Annuity Income Till Age 100 - Comparing QDAP Returns

Estimated reading time 7 minutes

10Life Team

11 Mar 2022
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10Life Team

11 Mar 2022

Estimated reading time 7 minutes

香港人均壽命愈來愈長,不少人忽視長壽帶來的風險,包括將面對與日俱增的醫療和日常生活開支,若自以為未必如此長壽,甚至心存「到時再算」的想法,年老時可能大失預算。市面上便有3款俗稱「扣稅年金」的合資格延期年金保單(QDAP),只要投保人於人生早段時期供款,讓資金滾存,壽命愈長,所領取的年金收入總額便一直增加,直至100歲。
 
根據政府統計處數據,男性平均預期壽命由1986年的74.1歲增加至2020年的82.9歲(見表),女性亦由同期的79.4歲增加至88歲,兩者有繼續上升的趨勢。


 資料來源: 政府統計處(最後更新 2021年11月)
 
醫療開支日增  長壽或不幸成為風險
 
「長命百歲」在傳統華人社會實屬好事,既可享受一生辛勞後的成果,又可在悠悠歲月中尋覓自己興趣、陪伴親友,見證世界變遷。
 
不過,因為通脹、醫療開支日增等原因,長壽或成為一種風險,不少人的退休規劃未必計算至85歲、100歲、甚至是更長的壽命,面對「突如其來」的長壽,從而帶來的額外醫療或日常生活開支,隨時令人措手不及。
 
市面上便有3款對沖長壽風險的扣稅年金,投保之後,最快可於60歲至65歲開始領取年金收入,直至最少100歲,變相自製長糧,為投保人在年老時提供多一份穩定收入,應付額外開支。
 
表:以45歲非吸煙男性供款10年、總供款額125,000美元為例
比較對沖長壽風險為目的之扣稅年金

合資格延期年金保單

入息期

保證入息(美元)

預期入息(美元)

保證每年入息

至100歲
保證總入息

總入息
佔已繳總保費

總入息
佔扣稅後已繳總保費#

預期首年入息

至100歲
預期總入息

預期總入息
佔已繳總保費

預期總入息
佔扣稅後已繳總保費1

中銀人壽
延期年金計劃(終身)

60歲至終身

6,012

240,466

192%

215%

9,889

395,574

316%

353%

安達人壽
靈「活」延期年金計劃

65歲至100歲

8,193

286,746

229%

256%

10,734

480,836

385%

430%

永明金融
豐碩延期年金計劃

65歲至100歲

8,012

280,411

224%

251%

10,232

444,464

356%

397%

註:
1.扣稅年金免稅額上限為6萬港元,扣稅額以目前香港最高稅階的17%稅率進行計算,每年可節省稅款10,200港元。個人的扣稅率及可節省的稅款額需視乎其收入、所享有的扣除額及免稅額、以及合資格延期年金保費或可扣稅自願性供款金額等多個因素而定。
2.資料截至2022年3月7日
 
計及扣稅效應100歲時  總入息為總保費逾兩倍
 
假設投保人是45歲非吸煙的男性,供款期為10年,每年供款為12,500美元,總供款則為125,000美元。上表中,3款產品的年金保證回本年均為36年,意即投保人81歲時便可回本。
 
3款產品在100歲時的保證總入息介乎240,466美元至286,746美元,為已繳總保費的1.92倍至2.29倍。另外,扣稅年金顧名思義可申請扣稅,以目前香港最高稅階的17%稅率計算,每人每年最終可慳稅10,200港元,總入息佔扣稅後已繳總保費最多可至逾2.5倍。
 
值得留意,安達人壽靈「活」延期年金計劃永明金融豐碩延期年金計劃由65歲才開始領取年金,並直至100歲;至於中銀人壽延期年金計劃(終身)則由60歲開始領取,並直至終身,意味即使領取人年逾百歲,例如是105歲、110歲,亦可一直領取年金收入,領取人壽命愈長,愈能發揮這項產品的威力,保證內部回報率(IRR)亦會隨之上升。
 
表:以45歲非吸煙男性供款10年、總供款額125,000美元為例
比較對沖長壽風險為目的之扣稅年金內部回報率
 

合資格延期年金保單

保證內部回報率

預期內部回報率

於100歲時身故

計入扣稅1

於100歲時身故

計入扣稅1

中銀人壽
延期年金計劃(終身)

2.3%

2.7%

4.3%

4.8%

安達人壽
靈「活」延期年金計劃

2.7%

3.1%

4.3%

4.7%

永明金融
豐碩延期年金計劃

2.6%

3.0%

4.1%

4.4%

註:
1.扣稅年金免稅額上限為6萬港元,扣稅額以目前香港最高稅階的17%稅率進行計算,每年可節省稅款10,200港元。個人的扣稅率及可節省的稅款額需視乎其收入、所享有的扣除額及免稅額、以及合資格延期年金保費或可扣稅自願性供款金額等多個因素而定。
2.資料截至2022年3月7日

 
100歲時保證回報至少2.3%  宜留意退保保證回本率
 
以100歲時身故的回報為例,三款產品的保證IRR最少達到2.3%,最高則為2.7%;預期IRR最少達4.1%,最高為4.3%。若計及扣稅效應,保證及預期IRR最高可分別達到3.1%及4.8%。中銀人壽延期年金計劃(終身)在100歲後可繼續領取年金,105歲時身故的保證IRR亦提升至2.5%。
 
除了總入息及回報,不妨留意長壽年金的早期退保保障,以防因為財務流動性問題,迫不得已提早退保。於投保後10年退保計,3款產品的保證回本率介乎87.8%至97.5%,至於不幸於投保後10年身故,保證回本率亦至少達100%,提供了一定保障。
 
香港年金同樣「保終身」  惟未有扣稅功能
 
談到「保終身」的年金,很多人會留意到由政府成立的香港年金公司推出的「香港年金」。但「香港年金」屬於即期年金,在準退休階段一繳付保費即可展開年金期,而且不能扣稅;扣稅年金則可以於較年輕時候展開儲蓄。
 
「香港年金」最低一筆過保費為50,000港元,最高則為3,000,000港元,只要持有香港永久性居民身份證及60歲或以上,才可以投保。假設男性投保人於65歲時買入「香港年金」,總供款為1,000,000元,80歲左右便可以回本,於100歲身故時的保證IRR達到6.39%。
 
最後,消費者可以配合退休後的規劃、生活水平及財務狀況,來揀選合適的領取年齡與供款金額等。如果想知道更多揀選扣稅年金的技巧,不妨留意扣稅年金懶人包,輕鬆以「5步曲」籌劃退休。
 
註:
1.本文由10Life從不同途徑搜集市場資料製作而成,僅供一般參考之用,並沒有考慮任何個人需要及合適性,亦不應被視為銷售建議。投保前應與持牌保險顧問商討適合自己的保險方案,並以保險公司提供的資料為準。
2.以上保費資料更新至 2022年3月7日,並未包括保險業監管局收取的保費徵費。
3.本文最後更新日期:2022年3月7日

Disclaimer

10Life Product Comparison and 10Life Insurance Ratings are developed by 10Life Financial Limited, an authorised insurance broker with Insurance Authority License Number FB1526. 10Life Product Comparison and 10Life Insurance Ratings are developed for generic customer segments using mathematical calculations based on product information, facts and data, and are not influenced by any partnerships with or fees received from insurance companies.  

Any information on 10Life Platform ("10Life Information"), including but not limited to Product Comparison, Product Ratings, Blog Articles are intended for general education purpose and reference only and should not be constituted as any insurance, financial, investment or other professional advice or solicitation to buy insurance, financial or investment products. 10Life Information does not take into account your individual needs. Reading 10Life Information should not be considered as conducting a suitability assessment. You should only rely on information authorised by insurance companies and/or seek independent advice from licensed intermediaries before purchasing any insurance products or making any insurance decisions. While best effort is used when collecting, validating and updating 10Life Information from various channels, none of 10Life Group and its subsidiaries, affiliates, agents, directors, officers and employees will be responsible for any liability arising from using 10Life Information or for any claims and/or losses caused thereby, and no warranty or guarantee is made on the accuracy, completeness and timeliness of the information.

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