Want to have a comfortable and relaxing retirement? You need to start the planning for the retirement savings now. Bank of Communications introduces various retirement insurance plans for you to better manage your living condition after retirement.
- RetireFun Deferred Annuity Plan
The life insurance plan is underwritten by FWD Life Insurance Company (Bermuda) Limited.(Incorporated in Bermuda with limited liability))
The Plan is a Qualifying Deferred Annuity Policy certified by the Insurance Authority with an option of 5 or 10 years premium payment term.
RetireFun Deferred Annuity Plan
(The life insurance plan is underwritten by FWD Life Insurance Company (Bermuda) Limited.(Incorporated in Bermuda with limited liability))
Features
Options for your own retirement safety net
With an option of 5 or 10 years premium payment term, you can start building your retirement reserves that caters your own circumstances to enjoy an annuity period of 10 or 20 years starting from as early as age1 51 of your choice.
Premium payment term |
5 years |
10 years |
||||||
Monthly annuity payment start age1 |
51 |
66 |
Start after 5 years premium payment term |
51 |
66 |
Start after 10 years premium payment term |
||
Issue age1 |
19-45 |
19-60 |
46-76 |
19-40 |
19-55 |
41-71 |
||
Annuity period |
10 years |
20 years |
10 years |
20 years |
10 years |
20 years |
10 years |
20 years |
Steady stream of income for retirement
As the Insured, Policy Owner and Annuitant, you can start receiving your monthly annuity payments3 as early as age1 51. Monthly annuity payment3 comprises monthly guaranteed annuity payment to provide a steady income stream and monthly non-guaranteed annuity payment2 to give potential extra boost to your returns.
Life protection for your loved ones
To take care of your loved ones, the Plan provides a life protection with a lump-sum death benefit, which is the higher of (i) 105% of your total premium paid less monthly guaranteed annuity payments paid (if any) or (ii) guaranteed cash value and special bonus (if any), plus accumulated monthly annuity payments and interest (if any).
*The actual amount of special bonus(if any) may change anytime, with the values being higher or lower than those projected figure. Under some circumstances, the non-guaranteed benefits may be zero.
Extended grace period benefit5, 6
After holding the policy for 1 year, if you
are made redundant or laid off during the premium payment term of the Plan
while the policy is in effect, you can choose to apply for an extension of the
grace period5, 6 for premium payment of this Plan up to 365 days
(inclusive of the original 30-day premium grace period6).
Death benefit settlement option for flexible wealth allocation
To provide greater flexibility in your wealth allocation, you may choose the death benefit settlement option7 for the payment of death benefit in the form of a lump sum payment or regular installments (annually/monthly), or a mix of both if the insured passed away. You may also set the installment term and amount in advance so that your beneficiary can receive the death benefit in the way chosen by you while the remaining amount will be left in our company to accumulate interest (non-guaranteed) until the full amount has been paid to the beneficiary.
Savings for retirement on a tax-advantaged basis
The Plan is a Qualifying Deferred Annuity Policy certified by the Insurance Authority, allowing you to enjoy a tax deduction of up to HKD60,000 for the premiums you pay per assessment year*.
* The QDAP status of this product does not necessarily mean you are eligible for tax deduction available for QDAP premiums paid. This product’s QDAP status is based on the features of the product as well as certification by the Insurance Authority and not the facts of your own situation. Applicant can apply for tax deduction for the premium actually paid. Applicant must meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department (“IRD”) of Hong Kong Special Administrative Region before you can claim these tax deductions. FWD and its intermediaries do not provide tax advice. Please refer to the website of the IRD at https://www.ird.gov.hk/eng or contact the IRD directly for any tax related enquiries. Any premium refund or premium discount is ineligible for tax deduction. Further information on tax concessions applicable to QDAP may be found in Insurance Authority’s website at www.ia.org.hk/en.
For details of tax deduction, please refer to the “Tax deduction” section under Important notes.
Easy
application
No medical examination is required if for the same insured, the
total annualized premium amount of all annuity products with our company is
less than the limit of USD875,000.
Notes
1. Age is based on the Insured’s age next birthday.
2. The monthly non-guaranteed annuity payment is not guaranteed and is based on the current dividend scales, which are not guaranteed, of FWD and are determined at least annually and may be adjusted more frequently than annually based on a series of factors including but not limited to market conditions, investment outlook, expenses, policy persistency, claims experience, and FWD’s investment return. The actual amount payable may change anytime, with the values being higher or lower than those illustrated. Under some circumstances, the non-guaranteed benefits may be zero.
3. The monthly annuity payment will be paid to you based on your selected method and preferred currency available and acceptable by us once a month on the specified date by FWD. Please note that the amount payable will be in your preferred currency available and acceptable by us equivalent of the USD based on a market-based currency exchange rate of USD to your preferred currency, as solely determined by FWD from time to time. Any fluctuations in exchange rate of USD to your preferred currency will have a direct impact on the value of the monthly annuity payment as calculated in your preferred currency.
4. The guaranteed cash value may continuously reduce when the monthly guaranteed annuity payment starts to pay, and will become zero at the end of annuity period.
5. After holding the policy for 1 year from the later of the policy date or the policy restart date, you can apply for an extension of the grace period to a maximum of 365 days (inclusive of the original 30-day premium grace period) if you are made redundant or laid off during the premium payment term while the policy is in effect, subject to FWD’s applicable rules and procedures as determined in FWD’s sole discretion from time to time. A completed and signed prescribed form or other means acceptable by us together with the document proof should be submitted to FWD (i) within 30 days from the date you first receive a notice of redundancy or lay-off from your employer and (ii) before the end of the original 30-day grace period (if applicable). And during such period, this policy will continue to be in effect but the total cash value will remain at the level when the extended grace period starts. Notwithstanding any clauses under this policy document of this policy, you are not allowed to reduce the monthly guaranteed annuity payment or to apply for any policy loan during such period. If the aggregate sum of premiums that falls due during the extended grace period is fully paid before or at the end of the extended grace period, the total cash value shall be calculated as if extended grace period benefit has not been exercised. This benefit can only be exercised once under this policy. For details, please refer to Policy Provisions.
6. Only qualifying deferred annuity policy premiums paid will be eligible for tax deduction. Any unpaid premium during the grace period (extended grace period or the original 30-day grace period) will not be qualified for tax deduction. Please note that you may or may not enjoy the tax deduction on the premiums paid for any outstanding premiums during the grace period or policy reinstatement after the grace period. Please refer to the website of the Inland Revenue Department (“IRD”) of Hong Kong Special Administrative Region or to contact the IRD directly for any tax related enquiries. You should always consult with a professional tax advisor if you have any doubts.
7. Policy owner can choose the death benefit settlement option for the payment of death benefit (in the form of a lump sum payment, regular installment (annually/monthly), or a mix of both) while the insured is alive and the policy is in effect, subject to FWD’s relevant policies and procedures as determined in FWD’s sole discretion from time to time. The default payment option is lump-sum payment. For settlement option other than lump sum payment, the unpaid amount of death benefit will be deposited with FWD to accumulate non-guaranteed interest until the full amount of death benefit is paid to the beneficiary. The interest (if any) on unpaid balance of the death benefit will be accumulated and paid to the beneficiary in the last installment in lump sum. Such balance does not participate in the fund or benefit from its profit. Selection of death benefit settlement option is subject to current applicable rule and procedures and may change from time to time.
More details about the RetireFun Deferred Annuity Plan, please refer to the Product Brochure.
For enquiries, please visit any of our outlets or call our customer services hotline.
For more details about the products and services of FWD Life Insurance Company (Bermuda) Limited (Incorporated in Bermuda with limited liability), please visit the official website of FWD Life Insurance Company (Bermuda) Limited (Incorporated in Bermuda with limited liability)(www.fwd.com.hk) or please click here and visit the "Product Service Area"*.
*This link brings you to a third party website. The Bank assumes no liability or control for your use of these links.
For more details about the products and services of China Life Insurance (Overseas) Company Limited, please visit the official website of China Life Insurance (Overseas) Company Limited (www.chinalife.com.hk).
Note:
- All policy dividends, the interest rate of accumulated dividend and extra monthly annuity payment are non-guaranteed.
- " RetireFun Deferred Annuity Plan" is underwritten by FWD Life Insurance Company (Bermuda) Limited. FWD Life Insurance Company (Bermuda) Limited (Incorporated in Bermuda with limited liability) is solely responsible for all features, policy approval, coverage and benefit payment under the Plan. Bank of Communications (Hong Kong) Limited is an appointed insurance agent of FWD Life Insurance Company (Bermuda) Limited. (Incorporated in Bermuda with limited liability)
- The above information is for reference and indicates the key features of the insurance plan only, this promotional material should read in conjunction with the relevant product brochure(s). You should not purchase this product solely on the basis of this promotional material. For full policy terms and conditions, exclusions and risk disclosures of the relevant insurance plan, please refer to relevant product brochure and policy provision.
- The above insurance plan is NOT equivalent to the saving deposit or time deposit of Bank of Communications (Hong Kong) Limited and is NOT protected deposit under the Deposit Protection Scheme in Hong Kong.
- The age of insured mentioned in " RetireFun Deferred Annuity Plan" refers to the age of the insured at the next birthday.
Important Notice:
Applicable to the insurance plan which is underwritten by FWD Life Insurance Company (Bermuda) Limited(Incorporated in Bermuda with limited liability) (“FWD”)
- Bank of Communications (Hong Kong) Limited (the“Bank”) distributes the product for FWD. The insurance plan is a product of FWD but not the Bank. All benefits payable under the insurance plan are subject to the credit risk of FWD.
- Part of the premium pays for the insurance and the related costs. If you discontinue and/or surrender your policy in the early policy years or before the end of the policy term, the amount you get back may be considerably less than the total premium you have paid.
- In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between the Bank and the customer out of the selling process or processing of the related transaction, the Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer.
- FWD is authorized and regulated by Insurance Authority.
- FWD reserves the right to accept or reject any Insurance Application.
For details, please refer to Disclosure of Important Information to Life Insurance Customers in the product brochure.
Applicable to the insurance plan which is underwritten by China Life Insurance (Overseas) Company Limited (“China Life (Overseas)”)
- Bank of Communications (Hong Kong) Limited (the“Bank”) distributes the product for China Life (Overseas). The insurance plan is a product of China Life (Overseas) but not the Bank. All benefits payable under the insurance plan are subject to the credit risk of China Life (Overseas).
- Part of the premium pays for the insurance and related costs. If you discontinues and /or surrender your policy in the early policy years or before the end of the policy term, the amount you get back may be considerably less than the total premium you have paid.
- In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between the Bank and the customer out of the selling process or processing of the related transaction, the Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer.
- China Life (Overseas) is authorized and regulated by Insurance Authority.
-
China Life (Overseas) reserves the right to accept or reject any Insurance Application.
For details, please refer to Disclosure of Important Information to Life Insurance Customers in the product brochure.