Hong Kong-based Dangle Seng Insurance coverage has launched an up to date model of its FortuneLife Deferred Annuity Life Insurance coverage Plan, a qualifying deferred annuity coverage (QDAP).
The improved plan goals to help people in securing a steady passive earnings for retirement.
It incorporates a projected whole inner charge of returns starting from 3.79% to 4.35% for Hong Kong and US greenback insurance policies, and from 2.60% to three.19% for Chinese language yuan insurance policies.
A latest survey amongst 550 Hong Kong working professionals aged 18-65 revealed that solely about 22% are assured of their retirement funds, Dangle Seng Insurance coverage mentioned.
Among the many assured, 70% began saving early, and 61% included passive earnings methods of their plans.
Lower than one third purchased QDAP, however 50% are contemplating investing in it, particularly youthful individuals, with practically 60% .
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Dangle Seng Insurance coverage mentioned there’s a 150% improve in QDAP adoption amongst clients aged 31-40 in 2023 in comparison with its launch yr in 2019.
This development highlights the rising curiosity in retirement planning among the many youthful demographic in Hong Kong.
The FortuneLife plan affords versatile premium cost phrases of 5 or ten years and is accessible in Hong Kong greenback, Chinese language yuan and US greenback.
It options a number of accumulation and annuity interval decisions, tax deductions as much as HK$60,000 per tax yr, and potential annual tax financial savings of as much as HK$10,200.
Policyholders of FortuneLife may achieve entry to life safety and extra advantages comparable to unintentional loss of life profit, accelerated loss of life profit, and unemployment advantages.
Dangle Seng Insurance coverage CEO
Joe Lam mentioned: “With Hong Kong residents having fun with the world’s second-highest life expectancy in line with the newest United Nations statistics, it’s essential to prioritise early retirement planning. QDAP has been instrumental in offering a dependable passive earnings to help retirement wants.”
