EarlyIncome Annuity Plan¹

¹Application for EarlyIncome is subject to our relevant requirements on your nationality and/or addresses and/or residency as determined by us from time to time.

²We consider your age to be how old you are on your next birthday. So, if you are 54 with a birthday in 6 months’ time, we consider you to be 55.

³Monthly Annuity Payment means Monthly Guaranteed Annuity Payment which consist of Monthly Guaranteed Base Annuity and Monthly Guaranteed Additional Annuity plus Monthly Non-guaranteed Annuity Payment (if any). Monthly Non-guaranteed Annuity Payment is not guaranteed and is determined by the Company from time to time.

⁴The Dementia Protection is an optional supplementary benefit requiring additional premiums. It is not applicable for aggregate premium¹¹ policies and policies with 1-year accumulation period and can only be enrolled together with the application for the basic plan by any life insured aged² between 55 and 70 years. 

The total premium paid⁶ for the Dementia Protection will be refunded to the policyholder if the life insured is diagnosed with Severe Dementia during the accumulation period, and the Dementia Protection will cease. The benefit amount for the Monthly Dementia Income is an additional 100% of Monthly Guaranteed Annuity Payment³ of the basic plan, subject to a maximum amount of HKD 30,000 / USD3,750 or its equivalent per month per life insured across all Dementia Protection policies issued by us, if the life insured is diagnosed with Severe Dementia during the annuity period. The Monthly Dementia Income is payable until the earlier of the life nsured’s age² of 99 or life insured’s death. Please note that there is no surrender benefit for this optional supplementary benefit.

This benefit will automatically terminate from the earliest of the following dates: 

• If whenever applicable, your basic plan terminates, expires, lapses, or is surrendered in accordance with the relevant provisions of your Policy;  or
• The Benefit Cessation Date; or
• Upon the refund of premiums paid for this benefit as the result of life insured’s diagnosis of Severe Dementia during accumulation period
• Upon the first payment of the Monthly Dementia Income (Termination of this benefit shall not prejudice the ongoing payment of the Monthly Dementia Income by us); or   
• If whenever applicable during the policy term, your premium payments for basic plan or this benefit is missed.

⁵Net Cash Value means before the commencement of the Annuity Period, an amount equal to the sum of Guaranteed Cash Value plus accumulated dividends and interest, less any outstanding policy loans, interest and premiums. On or after commencement of the Annuity Period, Net Cash Value means sum of the Guaranteed Cash Value and any accumulated Monthly Annuity Payment³, plus any accumulated dividends and interest, less any outstanding policy loans, interest and premiums.

⁶Total premium paid refers to the total amount of premiums due under the Basic Plan (whether or not actually paid) as of the date of death of the Life Insured. Please refer to the Policy Provisions for detailed terms and conditions.

⁷An amendment to an insurance policy that becomes a part of the insurance contract which expands or limits the benefits payable.

⁸Additional Accidental Death Benefit will terminate when the Life Insured attains the age² of 80 or payout of the relevant benefits or the Policy is terminated (whichever is earlier). Your policy will terminate once we pay this benefit.

⁹Unemployment Benefit is applicable to policyholder aged between 19² and 64² who is the holder of the Hong Kong Identity Card. The benefit will terminate on the policy anniversary at which the policyholder attains the age² of 65 or all due premiums have been paid or your policy is terminated (whichever is the earliest).

¹⁰For the same Life Insured, if the total premiums of all the pending Guaranteed Approval / Simplified Underwriting Applications and in-force policies of RetireEnrich Protection Plus, RetireIncome Annuity Plan, HSBC Wealth Goal Insurance Plan, HSBC Wealth Goal Insurance Plan II, EarlyIncome Annuity Plan, HSBC EarlyIncome Deferred Annuity Plan, Income Goal Insurance Plan and HSBC Income Goal Deferred Annuity Plan are:

(1) more than the “guaranteed approval” limit of USD5,000,000 or its equivalent, the Life Insured is required to complete a number of simple health questions; or

(2) more than the simplified underwriting limit of USD8,750,000 or its equivalent, the application will be further reviewed by the Company, and the acceptance of the application will be subject to the company’s discretion. 

¹¹As the aggregate premium option allows you to pre-pay all the required premiums at a discount, the balance of the aggregate premium after deducting the annual premium on the relevant premium due dates will be accumulated with interest at such interest rate which is not guaranteed and may change from time to time at our discretion. No withdrawal from the balance of the aggregate premium together with interests accumulated is allowed once paid except in the event of death or surrender. If the aggregate premium together with interests accumulated exceed the total premiums required under the Policy, any balance amount will be refunded to you as soon as all premiums due under the Policy have been settled. If the aggregate premium together with interests accumulated are not sufficient to cover the total premiums required under the Policy, you will then be requested to settle the premium shortfall upon receiving our written notification for the premiums due. Any failure to pay for the premium shortfall may result in lapsation of the Policy. If you surrender the policy in full or partially through reduction of sum insured, a surrender charge which is subject to change by us from time to time will be imposed on the balance of aggregate premium together with interests accumulated.

Please refer to the respective concept flyer, supplementary benefit factsheet and Policy Provisions for its features, detailed terms, conditions and exclusions.