Chubb Gold Fortune Deferred Annuity Plan offers stable inflation-proof retirement income

HONG KONG SAR – Media OutReach – 21 October 2021 – Life expectancy of Hong Kong’s
men and women is expected to increase to 83 and 89 respectively by 2024,¹  adding further pressure on savings already hit
by low interest rates in recent years. 
As people live longer, there is a strong need for stable inflation-proof
income for the retirement life.

In response to the challenge above, Chubb Life Hong Kong has
launched “Chubb Gold Fortune Deferred Annuity Plan” (“Chubb Gold Fortune”)
which offers increasing guaranteed income over time.

This gives customers greater financial certainty, with the
knowledge that they will be able to enjoy a certain standard of living during
retirement. Chubb Gold Fortune offers customers a secure income stream for
retirement with a guaranteed monthly annuity income that increases by 5%
annually from the 2^nd year of the annuity period.

Wai Kit Chan, Chief Marketing Officer of Chubb Life Hong Kong said
“We understand that customers value choice and flexibility, so we have designed
two premium payment terms – five years and 10 years. Customers are also allowed
to start receiving their annuity income at the age of 55 or 65.  Also, the projected breakeven period
of the policy can be as short as 8 years² and customers can apply
for premium holidays.  Additionally, it
makes financial sense from a tax perspective as the policy owner can claim up
to HK$60,000 tax deduction from the qualifying deferred annuity premiums
paid per tax assessment year.³“

Chubb Gold Fortune offers further peace of mind with an
additional 10% of the guaranteed monthly annuity income in the unfortunate
event of the insured being diagnosed with total and permanent disability before
the annuity period starts.  A lump sum is
paid to the beneficiary(ies) providing financial security if the insured
passes away. If there is only one beneficiary, he/she can opt to receive the
remaining monthly annuity income instead of a lump sum.

Further product information can be found at: https://www.chubb.com/hk-en/personal/chubb-gold-fortune-deferred-annuity-plan.html

Remarks:

1.       
<Hong
Kong Population Projections 2020-2069>, The Census and Statistics
Department, The Government of the HKSAR

2.      
The
number of years to reach breakeven point is for reference only and it is
subject to the premium payment mode, premium payment term as well as the actual
amount of non-guaranteed benefits which are determined by us from time to time
and based on our experiences and expectation of a series of factors including
but not limited to investment return, claims, policy surrenders and expenses.

3.       
The
maximum tax-deductible limit is an aggregate of qualifying deferred annuity
premiums and MPF tax-deductible voluntary contributions. Taxpayers must meet
all the eligibility requirements for tax deductions for qualifying deferred
annuity policy set out in the Inland Revenue Ordinance and any guidance issued
by the Inland Revenue Department (IRD) to claim this tax deduction. Please
refer to the website of the IRD (www.ird.gov.hk) or contact the IRD directly
for any tax related enquiries.