Friday, July 10, 2020
Martin Hennecke

Taking out annuity made easier
<p>Hong Kong Mortgage Corp subsidiary HKMC Annuity has provided more than 6,000 insurance policies involving over HK$3.6 billion in insurance premiums since it was launched last year.</p><p>The figures came from executive director and chief executive Edmond Lau Ying-pan, who also said the firm has received more than 1,000 applications involving premiums totaling over HK$800 million.</p><p>They came after HKMC Annuity introduced enhancement measures last December including 100-percent, lump-sum death benefit payments, special withdrawals to meet medical and dental expenses, and relaxation of the maximum premium amount per person.</p><p>HKMC Annuity is now in final discussions with BoC Hong Kong (2388), Standard Chartered Bank Hong Kong, and Shanghai Commercial Bank to launch a scheme next Monday that will allow banks to introduce their clients to Annuity and to charge commissions.</p><p>Lau remarked that banks can reach more potential customers for the life annuity scheme, and the referral system will make the business easier for front-line personnel at banks.</p><p>They will need only to spend around 10 minutes on completing forms with customers, and HKMC Annuity will handle the sales processes that follow.</p><p>Under the sales model that the annuity plan uses at present, people who are interested in taking out policies can also make appointments with HKMC Annuity through its telephone hotline or its website and then go to the firm&#39;s sales office to complete application procedures.</p>

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