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HSBC Income Goal Deferred Annuity Plan

A qualifying deferred annuity plan that provides a flexible accumulation and annuity period, with 5 or 10 years of tax-deductible premium payments

Retire worry-free with monthly income

Enjoy financial peace of mind in your retirement with a combination of payment and annuity options, and tax savingsFootnote link 1 on premiums paid during premium payment period.

HSBC Income Goal Deferred Annuity Plan is underwritten by HSBC Life, Hong Kong's no.1 provider of new annuity businessFootnote link 2, and certified by the Insurance Authority as a qualifying deferred annuity policy (QDAP).

What's best for your insurance needs? Get tailored guidance from our Insurance Specialists today.

Key benefits

Steady retirement income

For 10, 15, or 20 years, enjoy monthly annuity paymentsFootnote link 3 that include a non-guaranteed special bonusFootnote link 4, allowing you to accumulate interest. 

Tailor your plan to your needs

Choose from a stream of monthly payments or a retirement lump sum; freely switch any time during the annuity period 

Enjoy tax relief

You can apply for a tax deductionFootnote link 1 on premiums paid of up to HKD60,000 per assessment year. Learn more about tax-savings tips This link will open in a new window 

Special offer – Enjoy up to a total of 17.5%10 View footnote 10 off the annualised premium over the first 5 years

  • Enjoy total premium discount worth up to 17.5% of the annualised premium over the first 5 years, broken down as follows:
    - 1st policy year: up to 3.5% off
    - 2nd policy year: up to 3.5% off
    - 3rd policy year: up to 3.5% off
    - 4th policy year: up to 3.5% off
    - 5th policy year: up to 3.5% off
    Please note discount of premiums is not tax deductible. T&Cs apply This link will open in a new window.

How to apply

Eligibility

To apply for the HSBC Income Goal Deferred Annuity Plan, you'll need to meet both of these requirements:

  • be agedFootnote link 5 between 26 and 65, depending on the premium, accumulation and annuity period you select
  • meet our criteria for nationality (country/region/territory), address and residency—which are subject to change from time to time
 

The HSBC Income Goal Deferred Annuity Plan is a long-term participating life insurance product with a savings element underwritten by HSBC Life (International) Limited ("HSBC Life").  It is not equivalent or similar to a bank deposit. Policyholders are subject to HSBC Life's credit risk and early surrender loss.

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Get personalised support from our Insurance Specialists. Book a face-to-face appointment or meet with us over video.

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Contact your Premier Elite Director or Relationship Manager. HSBC Premier customers can also call us on (852) 2233 3322.

Find out more

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Enjoy both steady retirement income and medical coverage, while enjoying tax deduction of up to HKD68,000Footnote link 9!

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Important information for Qualifying Deferred Annuity Policy

  • Tax implication of Qualifying Deferred Annuity Policy (QDAP) – While this plan carries a Qualifying Deferred Annuity Policy (QADP) status, it does not guarantee that you will be eligible for a tax deduction on QDAP premiums you have paid. This plan's QDAP status is based on its product features and Insurance Authority (“IA”) certification – not necessarily your personal situation. Before you can claim any tax deductions, you must meet all eligibility requirements set out under the Inland Revenue Ordinance and follow guidance issued by the Inland Revenue Department (IRD) of Hong Kong SAR. Any general tax information provided is for your reference only, and you should not make any tax-related decisions based solely on such information. Please note that the actual tax benefits of this policy would depend on your personal tax position. There may not be tax deduction benefits if you are not subject to salaries tax and personal assessment in the relevant year of assessment. You should always consult with a professional tax advisor if you have any questions or doubts. Please note that the tax law, regulations and/or interpretations are subject to change and may affect any related tax benefits, including the eligibility criteria for a tax deduction. HSBC Life is not responsible for informing you about any changes in laws, regulations or interpretations, and how they may affect you. You can find more information about tax concessions applicable to QDAP on the IA website: www.ia.org.hk This link will open in a new window
  • Certification of Qualifying Deferred Annuity Policy (QDAP) – Please note that IA’s certification is not a recommendation or endorsement of the policy. It does not guarantee the commercial merits of the policy or its performance either. It does not mean that the policy is suitable for all policyholders, or that it is an endorsement of its suitability for any particular policyholder or class of policyholders. While the policy has been certified by the IA, it does not imply official recommendation. The IA does not take any responsibility for the contents of the offering documents of this policy, makes no representation as to its accuracy or completeness. The IA expressly disclaims any liability whatsoever for any loss arising from or reliant upon the whole or any part of the contents of the offering documents of this policy.
Notes
  1. Each taxpayer is allowed to claim a tax deduction for his or her qualifying deferred annuity premiums up to a maximum limit of HKD60,000 per tax assessment year, which is an aggregate of qualifying deferred annuity premiums and Mandatory Provident Fund (MPF) tax-deductible voluntary contributions. The amount is for illustrative purposes only. The actual amount of tax deductible and/or saving depends on the personal circumstances, and may be different from the amount illustrated. For details, please visit the website of the Inland Revenue Department (www.ird.gov.hk).
  2. HSBC Life is Hong Kong's no.1 provider of new annuity business in 2022 in terms of number on policies and premiums paid. Source: Annual Statistics for Long-term Business 2022 issued by the Insurance Authority (Individual Insurers' Statistics: Total Individual Annuity New Business).
  3. Monthly annuity payment means monthly guaranteed annuity payment and monthly non-guaranteed annuity payment, if any. The monthly non-guaranteed annuity payment is not guaranteed and is determined by us from time to time.
  4. The amount of the special bonus, if any, is not guaranteed and is subject to our absolute discretion.
  5. The age refers to the age the policyholder will be at his/her next birthday.
  6. The total premiums paid refers to the total amount of premiums due under your basic plan—whether or not actually paid—as of the date of death for the insured person. Please refer to the policy provisions for detailed terms and conditions.
  7. The additional accidental death benefit will terminate when the insured person reaches the ageFootnote link 5 of 80 or when the payment of this supplementary benefit has been paid out or the policy is terminated (whichever is earlier). Please refer to the policy provisions of the supplementary benefits for detailed terms and conditions of coverage and exceptions.
  8. Unemployment benefit is applicable to policyholders agedFootnote link 5 between 26 and 64 who hold a Hong Kong Identity Card. The benefit will terminate on the policy anniversary at which the policyholder attains the ageFootnote link 5 of 65 or all due premiums have been paid or your policy is terminated (whichever is the earliest). Please refer to the policy provisions of the supplementary benefits for detailed terms and conditions of coverage and exceptions.
  9. Each taxpayer is allowed to claim a tax deduction for his or her qualifying deferred annuity premiums up to a maximum limit of HKD60,000 per tax assessment year, which is an aggregate of qualifying deferred annuity premiums and Mandatory Provident Fund (MPF) tax-deductible voluntary contributions. In addition, each taxpayer who or whose spouse is the policyholder of a policy issued under a certified plan of Voluntary Health Insurance Scheme (VHIS) may claim tax deductions for the premiums paid up to HKD8,000 per insured person per tax assessment year. The amount of tax deduction in this example assumes a taxpayer paying premiums (excluding levy and discount) of HKD60,000 for qualifying deferred annuity policy (QDAP) and of HKD8,000 under VHIS per tax assessment year. The amounts are for illustrative purposes only. The actual amounts of tax deductible and/or saving depend on the personal circumstances, and may be different from the amounts illustrated. For details, please visit the website of the Inland Revenue Department (www.ird.gov.hk).

  10. Up to 17.5% off assumes a premium discount of 3.5% each year in policy year 1 to 5, accumulating to a total discount of 17.5% of annualised premium over first 5 years.  

Disclaimer 

HSBC Income Goal Deferred Annuity Plan is a long-term participating life insurance product with a savings element underwritten by HSBC Life (International) Limited (“HSBC Life”) which is authorised and regulated by the Insurance Authority ("IA") to carry on long-term insurance business in the Hong Kong SAR. Please refer to the product brochure for detailed features and the policy provisions for the detailed terms and conditions.

HSBC Life is incorporated in Bermuda with limited liability, and is one of the HSBC Group's insurance underwriting subsidiaries. The Hongkong and Shanghai Banking Corporation Limited ('HSBC') is registered in accordance with the Insurance Ordinance (Cap. 41 of the Laws of Hong Kong) as an agency of HSBC Life for the distribution of life insurance products in the Hong Kong Special Administrative Region. This product is a product of HSBC Life but not HSBC and it is intended only for sale through HSBC in the Hong Kong SAR. If the policyholder discontinues and / or surrenders the insurance plan in the early policy years, the amount of the benefit he / she will get back may be considerably less than the amount of the premium he / she has paid. Your benefit is subject to the credit risk of HSBC Life. If the policyholder discontinues and / or surrenders the insurance plan in the early policy years, the amount of the benefit he / she will get back may be considerably less than the amount of the premium he / she has paid. Your premiums paid will form part of HSBC Life's assets. You do not have any rights or ownership over any of those assets. Your recourse is against HSBC Life only.

In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between HSBC and you out of the selling process or processing of the related transaction, HSBC is required to enter into a Financial Dispute Resolution Scheme process with you; however, any dispute over the contractual terms of the above insurance product should be resolved between HSBC Life and you directly.