HONG KONG SAR - Media OutReach - 5 November 2020 - FWD Hong Kong('FWD') has launched the RetireFun Deferred Annuity Plan ('RetireFun'), aQualifying Deferred Annuity Policy ('QDAP') that offers enhanced flexibilityand choice for customers.
With an option of either a 5- or 10-year premiumpayment term, customers can now start flexibly building retirement reservesthat cater to their own circumstances. They can also select an annuity periodof 10 or 20 years starting from as early an age as 51while also giving a breakeven period of as short as 8 years.RetireFun also offers an extended grace period of up to 365 days on premiumpayments if customers are unable to pay due to their employment status. A deathbenefit for life protection with several benefit settlement options is also available.
"RetireFun is designed for Hong Kong people who wantto plan for their retirement early. It offers broader flexibility and choice andfulfils growing demand for longer protection post-retirement, as the lifeexpectancy of Hong Kong people continues to increase," said Kelvin Yu, ChiefProduct Officer of FWD Hong Kong & Macau. "We also hope the extendedgrace period gives eligible customers extra peace of mind during theseuncertain times."
Flexible annuitycombination for better retirement arrangement
RetireFun provides choice and flexibility for people who want to eitherhave a long-term retirement plan with a longer annuity period or who want toplan an early retirement and want to receive annuity payments over a shorterperiod. Customers can also enjoy the option of receiving their annuity paymentas monthly cash payments or accumulating payments to earn interest without charges if that better suits their financialsituation.
Enhanced features -- longer premium graceperiod and death benefit settlement options
RetireFun enables customers to accumulate the savingsneeded to give them a retirement safety net. Given the current challenging economicenvironment, if the customer is unable to pay premiums due to their employmentstatus during the premium payment term of the plan while the policy is ineffect, they can choose to apply for an extension of the grace period forpremium payment of up to 365 days (inclusive of the original 30-day premiumgrace period).
Customers can also choose the deathbenefit settlement option for the payment of death benefit flexibly in the formof a lump sum payment or regular instalments (either annually or monthly), or amix of both if the insured has passed away.
Other benefitsand features of RetireFun include:
- The insured is eligible to claim a tax deduction onpremiums paid up to the amount of HK$60,000per tax assessment year
- No medical examination is required if the customers'total annualised premium amount of all annuity products with FWD does notexceed the aggregate per insured limit of US$875,000 (approx. HK$6.83 million)
- Customers can enjoy up to a 16% first year premiumdiscount if they apply for the plan from now until 30 November 2020
RetireFun isunderwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated inBermuda with limited liability) ("FWD"). The aboveinformation does not contain the full terms and benefits of the policy, keyproduct risks, and major exclusions. For details, terms and conditions ofRetireFun Deferred Annuity Plan please refer to the product brochure and policyprovisions downloadable at https://www.fwd.com.hk/en/save/retirefun-deferred-annuity-plan/.
 Age is based on the insured's age attheir next birthday.
 The total breakeven period of thepolicy refers to the number of years after policy inception such that the totalcash value of the policy is equal to the total premium paid. As the total cashvalue is non-guaranteed, the total breakeven period is non-guaranteed.
 Interest rate is not guaranteed.
 The tax-deductible limit is anaggregate of qualifying deferred annuity premiums and MPF tax-deductiblevoluntary contributions paid. The Actual tax deducted (if applicable) dependson the taxable income and tax rates of the applicant. Tax deduction is subjectto the latest rules and regulations of the Inland Revenue Department of HongKong Special Administrative Region from time to time. For details, please referto the website of the IRD (www.ird.gov.hk/eng) or contact IRD directly forany tax related enquiries.
 Terms and conditions apply.
About FWD Hong Kong & Macau
FWD Hong Kong offers life and medicalinsurance, general insurance, employee benefits, and financial planning. Itslife insurance and general insurance operating entities have been assignedstrong financial strength ratings by international rating agencies -- FWD LifeInsurance Company (Bermuda) Limited (incorporated in Bermuda with limitedliability) is rated "A3" by Moody's and "A" by Fitch; and FWD General InsuranceCompany Limited is rated "BBB+" by Fitch. FWD Macau provides a suite of lifeand medical insurance.
FWD Hong Kong & Macau is a part ofthe FWD Group, the insurance business of investment group, Pacific CenturyGroup. FWD Group spans Hong Kong & Macau, Thailand, Indonesia, thePhilippines, Singapore, Vietnam, Japan and Malaysia.
By creating fresh customer experiences witheasy-to-understand products supported by digital technology, FWD aims to becomea leading pan-Asian insurer that changes the way people feel about insurance.
For more information about FWD Hong Kong & Macau please visit WWW.FWD.COM.HK and WWW.FWD.COM.MO.