10Life QDAP (Growth Income) Scoring Methodology

1. Overview

Guaranteed Return

Including the guaranteed annuity income, the score is based on the guaranteed cashflows up to retirement at age 85.

Projected Return

Including the projected annuity income, the score is based on the projected cashflows up to retirement at age 85.

Early Surrender Value

Based on the guaranteed cash value received upon surrendering the policy at specified years.

Insurer Fulfilment

The score is based on the dividend fulfilment by insurers reported in 2024.

2. Score Weighting

Score	Weighting
Guaranteed Return Score	25%
Projected Return Score	55%
Early Surrender Coverage Score	10%
Insurer Fulfilment Score	10%

3. Assumptions

Age 45 male
5- to 10- year premium payment period
Annual contribution USD 7,800 (equivalently HKD 60,000)
Annuity commencement: Age 60 / 65
Annuity period: 10 / 20 years or above 20 years
The policy either matures or remains in force when the policyholder reaches age 75.

4. Guaranteed Return Score

Insurers are obligated to pay the guaranteed income as a living benefit to the policyholder. 10Life calculates the guaranteed cash flow by considering the premium paid and guaranteed income in the scenario that the policyholder is alive at the age of 75 or age of 85.

10Life calculates the present value (PV) of income received versus premium paid discounted by the risk-free rates assuming the policy commences today. Risk-free rates of different currencies are determined by the long-term yields of the respective government bonds.

USD: United States Treasury Bonds
HKD: Hong Kong Exchange Fund Notes

The risk-free rates may be updated from time to time to reflect changes in the market.

The Guaranteed Return Score is calculated by the ratio of PV of income received and PV of premium paid, compared against the benchmark.

Ratio =	PV (Guaranteed income received at age 75 or age 85)	，using risk-free rate as discount factor
	PV (Premium paid)

5. Projected Return Score

Some products offer a non-guaranteed income for the policyholder in the policy projection, which is subject to change by the insurer. 10Life calculates the projected cash flow by considering the premium paid and projected income in the scenario that the policyholder is alive at the age of 75 or age of 85.

10Life calculates the present value (PV) of income received versus premium paid discounted by the market rates assuming the policy commences today. Risk-free rates of different currencies are determined by the long-term yields of the respective government bonds.

USD: United States Treasury Bonds
HKD: Hong Kong Exchange Fund Notes

We then use the Capital Asset Pricing Model (CAPM) to derive market rates of the respective currency. The risk-free rates and market risk assumptions may be updated from time to time to reflect changes in the market.

The Projected Return Score is calculated by the ratio of PV of income received and PV of premium paid, compared against the benchmark.

Ratio =	PV (Projected income received at age 75 or age 85)	，using market rate as discount factor
	PV (Premium paid)

6. Early Surrender Coverage Score

While the intended use of annuity insurance is not for early cash out, there may be cases where an urgent unexpected use of cash is required after purchasing the product. 10Life calculates the Early Surrender Coverage Score based on the guaranteed benefit per premium paid in the following scenarios:

Surrender at the 10th policy year
Surrender at the 20th policy year

Guaranteed benefit per premium paid is calculated by the following formula.

Guaranteed benefit per premium paid	=	(Guaranteed income received (if any) + Guaranteed cash value)
		Total premium paid

The Early Surrender Coverage Score is based on the average of these 2 scenarios.

7. Insurer Fulfilment Score and Fulfilment Ratio Insurer Details

Insurer Fulfillment Score is subject to the following factors:

Average fulfillment ratio
Distribution of fulfillment ratios
Experience factor

Last reviewed on Jan 2, 2026.

Disclaimer

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