HONG KONG SAR - Media OutReach - 21 October 2021 - Life expectancy of Hong Kong's men and women is expected to increase to 83 and 89 respectively by 2024,¹  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 2^nd 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 years² 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.³"

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

Remarks:

1.        <Hong Kong Population Projections 2020-2069>, The Census and Statistics Department, The Government of the HKSAR

2.       The number of years to reach breakeven point is for reference only and it is subject to the premium payment mode, premium payment term as well as the actual amount of non-guaranteed benefits which are determined by us from time to time and based on our experiences and expectation of a series of factors including but not limited to investment return, claims, policy surrenders and expenses.

3.        The maximum tax-deductible limit is an aggregate of qualifying deferred annuity premiums and MPF tax-deductible voluntary contributions. Taxpayers must meet all the eligibility requirements for tax deductions for qualifying deferred annuity policy set out in the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department (IRD) to claim this tax deduction. Please refer to the website of the IRD (www.ird.gov.hk) or contact the IRD directly for any tax related enquiries.

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 in Hong Kong since 1976. To meet the financial protection and wealth management needs of its broad range of customers, Chubb Life Hong Kong (Chubb Life Insurance Company Ltd.) offers a range of life protection, savings, accident and health insurance solutions through agents and brokers. Additional information can be found at:

About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at:

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