Insurance Company Introduces 100% Premium Refund Guarantee Product to HK Market

Regarding the uncertainty of customers' financial situation during the economic downturn, insurance company AXA launched here Tuesday the first in Hong Kong100 percent Premium Refund Guarantee to its customers.

The company, which is the main player in local insurance market, said the program aimed to give its customers a peace of mind through providing this benefit to ease their immediate concerns in today's turbulent time.

Since the financial tsunami, there have been more and more companies announcing their lay-off plans. There is a steady increase in unemployment rate in Hong Kong since the fourth quarter of 2008, reaching 4.6 percent in January 2009.

"When the economy is challenging, it is common that people tend to worry and place more focus on their immediate livelihood than to ensure they and their families have long-term protection." Said Andrea Wong, Chief Marketing Officer of AXA Hong Kong.

"The launch of the new program clearly demonstrates our commitment of our customers and to Hong Kong, and most importantly further builds confidence and trust with our customers. In times of economic uncertainties, trust is of utmost importance." Wong added.

From March 11 until May 25, 2009, customers who successfully apply for a designated AXA regular premium plan may be eligible for these benefits at no additional charge.

Under the new program, eligible customers could choose between 100 percent Premium Refund Guarantee or an extension of the grace period for up to 365 days, in the unfortunate event of being made unemployed by reason of redundancy or lay-off within 12 months from policy issue date.

Source: Xinhua