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New products launched to meet customer needs

New products launched to meet customer needs

29 April 2019

BOC Life launched several new products in April, namely BOC Life Deferred Annuity (Fixed Term), BOC Life Deferred Annuity (Lifetime), iTarget 3 Years Savings Insurance Plan and Forever Glorious ULife Plan II. The new products aim to meet various needs, providing life protection and steady return for customers to achieve the financial goals of retirement, short-term savings or wealth succession.

BOC Life Deferred Annuity (Fixed Term) and BOC Life Deferred Annuity (Lifetime) are both qualifying deferred annuity plans certified by the Insurance Authority. The plans aim to provide steady annuity income, allowing customers to enjoy desired retirement life. The key differences between two plans are the commencement age for receiving annuity income and the income period. Take BOC Life Deferred Annuity (Fixed Term) as an example, an insured will receive a guaranteed, monthly income for 10 years after just 5 years of premium payment.

BOC Life Deferred Annuity (Lifetime) is the first qualifying deferred annuity plan in the market that provides lifetime income to annuitants. An insured will receive a guaranteed annuity income every month after age 60 for whole life, after a 10-year premium payment period.  Besides, the lowest insured age is 18.

iTarget 3 Years Savings Insurance Plan is a savings insurance plan of guaranteed return, designed for online purchasers. For just 2 years of payment, the insured will have a guaranteed return after the 3rd policy year. The plan is available for BOCHK e-Banking account (mobile banking / internet banking) holders.  There are 3 policy currencies for selection, i.e. HKD, USD and RMB. Customers can choose different premium payment modes, including monthly, annual and single payment.  Premium will be directly deducted from BOCHK e-Banking Account.

Forever Glorious ULife Plan II is an enhanced legacy preservation plan, available in USD and RMB currencies.  The application process is made simpler depending on the underwriting classes.  Even if the insured amount is as high as USD$3 million, customers will only need to answer four underwriting questions without the requirement of medical examination. This is a comprehensive life insurance plan, particularly tailor-made for mid-to-high end customers who are in need of both lifetime protection and personal liquidity. The plan helps customers accumulate wealth, increase liquidity and manage legacy succession.

Please refer to the relevant policy documents and provisions for details of the aforementioned plan and promotion details. All details are subject to the formal policy documents and provisions issued by BOC Life.