KUALA LUMPUR: The AmBank group expects its latest innovative product, the Enhanced Rate MegaFD, to contribute significantly to its bancassurance sales as well as enhance its long-term deposit portfolio over the next few years.
AmBank (M) Bhd managing director (retail banking) Mohamed Azmi Mahmood said in an interview he expected the composite product to be well received by customers.
Without disclosing any details on its bancassurance sales and deposit portfolio, he said: “The MegaFD was specifically designed to provide the best of both worlds to customers, with high returns frrom fixed deposits plus insurance protection.
“With the enhanced MegaFD programme, customers are now able to enjoy even higher returns on their investment while, at the same time, enjoying the benefits of insurance protection.”
Based on the present investor pattern in wealth accumulation, he said customers were always on the lookout for innovative products that not only offered higher guaranteed returns on their investment, but also provided insurance protection with guaranteed cash surrender value.
An enhanced version of the existing MegaFD, the Enhanced Rate MegaFD, is available to customers who make a one-time minimum investment of RM50,000, which will be evenly spread into both a fixed deposit account (RM25,000) and a single-premium non-participating whole life policy (RM25,000).
The fixed deposit, Azmi added, would provide a high return of up to 5.5% per annum for a three-year tenure compared with the average fixed deposit rate of about 3.9% per annum for the same period.
In addition, the whole life policy offered a protection of up to 12.5 times premium payout, with customers enjoying protection up to age 85, he said.
Other deposit tenures for 24 months and 15 months are also available and the entry age of the customer will determine the sum assured (based on multiples of premium payout up to a maximum of 12.5 times).
The Enhanced Rate MegaFD programme is available for a promotional period of three months, from Nov 15, 2006 to Feb 15, 2007. Customers can obtain further information on the programme at all AmBank branches throughout Malaysia.
During this promotional period, all MegaFD customers (i.e. both enhanced rate and normal) can purchase an i-pocket DV camcorder (model iv10x) at a special subsidised price of RM499.