AXA launches new deferred annuity plan for retirement

Policyholders can withdraw guaranteed monthly annuity payments from age 50.

AXA Hong Kong and Macau announced the launch of their new qualifying deferred annuity policy, the IncomeBliss Deferred Annuity Plan. This plan aims to support customers in planning a worry-free retirement life, it indicated in a press release.

Customers can choose between premium payment terms of five or 10 years, with policy currency options of Hong Kong dollars and US dollars. They can also enjoy a tax-deductible limit of up to HK$60,000 per tax year for eligible annuity premiums paid.

Policyholders can start withdrawing guaranteed monthly annuity payments as early as age 50 for 10 or 20 years, with the opportunity for additional returns from monthly non-guaranteed annuity payments. 

They can choose to receive payments in cash or accumulate interest according to personal needs.

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The plan includes a unique feature called the "Dementia Advance Benefit," which provides a lump sum death benefit if the annuitant is diagnosed with severe dementia after a waiting period.

The plan also offers an Accident Premium Waiver Benefit and an Extended Grace Period Benefit to provide financial protection during unforeseen circumstances.

In the event of the insured's passing, the designated beneficiary can receive a death benefit either as a lump sum payment or regular instalments, with the option to accumulate with interest until fully paid.

Additionally, policyholders can choose annuity withdrawal options to meet their evolving needs, with the ability to change payment options without additional charges. Eligible customers can enjoy a 5% annual premium discount throughout the premium payment term.