Your browser version is out dated.For optimal viewing, Please update the browser to the latest versions.(Update now)!
Current Location >> Personal Banking>> Insurance>> Life Insurance>> Retirement Insurance/Annuity

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.

 

5-Year Pay Endowment 65 (Annuity Version)(Simplified Edition)
(The life insurance plan is underwritten by China Life Insurance (Overseas) Company Limited.)

Features

  • 5-year Premium Payment Period

    By paying the Premium for 5 years1, you can enjoy life protection up to the age of 84 of the Insured.

  • Life Protection

    In the event of the death of the Insured during the Policy term, the Beneficiary may receive a death benefit equivalent to the following:

      Death Benefits
    Death of the Insured prior to first Policy Anniversary of age 65

    ‧ 102% of the accumulated Premiums due and received or the guaranteed Cash Value as at the date of death of the Insured (whichever is higher); plus
    ‧ Accumulated dividends with interest (if any)
    ‧Less Indebtedness (if any) br>

    Death of the Insured on or after the first Policy Anniversary of age 65 ‧ Cash Value, plus
    ‧ Accumulated dividends with interest (if any),plus
    ‧ Accumulated guaranteed annuity payment with interest (if any),
    ‧ Less Indebtedness (if any)
     

  • Guaranteed Annuity Payment up to 20 Years

    Guaranteed annuity payment will be paid for 20 years starting from the first Policy Anniversary after you have reached the age of 65. The amount of the guaranteed annuity payment per year is 6.6% of the Basic Amount2, meaning for every HKD/USD1,000 of Basic Amount2, a guaranteed annuity payment of HKD/USD 66 per year will be payable. The guaranteed annuity payments will be paid for 20 years until the policy maturity date or the death of the Insured, whichever is earlier. The maximum number of guaranteed annuity payment shall not exceed 20 times. You can choose to withdraw the guaranteed annuities payments or accumulate the guaranteed annuities payments in your Policy account 3,4 until the Policy Maturity. However, the accumulated interest rate is non-guaranteed and China Life (Overseas) reserves the right to revise the accumulated interest rate from time to time.

  • Non-guaranteed Annual Dividend

    You can receive the annual dividend (non-guaranteed) at every Policy Anniversary. You may withdraw the dividends (non-guaranteed) or choose to accumulate it into your Policy account (default option) to earn interest3,4 until the Policy Maturity . However, the accumulated interest rate is not guaranteed and China Life (Overseas) reserves the right to revise the accumulated interest rate from time to time.

  • No medical examination is required

    To simplify the application procedures, no medical examination is required for the Plan. You may start your retirement plan immediately

 

Remarks:

  1. If the required renewal Premium is paid by the Policy owner within the Grace Period, the Policy shall continue to be in force. If the Policy is lapsed or surrendered, the Policy Cash Value received by the Policyholder may be less than the total amount of Premium paid.
  2. The Basic Amount is used to calculate Premium, guaranteed Cash Value, guaranteed annuity payments and dividends, but it is not applicable to the calculation of the death benefit.
  3. lf the Policyholder chooses to withdraw any guaranteed annuity payment or annual dividends (non-guaranteed), the guaranteed annuity payment and / or non-guaranteed annual dividends withdrawn will no longer be accumulated as part of the Policy Cash Value nor death benefit.
  4. The accumulation interest rate, annual dividends and interest are not guaranteed. The actual benefits and/or returns may be lower or higher than the estimates. China Life (Overseas) reserves the right to revise the annual dividends and rate of interest from time to time. The actual amount of annual dividends is subject to the overall performance of China Life (Overseas)’ participating business, including investment returns, operating expenses and claims, etc.

More details about the 5-Year Pay Endowment 65 (Annuity Version)(Simplified Edition), please refer to the Product Brochure.

Back to the top


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

Plan Features

  • 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 Amount1)

    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 Amount1, 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).

    Remarks:

    1. 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.

    Back to the top

     

    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.

    • 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 Amount1)

      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 Amount1, 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).

    Remarks:

    1. 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.

    Back to the top

     

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

    Plan Features

    • Guaranteed Annuity Payments up to Age 100

      While the Policy is in force and provided that the Insured still survives and all due Premiums have been fully paid, the Plan offers you a guaranteed annuity payment equivalent to 100% of the Basic Amount1 on every Policy Anniversary prior to or at the Policy maturity date, until the Insured reach the age of 100, securing a stable income to fund your retirement dream. If the insured survives till age 100, the times of guaranteed annuity payments you are eligible to receive are equivalent to 100 minus the issue age of the Insured.

    • Life Protection for Enhanced Legacy Planning

      In the unfortunate event of the death of the Insured on or prior to the Premium Expiry Date whilst the Policy is in force, a death benefit that is equivalent to 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 accumulated guaranteed annuity payments with interest3 (if any), less any Indebtedness (if any) will be payable to the Beneficiary2

      In the unfortunate event of the death of the Insured after the Premium Expiry Date whilst the Policy is in force and provided that all due Premiums have been fully paid, a sum equivalent to 100% of the Basic Amount1 being guaranteed annuity payment shall be payable to the Beneficiary2 on every Policy Anniversary, enabling you to meet your family's financial needs through your legacy. The times of guaranteed annuity payments that the Beneficiary2 is eligible to receive will be 100 minus the issue age of the Insured and the times of guaranteed annuity payment have been received by the Policyholder, until the death of the Beneficiary2.

      In the unfortunate event of the death of the Beneficiary2 in the annuity period of the Beneficiary2, a lump sum of Accumulated Premiums Due and Received less the accumulated guaranteed annuity payments paid or the guaranteed Cash Value at the date of death of the Beneficiary2 (whichever is higher) plus accumulated guaranteed annuity payments with interest3(if any) less all Indebtedness (if any) will be paid to the inheritor of the Beneficiary2.

    • Interest3 of Accumulated Guaranteed Annuity Payments to Maximise Your Returns

      You can withdraw guaranteed annuity payments that have been declared anytime during the Policy term, or allow them to accumulate in your Policy to earn interest3 and boost your returns. The interest rate of accumulated guaranteed annuity payments is not guaranteed. China Life (Overseas) reserves the right to revise the rate from time to time.

    • Simplified Underwriting

      No medical underwriting is required, allowing your protection to commence immediately.

    Notes:
    1. 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.
    2. Only one Beneficiary can be assigned in any time while the Policy is effective.
    3. Interest is not guaranteed. The actual benefits and/or returns may be lower or higher than the estimates. China Life (Overseas) reserves the right to revise the rate of interest from time to time.

    More details about the Start Whole Life Guaranteed Annuity Plan, please refer to the Product Brochure.

    Back to the top

     

    Elite Achiever Insurance Plan (Golden Series)
    (The life insurance plan is underwritten by China Life Insurance (Overseas) Company Limited.)

    Features

    • Cash Coupon

      Cash coupon which is equivalent to 33 1/3% and 66 2/3% of the Basic Amount1 will be payable on the 5th and 6th Policy Anniversaries respectively while the Policy is in force and provided that all Premiums due have been paid. The total amount of cash coupon payable is equivalent to 100% of the Basic Amount1. You may choose to retain the cash coupon paid in your Policy to earn interest2 or withdraw.

    • Guaranteed Annuity Payment

      While the Policy is in force and provided that all Premiums due have been paid, a guaranteed annuity payment will be offered to you annually starting from the 1st Policy Anniversary. You may choose to retain the guaranteed annuity payment in your Policy to earn interest2 or withdraw. The amount of guaranteed annuity payment is equivalent to:

      Policy Anniversary

      Guaranteed Annuity Payment (based on the Basic Amount1)

       1

      1%

       2  2%
       3  3%
       4  3%
       5  3%
       6  2%

       

    • Maturity Benefit

      The benefit term of the Plan is 6 years. At the end of the benefit term, you may receive accumulated cash coupons and interest2 (if any), accumulated guaranteed annuity payments and interest2 (if any) less all Indebtedness (if any).

    • Life Protection

      In the unfortunate event of death of the Insured whilst the Policy is in force, a death benefit is payable to the Beneficiary. The amount of the death benefit is equivalent to 101% of the accumulated Premiums due and received (less any cash coupons and guaranteed annuity payments distributed ) or guaranteed Cash Value as at the date of death of the Insured, whichever is higher, plus

    • Simplified Underwriting

      Application for the Plan is easy with simplified underwriting procedures and no medical examination is required.

    Notes:

    1. The Basic Amount is used to calculate Premium, guaranteed Cash Value, guaranteed annuity payments and cash coupon, but it is not applicable to the calculation of the death benefit.
    2. "Interest" means the interest generated from the accumulated cash coupons and guaranteed annuity payment. The current accumulated interest rate used in the illustrative example is 5.5% p.a. This interest rate is non-guaranteed and is determined by China Life (Overseas) from time to time at its absolute discretion. The actual interest rate may be higher or lower than 5.5% p.a. and hence the amount of “Interest” is not guaranteed. If the Policyholder chooses to withdraw any cash coupons and guaranteed annuity payments, the cash coupons and guaranteed annuity payments withdrawn will no longer be accumulated as part in the Policy.

    More details about the Elite Achiever Insurance Plan (Golden Series), please refer to the Product Brochure.

    Back to the top

     

    Journey Annuity Plan
    (The plan is underwritten by FWD Life Insurance Company (Bermuda) Limited)

    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

     

    Remarks:

    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.

    Back to the top


     

    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, please visit the official website of FWD Life Insurance Company (Bermuda) Limited (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. 5-Year Pay Endowment 65 (Annuity Version)(Simplified Version) ", " BOCOM Success Guaranteed Annuity Plan "," BOCOM Success Guaranteed Annuity Plan(RMB) "," Start Whole Life Guaranteed Annuity Plan" and “Elite Achiever Insurance Plan(Golden Series)” 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 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.
    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 (“FWD”)

    • The insurance plan is a product of FWD but not Bank of Communications (Hong Kong) Limited (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