FortuneLife Deferred Annuity Life Insurance Plan ("FortuneLife" or "the Plan") has been certified by the Insurance Authority ("IA") as a Qualifying Deferred Annuity Policy ("QDAP"). For more information about "QDAP", please visit www.ia.org.hk. FortuneLife is a life insurance plan and is not a bank deposit. It is underwritten by Hang Seng Insurance Company Limited ("Hang Seng Insurance").

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FortuneLife Deferred Annuity Life Insurance Plan brings you up to 30 years of monthly income with guaranteed annual increments(3). Besides, the premium is eligible for a tax deduction(9) for up to 10 years. You can now enjoy premium discount upon successful application for FortuneLife Deferred Annuity Life Insurance Plan. Please contact our branch staff for details or call 21987838 for enquiries.
Plan Features

Keep Inflation at Bay with Incremental Annuity Income(1)

During the Annuity Period(2), the Plan will provide a Monthly Guaranteed Annuity Income, which will increase by a fixed amount each year(3).

Annuity Period(2) of up to 30 Years

You can choose either 20 years or 30 years for the Annuity Period(2)

Enjoy Annual Guaranteed Bonus(4) and Special Guaranteed Bonus(5)

Annual Guaranteed Bonus(4) – To be paid on each policy anniversary during the Annuity Period(2), with an amount equivalent to the prevailing Monthly Guaranteed Annuity Income
Special Guaranteed Bonus(5) – To be paid on the 10th, 20th and 30th (if any) Policy Anniversaries during the Annuity Period(2), with an amount equivalent to 5 times the prevailing Monthly Guaranteed Annuity Income

Enjoy Annual Dividends(6) and Terminal Dividend(7)

Annual Dividend(6) – To be paid on every Policy Anniversary during the Annuity Period(2) (non-guaranteed), and you may accumulate these dividends(6) in the policy account to earn interest
Terminal Dividend(7) – To be paid to you or the Beneficiary(ies) in the event of policy termination (non-guaranteed)

Guaranteed Acceptance without Medical Examination Requirement(8)

As long as you are eligible to apply for FortuneLife, regardless of your underwriting history, occupation, health and financial status, you will enjoy guaranteed acceptance without any requirement for medical examination(8).

Premium Qualifies for a Tax Deduction(9)

The Plan has been certified by the Insurance Authority and the premium qualifies for a tax deduction(9). The tax saved each year can be up to HKD10,200 per taxpayer (assuming an applicable tax rate of 17%).
For the details of the plan features and the relevant product risks, please refer to the product brochure.
Please refer to the policy for the terms and conditions, which shall be considered as final.

Notes:

  1. Annuity Income includes the Monthly Guaranteed Annuity Income, the Annual Guaranteed Bonus (If any) and the Special Guaranteed Bonus (If any). The Annuity Income is payable to the Annuitant during the Annuity Period, until the end of the Annuity Period. The Policyholder may choose to withdraw it in cash or accumulate it with interest.
  2. Annuity Period refers to the period during which Annuity Income is payable. The Annuity Period of FortuneLife is 20 years or 30 years, subject to the plan chosen.
  3. The Monthly Guaranteed Annuity Income will increase by a fixed amount, which is equivalent to 5% of the Initial Monthly Guaranteed Annuity Income, each year during the Annuity Period. The incremental amount will be proportionally reduced should there be any partial surrender. Please note that the incremental amount may or may not be able to offset future inflation. You may refer to the “Product Risk – Inflation Risk” section for details.
  4. Annual Guaranteed Bonus will be payable to the Annuitant on each Policy Anniversary after the commencement of the Annuity Period. The amount is guaranteed, and is equivalent to the Monthly Guaranteed Annuity Income.
  5. Special Guaranteed Bonus will be payable at the end of every 10 completed Policy Years from and after the commencement of the Annuity Period. The amount is guaranteed, and is equivalent to 5 times the Monthly Guaranteed Annuity Income.
  6. Annual Dividends are declared annually on each Policy Anniversary after the commencement of the Annuity Period. The Policyholder may choose to withdraw it in cash or accumulate it with interest, provided that the Annual Dividend Option must be the same as the Annuity Income Option. Annual Dividends and the interest rate used for Annual Dividends and Annuity Income accumulations are not guaranteed. Please refer to the illustration summary for the prevailing interest rate.
  7. Terminal Dividend is payable after the Policy has been in force for one year from the Policy Date and upon the occurrence of (i) the death of the Life Insured; (ii) the surrender, whether in full or in part, of this Policy; (iii) the cancellation, lapse or termination of this Policy; and (iv) when this Policy reaches the Benefit Cessation Date of the Basic Plan, whichever is the earliest. The amount of the Terminal Dividend, if any, is not guaranteed and subject to our absolute discretion.
  8. The maximum total premium amount for guaranteed acceptance (per Life Insured) may differ and is subject to the Insurance Age(10) of the Life Insured. Total premium amount refers to the total premium amount of the Plan and other life insurance plans determined by “Hang Seng Insurance”. For details of the underwriting requirements, please contact our “Hang Seng Bank” branch staff. This Plan is subject to the relevant requirements on nationality, and/or addresses of the Policyholder and/or Life Insured as determined by “Hang Seng Insurance” from time to time. “Hang Seng Insurance” reserves the right to accept or decline any applications for the Plan based on the information provided by the Life Insured and/or Policyholder during enrollment.
  9. FortuneLife is certified by the Insurance Authority ("IA") as a Qualifying Deferred Annuity Policy ("QDAP"). However, the IA certification 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 policyholders nor is it an endorsement of its suitability for any particular policyholder or class of policyholders. 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. The 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 the 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. Please note that only the premium paid net of any marketing offers (e.g. discount, premium waiver, etc.) might be eligible for tax concession and the actual tax benefits of this Policy depend on your personal tax position (e.g. salaries income and assessable profits) and you should always consult 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. We have no 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 QDAPs may be found at www.ia.org.hk.
  10. Insurance Age means, at any date, the age of the Life Insured or Policyholder (if applicable) on the most recent birthday prior to the Policy Date plus the number of completed Policy Years. If the Life Insured's or Policyholder's (if applicable) birthday is on the Policy Date, it will be calculated based on the age on such Policy Date.
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Terms and Conditions apply, please note the relevant product risks. The relevant Life Insurance Plans are underwritten by Hang Seng Insurance Company Limited.
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