FWD Hong Kong, Octopus float savings and insurance plan

It can be activated with an initial premium of as low as HK$300.

FWD Hong Kong and Octopus O! ePay has launched the Cash-up Insurance Plan, an initiative for convenient savings and life insurance, according to an announcement.

Cash-up can be activated with an initial premium payment of as little as HK$300 through a credit card with no limit on the number of contributions and account value withdrawals through O! ePay, as long as the contribution amount is within HK$300 to HK$5,000 each time and the withdrawal does not exceed HK$5,000 a day.

Total contributions can be up to HK$20,000 per policy year and are capped at HK$100,000 per policy term. Cash-up does not charge any fees for account value withdrawal.

On death, Cash-up will pay a benefit of 105% of the account value and if the death is accidental, Cash up will pay a further 100% or HK$20,000, whichever is lower. It also has guaranteed crediting interest rates of 4-2-2 over the first three policy years. The crediting interest will be calculated daily, credited to the account and can be withdrawn at policy anniversaries.