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The HKMC Annuity Plan
Offers a lifelong guaranteed income to provide you a worry-free retirement journey.
Immediate Benefit
Receive annuity payments from next month
Guaranteed Income
A fixed monthly amount guaranteed
Lifetime Promise
Secure a lifelong income
HKMC Annuity Plan Overview
Insurance company
HKMC Annuity Limited (Wholly owned by the Exchange Fund1)
Eligibility
Hong Kong permanent residents aged 60 or above
Premium payment
Single premium
Premium
HK$50,000 - HK$5,000,0002
Benefit term and annuity income period
Whole-life
Death Benefit
Monthly payment until the Guaranteed Period ends / Lump sum payment
Special withdrawal arrangement
Withdraw up to 100% of the remaining balance of the premium paid3 to cover medical-related expenses. The maximum lifetime withdrawal limit for each insured is HK$1,000,0004.
Guaranteed Monthly Annuity Payment
(Based on a HK$1,000,000 single premium)
5,100
6.1% Annuity payout rate6
Age at application5
4,700
5.6% Annuity payout rate6
Myth 1
The HKMC Annuity Plan just pays out from my own savings. How can it help me?
You may run out of money anytime if you live off your savings only.
The HKMC Annuity Plan provides you with a guaranteed monthly income for life without an upper age limit.
Myth 2
If my time comes earlier, will I get less than the premium I paid?
The HKMC Annuity Plan guarantees “breakeven”7
Total annuity payments received8 and Death Benefit (if applicable)
Premium Paid
Let your fruitful retirement journey begins
Contact us to find out more!
More product and company details
Remarks
- HKMC Annuity Limited is a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited which is wholly owned by the Hong Kong Special Administrative Region Government through the Exchange Fund.
- The minimum premium per policy is HK$50,000, while the maximum individual premium cap per insured is HK$5,000,000.
- Regardless of how many policy(ies) issued by HKMC Annuity Limited the insured owns, such a withdrawal can only be made once in the insured’s lifetime. The insured must submit one single application for all the medical and dental expenses in respect of the insured for all policies issued by HKMC Annuity Limited whether in respect of one or more than one medical and dental treatment / examination. Once a single application has been made and accepted by HKMC Annuity Limited, no other application will be accepted.
- The aggregate withdrawal limit of HK$1,000,000 is the total maximum amount that may be withdrawn for medical and dental expenses once in the insured’s lifetime for all the policies issued by HKMC Annuity Limited in respect of the same insured. If a single application has been made and accepted by HKMC Annuity Limited, and the special withdrawal amount as specified in the application is less than HK$1,000,000, then the insured will only be entitled to receive the specified special withdrawal amount approved for the application. HKMC Annuity Limited will not accept further application for special withdrawal of the balance in respect of any medical and dental expenses not submitted and approved for the single application.
- Age last birthday of the insured at application.
- Annuity payout rate, as annuity rate, is calculated as follows: Guaranteed Monthly Annuity Payment x 12 / premium x 100%. Assuming a 60-year-old female applies for the HKMC Annuity Plan with HK$1,000,000 and the Guaranteed Monthly Annuity Payment is HK$4,700, the annuity payout rate would be 5.6% (HK$4,700 x 12 / HK$1,000,000 x 100%). If partial surrender or special withdrawal has been made, the subsequent guaranteed monthly annuity payments will be reduced.
- Assume no partial or full surrender has been made under the policy.
- The total annuity payments received is the cumulative Guaranteed Monthly Annuity Payments received up to the date the death claim application is received by HKMC Annuity Limited.
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The promotion is subject to terms and conditions.
