Prudential becomes first insurer in Hong Kong to refer customers to HKMC Retire 3 to safeguard retirement life of the public
(14 November 2022, Hong Kong) Prudential Hong Kong Limited (“Prudential”) today announced a new collaboration with The Hong Kong Mortgage Corporation Limited ("HKMC”) whereby Prudential will become the first authorised insurer in Hong Kong to refer its eligible customers to “HKMC Retire 3”. The new referral services complement Prudential’s range of services already on offer and aim to provide more retirement solutions to the community in Hong Kong.
“HKMC Retire 3” comprises three of the HKMC’s retirement solutions, namely the Policy Reverse Mortgage Programme (PRMP), the Reverse Mortgage Programme (RMP) and the HKMC Annuity Plan1. These three products provide retirees with an immediate, stable and lifelong stream of income after retirement, thereby enhancing the quality of their retirement lives.
The collaboration also demonstrates Prudential’s support for the Government’s initiative to encourage the public to start retirement planning, which is in line with Prudential’s “We DO” spirit in protecting people’s wealth and growing their assets, as well as empowering customers to save for their life goals. Licensed financial consultants at Prudential can refer “HKMC Retire 3” to customers during their financial planning conversations, assisting them to forge ahead with retirement plans.
Lawrence Lam, Chief Executive Officer of Prudential Hong Kong Limited, said: “This collaboration reflects Prudential’s vision to foster and support retirement protection and planning. It is part of our drive to support and assist people in Hong Kong to find the best solution for a financially secure retirement, whether it’s through the HKMC or one of our diversified offerings. Revealed by our recent survey2, over 90% of people in Hong Kong underestimate their life expectancy by over 10 years, so it is important not to understate the needs of getting effective retirement solutions. We are proud to be working with the HKMC on this and we look forward to creating shared value for our communities through more collaborations.”
“‘HKMC Retire 3’ can help retirees convert their assets into steady monthly payouts, creating lifelong streams of income,” said Raymond Li, Executive Director and Chief Executive Officer of the HKMC. “We are very pleased to have Prudential’s support to introduce ‘HKMC Retire 3’ to more customers so that they can create self-made pensions and enhance the quality of life. We look forward to closely collaborating with Prudential to promote the development of the retirement planning market in Hong Kong.”
Prudential also offers customers a range of insurance products that are eligible life insurance plans under PRMP3, including LiveFree Protector, PRUlife Prestige Wealth Planner and PRULife Protector II.
Please reach out to Prudential’s financial consultants for more details.
1 HKMC Retire 3 refers to the RMP and PRMP operated by HKMC Insurance Limited (HKMCI) and the HKMC Annuity Plan underwritten by HKMC Annuity Limited (HKMCA). HKMCI and HKMCA are wholly-owned subsidiaries of HKMC.
2 The Prudential Longevity Resilience Survey was conducted in September 2022, where a total of 306 Hong Kong citizens who are working aged between 50 and 60 years (Golden Decade before getting retired) were interviewed.
3 Please note that those products are the eligible life insurance plans under PRMP, but it does not necessarily mean that the PRMP application will be approved. The eligibility of the product under the PRMP is based on the features of the product. Therefore, customers’ life insurance policy is still required to meet all the eligibility requirements under PRMP before you apply for the policy reverse mortgage loan.
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About Prudential Hong Kong Limited
Prudential has been serving the people of Hong Kong since 1964. Through Prudential Hong Kong Limited and Prudential General Insurance Hong Kong Limited, we provide a range of financial planning services and products including individual life insurance, investment-linked insurance, retirement solutions, health and medical protection, general insurance and employee benefits.
Prudential plc provides life and health insurance and asset management in 23 markets across Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. The business has more than 19 million life customers and is listed on stock exchanges in London, Hong Kong, Singapore and New York. It is also a constituent of the Hang Seng Composite Index.
Prudential is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
Please visit www.prudential.com.hk for more information.