AIA Singapore's trademarked Savest plan launches

AIA Singapore has launched AIA Wealth Pro Advantage featuring Savest™ which, it says, is a “brand new way for individuals to start managing their wealth by saving and investing at the same time.”

Savest™ is a fresh concept trademarked by AIA Singapore, which adopts a balanced financial planning approach by offering the stability of long-term savings with the growth potential of investments to allow individuals to reap the best of both worlds.

Ho Lee Yen, chief marketing officer of AIA Singapore said, “As AIA Singapore celebrates our 85th birthday this year, customers continue to be at the heart of everything we do.”

"Through deep customer insights from our recent survey, we found that customers want a wealth management solution that meets four needs – a plan that allows them to enjoy higher returns, provides some form of guaranteed savings, receive professional investment guidance and provides the flexibility to withdraw cash should they need it.”

On average, Singaporeans aged 25 – 45 years old allocate 37% of their monthly income on savings, and only 25% on investments, according to findings of the "AIA  –  Your  Wealth  Matters: Uncovering Singaporeans" financial challenges and priorities’ study conducted earlier this year.

In addition, the study found that the key factors deterring Singaporeans from investing are that there is too much risk involved (48%), investing is too complicated to understand (33%), and that they simply do not have time to review and rebalance their portfolio regularly (27%).

They also acknowledged that they would be motivated to invest if they had some form of guaranteed returns (62%), ease of investment choices (46%) and are given assurance that they would not lose their investment capital (45%).

“AIA Singapore developed the Savest™ concept based on the understanding that consumers today are seeking the best of both worlds - an effective wealth management solution that allows customers to save and invest to build their wealth for the long term. We are excited to launch the AIA Wealth Pro Advantage plan to address their multiple concerns,” Yen added.