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HONG KONG, May 3, 2024 /PRNewswire/ -- Hang Seng Insurance announced the launch of the enhanced version of the FortuneLife Deferred Annuity Life Insurance Plan ('FortuneLife'), a Qualifying Deferred Annuity Policy ('QDAP'). This updated plan features a projected Total Internal Rate of Returns ('IRR') ranging from 3.79% to 4.35% for HKD and USD policies, and from 2.60% to 3.19% for RMB policy, designed to help individuals secure a stable passive income for a comfortable retirement.
In a recent survey conducted among 550 working professionals in Hong Kong aged 18-65, only about 22% expressed confidence in the adequacy of their retirement funds. Among those feeling confident, about 70% had begun their saving plans early for retirement, and about 61% had incorporated passive income strategies into their retirement plans. Among the total number of respondents, less than one third had purchased QDAP, but about 50% of respondents are now considering or planning to invest in QDAP to ensure a steady income in retirement, with interest particularly strong among the younger demographic, where nearly 60% are keen on these policies.
This survey result confirms a significant trend observed by Hang Seng Insurance: Increasing number of young people are investing in QDAP in recent years, with a 150% increase in QDAP adoption among customers aged 31-40 in 2023 compared to the first year of its launch in 2019. Joe Lam, Chief Executive at Hang Seng Insurance, said, "With Hong Kong residents enjoying the world's second-highest life expectancy according to the latest United Nations statistics, it's crucial to prioritise early retirement planning. QDAP has been instrumental in providing a reliable passive income to support retirement needs."
Additionally, the enhanced FortuneLife plan offers flexible premium payment terms of 5 or 10 years and policy options in HKD, RMB and USD. It also includes multiple accumulation and annuity period choices, application for tax deductions of up to HKD60,000 per tax assessment year and annual tax savings of up to HKD10,200. Policyholders of FortuneLife also benefit from life protection, Accidental Death Benefit, Accelerated Death Benefit, and Unemployment Benefits. For details of the enhanced FortuneLife plan, please refer to hangseng.com/annuity.
An exclusive promotional offer is available until 30 June 2024, providing new enrolees with up to 34% off for their first-year premium. Please note that only the premium paid net of any marketing offers (e.g. discount, premium waiver, etc) might be eligible for tax concession.
Hang Seng Insurance launches an enhanced version of the FortuneLife Deferred Annuity Life Insurance Plan, a Qualifying Deferred Annuity Policy. This updated plan features a projected Total Internal Rate of Returns ranging from 3.79% to 4.35% for HKD and USD policies, and from 2.60% to 3.19% for RMB policy, designed to help individuals secure a stable passive income for a comfortable retirement.
About Hang Seng Insurance
Hang Seng Insurance Company Limited ('Hang Seng Insurance'), established in 1965, is a wholly-owned subsidiary of Hang Seng Bank. Leveraging Hang Seng Bank's local extensive network of online and offline banking channels, Hang Seng Insurance is one of the top players in Hong Kong insurance market, offering a diverse range of personal insurance and corporate employee benefit products and services that meet the needs of customers from all walks of life and at all life stages.
