80% of the premium on the first day of the policy term. For those who opt for the regular premium mode of 5 years and 10 years, WIOP3 offers relatively competitive non-guaranteed returns¹⁰ and premiums. Compared with WIOP2, WIOP3 has a lower entry level starting at a notional amount of US$250,000, which makes it accessible to a wider range of customers. Additionally, the plan includes a range of other benefits and services, such as Incapacity Care Service¹¹, legacy planning services (like the death benefit settlement option¹¹ and Legacy Choice¹¹), and the first-in-market⁴ Body and Mind Advance Benefit. The plan also offers the flexibility to change the life insured (for corporate policyowners only), and a flexible premium prepayment option¹².

In case of unfortunate events, WIOP3 offers a death benefit consisting of 100% of the notional amount, any non-guaranteed terminal bonus, and any realized terminal bonus left with the company for interest accumulation if the life insured passes away before the Golden Anniversary¹³.

Terms and conditions apply. For more details and risks about Genesis and WIOP3, please click on the provided links to access the respective product leaflet/guide. 

The content of this press release does not contain the full terms of the policy(ies), and the full terms can be found in the corresponding policy document(s). Before making a purchase, customers are encouraged to read the policy provisions for the exact terms and conditions that apply to these products.