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Retirement Insurance helps you have a fruitful and worry-free retirement

Want to have a comfortable and relaxing retirement? You need to start the planning for the retirement savings now. Bank of Communications introduces various retirement insurance plans for you to better manage your living condition after retirement.

 


BOCOM Success Guaranteed Annuity Plan
(The life insurance plan is underwritten by China Life Insurance (Overseas) Company Limited.)

Plan Features

  • 3-Year Premium Payment Term

    By only paying Premium for 3 years1, you can have life protection for 8 years. You can choose to prepay the remaining years of Premium2 at the outset to boost your return, with a guaranteed interest rate of 3.08% per annum.

  • Guaranteed Annuity Payment for 8 Years

    Provided that the Policy is in force and all due Premium have been paid, the Plan offers a guaranteed annuity payment on each Policy Anniversary. A total of 8 guaranteed annuity payments are paid out during the insurance period. The guaranteed annuity payments payable every year are as follows:

    Policy Anniversary

    Guaranteed Annuity Payment (based on the Basic Amount3)

    From the 1st to 3rd

    8%

    From the 4th to 8th

    14.088%


  • Maturity Benefit at Policy Maturity

    A guaranteed maturity benefit, equivalent to 20% of the Basic Amount3, is offered at the maturity of the policy (equal to the guaranteed Cash Value at the 8th policy anniversary), providing you with steady wealth growth.

  • Accumulation of Interest

    You are allowed to withdraw the guaranteed annuities payments or accumulate the guaranteed annuities payments in your Policy account until Policy Maturity (the prevailing non-guaranteed accumulation interest rate of the Plan is 5%). If you choose to accumulate all guaranteed annuity payments in your Policy account, at Policy Maturity, the total return rate can be up to 130% of the total Premium paid (non-guaranteed, based on the Premium payment mode of annual Premium and the prevailing accumulation interest rate of the Plan 5% per annum), provided no Indebtedness and all Premiums are paid in full when due.

  • Life Protection

    In the unfortunate event of the death of the Insured whilst the Policy is in force, a death benefit is payable to the Beneficiary. The amount is equivalent to:

    1. 101% of the Accumulated Premiums due and received less the accumulated guaranteed annuity payments paid, or the guaranteed Cash Value at the date of death of the Insured, whichever is higher; plus
    2. accumulated guaranteed annuity payments with its interest (if any); less
    3. any Indebtedness (if any).

    Notes:

    1. If the required renewal Premium is paid by the Policyholder within the grace period, this Policy shall continue to be in force. For details of the provisions, please refer to the Policy provisions issued by China Life (Overseas). If the Policy is lapsed or surrendered, the Policy Cash Value received by the Policyholder may be considerably less than the total amount of the Premium paid.
    2. If customers opt for the annual & prepay for remaining year Premium option, they can withdraw the unused prepaid Premium (including interest, if any) at one time. China Life (Overseas) will charge a withdrawal fee of 3% of the withdrawal amount. The minimum charge will be HKD200 (applicable to the HKD Policy) or USD25 (applicable to USD Policy). Customers can withdraw the prepaid Premium once only.
    3. The Basic Amount is used to calculate Premium, guaranteed Cash Value and guaranteed annuity payments, but it is not applicable to the calculation of the death benefit.

    More details about the BOCOM Success Guaranteed Annuity Plan, please refer to the Product Brochure.

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    BOCOM Success Guaranteed Annuity Plan (RMB)
    (The life insurance plan is underwritten by China Life Insurance (Overseas) Company Limited.)

    Plan Features

    • Renminbi Insurance Policy

      The Plan is denominated in Renminbi so the premium and benefits are paid in Renminbi. However, you can choose to pay the premium or receive the policy benefits either in Hong Kong Dollar or in Renminbi*.

      * In case you pay the premium or receive the policy benefits in Hong Kong Dollar, the exchange rate used is determined by China Life Insurance (Overseas) Company Limited (“China Life (Overseas)”) with reference to the prevailing market-based exchange rates and/ or relevant sources.

    • 3-Year Premium Payment Term

      By only paying Premium for 3 years1, you can have life protection for 8 years. You can choose to prepay the remaining years of Premium2 at the outset to boost your return, with a guaranteed interest rate of 2.97% per annum.

    • Guaranteed Annuity Payment for 8 Years

      Provided that the Policy is in force and all due Premium have been paid, the Plan offers a guaranteed annuity payment on each Policy Anniversary. A total of 8 guaranteed annuity payments are paid out during the insurance period. The guaranteed annuity payments payable every year are as follows:

      Policy Anniversary

      Guaranteed Annuity Payment (based on the Basic Amount3)

      From the 1st to 2nd

      3.08%

      From the 3rd to 8th

      13.08%


    • Maturity Benefit at Policy Maturity

      A guaranteed maturity benefit, equivalent to 30.8% of the Basic Amount3, is offered at Policy maturity (equal to the guaranteed Cash Value at the 8th Policy Anniversary), providing you with steady wealth growth.

    • Accumulation of Interest

      You are allowed to withdraw the guaranteed annuities payments or accumulate the guaranteed annuity payments in your Policy account until Policy Maturity (the prevailing non-guaranteed accumulation interest rate of the Plan is 3.5%). If you choose to accumulate all guaranteed annuity payments in your Policy account, at Policy Maturity, the total return rate can be up to 124% of the total Premium paid (non-guaranteed, based on the Premium payment mode of annual Premium and the prevailing accumulation interest rate of the Plan 3.5% per annum), provided no Indebtedness and all Premiums are paid in full when due.

    • Life Protection

      In the unfortunate event of the death of the Insured whilst the Policy is in force, a death benefit is payable to the Beneficiary. The amount is equivalent to:

      1. 101% of the Accumulated Premiums due and received less the accumulated guaranteed annuity payments paid, or the guaranteed Cash Value at the date of death of the Insured, whichever is higher; plus
      2. accumulated guaranteed annuity payments with its interest (if any); less
      3. any Indebtedness (if any).

    Notes:

    1. If the required renewal Premium is paid by the Policyholder within the grace period, this Policy shall continue to be in force. For details of the provisions, please refer to the Policy provisions issued by China Life (Overseas). If the Policy is lapsed or surrendered, the Policy Cash Value received by the Policyholder may be considerably less than the total amount of the Premium paid.
    2. If customers opt for the annual & prepay for remaining year Premium option, they can withdraw the unused prepaid Premium (including interest, if any) at one time. China Life (Overseas) will charge a withdrawal fee of 3% of the withdrawal amount. The minimum charge will be RMB 200. Customers can withdraw the prepaid Premium once only.
    3. The Basic Amount is used to calculate Premium, guaranteed Cash Value and guaranteed annuity payments, but it is not applicable to the calculation of the death benefit.

    More details about the BOCOM Success Guaranteed Annuity Plan (RMB), please refer to the Product Brochure.

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    Journey Annuity Plan
    (The plan is underwritten by FWD Life Insurance Company (Bermuda) Limited(Incorporated in Bermuda with limited liability))

    Features

    • Monthly Guaranteed Annuity Payment up to age 105

      You can receive Monthly Guaranteed Annuity Payment up to age 105 of the Insured or for 20 years starting from the 2nd year1 (premium payment term of 2 years) or the 5th year (premium payment term of 5 years or 10 years). You will also receive an Monthly Non-Guaranteed Annuity Payment 1,2to boost the value of your Monthly Annuity Payment at the same time. Sit back and enjoy your steady Monthly Annuity Payment!

    • Flexible on Retirement and Estate Planning

      Two Monthly Annuity Payment options facilitate your needs: you can choose to receive the payment in your bank account3or leave them in the Policy for interest accumulation4. It is flexible and you can switch between the options at any time. Besides, you can plan for your loved ones to receive the remaining Monthly Annuity Payment5,6or a lump sum as death benefit, see section below.

    • Life Protection Benefit for Your Peace of Mind

      To alleviate the life burdens of your loved ones and your worries, the greater of (a) 101% of total premiums paid7 (less total Monthly Guaranteed Annuity Payment paid (if any)) or (b) 101% of Guaranteed Cash Value (if any), plus Accumulated Monthly Annuity Payment and interest(if any) 48(if any) will be payable to your loved ones as a lump sum Death Benefit; or you can select for your loved ones and even their successor to have the Death Benefit payable as continuous Monthly Annuity Payment for the remaining Annuity Period5,6. In addition, a free Accidental Death Benefit will be provided in the first 3 years9for extra comfort!

    • Simple Application with No Medical Examination

      If you enroll for the Journey Annuity Plan now, you can enjoy a simple application and no medical examination is required! 10

     

    Notes:

    1. Monthly Annuity Payment (means Monthly Guaranteed Annuity Payment plus Monthly Non-Guaranteed Annuity Payment (if any)) will be payable at the end of each policy month starting from the end of the 13th policy month (premium payment term of 2 years) or the 49th policy month (premium payment term of 5 years or 10 years) providing that the premiums are paid in full when due.
    2. The Monthly Non-Guaranteed Annuity Payment is not guaranteed and is determined by the Company from time to time subject to the change of both the policy dividend and accumulating interest rates at its absolute discretion.
    3. The Monthly Annuity Payment (if any) will be credited in HKD to the HKD bank account once a month on the specified date by the Company. The date of crediting to the bank account may not be the same as the date of payment of the Monthly Annuity Payment 1 and interest will not be offered to the Monthly Annuity Payment credited between the date of payment and the date of crediting to the bank account. If you choose USD to be the Policy Currency, the amount payable will b e t he HKD equivalent of the USD based on a market-based currency exchange rate of U S Dollars to Hong Kong Dollars, as solely determined by FWD from time to time. Any fluctuations in the USD-HKD exchange rate will have a direct impact on the value of the Monthly Annuity Payment as calculated in USD.
    4. The accumulation interest with the Company is not guaranteed. The interest rate is determined by the Company from time to time at its absolute discretion.
    5. The payment method of the Death benefit has to be selected by the policy owner while the Insured is still alive, otherwise the benefit will be paid in the form of a Lump Sum Death Benefit as described above.
    6. Accumulated Monthly Annuity Payment and interest4 (if any) upon the death of the Insured will be paid to the beneficiaries. Then, the remaining Monthly Annuity Payment (if any) will be credited to the bank account(s)3 of the Beneficiary(ies)/sub-beneficiary(ies)(if any), while the Beneficiary(ies) /sub-beneficiary(ies)(if any) is still alive, till the end of the Annuity Period providing that (a) the Monthly Guaranteed Annuity Payment is to be paid for more than 12 months, (b) Premium Payment Term has ended at the date of death of the Insured, (c) premium has been paid in full and (d) the policy debt is less than the specified amount by the Company. Otherwise, the benefit will be paid in the form of a Lump Sum Death Benefit as described above.
    7. Total premium paid includes the basic premium paid for the plan only.
    8. The Annuity Balance means the policy dividend (if any), which is declared at end of each policy year, and is accumulated in the Policy with interest. The declaration of the Monthly Non-Guaranteed Annuity Payment will reduce the Annuity Balance accordingly. Both the policy dividend and its accumulating interest rate are not guaranteed and subject to change. The Annuity Balance (if any) will only be payable (a) as part of the Lump Sum Death Benefit, (b) as part of the payment upon the death of the beneficiary/sub-beneficiary(ies)(if any) if Death Benefit is payable in annuity format,5,6 or (c) upon surrender of the Policy.
    9. Accidental Death Benefit equals to 30% of total premiums paid7 or HK$100,000/ US$12,500 (whichever is lower) will also be provided for the first 3 policy years.
    10. Normal underwriting and additional premium are required for any rider(s) attached to this Policy.

    More details about the Journey Annuity Plan, please refer to the Product Brochure.

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    For enquiries, please visit any of our outlets or call our customer services hotline.

     

    For more details about the products and services of FWD Life Insurance Company (Bermuda) Limited (Incorporated in Bermuda with limited liability), please visit the official website of FWD Life Insurance Company (Bermuda) Limited (Incorporated in Bermuda with limited liability)(www.fwd.com.hk) or please click here and visit the "Product Service Area"*.

    *This link brings you to a third party website. The Bank assumes no liability or control for your use of these links.

     

    For more details about the products and services of China Life Insurance (Overseas) Company Limited, please visit the official website of China Life Insurance (Overseas) Company Limited (www.chinalife.com.hk).

     

    Note:

    1. All policy dividends, the interest rate of accumulated dividend and extra monthly annuity payment are non-guaranteed.
    2. " BOCOM Success Guaranteed Annuity Plan "," BOCOM Success Guaranteed Annuity Plan(RMB) " are underwritten by China Life Insurance (Overseas) Co. Ltd. China Life Insurance (Overseas) Co. Ltd. is solely responsible for all features, policy approval, coverage and benefit payment under the Plan. Bank of Communications (Hong Kong) Limited is an appointed insurance agent of China Life Insurance (Overseas) Co. Ltd.
    3. "Journey Annuity Plan" is underwritten by FWD Life Insurance Company (Bermuda) Limited. FWD Life Insurance Company (Bermuda) Limited (Incorporated in Bermuda with limited liability) is solely responsible for all features, policy approval, coverage and benefit payment under the Plan. Bank of Communications (Hong Kong) Limited is an appointed insurance agent of FWD Life Insurance Company (Bermuda) Limited. (Incorporated in Bermuda with limited liability)
    4. The above information is for reference and indicates the key features of the insurance plan only. For the complete explanation of the terms and conditions and the exclusions of the insurance plan, please refer to the Policy Provisions. In the event of any discrepancy between the above information and the Policy Provisions, the Policy Provisions shall prevail.
    5. The above insurance plan is NOT equivalent to the saving deposit or time deposit of Bank of Communications (Hong Kong) Limited and is NOT protected deposit under the Deposit Protection Scheme in Hong Kong.
    6. The age of insured mentioned in " Journey Annuity Plan " refers to the age of the insured at the next birthday.

     

    Important Notice:

    Applicable to the insurance plan which is underwritten by FWD Life Insurance Company (Bermuda) Limited (Incorporated in Bermuda with limited liability)(“FWD”)

    • The insurance plan is a product of FWD but not Bank of Communications (Hong Kong) Limited (Incorporated in Bermuda with limited liability) (the “Bank”). All benefits payable under the insurance plan are subject to the credit risk of FWD.
    • Part of the premium pays for the insurance and the related costs. If you discontinue and/or surrender your policy in the early policy years or before the end of the policy term, the amount you get back may be considerably less than the total premium you have paid.
    • 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 the Bank and the customer out of the selling process or processing of the related transaction, the Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the product should be resolved between directly FWD and the customer.
    • FWD is authorized and regulated by Insurance Authority.
    • FWD reserves the right to accept or reject any Insurance Application.

    For details, please refer to Disclosure of Important Information to Life Insurance Customers.

     

    Applicable to the insurance plan which is underwritten by China Life Insurance (Overseas) Company Limited (“China Life (Overseas)”)

    • The insurance plan is a product of China Life (Overseas) but not Bank of Communications (Hong Kong) Limited (the “Bank”). All benefits payable under the insurance plan are subject to the credit risk of China Life (Overseas).
    • Part of the premium pays for the insurance and related costs. If you discontinues and /or surrender your policy in the early policy years or before the end of the policy term, the amount you get back may be considerably less than the total premium you have paid.
    • 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 the Bank and the customer out of the selling process or processing of the related transaction, the Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the product should be resolved between directly China Life (Overseas) and the customer.
    • China Life (Overseas) is authorized and regulated by Insurance Authority.
    • China Life (Overseas) reserves the right to accept or reject any Insurance Application.

    For details, please refer to Disclosure of Important Information to Life Insurance Customers.

    Contact Us

    Customer Service Hotline: 223 95559

    Please visit any of our outlets