FortuneLife Deferred Annuity Life Insurance Plan

Plan ahead for a thriving retirement life

Successfully apply to enjoy first-year premium discount.

Terms and Conditions apply. Please note the relevant product risks.
Plan overview

FortuneLife Deferred Annuity Life Insurance Plan is a life insurance plan and is not a bank deposit. It is underwritten by Hang Seng Insurance Company Limited (“Hang Seng Insurance”). The Plan 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.

Key features

FortuneLife Deferred Annuity Life Insurance Plan (“FortuneLife”) will provide a Monthly Guaranteed Annuity Income, during the Annuity Period. The Monthly Guaranteed Annuity Income, which will increase by a fixed amount each year.

 

Annual Guaranteed Bonus equivalent to the prevailing Monthly Guaranteed Annuity Income will be payable at the end of each Policy Year after the commencement of Annuity Period.

 

Special Guaranteed Bonus equivalent to 5 times of the prevailing Monthly Guaranteed Annuity Income will be payable at the end of every 10 completed Policy Years from and after the commencement of Annuity Period.

 

You may choose to receive Annuity Income in cash or to retain it in the Policy for accumulating interest, and reaping potential upside returns over a period of time. 

During the Annuity Period, FortuneLife expects to pay a non-guaranteed Annual Dividend to your policy at each policy anniversary. You may accumulate these dividends in the policy account to earn interest or withdraw them for a fruitful life.

In the event of policy termination, a lump-sum non-guaranteed Terminal Dividend (if any) may become payable to you or the Beneficiary(ies), providing extra potential returns.

Enjoy tax deductions of up to HKD60,000 for the premium paid if you are taxpayer in Hong Kong. Tax savings can be up to HKD10,200 per taxpayer each year (assuming applicable tax rate is 17%).

If the Life Insured passes away while the policy is in force, the Beneficiary(ies) will receive a Death Benefit which helps relieve the financial burden.

Free Supplementary Benefits, including:  Accidental Death Benefit, Accelerated Death Benefit and Unemployment Benefit.

As long as you are eligible for applying FortuneLife, you will not be required to undergo medical examination regardless of your underwriting history, occupation, health and financial status. Acceptance is guaranteed.

Remark(s): Please refer to the Product Brochure for detailed Terms and Conditions and exclusions. And please refer to the Notes on Participating Policy for details of dividend philosophy, investment strategy and historical fulfilment ratio of dividend distribution.

Make a claim
Claim procedures

Find details on how to submit your claim and more.
 

Download form

You can find all the forms and documents here for our insurance products.
 

Need more help?
Call us (Enquiry on Policy and Application)
Other points to note
  1. FortuneLife Deferred Annuity Life Insurance Plan ("the 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.
  2. The QDAP status of the Plan does not necessarily mean you are eligible for tax deduction available for QDAP premiums paid. The 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.
  3. By choosing the Plan 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. You have considered the aforesaid exchange rate risk factors, conversion arrangement and the potential loss associated before applying for the Plan.
  4. FortuneLife Deferred Annuity Life Insurance Plan is underwritten by Hang Seng Insurance, which is authorised and regulated by the IA. Hang Seng Bank Limited (“Hang Seng Bank”) is an insurance agent authorised by Hang Seng Insurance and the products are those of Hang Seng Insurance, not Hang Seng Bank.
  5. 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 and you directly.
  6. 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.
  7. You understand that the Plan is underwritten by Hang Seng Insurance. You have to pay premium to Hang Seng Insurance for your application for the 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 will pay commissions and sales incentives to Hang Seng Bank for marketing the 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.
  8. Please refer to the Product Brochure for detailed terms and conditions and exclusions. And please refer to the Notes on Participating Policy for details of dividend philosophy, investment strategy and historical fulfilment ratio of dividend distribution.