BOC Life Deferred Annuity (Fixed Term) (Apply via mobile banking)
Monthly payout guaranteed annuity income1
5 years’ premium payment2 for 100% guaranteed annuity income every month in 10 years
Annualized Guaranteed Internal Rate of Return upon policy maturity: Guaranteed 1.54% to 2.38%3
Monthly premium from HKD3,500 only
Multiple options of policy currency : HKD | RMB | USD
Provide life protection4
Eligible for tax deduction5
Apply via mobile, quick and easy
1. The annuitant is the Policy Owner of this policy. The Policy Owner and the Insured of this Policy must also be the same individual. Cash out option for the Guaranteed Monthly Annuity Income will be the default option of your policy. If you opt for cash out the Guaranteed Monthly Annuity Income, you can even choose to receive the annuity income by transferring the same to your BOCHK account directly. Quick and easy! The accumulated Guaranteed Monthly Annuity Income and / or interest accrued thereon (if any) withdrawn under any circumstances will no longer be accumulated as part of the total cash value, the surrender value and the total Death Benefit of the policy. The total cash value, the surrender value and the total Death Benefit of the policy will be reduced accordingly. For details, please refer to the benefit illustration summary of the policy and contact BOC Life for enquiry. You may choose to accumulate the Guaranteed Monthly Annuity Income in the policy for interest by submitting an application to BOC Life after the policy issuance. The annual interest rate for the accumulation of Guaranteed Monthly Annuity Income is not guaranteed and may be changed from time to time. Past performance is not indicative of future performance. The actual amount received may be higher or lower than the estimated amount. BOC Life reserves the right to change them from time to time.
2. Prepayment for interest earning is not applicable to the Plan that is applied via mobile banking. You may contact the branch staff of BOCHK for the qualifying deferred annuity plans with premium deposit account available where necessary.
3. The annualized guaranteed internal rate of return at policy maturity is calculated based on the Guaranteed Monthly Annuity Income payable and assuming that (i) you choose to cash out all the Guaranteed Monthly Annuity Income monthly on time when they are payable at each Monthiversary during the Annuity Income Period, (ii) levy and premium discount (if any) are not included, and (iii) all premiums are paid in full when due. If you cancel the policy before the end of the policy term, the actual annualized guaranteed internal rate of return will be lower than expected, and the sum of the surrender value and the Guaranteed Monthly Annuity Income withdrawn may be less than the total premiums you have paid. These percentages are rounded to 2 decimal places, and depend on your chosen policy term, policy currency and premium payment mode.
4. In the unfortunate event that the Insured passes away while the policy is in force, the Plan will provide the Death Benefit. Death Benefit is equal to (i) the higher of: (a) the Guaranteed Cash Value as at the date of death; or (b) 110% of Total Premiums Paid as at the date of death (subject to a maximum of 100% of Total Premiums Paid at the relevant time plus the following amount) less all the Guaranteed Monthly Annuity Income distributed, (I) HKD100,000 (if the policy currency is denominated in HKD); or (II) USD12,500 (if the policy currency is denominated in USD); or (III) RMB78,125 (if the policy currency is denominated in RMB), if the Insured dies before the 2nd Policy Anniversary; or (I) HKD300,000 (if the policy currency is denominated in HKD); or (II) USD37,500 (if the policy currency is denominated in USD); or (III) RMB234,375 (if the policy currency is denominated in RMB), if the Insured dies on or after the 2nd Policy Anniversary; plus (ii) any accumulated Guaranteed Monthly Annuity Income and any interest accrued thereon; less (iii) any outstanding premiums. “Total Premiums Paid” means the total premiums paid for the basic plan. Premium discount (if any) will not be taken into account when calculating the Death Benefit. If the Insured is covered by more than one policy under the Plan issued by BOC Life, please refer to the provisions issued by BOC Life for details of the Death Benefit payable.
5. The Plan is a qualifying deferred annuity plan that has been certified by the IA. The aggregate annual tax deductible limit for the qualifying deferred annuity premiums and tax deductible MPF voluntary contributions is HKD60,000, and the Policy Owner (as taxpayer) may claim deductions under salaries tax and personal assessment. 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 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. Certification by IA is only an indication that the product complies with the criteria set out by IA. It is not a recommendation or endorsement of the policy nor does it guarantee the commercial merits of the policy or its performance. It does not mean the policy is suitable for all Policy Owners nor is it an endorsement of its suitability for any particular Policy Owner or class of Policy Owners. The policy has been certified by the IA but such certification does not imply official recommendation. The IA does not take any responsibility for the contents of the product brochure of the policy, makes no representation as to its accuracy or completeness, expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the product brochure of the policy.
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Bank of China (Hong Kong) Limited
The above material is for reference only and must be read in conjunction with the product brochure / coverage details and is intended to be distributed in Hong Kong only. It shall not be construed as an offer to sell or a solicitation of an offer or recommendation to purchase or sale or provision of any products of BOC Life outside Hong Kong. The above Plan and the supplementary riders (if any) are subject to the formal policy documents and provisions issued by BOC Life. Please refer to the 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 Plan and the supplementary riders (if any).