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Graceful Life Deferred Annuity Plan

If you wish to live a comfortable and worry-free life after retirement, even better than that you enjoyed when you were young, getting prepared in advance is crucial. In particular, you should arrange a regular monthly income for yourself, so that you don't have to worry about running out of reserves as you are getting older. The Graceful Life Deferred Annuity Plan (the “Plan”) is an annuity plan which provides a monthly annuity income between the Policy Anniversary of the Insured ages of 60 and 108, rest assured he/she can live a wonderful retirement life in his/her golden age.
The Plan is certified by the Insurance Authority as a qualifying deferred annuity plan. You can apply for tax deduction of up to HKD60,0001 per taxpayer each year.

Customers who have successfully enrolled in the Plan can enjoy up to 16% premium discount on the first year’s premium! New customers who successfully enrolled in the Plan can also entitle to free additional benefit for “Novel Coronavirus”.

For more details for premium discount, please click here.

For more details of free additional benefit for “Novel Coronavirus”, please refer to the Chinese version.

每月收取年金至108歲

Annuity Payable Every Month until Age 108

人壽及末期疾病保障

Life Protection & Terminal Illness Benefit

簡易核保

Simplified Underwriting

稅務優惠1

Tax Deduction1

Enrolment Terms

Issue Age : 5 years premium payment term for issue age between 18 and 55 / 10 years premium payment term for issue age between 18 and 50

Policy Currency : HKD 

Benefit Term : To age 108 of the Insured

Premium Payment Method : Annual, semi-annual, quarterly, monthly

Plan Features


Annuity Payable Every Month until Age 108

Annuity Payable Every Month until Age 108

All you have to do is decide the amount of guaranteed monthly annuity income upon Policy application, and also the Premium payment term that fits your needs. And you don’t need to worry, the Premium will be the same during the payment term.

Regardless of the Premium payment term, we will provide the annuitant (as the Insured) with a guaranteed monthly annuity income at the beginning of each month from the Policy Anniversary when he/she is aged 60 until Policy maturity when he/she reaches 108. The non-guaranteed monthly annuity income will also be payable every month for building a plentiful retirement reserve.

Flexible Options to Suit Your Needs

Flexible Options to Suit Your Needs

The monthly annuity income (both the guaranteed and non-guaranteed amounts) can be withdrawn immediately to pay daily expenses, or the annuitant (as the Insured) can give us written notice and indicate that he/she would like to accumulate the amount received from the Policy to earn the non-guaranteed interest, whatever suits the needs.

Tax Deduction1

Tax Deduction1

The Plan is certified by the Insurance Authority as a qualifying deferred annuity policy. The maximum premium that can apply for tax deduction is up to HKD60,000 for an individual or HKD120,000 for a married couple provided that the husband and the wife are both taxpayers, and the deductions claimed by each taxpayer does not exceed the individual limit.

Simplified Underwriting

Simplified Underwriting

Simplified underwriting is available, so enrolment is easy!

Maturity benefit

Maturity benefit

The policy matures when the insured reaches the age of 108. By that time, we will provide extra terminal dividend (if any) and the accumulated guaranteed and/or non-guaranteed monthly annuity income with interest (if any) in the policy will be returned in full, less any indebtedness (if any); the policy will be terminated thereafter.

Life Protection for Better Peace of Mind

Life Protection for Better Peace of Mind

In case the insured passes away, the beneficiary will receive the death benefits, and the amount is:

If the Insured passes away before starting to receive the guaranteed monthly annuity income

  • the beneficiary will receive (i)108% of the accumulated premium due and received, or (ii) the guaranteed cash value at the date of death of the insured, whichever is higher.

If the Insured passes away on or after starting to receive the guaranteed monthly annuity income

  • the beneficiary will receive (i) 108% of the accumulated premium due and received after deducting the guaranteed monthly annuity income paid, or (ii)the guaranteed cash value at the date of death of the insured, whichever is higher.

Any accumulated guaranteed monthly annuity income with interest and accumulated non-guaranteed monthly annuity income with interest (in the case that the insured passes away on or after starting to receive the guaranteed monthly annuity income), terminal dividend and special dividend will be paid in full, less any indebtedness (if any).

The death benefit can be paid in a lump sum, or annually for 10 or 20 years, to the beneficiary according to the policyholder’s instructions. The death benefit amount that has not been paid will be accumulated in the policy to earn interest until the end of the payment period. China Life (Overseas) will determine the interest rate from time to time and calculate the interest annually. The derived interest is paid together with the last instalment of the death benefit payment, and the policy will be terminated thereafter. In case the beneficiary passes away during the death benefit payment period, the unpaid death benefit amount and interest (if any) will be paid to the estate of the deceased beneficiary and the policy will be terminated thereafter.

If the death benefit amount on the date of death of the insured is less than HKD400,000, or the policyholder has not indicated the way of receiving the benefit, the beneficiary will receive a lump sum.

Provides Terminal Illness Benefit

Provides Terminal Illness Benefit

In case the Insured is diagnosed as suffering from a terminal illness by a Specialist and it is confirmed by a Registered Medical Practitioner designated by us that the Insured is expected to pass away within 12 months, the death benefit will be advanced in a lump sum as the Terminal Illness Benefit, and the Policy will be terminated thereafter.

Worldwide Emergency Assistance Service

Worldwide Emergency Assistance Service

If the insured is diagnosed with an illness or is injured in an accident outside Hong Kong, he or she will access comprehensive coverage under the free 24-hour Worldwide Emergency Assistance Service.


Minimum Premium (HKD) : 


Premium Payment TermAnnualSemi-annualQuarterlyMonthly
5 years36,00018,3609,3603,132
10 years18,0009,1804,6801,566


Surrender value of the Policy at the end of the first Policy year (both the guaranteed and non-guaranteed amounts) (HKD):

Depends on insured age, gender and premium payment mode, the range are as below:


Premium Payment TermRange of surrender value of the Policy at the end of the first Policy year (% of the first year premium)This means that if the first year premium is HKD10,000, the surrender value at the end of the first Policy year is:
5 Years40% - 42%4,015 -- 4,206
10 Years15% - 17%1,500 -- 1,660


Internal rate of return

Depends on payment mode, the range of internal rate of return for a Policy with an age 45 male Insured are as below:


Premium Payment TermInternal rate of return
GuaranteedTotal (including non-guaranteed)
5 Years2.9% - 3.0%3.9% – 4.0%
10 Years2.8% - 2.9%4.0% - 4.1%

The figures of above internal rate of return are adjusted to one decimal place and are for illustrative purposes only, and it is assumed that (1) all Premiums are paid in full when due; (2) the customer withdraw all monthly annuity incomes immediately after they are paid; (3) Premium levy is not included; (4) Insured passes away at the Policy Anniversary of age 90 and the death benefit is included in the calculation; and (5) there is no Indebtedness throughout the benefit term.


The non-guaranteed monthly annuity income and its interest are not guaranteed. The actual benefits and/or returns may be lower or higher than estimates and China Life (Overseas) reserves the right to revise these from time to time.


The terminal dividend is a one-time dividend. It is not perpetually attached to the Policy and is non-guaranteed. The amount of the terminal dividend will be subject to adjustment when it is declared. The terminal dividend shall be paid upon the occurrence of the earliest of the following conditions: (1) when the Terminal Illness Benefit is paid to the Insured who is still alive; (2) when the death benefit is paid; (3) when the Policy reaches the Policy Maturity Date; or (4) when the Policy is surrendered.


The special dividend is a one-time dividend. It is not perpetually attached to the Policy and is non-guaranteed. The amount of the special dividend will be subject to adjustment when it is declared. The special dividend shall be paid upon the occurrence of the earliest of the following conditions: (1) when the Terminal Illness Benefit is paid to the Insured who is still alive; or (2) when the death benefit is paid.


Remark:

1. HKD60,000 is the maximum tax deductions per taxpayer per year for qualifying annuity premiums and MPF tax deductible voluntary contributions. For details on tax deductions, please visit Inland Revenue Department (IRD) of HKSAR website and consult your tax and accounting advisors for tax advice.


Example


For more details of free additional benefit for “Novel Coronavirus”, please refer to the Chinese version.

Terms and Conditions

Please refer to the Policy documents for the complete definitions of the capitalised terms, as well as all the terms and conditions of this product. In the event of any dispute, China Life (Overseas) reserves the right to the final decision in deciding whether or not to accept the application and provide the insurance coverage.

This shall not be construed as any provision of or offer to sell or solicitation to buy any insurance product outside Hong Kong. China Life (Overseas) does not provide or offer to sell any insurance product outside Hong Kong.

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Graceful Life Deferred Annuity Plan

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