AXA Hong Kong releases first policy with dementia benefit

The plan has an annuity period of 10 to 20 years starting at the age of 50.

AXA Hong Kong has launched IncomeEnrich Deferred Annuity Plan, the city’s first Qualifying Deferred Annuity Policy (QDAP) with an additional dementia advance benefit, according to a news release.

IncomeEnrich has an annuity period of 10 to 20 years starting at the age of 50 at the earliest, with a premium payment term of five to 10 years. Individual applicants have a maximum tax deductible limit up to $60,000 (US$7,741) annually for qualifying annuity premiums paid, whilst married couples have a deductible limit up to $120,000 (US$15,482).

If the annuitant is first diagnosed with severe dementia after the end of the premium payment, the individual will be paid a lump sum death benefit in advance as a dementia advance benefit.

The policy also offers monthly annuity payments and grants additional protection for retirement, in addition to an accident premium waiver benefit if the annuitant suffers from total disability due to an accident before the age of 65, for a continuous period of not less than six months.

Clients can also enjoy a complimentary extended grace period for premium payments for up to one year if they are laid off or made redundant.