I can enjoy 10 years 100% guaranteed monthly annuity income upon 5 years premium payment, and I'll get decent return. That's why I applied for the plan!
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QDAP Essentials
Retirement Tips
What is the ideal age to begin retirement planning?
What is the ideal age to begin retirement planning?
Start as early as possible! According to a survey from Hong Kong Investment Funds Association in November 2023, Hong Kong people typically start planning for retirement at the age of 37 and target to retire at 61 years old, so you should prepare in advance.
How much do you need to retire?
How much do you need to retire?
According to a survey from Hong Kong Investment Funds Association, on average, Hong Kong people projected to need HK$7.6 million to maintain the same living standards and sustain 17 years of retirement life. Start reviewing your future's expense earlier for preparing retirement.
What will your day-to-day living expenses look like?
What will your day-to-day living expenses look like?
According to the IFPHK Hong Kong Retirement Expense Index released on June 2023, retirees' average spend at HK$13,800 per month!
What factors should be considered when planning for retirement?
What factors should be considered when planning for retirement?
In fact, the life expectancy of people in Hong Kong is up to age 80 or above. Therefore, when developing an all-round retirement plan, it is essential to consider not only medical expenses, inflation and investment returns, etc. but also take into consideration the “longevity risks”. That's why it's important to plan ahead!
Why customers choose BOC Life QDAP?
Customer Feedback
The above material represents customers' personal opinions only and does not represent the position of BOC Group Life Assurance Company Limited (“BOC Life”). All information is for reference only. Please refer to the sales documents, including product brochure, benefit illustration and policy documents and provisions issued by BOC Life for details (including but not limited to insured items and coverage, detailed terms, key risks, conditions, exclusions, policy costs and fees) of the above plans and the supplementary riders (if any).
* The aggregate tax deductible limit per year for qualifying deferred annuity premiums and MPF tax-deductible voluntary contributions is HKD60,000 in total. Please note that the Qualifying Deferred Annuity Policy (“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 (“IA”) and not the facts of your own situation. You must also meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department of HKSAR before you can claim these tax deductions. Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. You should always consult with a professional tax advisor if you have any doubts. Please note that the tax law, regulations or interpretations are subject to change and may affect related tax benefits including the eligibility criteria for tax deduction. BOC Life does not take any responsibility to inform you about any changes in the laws and regulations or interpretations, and how they may affect you. Further information on tax concessions applicable to QDAP may be found at the website of IA www.ia.org.hk and website of Inland Revenue Department of HKSAR www.ird.gov.hk.