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    SteadyPay Guaranteed Annuity Insurance Plan

    Quote and apply

    Quote, apply and pay

    Quote and apply
    T&C applies. Please note the relevant product risks, credit risks and early surrender loss. Underwritten by Hang Seng Insurance Company Limited ("HSIC").

    Key features

    Steady monthly income[2] from the 2nd Monthiversary

    Enjoy up to 5% IRR[1]. With a HKD1M policy, you’ll get a Monthly Guaranteed Annuity Income[2] of over HKD9,000 for 10 years!

    Learn more

    100% guaranteed income, undaunted by market uncertainties

    Make your retirement planning simple with a guaranteed annuity payout[2] at a clear price.

    Secure your family's future with life protection

    If the Life Insured unfortunately passes away, the beneficiaries will receive a lump-sum death benefit[3] or the remaining annuity income during the annuity period[4].

    SteadyPay Guaranteed Annuity Insurance Plan (Cantonese version)

    Plan summary

    Plan details
    Payment term

    One-off payment

    Minimum premium [5]

    HKD99,864 / USD12,427

    Maximum premium [5]

    HKD2,999,918 / USD374,912

    Policy term

    10, 15 or 20 years

    Death Benefit [3]

    Your beneficiaries will receive the higher of:

    • 101% of the Total Premium Paid[6] (minus the aggregate amount of Monthly Guaranteed Annuity Income[2] you've already received); or
    • 101% of the Guaranteed Cash Value

    Any outstanding debt at the date of death of the Life Insured will be deducted from the final payout.

    Internal rate of return *[1]

    2.3% - 5%

    Annuity payout rate [7]

    6.3% - 12.1% 

    Disclaimer

    *Please note that the internal rate of return is subject to your chosen policy term, policy currency and the discounted (if applicable) premium amount.

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

    How it works? [8]

    Turn travel dreams into reality

    Jenny enjoys travelling and skiing. With HKD1,000,000 in savings, her goal is to generate a guaranteed monthly income[2] of HKD9,325 for the next 10 years to fund her trips and hobbies.

    Preferred Premium[5]

    HKD 1,000,000

    Policy term

    10 years

    1. Once the policy is approved

      Pay the Single Premium[5]: HKD999,901

    2. At the 2nd Monthiversary

      Receive a Monthly Guaranteed Annuity Income[2] of HKD18,650

    3. From the 3rd Monthiversary onwards

      Receive a Monthly Guaranteed Annuity Income[2] of HKD9,325

    4. By the end of policy year 10

      Accumulated a Total Guaranteed Annuity Income of HKD1,119,000 (112% of total premium paid[6] , with an annuity payout rate[7] of 11.2%[9])

    By the time the policy ends, she'll have accumulated a Total Guaranteed Annuity Income of HKD1,119,000.

    Plan early for retirement

    Jonathan is planning for his retirement. With savings of USD350,000, he aims to create a guaranteed annuity monthly income[2] of USD1,934 for next 20 years to fund his ideal retirement lifestyle. 

    Preferred Premium[5]

    USD 350,000

    Policy term

    20 years

    1. Once the policy is approved

      Pay the Single Premium[5]: USD349,982

    2. At the 2nd Monthiversary

      Receive a Monthly Guaranteed Annuity Income[2] of: USD3,868

    3. From the 3rd Monthiversary onwards

      Receive a Monthly Guaranteed Annuity Income[2] of: USD1,934

    4. By the end of policy year 20

      Accumulated a Total Guaranteed Annuity Income of USD464,160 (133% of total premium paid[6], with an annuity payout rate[7] of 6.6%[9])

    By the time the policy ends, he'll have accumulated a Total Guaranteed Annuity Income of USD464,160.

    Application details

    Who can apply

    • Tax residents of Hong Kong aged between 18 and 64 at the time of policy application; and
    • Holders of a valid HKID card, a current Hong Kong address and a Hang Seng bank account; and 
    • Individuals who meet the applicable requirements and conditions for this plan determining by HSIC, as amended from time to time

    Please make sure you're in Hong Kong when applying.

    How to apply

    Download and log on to Hang Seng Mobile App. Go to left menu, tap "Insurance" > "Life Insurance" > "SteadyPay Guranteed Annuity Insurance Plan".

    Apply

    FAQs

    Popular questions

    Once your application for SteadyPay Guaranteed Annuity Insurance Plan is successful, you'll start receiving your Monthly Guaranteed Annuity Income[2] starting from the 2nd Monthiversary of the policy until it matures.

    We'll deposit the Monthly Guaranteed Annuity Income[2] directly into the Hang Seng bank account you chose during your application, after 5 working days of each Monthiversary.

    Please note that the Monthly Guaranteed Annuity Income[2] will be paid according to the administrative rules determined by HSIC, which may be updated from time to time.

    Yes. As long as you're eligible to apply for SteadyPay Guaranteed Annuity Insurance Plan, acceptance is guaranteed, regardless of your underwriting history, occupation, health and financial status. No medical examination is required. 

    For details, please refer to point (iv) in the "Other point(s) to note" section.

    If the Life Insured passes away while the Policy is in force, there are two options for how the Beneficiaries can receive the Death Benefit:

     

    Option 1: Receive a lump-sum payment

    Option 2: Receive the remaining annuity income[2]

    How it's paid

    The beneficiaries will receive the Death Benefit in a lump-sum payment.

    The beneficiaries will receive the unpaid Monthly Guaranteed Annuity Income[2] in cash during the Annuity Period[4].

    Policy status

    The policy will be terminated after the payment is made.

    The policy will remain in force until it ends.

    Please note:

    • To receive the remaining annuity income as monthly income[2], the Policyholder must provide written instructions, which we must accept and record while the Life Insured is alive.
    • The beneficiaries can't change the Death Benefit payout instruction set by the Policyholder, and they can't surrender the policy.

    This is an additional one-off payment on top of the Death Benefit[3].

    We'll pay this Accidental Death Benefit[10] if the Life Insured passes away due to an accident before the end of the 5th policy year. The Beneficiaries designated in the policy will receive 10% of the total premiums paid[6] up to the Life Insured's date of death, after deducting any outstanding debt.

    Once this benefit has been paid to the beneficiaries, the policy will be terminated.

    Please note, for death to be considered an "accidental death", it must happen within 90 days of the accident.

    This depends on the Policy Currency.

    HKD policy

    You can only pay your premium in HKD.

    USD policy

    You can choose to pay your premium in either HKD or USD:

    • If you pay in USD: You'll need to pay from your Hang Seng USD account
    • If you pay in HKD: We'll convert your payment using the exchange rate on the date of payment.

    Please note, this exchange rate is subject to market fluctuations, so the HKD amount you pay for a USD policy each time may vary.

    This depends on the Policy Currency.

    • HKD policy: You can only receive your Monthly Guaranteed Annuity Income[2] in HKD
    • USD policy: You can choose to receive your Monthly Guaranteed Annuity Income[2] in either HKD or USD

     

    Your Monthly Guaranteed Annuity Income[2] will be deposited directly into your bank account. If your bank account is in a different currency than the policy currency, Hang Seng Bank will automatically convert the payment for you using the exchange rate on the payment date.

    Assuming your Monthly Guaranteed Annuity Income[2] is HKD1,000, here's how you'll get paid:

    • In the 1st policy month: You won’t receive any payment
    • In the 2nd policy month: You'll receive a lump sum of HKD2,000 at the Monthiversary
    • Starting from the 3rd policy month: You'll receive HKD1,000 every Monthiversary

    Your Monthly Guaranteed Annuity Income[2] will be deposited directly into your bank account. If your bank account is in a different currency than the policy currency, Hang Seng Bank will automatically convert the payment for you using the exchange rate on the payment date.

    The internal rate of return[1] ("IRR") is a method used to calculate returns. "Internal" means it only considers relevant cash flows, including invested capital (e.g.  premium), withdrawn amounts (e.g. annuity incomes), and the time factor. External factors (e.g. inflation rate) aren't taken into account.

    Currently, SteadyPay Guaranteed Annuity Insurance Plan is only available on Hang Seng Mobile App.

    This plan only provides Monthly Guaranteed Annuity income[2]. You'll start receiving these payments each month, beginning from the 2nd Monthiversary of the policy. It's not possible to receive the income annually or to leave it in the policy to accumulate interest.

    To help you understand your returns, the annuity payout rate[7] shows the yearly guaranteed income you’ll receive as a percentage of the total premium you paid.

    We use this formula to calculate it:
    (Monthly Guaranteed Annuity Income[2] × 12) ÷ Total premium × 100%

    For example, if your plan has the following details:

    • Total premium: HKD1,000,000
    • Monthly Guaranteed Annuity Income[2]: HKD9,325

    Your annuity payout rate[7] is:

    (9,325 x 12) ÷ 1,000,000 × 100% = 11.2%[9] (rounded to one decimal place).

    SteadyPay Guaranteed Annuity Insurance Plan is not a Qualifying Deferred Annuity Policy ("QDAP") and is not eligible for any tax deduction.

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    Useful information

    Need help?

    Call us (general enquiry)

    (852) 2198 7838

    Service hours:

    Mon to Fri: 9:00 a.m. to 5:30 p.m.

    Sat: 9:00 a.m. to 1:00 p.m.

    Closed on Suns and Public Holidays

    Call us (policy enquiry)

    (852) 2596 6262

    Service hours:

    Mon to Fri: 9:00 a.m. to 5:45 p.m.

    Sat: 9:00 a.m. to 1:15 p.m.

    Closed on Suns and Public Holidays

    Email us

    Leave us a message

    Remark(s)

    Other point(s) to note

    1. SteadyPay Guaranteed Annuity Insurance Plan ("this Plan") is underwritten by Hang Seng Insurance Company Limited ("HSIC"). This plan is not a Qualifying Deferred Annuity Policy ("QDAP") and is not eligible for any tax deduction. HSIC is authorised and regulated by the Insurance Authority of the HKSAR. Hang Seng Bank Limited (“Hang Seng Bank” or "the Bank") is an insurance agency authorised by HSIC and the insurance products is a product of HSIC but not the 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 the Bank and you out of the selling process or processing of the related insurance product transaction, the 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 HSIC and you directly.
    2. The above information is intended as a general summary of information for reference only. It shall not be construed as an offer to sell or solicitation of an offer or recommendation to purchase or sale or provision of any products of HSIC outside Hong Kong. The Bank and HSIC won't solicit or sell any insurance product outside Hong Kong. Please refer to the actual policy for the exact terms, conditions and exclusions of this Plan.
    3. This Plan is limited offer only. HSIC reserves the right to stop online applications of this Plan without prior notice. HSIC reserves the right to accept or decline any applications for this Plan based on the information provided by the Life Insured and / or Policyholder during online enrolment. If you wish to know more, such as about product coverage, product risk and exclusions, please read the Product Brochure.
    4. When you apply for this Plan, guaranteed acceptance is subject to an underwriting limit (in terms of Total Premiums Paid per Life Insured) as determined by HSIC from time to time.
    5. This Plan has a limited daily quota. New quota will be released at 12:00 noon every day. HSIC reserves the right to accept or decline any applications subject to this Plan's availability.
    6. The above product information is for reference only, and doesn't cover all life insurance products. It doesn't constitute and shall not be construed as an offer to sell, solicitation of an offer or recommendation of any products or services. You should explore insurance products based on their insurance needs and affordability and shouldn't make any decisions based on the above information alone.
    7. Unless otherwise provided, all capitalised terms have the same meanings as those of the terms in the policy documents.

    Remark(s)

    1. This internal rate of return is subject to your chosen policy term, policy currency and the discounted (if applicable) premium amount.
    2. You can receive a Monthly Guaranteed Annuity Income starting from the 2nd Monthiversary of the policy term until policy maturity (i.e. 10th, 15th or 20th Policy Anniversary) of the Basic Plan. The Monthly Guaranteed Annuity Income will be proportionally reduced in case the Policy has been partially surrendered[11]. We will make all Monthly Guaranteed Annuity Income payments under this Policy in the Settlement Currency. "Settlement Currency" means the currency in which all payments from Hang Seng Insurance shall be made, which is set at Policy Currency, or you may indicate to us in writing if you prefer Hong Kong Dollars. However, Hang Seng Insurance has the final discretion in determining which currency applies.
    3. Your beneficiaries will receive the higher of: 101% of the Total Premium Paid (minus the aggregate amount of Monthly Guaranteed Annuity Income you've already received); or 101% of the Guaranteed Cash Value. Any outstanding debt at the date of death of the Life Insured will be deducted from the final payout.
    4. "Annuity Period" means the period starting from the 2nd Monthiversary until the Benefit Cessation Date of the Basic Plan.
    5. Please note that, due to the system’s premium calculation settings, the preferred premium amount you enter may differ from the actual premium payable. 
    6. Total Premiums Paid is the total amount of premiums due and paid for the Basic Plan.
    7. Annuity payout rate is subject to your chosen policy term, policy currency and the discounted (if applicable) premium amount.
    8. The above examples are for illustration only. Figures may differ slightly from the actual amounts due to rounding differences. The above example assumes that all premiums have been paid in full, no partial surrenders or policy changes have been made, and there's no debt on the policy. The content is based on the illustration summary of this Plan for the assumed scenarios and may differ from the actual circumstances. The examples are for reference only and shouldn't be regarded as a substitute for professional advice. The actual coverage is subject to the terms and conditions of the policy. Before applying for this plan, you should take into account your own actual circumstances, insurance needs and affordability. Please refer to the Policy Provisions for the exact exclusions, terms and conditions of this Plan.
    9. This is not an investment rate of return. It's a hypothetical rate for illustration purposes only.
    10. Accidental Death Benefit will be automatically terminated (i) when such Accidental Death Benefit is paid out, or (ii) on the date the Policy of Basic Plan lapses, terminates, expires, becomes void, is cancelled or is surrendered[11], or (iii) on the Benefit Cessation Date of this Supplementary Benefit (whichever is the earliest).
    11. If the Policyholder surrenders the Policy after the cooling-off period and when the Policy is in force, the surrender proceeds to be received may be significantly less than the Total Premiums Paid[6]. Please refer to the illustration summary of this Plan for details. If Policyholder surrenders the Policy within the policy term, the surrender proceeds payable to the Policyholder will be an amount equal to the Guaranteed Cash Value minus indebtedness (if any) as at the date the surrender request. You may request to partially surrender this Policy by reducing the Monthly Guaranteed Annuity Income[2]. Upon partial surrender, the Total Premiums Paid[6], Guaranteed Cash Value, and Death Benefit calculated according to the terms of this Policy will be adjusted accordingly.
    12. This service is not available to customers who:
      • only hold joint-named integrated accounts
      • already hold a sole-named Prestige Banking account
      Such customers can make an appointment online to open or upgrade account in any of our branches.