Hong Kong, 5 November 2020 – FWD Hong Kong (‘FWD’) has launched the RetireFun Deferred Annuity Plan (‘RetireFun’), a Qualifying Deferred Annuity Policy (‘QDAP’) that offers enhanced flexibility and choice for customers.
With an option of either a 5- or 10-year premium payment term, customers can now start flexibly building retirement reserves that cater to their own circumstances. They can also select an annuity period of 10 or 20 years starting from as early an age as 511 while also giving a breakeven period of as short as 8 years2. RetireFun also offers an extended grace period of up to 365 days on premium payments if customers are unable to pay due to their employment status. A death benefit for life protection with several benefit settlement options is also available.
"RetireFun is designed for Hong Kong people who want to plan for their retirement early. It offers broader flexibility and choice and fulfils growing demand for longer protection post-retirement, as the life expectancy of Hong Kong people continues to increase,” said Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau. “We also hope the extended grace period gives eligible customers extra peace of mind during these uncertain times."
Flexible annuity combination for better retirement arrangement
RetireFun provides choice and flexibility for people who want to either have a long-term retirement plan with a longer annuity period or who want to plan an early retirement and want to receive annuity payments over a shorter period. Customers can also enjoy the option of receiving their annuity payment as monthly cash payments or accumulating payments to earn interest3 without charges if that better suits their financial situation.
Enhanced features – longer premium grace period and death benefit settlement options
RetireFun enables customers to accumulate the savings needed to give them a retirement safety net. Given the current challenging economic environment, if the customer is unable to pay premiums due to their employment status during the premium payment term of the plan while the policy is in effect, they can choose to apply for an extension of the grace period for premium payment of up to 365 days (inclusive of the original 30-day premium grace period).
Customers can also choose the death benefit settlement option for the payment of death benefit flexibly in the form of a lump sum payment or regular instalments (either annually or monthly), or a mix of both if the insured has passed away.
Other benefits and features of RetireFun include:
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