BOCHK and BOC Life launch Hong Kong’s first green insurance plan certified by an independent third party
Bank of China (Hong Kong) (“BOCHK”) and BOC Group Life Assurance Company Limited (“BOC Life”) have announced the launch of BOC Life iGreen Savings Insurance Plan − Hong Kong’s first-ever green insurance plan certified by an independent third-party professional institution.
With an annualised guaranteed rate of return up to 3% at policy maturity for USD policy (3-year plan), BOCHK is the sole agent offering the Plan. Customers can apply for the Plan through BOCHK mobile banking starting today. The one-off premium payment is as low as RMB3,000 or USD375.
The Plan, as part of a green insurance series, has been accredited by Ernst & Young in accordance with “BOC Group Life Assurance Company Limited Green Insurance Framework” (“the Framework”), which contains clear disclosures of green investment strategies of the series. While the premiums collected will be invested in various ESG investment projects, proactive investment strategies such as positive screening will be adopted to identify suitable ESG investment opportunities such as sustainable development funds. In addition, over half of the premiums will be invested in green bonds or other sustainability series bonds and green financial instruments that meet the requirements of “Green Bond Principles” promulgated by the International Capital Market Association (ICMA).
Arnold Chow, Deputy General Manager, Personal Digital Banking Product Department of BOCHK, said, “BOCHK is delighted to be the sole agent offering ‘BOC Life iGreen Savings Insurance Plan’. The Plan is the first ESG insurance plan offered by the Bank as well as Hong Kong’s first green insurance plan certified by an independent professional institution. Global climate change has led to increased customer demand for green investments in recent years. This green insurance plan not only provides life protection and additional accidental death benefits for customers and their loved ones, but also contributes to environmental protection and sustainable development. To save paper, the Plan will be available for enrolment via BOCHK’s mobile banking only, representing a step forward in our transition to low-carbon operations. We will continue to enrich green financial products and services to co-create a sustainable future with our customers.”
Wilson Tang, Chief Executive of BOC Life, said, “BOC Life integrates ESG elements into our corporate strategies and operations, dedicated to creating multi values and triple wins for business, environment and the community at large. ESG investing has become the new trend and focus for the future. To facilitate the introduction of the Plan, we have formulated the ‘BOC Group Life Assurance Company Limited Green Insurance Framework’ based on the ‘Principles for Sustainable Insurance’ from the United Nations Environment Programme Finance Initiative. The Plan which is designed based on the Framework and has been certified by Ernst & Young, will help customers realise their savings goals while better understand about its green investment strategies and ESG elements.”
“BOC Life iGreen Savings Insurance Plan” is available for enrolment starting today (with quotas in a limited period) with an annualised guaranteed rate of return at policy maturity up to 3% for USD policy. The Plan combines a savings element with life protection and additional accidental death benefit. From now till 31 October 2022, successful applicants are eligible to receive a free gift of soil-free organic garden kit.
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