Chubb Gold Fortune Deferred Annuity Plan offers stable inflation-proof retirement income
Chubb Life Hong Kong has launched "Chubb Gold Fortune Deferred Annuity Plan" ("Chubb Gold Fortune") which offers increasing guaranteed income over time
Life expectancy of Hong Kong's men and women is expected to increase to 83 and 89 respectively by 2024,adding further pressure on savings already hit by low interest rates in recent years. As people live longer, there is a strong need for stable inflation-proof income for the retirement life.
In response to the challenge above, Chubb Life Hong Kong has launched "Chubb Gold Fortune Deferred Annuity Plan" ("Chubb Gold Fortune") which offers increasing guaranteed income over time.
This gives customers greater financial certainty, with the knowledge that they will be able to enjoy a certain standard of living during retirement. Chubb Gold Fortune offers customers a secure income stream for retirement with a guaranteed monthly annuity income that increases by 5% annually from the 2nd year of the annuity period.
Wai Kit Chan, Chief Marketing Officer of Chubb Life Hong Kong said "We understand that customers value choice and flexibility, so we have designed two premium payment terms – five years and 10 years. Customers are also allowed to start receiving their annuity income at the age of 55 or 65. Also, the projected breakeven period of the policy can be as short as 8 years and customers can apply for premium holidays. Additionally, it makes financial sense from a tax perspective as the policy owner can claim up to HK$60,000 tax deduction from the qualifying deferred annuity premiums paid per tax assessment year."
Chubb Gold Fortune offers further peace of mind with an additional 10% of the guaranteed monthly annuity income in the unfortunate event of the insured being diagnosed with total and permanent disability before the annuity period starts. A lump sum is paid to the beneficiary(ies) providing financial security if the insured passes away. If there is only one beneficiary, he/she can opt to receive the remaining monthly annuity income instead of a lump sum.
Further product information can be found at: https://www.chubb.com/hk-en/personal/chubb-gold-fortune-deferred-annuity-plan.html