Online registration for the life-annuity scheme for seniors has been extended until 11.59pm tonight due to website problems.

Hong Kong Mortgage Corp said emergency repairs were being made and so the deadline was extended by a day. But the forms’ collection time of agent banks remained unchanged and closed yesterday.

HKMC said it “sincerely apologizes for the situation” and another announcement will be made upon the resumption of services.

HKMC chief Edmond Lau Ying-pan said the scheme is more popular among those aged 65 to 70. Lau also said the 4 percent rate of return is unlikely to be adjusted.

But he did not rule out a possible increase in the maximum amount a subscriber can invest. It is currently HK$1 million.

Applicants can invest in a single premium ranging from HK$50,000 to HK$1 million in exchange for monthly payments.

For a single premium of a maximum HK$1 million, the guaranteed monthly annuity payment for a 65-year-old man would be HK$5,800, while it is HK$5,300 for women.

Applicants will receive notices of allotment from next month.

Source: The Standard

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