Blue Launches WeSave S1 Insurance Plan Introducing a New Way of Saving

Competitive guaranteed returns and zero-fee withdrawal flexibility meet customer needs


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HONG KONG, 4 February 2020 - Blue, Hong Kong’s first digital life insurer, today announced the launch of its new insurance savings product – WeSave S1 Insurance Plan (the “Plan”) – which introduces a new way of saving in Hong Kong’s life insurance market. The 5-year USD-denominated plan features a unique combination of appealing guaranteed returns and withdrawals at any time with zero fees, enabling customers to achieve their financial goals and enjoy flexibility when navigating life’s challenges.

According to the Blue Customer Councilᵀᴹ research¹ that gauged customers’ preferences on financial products, 83% of customers find a 5-year flexible insurance savings plan with a guaranteed annual return of 3% attractive. Blue acted upon the feedback and designed WeSave S1 Insurance Plan to meet customer needs.

Innovative features of WeSave S1 Insurance Plan

1. Competitive guaranteed return of 3% p.a.

  • The Plan offers competitive guaranteed crediting interest rates ranging from 2 to 5.05%² over its five-year policy period. The average guaranteed annual interest rate over the entire policy period is 3%.

2. Full withdrawal anytime without any charge

  • Unlike traditional insurance savings products with which customers may bear surrender charges or loss of accumulated account value for early policy withdrawal, the Plan offers flexible full withdrawal of funds with zero fees. Customers will not pay any charge, nor will they forgo any of their premiums paid or accrued interest if they decide to surrender the policy ahead of policy maturity.

3. Easy online application in a few steps

  • Customers can lodge online applications for policies by answering a few simple questions via Blue’s user-friendly digital platform. They are also able to choose from a number of different payment options, including FPS, online banking, ATM and phone banking payments, or via cheque. Customers can also manage their policies and withdraw their funds via the online customer service portal.

4. Life protection elements

  • The Plan also includes a Death Benefit equal to 101% of the Account Value. In addition to the Death Benefit, an extra 100% of the Account Value will also be given should the Life Insured individual pass away due to an accident, subject to a maximum of USD125,000 per Life Assured individual.

Tackling customer pain points in the insurance market

Among the different financial instruments in the market, customers may find it difficult to reap guaranteed competitive-rate returns in face of market volatility, while at the same time managing their cash flow. As for traditional savings insurance products, long lock-up periods and charges associated with early withdrawal have also been some of the customer frustrations in the Hong Kong market.

Mr. Charles Hung, CEO & Executive Director of Blue said, “Blue understands the customer pain points with traditional insurance savings products in Hong Kong as well as the challenges they encounter due to market uncertainties. Among a range of financial instruments in the market, we see a strong demand for insurance savings products that offer both guaranteed returns and flexible withdrawal. The newly launched WeSave S1 Insurance Plan bridges the product gap in the market and sets a new standard for insurance savings products in Hong Kong. It reflects Blue’s vision to shape the future of insurance for customers, fulfilling our promise to create simple, flexible, and valuable solutions for customers.”

Plan tailored to wide customer segments

Mr. Hung added, “WeSave S1 Insurance Plan is well suited for a wide spectrum of customers, for example, investors who are looking for a low-risk financial product complementary to their broader financial portfolio, pre-retirees who hope to grow their savings securely, or families who are under the financial burden to better manage their cash flow at times of financial strain.” Further details of WeSave S1 Insurance Plan are available here. An omni-channel campaign will be rolled out to raise customers’ awareness about the new product, including TV commercials, outdoor advertisements, and digital campaigns.


  1. Blue commissioned independent research firm, GfK, to conduct an online survey in August 2019, which interviewed 321 Hong Kong respondents aged between 24 and 59 who made online purchases in the past year.

  2. The Plan offers a guaranteed annual crediting interest rate of 2% in the first and second policy years, 3% in the third and fourth policy years, and 5.05% in the fifth policy year.