Maybank's Luxury Edition promises higher returns
BT, April 12, 2013
Malayan Banking Bhd (Maybank) has launched Luxury Edition, a single premium closed-ended investment-linked insurance plan, said to be the country's first such plan that is tied to the luxury market.
The plan offers a combination of insurance protection and investment for potentially higher returns, all within one single plan.
In a statement, Maybank said it targets to achieve its cap of RM275 million in sales by the time the fund closes on May 7 2013.
Luxury Edition is a three-year single premium closed-ended investment-linked insurance plan that invests part of the collected premium in an option linked to a basket of six stocks within the luxury theme listed at various stock exchanges.
The plan is tailored with potentially higher returns riding on the constant rise of the luxury goods market.
Maybank deputy president and head of community financial services Datuk Lim Hong Tat said this new plan is designed to meet the increasing demand for attractive investment products that will fit the varying risk profiles of customer segments.
"Luxury Edition is capital guaranteed and has a number of other attractive features that will interest customers who believe in the growth potential of the luxury market," he said.
He said that based on research, the luxury market has outgrown global gross domestic product by more than two-fold over the last 10 years and this trend is expected to continue.
He said emerging markets are expected to make up over 70 per cent of the global luxury goods market size by 2020, with growth expected to be driven by countries such as Macau, China and Russia.
The Luxury Edition plan, underwritten by Etiqa, requires a minimum investment of RM15,000, with additional investments in multiples of RM1,000.