EarlyIncome Deferred Annuity Plan | Life Insurance

HSBC HK
Insurance
Life
EarlyIncome Deferred Annuity Plan

We are living longer – but are we living better?

Many people view the general retirement age² of 65 as a distant horizon. But the gift of longer lives is diminished if our longevity outpaces our ability to enjoy the lifestyle we have come to cherish.

As that special day draws closer, now is the right time to plan ahead for a worry-free retirement. To help you maintain the lifestyle you deserve, HSBC EarlyIncome Deferred Annuity Plan (“Deferred EarlyIncome”) allows you to realise benefits today and tomorrow.

Key features

Deferred EarlyIncome is a deferred annuity insurance policy offering features certified by the Insurance Authority (“IA”) to be compliant with its Guideline on Qualifying Deferred Annuity Policy³.

Deferred EarlyIncome is a long-term participating life insurance product with a savings element and is not equivalent or similar to any kind of deposit.

With Deferred EarlyIncome, you can receive the following benefits:

While you can receive a monthly income after just 5 years of payments, you can also opt to leave your proceeds in your plan to accumulate with interest during the annuity period.
If you are a taxpayer in Hong Kong, you can apply for tax deduction under salaries tax and personal assessment with Inland Revenue Department from your premiums paid with an allowance of up to HKD60,000 for a particular fiscal year³. For details, please refer to the “Important information for Qualifying Deferred Annuity Policy” section.

Product Discount Offer

Enjoy up to 13% discount off first year premium upon successful application for HSBC EarlyIncome Deferred Annuity Plan.

This offer is valid until 31 March 2020. Promotional terms and conditions apply. Please visit branch for details.

How to apply

At an HSBC Branch

Find your nearest branch about HSBC nearest branch This link will open in a new window

Request an appointment about requesting appointment

Need to make a claim?

Fax us with the completed claim form.

Download claim form about downloading claim form

Enjoy tax deduction benefit while you save for your retirement.

Learn more about tax deduction benefit

Additional benefits

When life surprises you, these plans provide you the following supplementary benefits⁵ (also known as “rider”) during the policy term, subject to eligibility, with no additional premiums. It’s our way to help you experience a hassle-free life journey.

Additional accidental death cover⁶
Unemployment benefit⁷

Please refer to the respective Policy Provisions of the Supplementary Benefits⁵ for their detailed terms and conditions and relevant exclusions.

Product Video

See How Deferred EarlyIncome works

Download Transcript This link will open in a new window

HSBC EarlyIncome Deferred Annuity Plan

What's your retirement style? HSBC EarlyIncome Deferred Annuity Plan provides you with a stream of stable income, financial security and flexibility as well as extra protection.

What's included?

Below shows the key features of Deferred EarlyIncome, including the range of Premium payment period, accumulation and annuity period / annuity payment option available in Deferred EarlyIncome to suit your varied needs and situation. Apart from Deferred EarlyIncome, EarlyIncome Annuity Plan (“EarlyIncome”), an annuity product with more payment options is also available at your choice.
Items	HSBC EarlyIncome Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	EarlyIncome Annuity Plan
Eligibility¹⁰	20-year annuity period: Life Insured aged 46-70 (5-year premium payment period) To age² 99 annuity period Life Insured aged 55-70 (5-year premium payment period)	20-year annuity period: 3-year premium payment period - Life Insured aged 35-75 5-year premium payment period – Life Insured aged 35-70 To age² 99 annuity period with 3/5-year premium payment period Life Insured from age 55-70
Life Insured	Life Insured and Policyholder is the same person	Life Insured and Policyholder can be the same person or different persons
Premium payment period	5 years	3 or 5 years, or in Aggregate premium
Accumulation period	5 years	1 or 3 or 5 years
Annuity period	20 years or to age² 99	20 years or to age² 99
Dividend payment method	Accumulate in your policy Take out as cash after premium payment period, before which all dividends declared (if any) will be accumulated in your policy with interest (if any)	Accumulate in your policy Take out as cash at any time during the policy term

Below shows the key features of Deferred EarlyIncome, including the range of Premium payment period, accumulation and annuity period / annuity payment option available in Deferred EarlyIncome to suit your varied needs and situation. Apart from Deferred EarlyIncome, EarlyIncome Annuity Plan (“EarlyIncome”), an annuity product with more payment options is also available at your choice.
Items	Eligibility¹⁰
HSBC EarlyIncome Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	20-year annuity period: Life Insured aged 46-70 (5-year premium payment period) To age² 99 annuity period Life Insured aged 55-70 (5-year premium payment period)
EarlyIncome Annuity Plan	20-year annuity period: 3-year premium payment period - Life Insured aged 35-75 5-year premium payment period – Life Insured aged 35-70 To age² 99 annuity period with 3/5-year premium payment period Life Insured from age 55-70

Items	Life Insured
HSBC EarlyIncome Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	Life Insured and Policyholder is the same person
EarlyIncome Annuity Plan	Life Insured and Policyholder can be the same person or different persons

Items	Premium payment period
HSBC EarlyIncome Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	5 years
EarlyIncome Annuity Plan	3 or 5 years, or in Aggregate premium

Items	Accumulation period
HSBC EarlyIncome Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	5 years
EarlyIncome Annuity Plan	1 or 3 or 5 years

Items	Annuity period
HSBC EarlyIncome Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	20 years or to age² 99
EarlyIncome Annuity Plan	20 years or to age² 99

Items	Dividend payment method
HSBC EarlyIncome Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	Accumulate in your policy Take out as cash after premium payment period, before which all dividends declared (if any) will be accumulated in your policy with interest (if any)
EarlyIncome Annuity Plan	Accumulate in your policy Take out as cash at any time during the policy term

Your savings is made up of:

Guaranteed cash value in your policy that builds up gradually throughout the accumulation period
Non-guaranteed annual dividends and interest rate (earned on any accumulated dividends and interest and any accumulated Monthly Annuity Payment⁴)

The dividend scale for distributing any dividends is determined by HSBC Life (International) Limited ("the Company") and may vary from time to time at the Company’s absolute discretion. If you withdraw any accumulated dividends and interest under your policy or if any adjustment affecting the dividends occurs during the policy term, the amount of future Monthly Non-guaranteed Annuity Payment may be adjusted accordingly.

See more about the Company's policy dividends.

Annuity payment option:

Payment at monthly interval - Receive Monthly Annuity Payment⁴ on each Monthiversary during the annuity period; or

Rollover - Accumulate all paid Monthly Annuity Payment⁴ to earn interests (if any, the interest rate which will be determined by our discretion from time to time) until the end of the annuity period.

Note: You can opt to switch between these two annuity payment options anytime during policy term at your choice.

Life cover:

Ensure your loved ones are looked after with a Death Benefit in case the unexpected happens. You can choose how the death benefit will be paid while the life insured is still alive. Your beneficiary(ies) will receive

Option 1: The death benefit in one lump sum payment, or;
Option 2: Accumulated Monthly Annuity Payment⁴ (if any) before your death in one lump sum; plus the unpaid Monthly Annuity Payment⁴ until the end of the Annuity Period (Note: This option is only applicable if it is elected when the Life Insured is alive and the Life Insured’s death occurs during the Annuity Period)

Please refer to the respective Product Brochure for detailed product features and risks.

All the information you need in one place

HSBC EarlyIncome Deferred Annuity Plan Product Brochure

View Product Brochure [PDF, 5.10MB] Product Brochure PDF Download

Policy dividend for Participating Products

View more about participating policy [PDF, 193KB] about participating policy PDF Download

Manage your policy

Manage your policy online

Access your policy details anytime, anywhere on both your HSBC HK Mobile Banking app and our Personal Internet Banking webpage, so you can check your benefits, coverage, premium due dates and much more at your fingertips.

You can also request for a dividends and/or bonus withdrawal from your policy (if applicable) and submit other service requests on our Personal Internet Banking webpage.

Log on to Personal Internet Banking About Personal Internet Banking This link will open in a new window

Learn more about managing your policy About Manage your insurance policy

Make a claim

Sometimes life doesn’t go according to plan and you’ll want to make an insurance claim as soon as possible.

Simply call our Tele-Consultants at (852) 3128 0122 who will assist you in preparing your relevant claim request(s).

Learn more about making a claim

Have you considered

HSBC Income Goal Deferred Annuity Plan

about Income Goal Deferred Annuity Plan

Saving up for your retirement whilst apply for tax deduction on premium paid for the plan under salaries tax and personal assessment with Inland Revenue Department.

^{Note: Tax deduction is at Inland Revenue Department’s discretion. HSBC Income Goal Deferred Annuity Plan is a long-term participating life insurance product with a savings element and is not equivalent or similar to any kind of deposit.}

Income Goal Insurance Plan

about Income Goal Insurance Plan

Business to fund? School fees to pay? Perhaps you are simply looking forward to a comfortable retirement.

^{Note: Income Goal Insurance Plan is not equivalent or similar to any kind of deposit.}

Important information

Life Insurance policy guide [PDF, 364KB] Life Insurance policy guide PDF This link will open in a new window

Fees & Charges about insurance fees and charges

Forms & Documents about insurance forms and documents

Make a claim about making a claim

Policy renewals about policy renewals

Frequently asked questions (FAQs) about insurance frequently asked questions

Important information for Qualifying Deferred Annuity Policy:

Tax implication of Qualifying Deferred Annuity Insurance Policy - The Qualifying Deferred Annuity Policy (“QDAP”) status of Deferred EarlyIncome does not guarantee that you will be eligible for a tax deduction for QDAP premiums you have paid. Deferred EarlyIncome’s QDAP status is based on the features of the product as well as its certification by the Insurance Authority (“IA”); not necessarily matters regarding your personal situation. Before claiming any tax deductions, you must meet all eligibility requirements set out under the Inland Revenue Ordinance, while following the guidance issued by the Inland Revenue Department of the Hong Kong SAR. Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. Please note that the actual tax benefits of this policy would depend on your personal tax position and there might not be tax deductions benefits if you are not subject to salaries tax and personal assessment in the relevant year of assessment. You should always consult with a professional tax advisor if you have any questions or doubts. Please note that the tax law, regulations and / or interpretations are subject to change and may affect any related tax benefits including the eligibility criteria for a tax deduction. The Company is not responsible for informing you about any changes in laws, regulations or interpretations, and how they may affect you. Further information regarding tax concessions applicable to QDAP may be found at the webpage of the IA: www.ia.org.hk.
Certification of QDAP – Please note that IA’s certification is not a recommendation or endorsement of the policy nor does it guarantee the commercial merits of the policy or its performance. It does not mean the policy is suitable for all policyholders nor is it an endorsement of its suitability for any particular policyholder or class of policyholders. The policy has been certified by the IA but such certification does not imply official recommendation. The IA does not take any responsibility for the contents of the product brochure of the policy, makes no representation as to its accuracy or completeness, expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the product brochure of the policy.

Disclaimer

HSBC EarlyIncome Deferred Annuity Plan is underwritten by HSBC Life (International) Limited (referred to the Company) which is authorised and regulated by the Insurance Authority (IA). The Hongkong and Shanghai Banking Corporation Limited (referred to as "HSBC") is an insurance agent authorised by the Company.

Policyholder's benefit is subject to the credit risk of the Company. Your premiums paid will form part of the Company's assets. You do not have any rights or ownership over any of those assets. Your recourse is against the Company only.

If the policyholder discontinues and / or surrenders the insurance plan in the early policy years, the amount of the benefit he / she will get back may be considerably less than the amount of the premium he / she has paid.

Past, current, projected and / or potential benefits and / or returns (e.g. bonuses, dividends and interest) presented herein are not guaranteed and are for illustrative purposes only. The actual future amounts of benefits and / or returns may be lower than or higher than the currently quoted benefits and / or returns.

For monetary disputes arising between HSBC and you out of the selling process or processing of the related transaction, HSBC will enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the product should be resolved between the Company and you directly.

Please refer to the respective product brochure for detailed features and the Policy Provisions for the detailed terms and conditions.

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

² We 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.

³ Tax deduction under salaries tax and personal assessment with Inland Revenue Department from premiums paid under Deferred EarlyIncome shall be subject to your individual circumstances. It is also at Inland Revenue Department’s discretion when your premiums are paid over the premium payment period. Please refer to the “Key Risks - Tax implication of Qualifying Deferred Annuity Insurance Policy” section in respective Product Brochure for details regarding key risk factors.

⁴Monthly 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.

⁵ An amendment to an insurance policy that becomes a part of the insurance contract which expands or limits the benefits payable.

⁶ Additional 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.

⁷ Unemployment 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).

⁸ For 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, Income Goal Insurance Plan II and HSBC Income Goal Deferred Annuity Plan are:

more than the “guaranteed approval” limit of HKD40,000,000 / USD5,000,000, the Life Insured is required to complete a number of simple health questions; or
more than the simplified underwriting limit of HKD70,000,000 / USD8,750,000, the application will be further reviewed by the Company, and the acceptance of the application will be subject to the company’s discretion.

HSBC EarlyIncome Deferred Annuity Plan1