International insurer Aviva has launched a capital-guaranteed life contract for the Hong Kong market.
InvestRich, which is to be sold via DBS branches, is a ten-year, USD-denominated investment that offers a choice of underlying funds and an annual lock-in feature.
The insurer said it launched the product following a 2008 study entitled Understanding Consumer Attitudes to Saving, which found that 17% of Hong Kong people cited the risk of losing savings and investments as the number-one reason for not investing more, while 57% stated their preference for products that offer safer or guaranteed returns. It expects to see these figures increase in its 2009 update of the report.
"The financial crisis has permanently changed investors' perception of risk and reward. We are seeing a rise in demand for the more conservative investment products with extra guarantees. As a leading insurer, we are responding to those needs with the launch of InvestRich," said Aviva Hong Kong MD Simon Phipps.
The product, which was approved by the Hong Kong regulator in May, has a minimum investment of $30,000.
This product appears in Recent Additions (Hong Kong).