AXA Hong Kong and Macau announced the launch of its first immediate annuity product JoyAhead Immediate Annuity Plan ("JoyAhead"). Tailor-made for Hong Kong pre-retirees and retirees, the new plan provides immediate and lifelong monthly guaranteed annuity payment, and a terminal dividend to boost potential returns, as well as a special dementia companion benefit which doubles the monthly payout for up to 10 years to provide extra support in the event that the insured is first diagnosed with severe dementias before age 80.
Drawing on its deep knowledge of the Hong Kong market, AXA created JoyAhead to address local customers' most-pressing concerns. This year's AXA Immediate Annuity Survey* revealed that 61% of Hong Kong residents aged between 50 and 85 are worried about assets depletion due to longevity. Moreover, only 37% of respondents are confident that their current retirement savings will cover future retirement expenses, and one in five have not yet prepared for an unexpected emergency.
Janet Lee, Chief Life and Health Insurance Officer of AXA Hong Kong and Macau, said, "Longevity is a blessing if we make wise lifestyle and financial decisions to ensure a joy-filled retirement for ourselves and our loved ones. At AXA, with our deep bonding with the community, we are delighted to bring JoyAhead to the pre-retirees and retirees in the city to fulfil their financial and protection needs, giving them positivity and peace of mind as they start a new chapter in life. Looking forward, we will continue to develop and provide more diverse and protective products for the silver-haired, living up to our commitment in being our customers' lifetime companion."
JoyAhead meets the silver-hair community's identified needs by providing a dependable source of annuity income for the lifetime of the insured alongside enhanced protection for difficult times and special features to bring customers greater flexibility and peace of mind:
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