BEA Life, the insurance subsidiary of Hong Kong's Bank of East Asia, has launched a new programme that deals with renminbi-denominated insurance products. 

WealthSaver RMB Insurance is an RMB-denominated endowment plan designed for individuals aged three to 65 years. Clients may enjoy a premium payment period of two years and are offered life protection for five years and guaranteed annual returns of 2.3 per cent upon policy maturity. It also comes with a guaranteed protection of up to 110.79 per cent of the total premium paid.

The launch addresses the growing market appetite for RMB insurance plans, says the firm in a statement. Interested clients may apply for the plan from today until 31 March 2012 and have the option to pay in either RMB or Hong Kong dollars. The minimum annual premium required is RMB35,000.

Bank of East Asia has been ramping up expansion efforts in China, recently announcing the launch a new "cross-location" sub-branch in the Shunde District of Foshan, Guangdong. This is BEA China's seventh of such a branch. The company has unveiled a series of new offers under its SupremeGold brand for high net worth clients, including as much as HK$18,000 in rewards for new subscriptions.