Retirement Planning Made Easy - 5 Steps to Compare QDAP from AIA, Manulife and Prudential
每逢稅季臨近，俗稱「扣稅年金」的合資格延期年金保單（QDAP）廣告鋪天蓋地。面對不同產品，大 ... >>
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Qualifying Deferred Annuity Policy (QDAP) satisfies the Insurance Authority (IA)’s criteria on premium, payment period, annuity income period and disclosures. The policyholder of QDAP can enjoy tax deductions on the premium paid. 10Life rates the products based on mainly the returns and income period, assuming the policyholder starts paying premium at age 45, receiving annuity income from age 65 to age 85. Aiming for medium to long retirement planning purpose.
We found QDAP (Retirement) product(s) matching your selected filters.
Sort by
10-year PremiumAge 65 Start20-year Annuity
| 9.5/10 | 2.5% | 3.8% | 12 |
10Life Rating Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details | Age 85 Guaranteed IRR Guaranteed Internal Rate of Return for death at age 85 | Age 85 Projected IRR Projected Internal Rate of Return for death at age 85 | Guaranteed Breakeven Year |
10-year PremiumAge 65 Start20-year Annuity
| 9.4/10 | 2.1% | 4.7% | 12 |
10Life Rating Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details | Age 85 Guaranteed IRR Guaranteed Internal Rate of Return for death at age 85 | Age 85 Projected IRR Projected Internal Rate of Return for death at age 85 | Guaranteed Breakeven Year |
10-year PremiumAge 65 Start10-year Annuity
| 9.4/10 | 2.5% | 4.0% | 12 |
10Life Rating Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details | Age 85 Guaranteed IRR Guaranteed Internal Rate of Return for death at age 85 | Age 85 Projected IRR Projected Internal Rate of Return for death at age 85 | Guaranteed Breakeven Year |
10-year PremiumAge 65 Start10-year Annuity
| 9.2/10 | 2.3% | 3.5% | 12 |
10Life Rating Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details | Age 85 Guaranteed IRR Guaranteed Internal Rate of Return for death at age 85 | Age 85 Projected IRR Projected Internal Rate of Return for death at age 85 | Guaranteed Breakeven Year |
10-year PremiumAge 65 Start10-year Annuity
| 9.2/10 | 2.0% | 4.6% | 12 |
10Life Rating Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details | Age 85 Guaranteed IRR Guaranteed Internal Rate of Return for death at age 85 | Age 85 Projected IRR Projected Internal Rate of Return for death at age 85 | Guaranteed Breakeven Year |
10-year PremiumAge 65 Start10-year Annuity
| 8.6/10 | 1.7% | 4.1% | 13 |
10Life Rating Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details | Age 85 Guaranteed IRR Guaranteed Internal Rate of Return for death at age 85 | Age 85 Projected IRR Projected Internal Rate of Return for death at age 85 | Guaranteed Breakeven Year |
10-year PremiumAge 65 Start20-year Annuity
| 8.5/10 | 1.7% | 4.2% | 17 |
10Life Rating Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details | Age 85 Guaranteed IRR Guaranteed Internal Rate of Return for death at age 85 | Age 85 Projected IRR Projected Internal Rate of Return for death at age 85 | Guaranteed Breakeven Year |
Limited offer
ManuLeisure Deferred Annuity - Enjoy up to 14% premium discount for the first 2 years in total
Product Highlights
- Save on tax while you save for retirement Enjoy tax deduction of up to HKD60,000¹ per taxpayer per year for qualifying deferred annuity premiums paid.
- A stable income stream for retirement Receive a monthly annuity income from the Annuity Start Age of your choice at age 55, 60, 65 or 70. Non-guaranteed terminal bonus is also available to support your financial journey.
- Be prepared with Critical Illness Advance Benefit Get advances of future guaranteed annuity income as immediate cash if the life insured is diagnosed with cancer, stroke or a heart attack during the annuity income period.
- No medical examination Applying couldn’t be easier. There’s no need for a medical examination or health questions.
- Flexible financial planning
Option to take a premium holiday for up to 2 years after the second policy anniversary.
1As of April 1, 2019, HKD60,000 is the maximum tax-deductible limit per year per taxpayer, which is the aggregate limit for qualifying deferred annuity premiums and MPF Tax Deductible Voluntary Contributions combined. For details on tax reduction, please consult with the Inland Revenue Department of HKSAR or a professional tax advisor.
Promotion offer
Apply for ManuLeisure Deferred Annuity and meet the designated requirements to enjoy up to 14% premium discount for the first 2 years in total!
Limited offer: From January 4, 2022 to March 31, 2022
Relevant information
Terms and conditions apply. Please refer to the product/promotional leaflet on the website for details.
The above information is provided by the advertiser to promote its products and services. 10Life Financial Limited will not be responsible for any liability arising from using the information and will not make warranty or guarantee on the accuracy, completeness and timeliness of the information or for any claims and / or losses caused thereby.
10-year PremiumAge 65 Start20-year Annuity
| 8.2/10 | 1.6% | 3.6% | 11 |
10Life Rating Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details | Age 85 Guaranteed IRR Guaranteed Internal Rate of Return for death at age 85 | Age 85 Projected IRR Projected Internal Rate of Return for death at age 85 | Guaranteed Breakeven Year |
9-year PremiumAge 65 Start20-year Annuity
| 8.2/10 | 1.5% | 4.3% | 10 |
10Life Rating Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details | Age 85 Guaranteed IRR Guaranteed Internal Rate of Return for death at age 85 | Age 85 Projected IRR Projected Internal Rate of Return for death at age 85 | Guaranteed Breakeven Year |
10-year PremiumAge 65 Start20-year Annuity
| 8.0/10 | 1.4% | 4.3% | 12 |
10Life Rating Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details | Age 85 Guaranteed IRR Guaranteed Internal Rate of Return for death at age 85 | Age 85 Projected IRR Projected Internal Rate of Return for death at age 85 | Guaranteed Breakeven Year |
We found QDAP (Retirement) product(s) matching your selected filters.
Sun Life | 永明金融
Foresight Deferred Annuity Plan
10Life Rating :
9.5/10
Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details
Age 85 Guaranteed IRR :
2.5%
Guaranteed Internal Rate of Return for death at age 85
Age 85 Projected IRR :
3.8%
Projected Internal Rate of Return for death at age 85
Guaranteed Breakeven Year :
12
YF Life | 萬通保險
MY Deferred Annuity
10Life Rating :
9.4/10
Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details
Age 85 Guaranteed IRR :
2.1%
Guaranteed Internal Rate of Return for death at age 85
Age 85 Projected IRR :
4.7%
Projected Internal Rate of Return for death at age 85
Guaranteed Breakeven Year :
12
Generali | 忠意保險
LionHarvest Pro Deferred Annuity
10Life Rating :
9.4/10
Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details
Age 85 Guaranteed IRR :
2.5%
Guaranteed Internal Rate of Return for death at age 85
Age 85 Projected IRR :
4.0%
Projected Internal Rate of Return for death at age 85
Guaranteed Breakeven Year :
12
Sun Life | 永明金融
Foresight Deferred Annuity Plan
10Life Rating :
9.2/10
Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details
Age 85 Guaranteed IRR :
2.3%
Guaranteed Internal Rate of Return for death at age 85
Age 85 Projected IRR :
3.5%
Projected Internal Rate of Return for death at age 85
Guaranteed Breakeven Year :
12
YF Life | 萬通保險
MY Deferred Annuity
10Life Rating :
9.2/10
Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details
Age 85 Guaranteed IRR :
2.0%
Guaranteed Internal Rate of Return for death at age 85
Age 85 Projected IRR :
4.6%
Projected Internal Rate of Return for death at age 85
Guaranteed Breakeven Year :
12
Chubb | 安達人壽
Chubb Gold Fortune Deferred Annuity Plan
10Life Rating :
8.6/10
Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details
Age 85 Guaranteed IRR :
1.7%
Guaranteed Internal Rate of Return for death at age 85
Age 85 Projected IRR :
4.1%
Projected Internal Rate of Return for death at age 85
Guaranteed Breakeven Year :
13
Manulife | 宏利
ManuLeisure Deferred Annuity
10Life Rating :
8.5/10
Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details
Age 85 Guaranteed IRR :
1.7%
Guaranteed Internal Rate of Return for death at age 85
Age 85 Projected IRR :
4.2%
Projected Internal Rate of Return for death at age 85
Guaranteed Breakeven Year :
17
Limited offer
ManuLeisure Deferred Annuity - Enjoy up to 14% premium discount for the first 2 years in total
Product Highlights
- Save on tax while you save for retirement Enjoy tax deduction of up to HKD60,000¹ per taxpayer per year for qualifying deferred annuity premiums paid.
- A stable income stream for retirement Receive a monthly annuity income from the Annuity Start Age of your choice at age 55, 60, 65 or 70. Non-guaranteed terminal bonus is also available to support your financial journey.
- Be prepared with Critical Illness Advance Benefit Get advances of future guaranteed annuity income as immediate cash if the life insured is diagnosed with cancer, stroke or a heart attack during the annuity income period.
- No medical examination Applying couldn’t be easier. There’s no need for a medical examination or health questions.
- Flexible financial planning
Option to take a premium holiday for up to 2 years after the second policy anniversary.
1As of April 1, 2019, HKD60,000 is the maximum tax-deductible limit per year per taxpayer, which is the aggregate limit for qualifying deferred annuity premiums and MPF Tax Deductible Voluntary Contributions combined. For details on tax reduction, please consult with the Inland Revenue Department of HKSAR or a professional tax advisor.
Promotion offer
Apply for ManuLeisure Deferred Annuity and meet the designated requirements to enjoy up to 14% premium discount for the first 2 years in total!
Limited offer: From January 4, 2022 to March 31, 2022
Relevant information
Terms and conditions apply. Please refer to the product/promotional leaflet on the website for details.
The above information is provided by the advertiser to promote its products and services. 10Life Financial Limited will not be responsible for any liability arising from using the information and will not make warranty or guarantee on the accuracy, completeness and timeliness of the information or for any claims and / or losses caused thereby.
FWD | 富衛
RetireFun Deferred Annuity Plan
10Life Rating :
8.2/10
Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details
Age 85 Guaranteed IRR :
1.6%
Guaranteed Internal Rate of Return for death at age 85
Age 85 Projected IRR :
3.6%
Projected Internal Rate of Return for death at age 85
Guaranteed Breakeven Year :
11
FTLife | 富通
Prosperous Deferred Annuity Plan 2
10Life Rating :
8.2/10
Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details
Age 85 Guaranteed IRR :
1.5%
Guaranteed Internal Rate of Return for death at age 85
Age 85 Projected IRR :
4.3%
Projected Internal Rate of Return for death at age 85
Guaranteed Breakeven Year :
10
AXA | 安盛
IncomeEnrich Deferred Annuity Plan
10Life Rating :
8.0/10
Overall Retirement Annuity Score is based on the guaranteed return, projected return and early surrender coverage. Details
Age 85 Guaranteed IRR :
1.4%
Guaranteed Internal Rate of Return for death at age 85
Age 85 Projected IRR :
4.3%
Projected Internal Rate of Return for death at age 85
Guaranteed Breakeven Year :
12
Further Readings
QDAP (Retirement) Frequently Asked Questions
What are the Insurance Authority (IA)’s criteria on QDAP?
- Minimum total premium of HK$180,000 and minimum premium payment period of 5 years
- Minimum annuity period of 10 years
- Annuity income to start at the age of 50 or above
- Disclosure of minimum to maximum Internal Rate of Return (IRR) of the product
- Clear presentation of the guaranteed and non-guaranteed annuity payment
- Clear separation of premium of all riders (e.g. critical illness, hospitalisation cash, etc.) from the QDAP premium
You may find the full details from GL19: Guideline on Qualifying Deferred Annuity Policy issued by IA.
How much is the tax saving?
Premium paid for QDAP is tax deductible up to a limit of HK$60,000 per year. The actual tax amount saved would depend on your marginal tax rate. For example, based on the prevailing highest tax rate of 17%, you may save up to $10,200 tax payable per year from buying QDAP.
What should I consider when choosing QDAP?
When choosing QDAP, policyholders can compare products in the five steps proposed by the Insurance Authority*:
*For further details, please visit the Insurance Authority website.
- Understand the policy structure
- Assess your personal needs
- Compare internal rates of return
- Look at the fulfillment ratio
- Pay attention to the surrender value
*For further details, please visit the Insurance Authority website.
Would the Inland Revenue Department (IRD) recover my tax deductions if I surrender my QDAP early?
Under current arrangements, early surrender of policy would not make the tax deductions recoverable by the IRD. However, if you cancel the policy during the cooling-off period and have your paid premium refunded, you would need to pay back any tax deductions made. For further details regarding tax deductions, please visit the IRD website.
What are guaranteed and projected internal rates of return? What is the difference between the two?
QDAP will accumulate the policyholder’s savings and convert into a stable income in the future. 10Life compares the returns of annuity products using Internal Rate of Return (IRR). Simply put, IRR can be understood as the annualised rate of return on investment.
According to the Insurance Authority, all QDAP product brochures must use a 45-year-old non-smoking male policyholder as an example to disclose the product IRRs. In addition, consumers can refer to the product brochure to understand the IRRs of the product under different payment periods, annuity start age and income periods.
IRRs can be guaranteed or projected. The guaranteed IRR is the return contractually guaranteed by the insurance company to the policyholder, while the projected IRR includes guaranteed and non-guaranteed returns. Non-guaranteed returns are affected by multiple factors such as the insurance company’s investment performance, profit sharing policy and the general economic environment, hence it is difficult to predict.
What is the shortest breakeven year of QDAP?
QDAP is a long-term insurance product. Consumers need to understand their ability to continue paying premium. As deferred annuities do not provide high liquidity especially in the early stage of the policy, policyholders should have other liquid funds to meet sudden needs. If the policyholder surrenders the policy early, the amount received may not cover the premium paid. The shortest guaranteed breakeven year of QDAP products currently in the market is 8 years.
What is fulfillment ratio?
The Insurance Authority requires insurance companies to disclose fulfillment ratios of products with non-guaranteed payouts. A fulfillment ratio of 100% means the insurance company has achieved its projected non-guaranteed payout. However, as QDAP products were first launched in 2019, it would take awhile till the first fulfillment ratios can be published.
Is the 10Life scoring methodology reliable?
10Life’s scoring methodology is open and transparent. It considers factors important to consumers. You can refer to the scoring methodology to understand the assumptions and considerations behind the scoring. The ratings and scores are for reference only, and do not constitute sales recommendations. Before purchasing products, you should understand your personal needs and analyse whether QDAP is suitable for you.
Remarks:
- Any premium displayed excludes insurance levy collected by the Hong Kong Insurance Authority.
- 10Life Product Comparison and 10Life Insurance Ratings are operated 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.
If you have any questions on 10Life Product Comparison and 10Life Insurance Ratings, please email us at enquiries@10Life.com.
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