CIMB Bank last week unveiled the CIMB Dual Income Insurance Plan, an investment-linked insurance plan underwritten by CIMB Aviva Assurance Berhad.
CIMB Bank last week unveiled the CIMB Dual Income Insurance Plan, an investment-linked insurance plan underwritten by CIMB Aviva Assurance Berhad.
A five-year closed-ended investment product, CIMB Dual Income Insurance Plan, allows customers to enjoy dual income returns linked to the range accrual of KLIBOR (Kuala Lumpur Inter-bank Offer Rates) and equities indices of developed nations namely Japan, the US and Europe.
Potential coupons will be payable every six months based on the performance of the two income sources – interest rates and reference equities. When these reference investments stay within pre-determined lower and upper limits during the five-year period, coupons will be payable. In favourable cases, the potential semi-annual coupon payout ranges between 2.55% to 2.80% throughout the entire period.
“Malaysians are currently looking for investment vehicles which can help maximise their returns, yet diversify their risks. We believe that by adding this plan to our range of wealth management products, our customers will potentially reap the benefits from the dual income sources of local interest rate and equities,” said Peter England, head of retail banking, CIMB Bank Berhad.
“Additionally, we believe customers will also recognise the importance of the capital guaranteed feature which protects the money they have invested (if held to maturity) as well as the financial security that CIMB Bank offers,” he added.
Meanwhile, Kevin Jones, chief executive officer, CIMB Aviva Assurance Berhad, explained: “The timing of this product roll-out is intended to capitalise on the recovery of global economy and improving local market sentiments. As an investment-linked product, CIMB Dual Income Insurance Plan also provides customers with insurance protection in the form of death coverage of up to 125% of premium paid as well as partial withdrawal flexibility in times of need.”
Investment in CIMB Dual Income Insurance Plan can be made from 3 May 2010 at all CIMB Bank branches nationwide. Investment starts at a minimum of RM25,000 and offer period will end 4 June 2010 or upon full subscription, whichever earlier.
-ends-
If you have further queries or require more information, please contact:
Effendy Shahul Hamid
Head, Group Corporate Communications
CIMB Group
Telephone: 03 - 2087 3030
Fax: 03 - 2093 1008
E-mail: effendy.hamid@cimb.com
Notes to editors:
About CIMB Bank
CIMB Bank is the commercial banking arm of CIMB Group offering retail banking services to over 5.3 million customers on a dual banking platform in 323 branches nationwide.
CIMB Group is Malaysia’s second largest financial services provider and one of Southeast Asia’s leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, its key operations are located in Malaysia, Singapore, Indonesia and Thailand. The Group also has presence in Brunei, Myanmar and Vietnam. Beyond ASEAN, the Group has offices in Hong Kong, Bahrain, London and New York, as well as a 19.99% stake in Bank of Yingkou, China.
CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the majority shareholder of Bank CIMB Niaga in Indonesia, and the single largest shareholder of CIMB Thai in Thailand.
CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad (formerly known as Bumiputra-Commerce Holdings Bhd). It has a market capitalisation of approximately RM49.7 billion as at 31 March 2010. The Group has over 36,000 employees located in 11 countries.
About CIMB Aviva
CIMB Aviva is a joint venture between CIMB Group and Aviva plc. CIMB Group is Malaysia’s second largest financial services provider and one of Southeast Asia’s leading universal banking groups, and Aviva is the world’s fifth largest insurance group* and the largest insurance services provider in UK.
CIMB Aviva offers a comprehensive range of life insurance and Takaful products and services available at CIMB Bank and CIMB Islamic which operate on a dual banking platform in 367 branches in Malaysia.
CIMB Aviva also rides on the global expertise of Aviva, which services 53 million customers across Europe, North America and Asia Pacific. Aviva recorded total sales of £45.1 billion (RM251 billion) and funds under management of £379 billion (RM2.11 trillion) at 31 December 2009.
* based on gross worldwide premiums at 31 December 2009.
2009 average exchange rate 1£ = RM5.5655