, Hong Kong
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Hang Seng upgrades annuity plan

Only 22% of professionals felt confident about their retirement funds. 

Hang Seng Insurance has introduced an upgraded version of its FortuneLife Deferred Annuity Life Insurance Plan, a Qualifying Deferred Annuity Policy (QDAP), aimed at securing a stable passive income for retirement. 

The plan offers a projected Total Internal Rate of Returns (IRR) between 3.79% to 4.35% for HK$ and US$ policies and 2.60% to 3.19% for RMB policies.

A survey among 550 working professionals in Hong Kong aged 18-65 revealed that only 22% felt confident about their retirement funds. 

However, among the confident ones, 70% had started saving early for retirement, with 61% incorporating passive income strategies. 

ALSO READ: Hang Seng, CEFAR Academy link up to create insurtech through insurance arm

Although less than a third had purchased QDAP, 50% are considering or planning to invest, particularly the younger demographic, where interest is at nearly 60%.

Hang Seng Insurance has observed a rising trend in young people investing in QDAP, with a 150% increase in adoption among customers aged 31-40 in 2023 compared to its launch year in 2019. 

The enhanced plan offers flexible premium payment terms of five or 10 years, policy options in HK$, RMB, and US$, and various accumulation and annuity period choices. It allows for tax deductions of up to HK$60,000 per tax assessment year, with potential annual tax savings of up to HK$10,200. 

Policyholders also benefit from life protection, Accidental Death Benefits, Accelerated Death Benefits, and Unemployment Benefits. An offer, available until 30 June, provides new enrollees with up to 34% off their first-year premium.

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