YF Life Honored at iMoney Insurance Excellence Awards 2023Once Again Garners “Best Annuity Product” and “Most Popular Critical Illness Insurance Product”
Once Again Garners “Best Annuity Product” and “Most Popular Critical Illness Insurance Product”
December 15, 2023
YF Life Insurance International Ltd. (YF Life), driven by innovation and renowned for its excellent products and services, has once again been honored at the iMoney Insurance Excellence Awards 2023. YF Life has now received the prestigious "Best Annuity Product" award for six consecutive years as well as the "Most Popular Critical Illness Insurance Product" award for four consecutive years.
Ms. Jasmine Hui, Vice President of Product Strategy and Pricing at YF Life, said, "We are delighted to once again receive the prestigious awards for the 'Best Annuity Product' and the 'Most Popular Critical Illness Insurance Product.' YF Life is constantly introducing new and innovative products to meet market demands, and this year we have launched the 'MY Flexi Lifetime Annuity' to provide customers with flexible annuity options that caters comprehensively to their diverse retirement needs. Meanwhile, in the post-pandemic era, the public are becoming even more concerned about health risks. As a result, our flagship critical illness products, 'PrimeHealth Pro/PrimeHealth Jr. Care,' have become very attractive to customers, providing them with coverage to safeguard their health. Looking ahead, we will actively respond to customers' evolving needs for protection and financial solutions, helping them plan a worry-free life and 'Own the future,' as promised by our brand.”
The winning product "MY Flexi Lifetime Annuity" is designed for working individuals. It is the only solution in the market that offers both guaranteed lifelong annuity income plus up to 12 lifetime annuity options, thus mitigating the financial risks associated with extended longevity. With interest credited at a compound rate, the plan offers stable wealth accumulation through "snowball effect." Additionally, the plan offers multiple currency options, including US Dollar (USD), British Pound (GBP), Australian Dollar (AUD), Canadian Dollar (CAD), Renminbi (RMB), Singapore Dollar (SGD), Hong Kong Dollar (HKD), and Macau Pataca (MOP)1. Policy owners can switch policy currencies at any time in the future to achieve their goals at different life stages. They can also freely split the policy into multiple policies by converting a portion of the cash value and gifting it to their loved ones. Moreover, the plan includes a "Mental Incapacity Advance Instruction Option"2, seldom available in the market, which allows customers to make an advance instruction to assign the policy to a loved one or make appropriate arrangements in the unfortunate event of mental incapacitation or the onset of designated illnesses such as severe dementia. This ensures that the family member has access to the policy assets in case of an emergency.
The award-winning "PrimeHealth Pro/PrimeHealth Jr. Care" provides comprehensive protection covering 148 critical illnesses and allows up to 4 additional claim payments for cancer, heart attack, or stroke. The total benefit can be as much as 500% of the basic sum insured2. The plan also provides a maximum cash benefit for critical illnesses, of up to 240% of the basic sum insured, with no waiting period2. Additionally, the plan offers a "Sperm/Oocyte Cryopreservation Benefit," a first of its kind in Hong Kong and Macau3, to help insured individuals extend their family planning into the future2. Furthermore, expectant mothers may choose to take out "PrimeHealth Jr. Care" from the 22nd week of gestation onwards, providing protection for both the soon-to-be-born child and the mother during pregnancy.
The iMONEY Insurance Excellence Awards aims to celebrate Hong Kong’s exceptional finance and insurance sector, motivating the industry to pursue excellence and create greater value for customers. Over 10 awards were presented for 2023, the winners being selected following a stringent selection process, including a professional panel consisting of industry representatives, professionals, and scholars, as well as by a public online poll.
Notes:
1. Only applicable to policies issued in Macau.
2. For details, please refer to the relevant policy documents.
3. Based on the similar types of plan in the Hong Kong and Macau market, as of the launch date of this product in November 2021.
Ms. Jasmine Hui, Vice President of Product Strategy and Pricing at YF Life (left), accepts the two awards on behalf of YF Life.
Department heads and representatives of YF Life celebrate the company's win at the ceremony.
YF Life has won the “Best Annuity Product” award for 6 consecutive years, and the “Most Popular Critical Illness Insurance Product” award for 4 consecutive years.
