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Insurance & MPF > Life Insurance > PrimeLife Deferred Annuity Life Insurance Plan
PrimeLife Deferred Annuity Life Insurance Plan
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PrimeLife Deferred Annuity Life Insurance Plan (“PrimeLife ” or “the Plan”) is a life insurance plan and is not a bank deposit. It is underwritten by Hang Seng Insurance Company Limited (“Hang Seng Insurance”).

Every stage of life could be a right time to plan for a fruitful retirement. “Hang Seng Insurance” specially designed “PrimeLife”. Besides offering flexible premium payment schedules, Annuity Income pay-out options and life protection, the Plan also offers Annual Guaranteed Bonus and Special Guaranteed Bonus, which let you reap the rewards of advanced planning and enjoy the kind of retirement you’ve always wanted. PrimeLife” has been certified by the Insurance Authority (“IA”) as Qualifying Deferred Annuity Policy (“QDAP”). For more information about “QDAP”, please visit www.ia.org.hk.

  • Stability for a Worry-Free Retirement
    During the Annuity Period, “PrimeLife” will pay you Annuity Income which is made up of a Monthly Guaranteed Annuity Income and a Monthly Non-guaranteed Annuity Income (if any), Annual Guaranteed Bonus (if any) and Special Guaranteed Bonus (if any). The amount of Annual Guaranteed Bonus (if any) is equivalent to the Monthly Guaranteed Annuity Income, it is payable on each Policy Anniversary after the commencement of Annuity Period; the amount of Special Guaranteed Bonus (if any) is equivalent to five times of the Monthly Guaranteed Annuity Income , it is payable on the 10th and 20th Policy Anniversary after the commencement of Annuity Period.
  • Manage Your Wealth in Your Way
    The Plan provides flexible annuity options. Customers can choose among different payment terms and accumulation period to enjoy an Annuity Period of 20 years. Customers may choose to receive Annuity Income or to retain the Annuity Income in the Policy for accumulating interest, and reaping potential upside returns over a period of time.
  • Easy Application with Guaranteed Acceptance
    As long as you are eligible for applying “PrimeLife”, regardless of your underwriting history, occupation, health and financial status, you will not be required to undergo medical examination and acceptance is guaranteed.
  • Supplemental Benefits
    Free supplemental benefits:
    • Accidental Death Benefit
    • Unemployment Benefit
    • Terminal Illness Benefit
Hotline Information
Application Hotline:
  • Life Insurance: (852) 2198 7838
  • Refundable Life Insurance: (852) 2998 8080
  • General Insurance: (852) 2998 9888
  • Medical Insurance (Bupa): (852) 2998 9886

Policy Enquiry Hotline:
  • Life Insurance: (852) 2596 6262
  • Travelsure, Home Care & other General Insurance (QBE): (852) 2828 3138
  • Medical Insurance (Bupa - Essential): (852) 2517 5588
  • Medical Insurance (Bupa - Excel / Global Supreme): (852) 2517 5688
Important Notes

The PrimeLife Deferred Annuity Life Insurance Plan is certified by the Insurance Authority (“IA”) as 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 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 would depends on personal tax position (e.g. salaries income and assessable profits) and 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. We do 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 www.ia.org.hk.

 

By choosing plans denominated in currencies other than the local currency, you are subject to exchange rate risks. Exchange rates fluctuate from time to time. Upon the currency conversion, you may suffer a loss of your benefit values and the subsequent premium payments (if any) may be higher than your initial premium payment as a result of the exchange rate fluctuations. Exchange controls imposed by the relevant authorities may also adversely affect the applicable exchange rate.

The PrimeLife Deferred Annuity Life Insurance Plan is underwritten by Hang Seng Insurance Company Limited, which is authorised and regulated by the IA. Hang Seng Bank is an insurance agent authorised by Hang Seng Insurance Company Limited and the products are those of Hang Seng Insurance Company Limited, not Hang Seng Bank.

 

In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between Hang Seng Bank and you out of the selling process or processing of the related insurance product transaction, Hang Seng Bank will enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the insurance products should be resolved between Hang Seng Insurance Company Limited and you directly.

 

The above information is intended as a general summary of information only. Please refer to the actual policy for the exact terms, conditions and exclusions of the Plan.

 

You understand that this Plan is underwritten by Hang Seng Insurance Company Limited. You have to pay premium to Hang Seng Insurance Company Limited for your application for this Plan. The premium includes various fees and charges such as insurance cost (e.g. cost of death benefit determined formulated according to the mortality rate that is affected by sex and age of the insured person) and policy administration charges, etc. You also understand that Hang Seng Insurance Company Limited will pay commissions and sales incentives to “Hang Seng Bank” for marketing this Plan. The current remuneration system that “Hang Seng Bank” adopts is a measurement of the staff’s overall performance instead of focusing on sales production only.