BOC Life Deferred Annuity (Fixed Term)

Product Type : Life Insurance

Insurer : BOC Group Life Assurance Company Limited

Own your retirement

BOC Group Life Assurance Company Limited (“BOC Life”) offers BOC Life Deferred Annuity (Fixed Term) (“the Plan”), a qualifying deferred annuity plan certified by the Insurance Authority (“IA”) under which Policy Owners who are annuitants may enjoy tax deduction. The Plan offers secure financial planning and life protection. By paying premiums for just 5 years, the Plan will provide you with Guaranteed Monthly Annuity Income for 10 years, enabling you to enjoy your desired retirement life with your loved ones in future.

Note:  Please refer to the product leaflet for the details of the Plan (including the coverage, key risks, major exclusions, etc.). 

Basic Eligibility Requirements
Issue Age Age 45 to 75 Age 40 to 75
Policy Term 15 Years 20 Years
Premium Payment Period* 5 Years
Annuity Income Commencement Age Age 50 to 80 Age 50 to 85
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
Policy Currency HKD / RMB / USD
Minimum Annual Premium HKD36,000 / RMB 36,000 / USD4,800
Premium Payment Mode Annual / Semi-annual / Quarterly / Monthly


* Premium Deposit Account is applicable to the Plan. For details, please refer to the illustration summaries of the proposal.

Promotional Video

Other Key Risks:

  • There might not be tax deduction benefits for retired Policy Owners who are not subject to salaries tax or tax under 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. 

Certification by the Insurance Authority:

  • The mere fact that the Plan has been certified by IA does not mean that the premiums paid for policies under the Plan are eligible for tax deductions. Certification by IA is only an indication that the product complies with the criteria set out by IA. IA’s certification 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.   

Important Notes: 

  • The Plan is underwritten by BOC Life. Bank of China (Hong Kong) Limited ("BOCHK") is the major insurance agent bank appointed by BOC Life.
  • BOC Life is authorised and regulated by the Insurance Authority to carry on long term insurance business in the Hong Kong Special Administrative Region of the People's Republic of China.
  • 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. Please refer to the relevant policy documents and provisions for details of the Insured items and coverage, provisions and exclusions.
  • BOCHK is the appointed agent of the insurance company for distribution of life insurance products. The life insurance product is a product of the insurance company 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 the insurance company and the customer.  

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 policy documents and provisions issued by BOC Life for details (including detailed terms, conditions, exclusions, policy costs and fees) of the Plan. For enquiry, please contact the branch staff of the major insurance agent banks.