image-title

The Hong Kong Mortgage Corporation (HKMC) proposed such a scheme on 10th April 2017. The intention is to provide lifetime payouts to those over age 65 who wish to have a regular income. A minimum premium of HK$50,000 and maximum premium of HK$1,000,000 applies. For a male annuitant at age 65, this will mean HK$500 – HK$580 per HK$100,000 premium paid (estimates are subject to further validation). Arrangements apply for death benefit, surrender value and no health underwriting is required. For more information, visit the HKMA website: http://www.hkma.gov.hk/eng/key-information/press-releases/2017/20170410-4.shtml

Further reading: HK$10 billion annuity plan will guarantee monthly payout for Hong Kong retirees

Share
Isabella Ho

Isabella Ho has blogged 60 posts