BOC Life Deferred Annuity (Fixed Term)

Product Features Basic Eligibility Requirements Illustrative Example Simple Steps to Enroll

BOC Life Deferred Annuity
(Fixed Term)
(Apply via mobile banking)

BOC Life Deferred Annuity
(Fixed Term)(Apply via mobile banking)
Product Type: Life Insurance
Insurer: BOC Group Life Assurance Company Limited

Own your retirement

BOC Life Deferred Annuity (Fixed Term) (“the Plan”) is a qualifying deferred annuity plan certified by the Insurance Authority (“IA”) under which Policy Owners who are annuitants¹ may enjoy tax deduction².
The Plan offers secure financial planning and life protection. You may enjoy 10 years Guaranteed Monthly Annuity Income⁴ upon 5 Years Premium Payment³. Generate passive income at earlier stage!
The Plan is available for application via mobile banking.

5 years’ premium payment³, 10 years 100% Guaranteed Monthly Annuity Income⁴

Automatically Payout Monthly and Withdraw at Any Time^4,5

Annualized Guaranteed Internal Rate of Return upon policy maturity: Guaranteed 1.73% - 3.30%⁶

Learn more

Select Your Desired Policy Currency for Annual / Monthly Payment³

USD / HKD / RMB Available
Monthly Premium from HKD3,500 Only

Provide Life Protection

Provide Death Benefit⁷

Eligible for tax deduction²

No Medical Examination
Easy to Apply via Mobile Banking

Process enrolment and premium payment online via mobile banking in one go

Please refer to the product leaflet and policy provisions for the details of the Plan.

Before application, please read and understand the related Product Information, Policy Terms and all other relevant document and information carefully.

The Annualized Guaranteed Internal Rate of Return Upon Policy Maturity⁶

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Policy Term

15 years

20 years

25 years

30 years

Premium Payment Mode

Annual Payment

Monthly Payment

Annual Payment

Monthly Payment

Annual Payment

Monthly Payment

Annual Payment

Monthly Payment

Policy Currency

USD

3.10%

2.70%

3.20%

2.96%

3.30%

3.13%

3.30%

3.17%

HKD

3.10%

2.70%

3.20%

2.96%

3.30%

3.13%

3.30%

3.17%

RMB

2.18%

1.73%

2.38%

2.11%

2.10%

1.90%

2.00%

1.85%

Note: The above minimum to maximum annualized guaranteed internal rates of return upon policy maturity are rounded to 2 decimal places and are for illustrative purposes only. Please refer to the illustration summaries of the proposal for details.

Basic Eligibility Requirements

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Premium Payment Period

5 years

Policy Term

15 years

20 years

25 years

30 years

Issue Age

Age 45 to 64

Age 40 to 64

Age 35 to 50

Age 30 to 50

Annuity Income Commencement Age

Age 50 to 69

Age 50 to 74

Age 50 to 65

Age 50 to 70

Annuity Income Period

10 years starting from the 1st Monthiversary after the 5th Policy Anniversary

10 years starting from the 1st Monthiversary after the 10th Policy Anniversary

10 years starting from the 1st Monthiversary after the 15th Policy Anniversary

10 years starting from the 1st Monthiversary after the 20th Policy Anniversary

Income Payout Option

Cash out^4,5

Policy Currency

USD / HKD / RMB

Premium Payment Mode³

Annual / Monthly
(Direct payment from BOCHK e-Banking account)

Note: The Plan is only available to the holders of BOCHK e-Banking (mobile banking) account for application in Hong Kong. Applicants must be holders of Hong Kong Permanent Identity Card and aged between 30 and 64.

Illustrative Example

Product’s Illustrative Example Video
(Chinese version only)

Age of proposed Policy Owner and proposed Insured

45 (male, non-smoking)

Premium Payment Period

5 Years

Premium Payment Mode

Annual

Policy Currency

USD

HKD

RMB

Annual Premium

5,000

40,000

Total Premiums

25,000

200,000

Policy Term: 15 years

Total Premiums

USD
25,000

HKD
200,000

RMB
200,000

Guaranteed Monthly Annuity Income

USD
266

HKD
2,124

RMB
1,979

At Policy Maturity

The Annualized Guaranteed Internal Rate of Return⁶

3.10%

2.18%

Total Guaranteed Monthly Annuity Income Received

USD
31,866

HKD
254,928

RMB
237,504

Policy Term: 20 years

Total Premiums

USD
25,000

HKD
200,000

RMB
200,000

Guaranteed Monthly Annuity Income

USD
313

HKD
2,505

RMB
2,260

At Policy Maturity

The Annualized Guaranteed Internal Rate of Return⁶

3.20%

2.38%

Total Guaranteed Monthly Annuity Income Received

USD
35,578

HKD
300,624

RMB
271,200

Policy Term: 25 years

Total Premiums

USD
25,000

HKD
200,000

RMB
200,000

Guaranteed Monthly Annuity Income

USD
373

HKD
2,984

RMB
2,422

At Policy Maturity

The Annualized Guaranteed Internal Rate of Return⁶

3.30%

2.10%

Total Guaranteed Monthly Annuity Income Received

USD
44,760

HKD
358,080

RMB
290,592

Policy Term: 30 years

Total Premiums

USD
25,000

HKD
200,000

RMB
200,000

Guaranteed Monthly Annuity Income

USD
439

HKD
3,510

RMB
2,627

At Policy Maturity

The Annualized Guaranteed Internal Rate of Return⁶

3.30%

2.00%

Total Guaranteed Monthly Annuity Income Received

USD
52,650

HKD
421,200

RMB
315,264

Notes: The percentages in the above example are rounded to 2 decimal places whilst the figures of Guaranteed Monthly Annuity Income and Total Guaranteed Monthly Annuity Income Received in the above example are rounded up to the nearest whole number and are for illustrative purposes only. Please refer to the illustration summaries of the proposal for details. The figures in the illustrative examples do not include levy and premium discount (if any). Please note that the above annualized guaranteed internal rate of return⁶ assumes premium is paid annually. The annualized guaranteed rate of return⁶ will be lower for other non-annual payment options. Please refer to the section of “The Annualized Guaranteed Internal Rate of Return⁶ Upon Policy Maturity” for the return of non-annual payment.
The above example assumes that all premiums are paid in full when due with no partial surrender is made.

Simple Application on the BOCHK Mobile Banking App

Application Flow Demonstration Video (Chinese version only)

1Log in to BOCHK Mobile Banking and Select "Deferred Annuity Plan" in the "Insurance" menu
For new customers, please open a BOCHK account first (click here for details)
Download "BOCHK Mobile Banking" > click "Open Account"

Log in to BOCHK Mobile Banking and Select "Deferred Annuity Plan" in the "Insurance" menu For new customers, please open a BOCHK account first (click here for details) Download "BOCHK Mobile Banking" > click "Open Account"

Enrolment and Premium Payment are processed via Mobile Banking in one go

Download Mobile Banking

BOCHK

Download APK

Quote and Apply

Online Enquiry

Enquire Now

Insurance Hotline +852 3669 3003

The Policy Owner is subject to the credit risk of BOC Life. If the Policy Owner 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. Past, current, projected and / or potential benefits and / or returns (e.g. interests) presented herein are not guaranteed and are for illustrative purposes only. The actual future amounts of benefits and / or returns may be lower than or higher than the currently quoted benefits and / or returns.

Remarks:

The annuitant means an individual being entitled to receive the Guaranteed Monthly Annuity Income payable under the basic plan. The annuitant is the Policy Owner of this policy. The Policy Owner and the Insured of this Policy must also be the same individual.
The Plan is a qualifying deferred annuity plan that has been certified by the Insurance Authority (“IA”). The aggregate annual tax deductible limit for qualifying deferred annuity premiums and tax deductible MPF voluntary contributions is HKD60,000, and the Policy Owner (as taxpayer) may claim deductions under salaries tax and personal assessment. Please note that the Qualifying Deferred Annuity Policy (“QDAP”) status of this product does not necessarily mean you are eligible for tax deduction available for QDAP premiums paid. This product’s QDAP status is based on the features of the product as well as certification by the IA and not the facts of your own situation. You must also meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department of HKSAR before you can claim these tax deductions. Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. You should always consult with a professional tax advisor if you have any doubts. Please note that the tax law, regulations or interpretations are subject to change and may affect related tax benefits including the eligibility criteria for tax deduction. BOC Life does not take any responsibility to inform you about any changes in the laws and regulations or interpretations, and how they may affect you. Further information on tax concessions applicable to QDAP may be found at the website of IA www.ia.org.hk and website of Inland Revenue Department of HKSAR www.ird.gov.hk. Certification by IA is only an indication that the product complies with the criteria set out by IA. It is not a recommendation or endorsement of the policy nor does it guarantee the commercial merits of the policy or its performance. It does not mean the policy is suitable for all Policy Owners nor is it an endorsement of its suitability for any particular Policy Owner or class of Policy Owners. The policy has been certified by the IA but such certification does not imply official recommendation. The IA does not take any responsibility for the contents of the product brochure of the policy, makes no representation as to its accuracy or completeness, expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the product brochure of the policy.
Prepayment for interest earning is not applicable to the Plan that is applied via mobile banking. You may contact the branch staff of BOCHK for the qualifying deferred annuity plans with premium deposit account available where necessary.
Cash out option for the Guaranteed Monthly Annuity Income will be the default option of your policy while you may choose to accumulate the same in the policy for interest after policy issuance. If you receive the Guaranteed Monthly Annuity Income by default cash out option, you can even choose to receive the annuity income by transferring the same to your BOCHK account directly. Quick and easy! The accumulated Guaranteed Monthly Annuity Income and / or interest accrued thereon (if any) withdrawn under any circumstances will no longer be accumulated as part of the total cash value and the total Death Benefit of the policy. The total cash value, the surrender value and the total Death Benefit of the policy will be reduced accordingly. For details, please refer to the benefit illustration summary of the policy and contact BOC Life for enquiry.
If you wish to accumulate the Guaranteed Monthly Annuity Income with BOC Life, you may submit an application to BOC Life after the policy is effected. The annual interest rate for the accumulation of Guaranteed Monthly Annuity Income is not guaranteed and may be changed from time to time. Past performance is not indicative of future performance. The actual amount received may be higher or lower than the estimated amount. BOC Life reserves the right to change them from time to time.
The annualized guaranteed internal rate of return at policy maturity is calculated based on the Guaranteed Monthly Annuity Income payable and assuming that (i) you choose to cash out all the Guaranteed Monthly Annuity Income monthly on time when they are payable at each Monthiversary during the Annuity Income Period, (ii) levy and premium discount (if any) are not included, and (iii) all premiums are paid in full when due. If you cancel the policy before the end of the policy term, the actual annualized guaranteed internal rate of return will be lower than expected, and the sum of the surrender value and the Guaranteed Monthly Annuity Income withdrawn may be less than the total premiums you have paid. These percentages are rounded to 2 decimal places, and depend on your chosen policy term, policy currency and premium payment mode.
The Plan provides life protection. In the unfortunate event that the Insured passes away while the policy is in force, the Plan will provide the Death Benefit. Death Benefit is equal to (i) the higher of: (a) the Guaranteed Cash Value as at the date of death; or (b) 110% of Total Premiums Paid as at the date of death (subject to a maximum of 100% of Total Premiums Paid at the relevant time plus the following amount) less all the Guaranteed Monthly Annuity Income distributed, (I) HKD100,000 (if the policy currency is denominated in HKD); or (II) USD12,500 (if the policy currency is denominated in USD); or (III) RMB78,125 (if the policy currency is denominated in RMB), if the Insured dies before the 2nd Policy Anniversary; or (I) HKD300,000 (if the policy currency is denominated in HKD); or (II) USD37,500 (if the policy currency is denominated in USD); or (III) RMB234,375 (if the policy currency is denominated in RMB), if the Insured dies on or after the 2nd Policy Anniversary; plus (ii) any accumulated Guaranteed Monthly Annuity Income and any interest accrued thereon; less (iii) any outstanding premiums. “Total Premiums Paid” means the total premiums paid for the basic plan. Premium discount (if any) will not be taken into account when calculating the Death Benefit. If the Insured is covered by more than one policy under the Plan issued by BOC Life, please refer to the provisions issued by BOC Life for details of the Death Benefit payable.
You are allowed to apply for more than one policy of the Plan, while the aggregate of the total annualized premium of all policies under the Plan (only including the policies that are applied via mobile banking) for each Insured should not exceed HKD500,000 / RMB500,000 / USD67,000.

The annuitant means an individual being entitled to receive the Guaranteed Monthly Annuity Income payable under the basic plan. The annuitant is the Policy Owner of this policy. The Policy Owner and the Insured of this Policy must also be the same individual.
The Plan is a qualifying deferred annuity plan that has been certified by the Insurance Authority (“IA”). The aggregate annual tax deductible limit for qualifying deferred annuity premiums and tax deductible MPF voluntary contributions is HKD60,000, and the Policy Owner (as taxpayer) may claim deductions under salaries tax and personal assessment. Please note that the Qualifying Deferred Annuity Policy (“QDAP”) status of this product does not necessarily mean you are eligible for tax deduction available for QDAP premiums paid. This product’s QDAP status is based on the features of the product as well as certification by the IA and not the facts of your own situation. You must also meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department of HKSAR before you can claim these tax deductions. Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. You should always consult with a professional tax advisor if you have any doubts. Please note that the tax law, regulations or interpretations are subject to change and may affect related tax benefits including the eligibility criteria for tax deduction. BOC Life does not take any responsibility to inform you about any changes in the laws and regulations or interpretations, and how they may affect you. Further information on tax concessions applicable to QDAP may be found at the website of IA www.ia.org.hk and website of Inland Revenue Department of HKSAR www.ird.gov.hk. Certification by IA is only an indication that the product complies with the criteria set out by IA. It is not a recommendation or endorsement of the policy nor does it guarantee the commercial merits of the policy or its performance. It does not mean the policy is suitable for all Policy Owners nor is it an endorsement of its suitability for any particular Policy Owner or class of Policy Owners. The policy has been certified by the IA but such certification does not imply official recommendation. The IA does not take any responsibility for the contents of the product brochure of the policy, makes no representation as to its accuracy or completeness, expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the product brochure of the policy.
Prepayment for interest earning is not applicable to the Plan that is applied via mobile banking. You may contact the branch staff of BOCHK for the qualifying deferred annuity plans with premium deposit account available where necessary.
Cash out option for the Guaranteed Monthly Annuity Income will be the default option of your policy while you may choose to accumulate the same in the policy for interest after policy issuance. If you receive the Guaranteed Monthly Annuity Income by default cash out option, you can even choose to receive the annuity income by transferring the same to your BOCHK account directly. Quick and easy! The accumulated Guaranteed Monthly Annuity Income and / or interest accrued thereon (if any) withdrawn under any circumstances will no longer be accumulated as part of the total cash value and the total Death Benefit of the policy. The total cash value, the surrender value and the total Death Benefit of the policy will be reduced accordingly. For details, please refer to the benefit illustration summary of the policy and contact BOC Life for enquiry.
If you wish to accumulate the Guaranteed Monthly Annuity Income with BOC Life, you may submit an application to BOC Life after the policy is effected. The annual interest rate for the accumulation of Guaranteed Monthly Annuity Income is not guaranteed and may be changed from time to time. Past performance is not indicative of future performance. The actual amount received may be higher or lower than the estimated amount. BOC Life reserves the right to change them from time to time.
The annualized guaranteed internal rate of return at policy maturity is calculated based on the Guaranteed Monthly Annuity Income payable and assuming that (i) you choose to cash out all the Guaranteed Monthly Annuity Income monthly on time when they are payable at each Monthiversary during the Annuity Income Period, (ii) levy and premium discount (if any) are not included, and (iii) all premiums are paid in full when due. If you cancel the policy before the end of the policy term, the actual annualized guaranteed internal rate of return will be lower than expected, and the sum of the surrender value and the Guaranteed Monthly Annuity Income withdrawn may be less than the total premiums you have paid. These percentages are rounded to 2 decimal places, and depend on your chosen policy term, policy currency and premium payment mode.
The Plan provides life protection. In the unfortunate event that the Insured passes away while the policy is in force, the Plan will provide the Death Benefit. Death Benefit is equal to (i) the higher of: (a) the Guaranteed Cash Value as at the date of death; or (b) 110% of Total Premiums Paid as at the date of death (subject to a maximum of 100% of Total Premiums Paid at the relevant time plus the following amount) less all the Guaranteed Monthly Annuity Income distributed, (I) HKD100,000 (if the policy currency is denominated in HKD); or (II) USD12,500 (if the policy currency is denominated in USD); or (III) RMB78,125 (if the policy currency is denominated in RMB), if the Insured dies before the 2nd Policy Anniversary; or (I) HKD300,000 (if the policy currency is denominated in HKD); or (II) USD37,500 (if the policy currency is denominated in USD); or (III) RMB234,375 (if the policy currency is denominated in RMB), if the Insured dies on or after the 2nd Policy Anniversary; plus (ii) any accumulated Guaranteed Monthly Annuity Income and any interest accrued thereon; less (iii) any outstanding premiums. “Total Premiums Paid” means the total premiums paid for the basic plan. Premium discount (if any) will not be taken into account when calculating the Death Benefit. If the Insured is covered by more than one policy under the Plan issued by BOC Life, please refer to the provisions issued by BOC Life for details of the Death Benefit payable.
You are allowed to apply for more than one policy of the Plan, while the aggregate of the total annualized premium of all policies under the Plan (only including the policies that are applied via mobile banking) for each Insured should not exceed HKD500,000 / RMB500,000 / USD67,000.

BOC Life Deferred Annuity (Fixed Term) (“the Plan”) is underwritten by BOC Group Life Assurance Company Limited (“BOC Life”). Bank of China (Hong Kong) Limited ("BOCHK") is the major insurance agency appointed by BOC Life.
BOC Life is authorised and regulated by Insurance Authority to carry on long term business in the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”).
BOCHK is granted an insurance agency licence under the Insurance Ordinance (Cap. 41 of the Laws of Hong Kong) by Insurance Authority in Hong Kong. (Insurance agency licence no. FA2855)
BOC Life reserves the right to decide at its sole discretion to accept or decline any application for the Plan according to the information provided by the proposed Insured and the applicant at the time of application.
The Plan is subject to the formal policy documents and provisions issued by BOC Life. Detailed terms and conditions are subject to the official policy document issued by BOC Life. Please refer to the relevant policy documents and provisions for details of the insured items and coverage, premium adjustment, termination conditions, inflation risk, provisions and exclusions.
BOCHK is the appointed insurance agency of BOC Life for distribution of life insurance products. The life insurance product is a product of BOC Life but not BOCHK.
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 BOCHK and the customer out of the selling process or processing of the related transaction, BOCHK is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the insurance product should be resolved between directly BOC Life and the customer.
BOC Life reserves the right to amend, suspend or terminate the Plan at any time and to amend the relevant terms and conditions. In case of dispute(s), the decision of BOC Life shall be final.
Should there be any discrepancy between the Chinese and English versions of this promotion material, the English version shall prevail.
This promotion material is for reference only and is intended to be distributed in Hong Kong only. It shall not be construed as an offer to sell or a solicitation of an offer or recommendation to purchase or sale or provision of any products of BOC Life outside Hong Kong. Please refer to the sales documents, including product brochure, benefit illustration and policy documents and provisions issued by BOC Life for details (including but not limited to insured items and coverage, detailed terms, key risks, conditions, exclusions, policy costs and fees) of the Plan and the supplementary riders (if any). For enquiry about technical support for application via mobile banking, please contact BOCHK Customer Service Hotline (852) 3669 3003. For enquiry about product and post-sales service, please contact BOC Life Customer Service Hotline (852) 2862 9888.
Customers are responsible for the data charges imposed by their service providers for using BOCHK Mobile App or Mobile Banking.
Please download mobile applications from official application stores or BOCHK website, and ensure the search wording is correct.
By using BOCHK Mobile Banking, the viewer agrees to be bound by the content of the disclaimer and policy as it may be amended by BOCHK from time to time and posted on BOCHK Mobile Banking.

BOC Life Deferred Annuity (Fixed Term) (“the Plan”) is underwritten by BOC Group Life Assurance Company Limited (“BOC Life”). Bank of China (Hong Kong) Limited ("BOCHK") is the major insurance agency appointed by BOC Life.
BOC Life is authorised and regulated by Insurance Authority to carry on long term business in the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”).
BOCHK is granted an insurance agency licence under the Insurance Ordinance (Cap. 41 of the Laws of Hong Kong) by Insurance Authority in Hong Kong. (Insurance agency licence no. FA2855)
BOC Life reserves the right to decide at its sole discretion to accept or decline any application for the Plan according to the information provided by the proposed Insured and the applicant at the time of application.
The Plan is subject to the formal policy documents and provisions issued by BOC Life. Detailed terms and conditions are subject to the official policy document issued by BOC Life. Please refer to the relevant policy documents and provisions for details of the insured items and coverage, premium adjustment, termination conditions, inflation risk, provisions and exclusions.
BOCHK is the appointed insurance agency of BOC Life for distribution of life insurance products. The life insurance product is a product of BOC Life but not BOCHK.
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 BOCHK and the customer out of the selling process or processing of the related transaction, BOCHK is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the insurance product should be resolved between directly BOC Life and the customer.
BOC Life reserves the right to amend, suspend or terminate the Plan at any time and to amend the relevant terms and conditions. In case of dispute(s), the decision of BOC Life shall be final.
Should there be any discrepancy between the Chinese and English versions of this promotion material, the English version shall prevail.
This promotion material is for reference only and is intended to be distributed in Hong Kong only. It shall not be construed as an offer to sell or a solicitation of an offer or recommendation to purchase or sale or provision of any products of BOC Life outside Hong Kong. Please refer to the sales documents, including product brochure, benefit illustration and policy documents and provisions issued by BOC Life for details (including but not limited to insured items and coverage, detailed terms, key risks, conditions, exclusions, policy costs and fees) of the Plan and the supplementary riders (if any). For enquiry about technical support for application via mobile banking, please contact BOCHK Customer Service Hotline (852) 3669 3003. For enquiry about product and post-sales service, please contact BOC Life Customer Service Hotline (852) 2862 9888.
Customers are responsible for the data charges imposed by their service providers for using BOCHK Mobile App or Mobile Banking.
Please download mobile applications from official application stores or BOCHK website, and ensure the search wording is correct.
By using BOCHK Mobile Banking, the viewer agrees to be bound by the content of the disclaimer and policy as it may be amended by BOCHK from time to time and posted on BOCHK Mobile Banking.

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