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HONG KONG SAR – Media reach – October 21, 2021 – The life expectancy of men and women in Hong Kong is expected to increase to 83 and 89 years respectively by 2024,1 additional pressure on savings already affected by low interest rates in recent years. As people live longer, there is a strong need for stable and inflation-resistant income for retirement life.
In response to the above challenge, Chubb Life Hong Kong launched the “Chubb Gold Fortune Deferred Annuity Plan†(“Chubb Gold Fortuneâ€) which provides guaranteed income that grows over time.
This gives clients greater financial security knowing that they will be able to enjoy a certain standard of living in retirement. Chubb Gold Fortune provides clients with a secure income stream for retirement with a guaranteed monthly annuity income that grows 5% per year from the 2ndsd year of the annuity period.
Wai Kit Chan, Marketing Director of Chubb Life Hong Kong, said, “We understand that customers value choice and flexibility, which is why we have designed two premium payment terms: five years and 10 years. 55 or 65 years old. In addition, the projected policy balance period can be as short as 8 years.2 and customers can request premium vacations. Additionally, it makes financial sense from a tax perspective, as the policy owner can claim up to HK $ 60,000 in tax deduction on eligible deferred annuity premiums paid per tax year.3“
Chubb Gold Fortune offers additional peace of mind with an additional 10% of the guaranteed monthly annuity income in the unfortunate event that the insured is diagnosed with total and permanent disability before the start of the annuity period. A lump sum is paid to the beneficiary (ies) ensuring financial security in the event of the death of the insured. If there is only one beneficiary, he can choose to receive the balance of the monthly pension 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
Remarks:
1.
2. The number of years to reach the breakeven point is indicative only and is subject to the method of premium payment, the premium payment period as well as the actual amount of unsecured benefits which are determined by us from time to time and based on our experiences and expectations of a variety of factors including, but not limited to, investment performance, claims, policy surrenders and expenses.
3. The maximum tax deductible limit is a total of the eligible deferred annuity premiums and tax deductible MPF voluntary contributions. Taxpayers must meet all the conditions for eligibility for tax deductions for the qualifying deferred annuity policy set out in the Inland Revenue Ordinance and any directives issued by the Inland Revenue Department (IRD) to claim this tax deduction. Please refer to the IRD website (www.ird.gov.hk) or contact the IRD directly for any tax request.
About Chubb Life Hong Kong
Chubb Life is the international life insurance division of Chubb. In Asia, Chubb Life operates in Hong Kong SAR, Indonesia, Korea, Myanmar, Taiwan, Thailand and Vietnam, and participates in a joint venture in China. Chubb Life has been present in Hong Kong since 1976. To meet the financial protection and wealth management needs of its wide range of clients, Chubb Life Hong Kong (Chubb Life Insurance Company Ltd.) offers a range of life, savings, and savings protection. accidents and health. insurance solutions through agents and brokers. Further information is available at: http://life.chubb.com/hk
About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. Present in 54 countries and territories, Chubb offers property and casualty insurance, accident and supplementary health insurance, reinsurance and life insurance to a diverse group of customers. As an underwriting company, we assess, assume and manage risk with insight and discipline. We process and pay our complaints fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations on a global scale. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is included in the S&P 500 Index. Chubb has executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Further information is available at: 
www.chubb.com
#ChubbLife #Chubb
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