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Quickly compare HK insurance products' coverage, premiums, and terms
Select 2-4 products to view coverage and terms differences. Data sourced from public information for reference only.
Shiyu vs AXA WealthAhead II Supreme: funding path first, return second
Use this compare Shiyu vs Elevate page to decide funding mode first, then review guarantee baseline, feature timeline, regulatory boundaries, and financing risks with dated evidence and explicit gaps.
First gate
Funding fit (single premium vs 5/10-year pay)
Evidence boundary
No public normalized IRR matrix, no deterministic winner
Execution
Dual proposals + stress tests + compliance checklist
Reader-first: six questions before comparing returns
Why this matters: This decides funding path first, not return ranking first.
Check first: Prime Eternity (MKTX/QB0357SC (12/25)) is single premium; WealthAhead II Supreme (LPPM 940-RDE) is 5/10-year pay.
Why this matters: This changes early drawdown tolerance and profit-lock execution timing.
Check first: Shiyu discloses about 85% guaranteed cash value at inception; Elevate opens lock-in from policy anniversary 5.
Why this matters: Currency breadth and switching window directly affect cross-border planning.
Check first: Hong Kong Shiyu brochure shows USD denomination; Elevate discloses up to 9 currencies (8 in HK, MOP only for Macau-issued policies).
Why this matters: With leverage, comparison becomes product path plus loan-rate and call risk.
Check first: HKMA circular dated 2025-11-19 requires clear separation of financing and policy, applying to new facilities from 2026-01-01.
Why this matters: Public materials do not provide same-basis dual-product matrices.
Check first: You still need dual proposals under identical assumptions plus a stress case.
Why this matters: Both have legacy tools, but trigger years and operating boundaries differ.
Check first: Shiyu split starts year 5 and lock-in year 10; Elevate split starts year 1 and lock-in year 5.
Key conclusions (conclusion-evidence-action)
Evidence: Shiyu is single premium while Elevate is 5/10-year pay in official brochures.
Implication: If cashflow mismatches, attractive illustrations are not executable.
Action: Lock five-year budget first, then run return comparison.
Evidence: Shiyu shows about 85% guaranteed cash value at inception; Elevate opens lock-in from year 5.
Implication: One emphasizes downside cushion, the other earlier execution optionality.
Action: Choose by your target usage year, not by one marketing phrase.
Evidence: Elevate: split at year 1, switch from year 3, lock-in from year 5; Shiyu: split from year 5, lock-in from year 10.
Implication: If execution is needed within years 5-9, Elevate tools are publicly earlier.
Action: Map your own timeline milestones to each product feature window.
Evidence: No public same-basis IRR matrix is available; IA Practice Note caps illustration rates from 2025-07-01.
Implication: Web-level IRR claims cannot be treated as direct signing conclusions.
Action: Request dual proposals under identical assumptions plus a conservative scenario.
Evidence: HKMA circular (2025-11-19) states financing should not be framed as return enhancement and applies to new facilities from 2026-01-01.
Implication: Leverage adds interest-rate, margin-call and timing-mismatch risks.
Action: Run dual stress tests with +2% loan-rate and return-downside before signing.
Evidence: Shiyu lock-in is 10%-50% each time with 50% cumulative cap; Elevate also uses 10%-50% with minimum lock-in amount and non-withdrawable applications.
Implication: Feature availability is not the same as execution readiness; thresholds directly change real outcomes.
Action: Before signing, use one trigger checklist for both plans: frequency, time window, minimum amount, and indebtedness status.
Core evidence comparison (15+ dimensions)
Only first-source public fields are included; unknown fields are marked as explicit gaps.
| Dimension | Shiyu (Prime Eternity) | AXA WealthAhead II Supreme | Source |
|---|---|---|---|
| Premium mode | Single premium | 5-year / 10-year pay | Prime Eternity / WealthAhead II brochure |
| Issue age (public) | Age 1-75 (age next birthday) | Age 0-60 (130% death option) or 0-70 (100% option) | Product-summary pages in both brochures |
| Currency scope (Hong Kong public scope) | USD (Hong Kong brochure) | Up to 9 currencies; 8 in Hong Kong scope (MOP only for Macau-issued policies) | MKTX/QB0357SC (12/25), LPPM 940-RDE |
| Guaranteed cash value baseline | About 85% of single premium at policy inception | Guaranteed cash value starts from policy year 3 | Terms sections in both brochures |
| Non-guaranteed benefit start | Terminal bonus may be declared from policy anniversary 3 | Non-guaranteed benefits may be provided after 3 years in-force | Bonus sections in brochures |
| Lock-in start | Policy anniversary 10 | Policy anniversary 5 | Lock-in option terms |
| Lock-in execution thresholds | Each lock-in 10%-50%, one application per policy year, cumulative lock-in ratio capped at 50% | Annual lock-in rate 10%-50% with one application per year; current minimum lock-in amount is USD100 equivalent and application is non-withdrawable | Prime Eternity clauses + WealthAhead II remarks 9 |
| Policy split start | Policy anniversary 5 | Policy anniversary 1 (Flexi Segregation) | Split-option clauses |
| Policy split execution limits | One application per policy year; all outstanding amounts must be settled before approval; no cooling-off period for split policies | Both segregated and remaining policy notional amounts must meet minimum thresholds; no indebtedness and due premiums must be fully paid | Prime Eternity split clauses + WealthAhead II remarks 18 |
| Currency conversion start | No equivalent HK brochure disclosure located | Convertible from policy anniversary 3 | Cross-checking public brochure fields |
| Policy loan | Up to 80% of guaranteed cash value | Based on guaranteed cash value and policy values; no single % cap disclosed in summary | Loan clauses in brochures |
| Public death-benefit floor | At least 101% of single premium (after indebtedness deduction) | Option floor at least 130% or 100% of total standard premiums (subject to conditions) | Death-benefit sections |
| Change of insured | Available from year 1, unlimited times subject to approval | Unlimited in count but age-bounded (superior<=60; regular<=65); all attached supplements terminate and cannot be re-attached after change | Prime Eternity + WealthAhead II remarks 22 |
| Ownership succession tools | Successor owner + contingent insured + legacy settlement options | Heritage Protector + contingent owner + interim owner (HK-issued policies) | Legacy-function sections |
| Cooling-off handling | Brochure states 21-day cooling-off; split policies have no cooling-off | Governed by IA GL29 plus product terms | GL29 + product important-information sections |
| Extended grace relief | No equivalent extended-grace mechanism is found in public brochure | Applicable from year 2 for specified life events; up to 365 days (inclusive of standard 31-day grace); only once per policy | WealthAhead II at-a-glance + remarks 16 |
| Illustration compliance boundary | Illustrations are indicative and not future performance | Also based on non-guaranteed assumptions | Brochure disclaimers + IA GL28/Practice Note |
| Premium levy | IA levy 0.1%, capped at HK$100 per year for long-term policies | Same IA levy framework applies | IA Financial Arrangements (Last Revision Date: 2025-03-24) |
| Participating-fund asset mix | Prime Eternity USD fund long-term target: fixed income 45% / equity-type 55% (updated 2026-03-31) | PFFS discloses: asset share (excluding currency accounts) fixed income 20%-80% and growth assets 20%-80%; currency-account asset share 100% fixed income | Prime Eternity Investment Mix + WealthAhead II PFFS |
Feature timeline: what becomes executable when
| Stage | Shiyu | Elevate | Decision impact | Source |
|---|---|---|---|---|
| Policy inception | Guaranteed cash value about 85% of single premium | Start of 5/10-year premium schedule | Sets immediate cushion versus staged funding path | Prime Eternity brochure |
| Year 1 | Succession-owner and contingent-insured setup available | Flexi Segregation can be applied | Determines whether legacy structure needs early split | Legacy clauses in both brochures |
| Year 3 | Terminal bonus may be declared | Guaranteed cash value, currency conversion, and non-guaranteed benefits become active | Elevate provides more operational options from year 3 | Bonus and conversion sections |
| Year 5 | Split option opens | Policy Value Lock-in opens | Both become actionable by year 5, but in different ways | Split and lock-in terms |
| Year 10 | Bonus lock-in starts | Lock-in has already been available for 5 years | If target horizon is 10+ years, execution gap narrows | Lock-in chapters in both brochures |
Execution thresholds and constraints (new)
The same feature label does not imply the same executability. This table compares trigger conditions, amount floors, and irreversibility constraints.
| Topic | Shiyu | Elevate | Decision impact | Source |
|---|---|---|---|---|
| Lock-in execution boundary | From policy year 10; each lock-in 10%-50%, once per policy year, cumulative lock-in ratio capped at 50%. | From policy year 5; annual lock-in rate 10%-50%; current minimum lock-in amount is USD100 equivalent; once per year and non-withdrawable after submission. | Both support lock-in, but flexibility differs materially once minimum-amount thresholds are applied. | Prime Eternity lock-in terms + WealthAhead II remarks 9 |
| Policy split trigger conditions | Available from year 5 with one application per year; outstanding amounts must be settled first; each split policy must meet minimum notional amount; split policy has no cooling-off. | Flexi Segregation requires both post-split policies to meet notional thresholds, no indebtedness, due premiums fully paid, and no pending transaction request. | Policy split is conditional execution rather than instant flexibility; debt status and amount floors can block action. | Prime Eternity split terms + WealthAhead II remarks 18 |
| Side effects of change-of-insured | Unlimited changes from year 1 subject to underwriting and age rules; public brochure does not explicitly state automatic rider termination after change. | Unlimited in count but age-bounded (superior<=60, regular<=65); attached supplements terminate and cannot be re-attached after change. | If rider protection matters, change-of-insured becomes a critical risk checkpoint. | Prime Eternity change-of-insured + WealthAhead II remarks 22 |
| Premium-stress relief mechanism | No equivalent extended-grace-period clause is identified in the public brochure. | From year 2, marriage/birth/redundancy/divorce/principal-residence change may qualify for up to 365 days (including standard 31-day grace), and can be approved only once. | This is conditional relief rather than an unconditional premium holiday. | WealthAhead II at-a-glance + remarks 16 |
| Participating-fund risk budget | Prime Eternity investment-mix report (2026-03-31): USD fund long-term target 45% fixed income and 55% equity-type assets. | PFFS: asset share (excluding currency accounts) fixed income 20%-80% and growth assets 20%-80%; currency-account asset share 100% fixed income; target surplus sharing to policyholders is not less than 90%. | Both are participating savings plans, but risk-budget structure differs; one-period IRR snapshots are insufficient for final decision. | Prime Eternity Investment Mix + WealthAhead II PFFS |
Return and comparison boundaries (known / unknown)
| Metric | Shiyu public scope | Elevate public scope | Comparability | Action |
|---|---|---|---|---|
| IRR / breakeven ranking | Illustrative examples exist, not a normalized ranking set | Illustrations available, but no cross-product normalized matrix | Direct winner conclusion is not supportable | Use dual proposals with identical inputs |
| Guaranteed vs non-guaranteed split | Guaranteed cash value + terminal bonus | Guaranteed cash value + reversionary/terminal bonuses | Component structure differs and must be separated | Split guaranteed and non-guaranteed columns in review |
| Currency-conversion cost | HK brochure does not disclose an equivalent conversion mechanism | Conversion feature exists, but spread/execution pricing is not fully standardized in public brochure | Requires pre-signing evidence completion | Request real execution examples from advisor |
| Feature availability vs execution | Lock-in and split both carry annual-frequency, time-window and minimum-amount constraints | Lock-in, split and conversion all depend on indebtedness, minimum amounts and approval conditions | Start-year comparison alone is insufficient; compare the full trigger-condition set | Build a dual-product trigger checklist before signing |
| Participating-fund risk budget | Prime Eternity USD-fund target is 45% fixed income / 55% equity-type | WealthAhead II asset-share target range is 20%-80% fixed income and 20%-80% growth assets | Risk-budget structures differ, so illustration yields are not directly interchangeable | Include allocation targets in risk-tolerance and drawdown discussions |
| Leveraged net return | No bundled financing-rate projection in brochure | No financing-rate matrix in brochure either | Unlevered illustrations cannot be reused for leveraged cases | Add +2% loan-rate stress test |
| Full-year market-statistics context | The IA annual long-term statistics page currently lists 2024 as latest downloadable year | The 2025 page lists Q1-Q3 only and states full-year provisional statistics are expected in April 2026 | As of 2026-04-20, full-year 2025 statistics should still be marked pending confirmation | Use Q1-Q3 with explicit pending labels and avoid writing full-year conclusions as final |
Evidence gaps and closure path
| Topic | Known | Unknown | Why it matters | Next action |
|---|---|---|---|---|
| Same-age/currency/horizon IRR matrix | Both brochures provide illustrative examples | No directly comparable two-product matrix | Avoid turning illustrations into executable rankings | Obtain dual proposals under identical inputs |
| Currency-switch execution cost | Elevate discloses conversion function and start year | Public info lacks spread, execution pricing and approval timing | Impacts real net return | Request sample records of executed conversions |
| Loan-rate path under financing | HKMA has highlighted rate-fluctuation risk | Specific bank terms and repricing frequency vary | Determines leverage sustainability | Compare only after receiving facility letters |
| Net-value path after early surrender/withdrawal | Both brochures warn early surrender may be below premiums paid | Exact drawdown under customer-specific cashflow shocks | Determines forced exit risk at unfavorable points | Run three cashflow stress levels (base/mid/high) |
| Public numeric floor for Shiyu lock-in/split | Terms explicitly state minimum-amount constraints determined by the insurer from time to time | Current effective numeric threshold is not disclosed in public brochure | Directly affects whether smaller policies can execute lock-in and split actions | Request current administrative threshold evidence before signing; mark as pending if unavailable |
| Participating-fund actual positioning disclosure | Target ranges are available for both sides (Shiyu 45/55; Elevate 20%-80%/20%-80%) | Public pages do not provide same-frequency, same-template latest actual-allocation comparison | Actual positioning explains short-to-medium volatility better than target ranges | Collect the latest fulfillment/allocation disclosures from both insurers under one normalized template |
Regulatory guardrails: six rules to verify before signing
| Rule | Date | Requirement | Impact | Execution action |
|---|---|---|---|---|
| IA Practice Note (illustration-rate caps) | 2025-02-28 issued / 2025-07-01 effective | Customers’ IRR in participating-policy illustrations is capped at 6.0% for HKD and 6.5% for non-HKD. | High illustration narratives are constrained; version date matters in comparisons. | Verify proposal issuance date versus 2025-07-01 threshold. |
| HKMA premium-financing review circular | 2025-11-19 issued / 2026-01-01 applies to new facilities | Financing must be presented as a separate arrangement and not as a return-enhancement tool. | Any leveraged case must include interest-rate and repayment risk analysis. | Review financing term sheet side by side with policy proposal. |
| HKMA consumer page on premium financing | Last revision date: 2024-01-24 | Highlights rate hike risk, non-guaranteed-return fluctuation, and assigned-right constraints such as cooling-off execution. | Leveraged arrangements require higher risk buffer than unlevered purchases. | Validate no-financing feasibility before deciding leverage. |
| IA GL29 (cooling-off) | Effective 2019-09-23 | Applicable policies generally provide a 21-day cooling-off period with formal notice and cancellation rights. | A short reconsideration window exists post-signing, but process control is required. | Record policy-delivery timestamp and cooling-off deadline. |
| IA GL30 (financial needs analysis) | Effective 2019-09-23 | New life-policy applications require FNA; recommendations should not proceed on insufficient customer information. | Large single-premium or leveraged cases require stronger cashflow evidence. | Request the signed FNA checklist from advisor. |
| IA premium levy | Last revision date: 2025-03-24 | Levy is 0.1% of premium with HK$100 annual cap for long-term policies. | Real cashflow cost should include levy in total-cost sheets. | List IA levy separately rather than folding into headline premium. |
Market signals with timestamps
| Metric | Value | Decision implication | Source |
|---|---|---|---|
| IA long-term new office premiums (2025 Q1-Q3) | HK$264.5bn (+55.9% YoY) | Demand remains strong; marketing intensity rises, so rushed decisions become riskier. | IA press release on 2026-01-23 |
| IA participating new office premiums (2025 Q1-Q3) | HK$226.3bn (+60.1% YoY) | Participating-policy illustrations face stronger sales pressure; evidence boundaries become critical. | IA press release on 2026-01-23 |
| IA full-year 2025 provisional-stat release status | As of 2026-04-20, quarterly page still states publication expected in April 2026 | Full-year conclusions should remain marked as pending IA release. | IA market_7_2025 page (last update 2026-01-23) |
| Latest year on IA annual long-term statistics page | As of its last update (2026-01-08), the annual page lists 2024 as latest year | Treating full-year 2025 as confirmed is high-risk; pending label remains necessary. | IA annual long-term business statistics page |
Method and applicability boundary
Risk matrix (trigger-impact-mitigation)
| Risk | Trigger | Impact | Mitigation |
|---|---|---|---|
| Cashflow mismatch risk | Using staged-pay product like a lump-sum plan (or vice versa) | Forced early surrender/reduction and value impairment | Run a 5-year budget first; avoid staged plan if budget is unstable |
| Illustration misread risk | Treating brochure IRR examples as guaranteed outcomes | Breakeven and payout expectations drift materially | Rebuild comparisons with GL28/Practice-Note aligned proposals |
| Currency-conversion execution risk | Ignoring spread, processing lag, and currency-availability limits | Nominal flexibility fails to convert into real portfolio benefit | Obtain real conversion case logs and fee disclosures before signing |
| Financing rate-up risk | Loan-rate increase or failed refinancing | Negative carry, margin-call, or forced unwind | Use +2% rate stress test and keep a no-financing fallback path |
| Feature-window miss risk | Missing anniversary windows for lock-in/conversion/split requests | Execution timeline slips beyond plan | Set annual reminders at T-60 and T-30 days before anniversaries |
| Post-change-of-insured protection-gap risk | Failing to check whether supplements/riders terminate after change of insured | Protection structure can shrink unexpectedly and re-attachment may be restricted | Make pre-versus-post change coverage delta a mandatory pre-sign check |
| Irreversible lock-in/split operation risk | Submitting lock-in or split requests before completing cashflow review | Non-withdrawable submissions or structural changes can reduce later allocation flexibility | Complete a three-point precheck (amount floor, indebtedness status, annual frequency) before submission |
| Over-extrapolation risk | Deriving deterministic product outcomes from macro data alone | Decision-chain break and weak post-signing auditability | Attach evidence-boundary-action triplet to every major conclusion |
Scenario recommendations (three practical profiles)
Recommendation: Evaluate Shiyu first for baseline and legacy structure, then benchmark Elevate on execution timeline.
Why: Shiyu publicly discloses a stronger inception guarantee baseline with complete legacy tooling.
Watchouts:
• Do not assume single-currency structure can replace multi-currency flexibility.
• Lock-in starts only from year 10, so year-5 to year-9 profit-taking plans require adjustment.
Recommendation: Prioritize Elevate’s year-3 conversion, year-5 lock-in, and year-1 segregation path.
Why: Public terms show Elevate provides earlier execution windows.
Watchouts:
• Real conversion cost must be verified beyond feature labels.
• For 10-pay version, validate household cashflow resilience.
Recommendation: Build a feasible no-financing plan first, then compare leveraged net-return paths.
Why: HKMA rules frame financing as a separate arrangement; product illustrations cannot be used to assume loan-cost coverage.
Watchouts:
• Confirm repricing mechanism and margin-call triggers in facility letter.
• Cooling-off exercise can be constrained by assignment process; rehearse workflow in advance.
If you already have both proposals: run a same-basis cross-check now
Submit proposal pages under four columns: guaranteed/non-guaranteed, year-3/5/10 feature points, financing terms, and cooling-off handling to verify execution feasibility.
Action checklist (minimum pre-signing loop)
| Step | Owner | Output |
|---|---|---|
| Step 1: lock comparison basis | Applicant + advisor | Parameter sheet with same age, currency, holding period, and premium cadence |
| Step 2: obtain dual proposals | Advisor | Normalized dual proposals plus key-page captures |
| Step 3: split guaranteed and non-guaranteed | Applicant | Separated table for guaranteed cash value and non-guaranteed components |
| Step 4: close execution evidence gaps | Advisor + bank | Conversion case sample, financing term sheet, cooling-off workflow |
| Step 5: complete stress tests | Applicant + advisor | Base/downside scenarios plus +2% financing-rate stress scenario |
| Step 6: compliance pre-sign check | Applicant | Checklist confirming GL29 cooling-off, GL30 FNA, IA levy and dated evidence |
FAQ: high-frequency pre-signing questions
1. Data and comparability
2. Features and timeline
3. Execution and compliance
Source ledger and update timestamps
Data window up to 2026-04-20Each key conclusion maps to a traceable source. Re-verify if source versions change after publication timestamps.
Next review scheduled for 2026-07-20 (earlier if source versions change).
Product positioning and feature overview
85% guarantee baseline, single premium, year-5/10 features, loan cap, cooling-off notice
USD-fund target mix (45% fixed income / 55% equity-type) and currency-allocation framework
Official product entry and brochure access path
5/10-pay terms, minimum notional amount, lock-in ratio and floor amount, split/change-of-insured limits, and extended-grace clauses
Target surplus sharing (not less than 90% to policyholders) and participating-fund target allocation ranges
Issue date anchor for the Practice Note and 2025-07-01 effective date
6.0% / 6.5% caps and 2025-07-01 effective date
Circular title, issue date, and canonical document reference
Separation from policy, prohibition of return-enhancement promotion, and 2026-01-01 applicability boundary
Cross-validates issuance of the 2025-11-19 financing-review circular and confirms applicability to new facilities from 2026-01-01
Risk notes on rate hikes, non-guaranteed fluctuations and cooling-off execution constraints
0.1% levy and HK$100 annual cap
Minimum standards for adequate, accurate, clear and non-misleading benefit illustrations
21-day cooling-off framework and notice obligations
FNA suitability and information sufficiency requirements
Market size and growth data
Latest available year on annual page (2024) and boundary for pending full-year 2025 confirmation
Status boundary noting full-year 2025 provisional expected in April 2026
Methodology & Sources
E-E-A-T notes: methodology, sources, and author details.
Methodology
We normalize by currency, payment term, and sample age using official brochures/proposals. IRR and returns are illustrative (non-guaranteed) and used for relative comparison only.
Authoritative Sources
- Insurance Authority (HK) Annual Report
- Insurance Authority (HK) Statistics
- AIA Hong Kong
- Manulife Hong Kong
- Prudential Hong Kong
- FWD Hong Kong
- Sun Life Hong Kong
For other insurers, please refer to their official sites and latest product materials.
Author
Author: Su Jiang (GXBIBI research team). Content is based on public materials and policy terms.
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