HONG KONG - Life insurance company BOC Life launched a "retirecation" program on Thursday for Hong Kong residents by linking up with Bank of China (Hong Kong) and leveraging the advantages of "banking + insurance" to provide them with a solid financial foundation for their retiremnt.

At the press conference on the program's launch, Wilson Tang Chee-ping, chief executive officer of BOC Life, said the company is committed to leveraging the advantages of "bank + insurance" by collaborating with BOCHK to provide customers with a multi-faceted retirement model that offers cross-boundary living.

BOC Life will also cooperate with health and wellness enterprises to jointly offer retirement financial solutions featuring "comprehensive financial products" and "diversified elderly care services", Tang added.

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The first phase of the program offers "retirement living bases" in 18 cities on the Chinese mainland, including nine in the Guangdong-Hong Kong-Macao Greater Bay Area. They also plan to expand the program nationwide, and eventually to Southeast Asia and globally.

Ngai Chi-wai, chief marketing officer of BOC Life, said the program offers a new experience that combines a health regimen with stays in cities known for their low cost of living and high quality of life, allowing members to choose suitable residences according to their preferences and the seasons.

Based on a "six-in-one" concept, the program addresses the needs of diet, living environment, medical care, traveling, sports, and social life to achieve holistic well-being, along with one-on-one consultations and concierge services, Ngai said.

According to BOC Life, a series of insurance products will be offered to assist customers in establishing a financial foundation for their "retirecation" plan, enabling creation of a stable cash flow and building a retirement life with cross-border payment support from BOCHK.  

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To facilitate the seniors' living on the mainland, BOCHK provides complementary and exclusive offers through cards and e-purses for payments on the mainland.