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Foresight Deferred Annuity Plan

In Hong Kong, the Insurance Authority has introduced the Qualifying Deferred Annuity Policy (“QDAP”) to help encourage people to make more voluntary retirement savings contributions and create long-term stability. With QDAP, you1 can apply for a tax deduction of up to HKD60,0002 per taxpayer each year of assessment for the premiums paid with minimum premium payment period of 5 years. Ultimately, the more you save, the bigger the potential for growth over time, which will help provide greater peace of mind in your retirement years.

Our Foresight Deferred Annuity Plan is a QDAP certified by the Insurance Authority that helps you save more for retirement through tax deductions. The plan provides stable annuity payments and a promising growth potential up to age 100, helping you to achieve your retirement goals and lifelong financial security.

Highlights:

With wide choices to fit your retirement needs, you can choose flexibly before issuance:

  • Premium payment term 5 or 10 years3
  • Annuity Start Age4 Age 50, 55, 60, 65, 70, 75 or 80 (as long as your premiums have accumulated for a period between 10 and 50 years)
  • Annuity Period4 10, 15, 20 years, or to age 100
  • Guaranteed Monthly Annuity Payment Any amount starting from USD125(subject to the minimum annual premium requirement)
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Stable income stream in Annuity Period with Guaranteed Monthly Annuity Payment

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Promising growth potential provided by Non-guaranteed Monthly Annuity Payment5, which is funded by the accumulated Reversionary Bonus5

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Worry-free application process without medical underwriting6

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Flexible Death Benefit Settlement Option for your family should the worst happen7

 

  1. In this webpage, “you” refers to the Policy Owner of this plan and “Policy Owner” refers to the person named as Policy Owner in your Policy Summary. For the purpose of this plan and its related documents, Policy Owner shall also be the insured as well as the annuitant who receives the annuity payment.
  2. HKD60,000 is the maximum tax deduction limit per taxpayer each year of assessment. It is an aggregate limit for qualifying annuity premiums  and tax deductible MPF voluntary contributions. Tax deduction under salaries tax and personal assessment from premiums paid under this plan is subject to the prevailing tax law of Hong Kong and your individual circumstances. Please refer to “Tax Implication of QDAP” section of the product brochure for details of key risk factors.
  3. Prepayment service is not allowed under this plan
  4. Annuity Start Age and Annuity Period cannot be changed once the policy is issued.
  5. The Non-guaranteed Monthly Annuity Payment is determined and payable based on the accumulated Reversionary Bonus. The Non-guaranteed Monthly Annuity Payment as well as the Reversionary Bonus are non-guaranteed and are subject to change from time to time at the sole discretion of Sun Life Hong Kong Limited. They may vary based on the performance of a number of experience factors, with the investment return normally being the main determinant. Other factors include, but are not limited to, claim experience, policy expenses, taxes, and Policy Owner termination experience. If there is any change to Reversionary Bonus and Non-guaranteed Monthly Annuity Payment, total IRR will be affected. Under this plan, withdrawal of any cash value of accumulated Reversionary Bonus is only allowed after the end of premium payment term. After the end of premium payment term, such withdrawal will decrease the face value and cash value of the accumulated Reversionary Bonus, and the future Non-guaranteed Monthly Annuity Payment.
  6. Simplified underwriting will be required if the total premium paid per insured’s life is more than USD2,000,000. Full underwriting will be required if the insured attaches rider benefit(s) to this policy. The application process is subject to the then current administrative rules.
  7. The Death Benefit Settlement Option may be exercised subject to a minimum amount of Death Benefit and the minimum amount is determined by Sun Life from time to time.

The above information is a product summary only and does not contain the full terms and benefits of the policy, please contact your Advisor for details. Please refer to the product brochure and sample Policy Document for details including definitions and full terms and conditions including key product risks. If there is any conflict between the Policy Document and this product summary, the Policy Document shall prevail.

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