Shining Year Deferred Annuity Plan|Qualifying Deferred Annuity Policy |Tahoe Life Insurance Company Limited

Shining Years Deferred Annuity Plan

Growing Wealth for a Better Retirement

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To craft a brilliant and worry-free retirement, you need the right tool to plan ahead and build your fruitful retirement reserves.
Tahoe Life’s Shining Years Deferred Annuity Plan1 (the “Plan”) is a Qualifying Deferred Annuity Policy (“QDAP”) certified by the Insurance Authority#, not only allowing you to apply for tax deduction##, but also giving you steady monthly annuity payment2 during the annuity period and protections against unfortunate events.

Plan Features

Receive steady monthly annuity payment for your retirement life

The Plan offers monthly annuity payment during the annuity period selected by you according to your financial needs. The monthly annuity payments are comprised of both guaranteed and non-guaranteed4 portions. Therefore, the monthly annuity payments are not guaranteed. You may choose to receive the monthly annuity payment in cash monthly or to leave them in the policy to earn interest5.

Shining-years-table1-EN

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Availability of prepayment option (applicable to 5-year premium payment term only)

The prepayment option6 is available for the 5-year premium payment term only, allowing you to enjoy a non-guaranteed interest7 and pay less.

Life protection

In the unfortunate event of the death of the insured, the designated beneficiary will receive the death benefit in lump-sum.

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Terminal illness benefit9

If the insured is unfortunately diagnosed with a terminal illness, the Plan will advance the death benefit in a lump-sum payment as the terminal illness benefit, in order to provide emergency cash to the policyowner for more appropriate arrangements.

Accidental death benefit10

The Plan provides an accidental death benefit for the insured. Its coverage is equivalent to 50% of the total premiums due and paid of the policy, up to USD125,000 or HKD1,000,000 (per insured on all in force Shining Years Deferred Annuity Plan), providing added protection to you and your loved ones.

Extended grace period benefit3,11

In case you are unemployed for at least 30 consecutive days or suffer from one of the critical illnesses including cancer, heart attack, kidney failure, stroke or undergoing a coronary artery bypass surgery, you can apply for extending the grace period of the Plan from 31 days to a maximum of 365 days, during which you will still enjoy the coverage of the Plan. You may pay the premium due without interest by the end of the extended grace period and the policy will still remain effective.

Apply with no medical underwriting

Simple and hassle free application with no health declaration and medical underwriting required.

Eligible for tax deductions

The Plan is a QDAP that has been certified by the Insurance Authority to be compliant with its Guideline on Qualifying Deferred Annuity Policy. By taking up the Plan, you may be eligible for tax deductions under salaries tax and personal assessment up to HKD60,00012 per taxpayer each year during premium payment term.

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# The Insurance Authority certification of QDAP is not a recommendation or endorsement of the Plan nor does it guarantee the commercial merits of the Plan or its performance. It does not mean the Plan is suitable for all policyowners nor is it an endorsement of its suitability for any particular policyowner or class of policyowner. The Plan has been certified by the Insurance Authority but such certification does not imply official recommendation. The Insurance Authority does not take any responsibility for the contents of the product brochure of the Plan, makes no representation as to its accuracy or completeness, expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the product brochure of the Plan. 

## Please note that the QDAP status of the Plan does not necessarily mean you are eligible for tax deduction available for QDAP premiums paid. The Plan’s QDAP status is based on the features of the product as well as certification by the Insurance Authority and not the facts of your own situation. You must also meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department of Hong Kong Special Administrative Region (“IRD HKSAR”) before you can claim these tax deductions. The actual tax benefits of this policy would depend on your personal tax position and there might not be tax deductions benefits if you are not subject to salaries tax or personal assessment in the relevant year of assessment.

Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. You should always consult with a professional tax advisor if you have any doubts. Please note that the tax law, regulations or interpretations are subject to change and may affect related tax benefits including the eligibility criteria for tax deduction. We do not take any responsibility to inform you about any changes in the laws and regulations or interpretations, and how they may affect you. Further information on tax concessions applicable to QDAP may be found at www.ia.org.hk/en/.

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Product Brochure
About Policy Dividends & Investment Policy
  1. The policyowner, insured and annuitant of the Plan must be the same person. 
  2. The monthly annuity payment means guaranteed monthly annuity payment and non-guaranteed monthly annuity payment (“the monthly annuity payment”), therefore, the monthly annuity payments are not guaranteed. The monthly annuity payment will only be payable when the policy is effective and will be paid out on the policy monthiversary date immediate following the commencement of the annuity period and each subsequent policy monthiversary date. Policy monthiversary date means the day of each month following and coinciding with the policy date. Where there is no such day in any month coinciding with the policy date, it shall mean the last calendar day of that month. Nevertheless, if the policy date falls on the last calendar day of the month, policy monthiversary date means the last calendar day of each month following the policy date.
  3. In order to be eligible for tax deductions, the taxpayer must meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by IRD HKSAR. The eligibility of tax deduction also depends on circumstances of policyowner (taxpayer). For details on tax deductions, please consult a professional tax advisor. Please contact IRD HKSAR or visit the website of IRD HKSAR for tax related enquiries. Please note any outstanding premiums during the grace period (or the extended grace period, if applicable) are not qualified for tax deduction. Please also note that you may or may not enjoy tax deduction on all or part of the overdue premiums paid during or after the grace period (or the extended grace period, if applicable).
  4. The Plan is a participating policy. Non-guaranteed monthly annuity payment and terminal dividend (the “non-guaranteed benefits”) are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the non-guaranteed benefits, please refer to the below section on “Non-guaranteed benefits”. For details of the monthly annuity payment and terminal dividend, please refer to the below section on “About Policy Dividends” or visit Tahoe Life’s website, https://www.tahoelife.com.hk/tl/doc/pd_en.pdf.
  5. The monthly annuity payment will be accumulated at a non-guaranteed annual interest rate, which is subject to change and will be determined by Tahoe Life from time to time.
  6. The prepayment option is only applicable to policies with annual payment mode. The application of prepayment of renewal premium can only be valid when the renewal premium and levy on renewal premium are fully pre-paid (“Prepaid Amount”) at the time of policy application together with the filled application form and signed illustration of premium prepayment option. Prior to the renewal premium due, the Prepaid Amount will not form part of the paid premium. The Prepaid Amount will not form part of the guaranteed cash value, nor any benefit under the policy, and will not be attributed to the calculation of death benefit. The accumulation interest rates for the Prepaid Amount are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. If the insured passes away before the end of the premium payment term, the balance of the Prepaid Amount shall be returned to his/her estate. Upon policy surrender or full withdrawal of the balance of the Prepaid Amount before the end of the premium payment term, Tahoe Life will not impose any penalty charge. Only full withdrawal of the balance of the Prepaid Amount will be accepted by Tahoe Life.
  7. Accumulation interest rate for the Prepaid Amount is not guaranteed. If the prepaid premium is insufficient to pay the renewal premium when due, the policyowner is required to pay the outstanding premium in order to keep the policy in force, otherwise the policy may lapse after the grace period has expired in accordance with the policy contract.
  8. This settlement option is only applicable if it is selected while the insured is alive and the death of the insured occurs during the annuity period. If the beneficiary dies prior to the expiry of the annuity period, Tahoe Life shall, upon receipt and approval of due proof of death in the form specified by Tahoe Life, pay the guaranteed cash value at the date of death of the beneficiary and any terminal dividend, to the estate of the beneficiary in a lump-sum payment.
  9. Terminal illness means the insured must be suffering from a disease which in the opinion of a registered medical practitioner and agreed by us, is likely to lead to death within 365 days from the date of diagnosis. The terminal illness benefit will terminate when the benefit becomes payable, and the policy will be automatically terminated. Please refer to the policy contract for details of the benefit.
  10. The accidental death benefit shall be automatically terminated on policy anniversary date on or immediately following the 70th birthday of the insured or the maturity of the policy, whichever is earlier. This accidental death benefit is only applicable to the insured who is aged 65 or below on the policy date. The maximum benefit payable under the accidental death benefit per insured in Tahoe Life shall be USD125,000 or HKD1,000,000, irrespective of the number of Shining Years Deferred Annuity Plan policies underwritten by Tahoe Life on the insured.
  11. The extended grace period benefit can be applied only if, (i) the premiums for the first two policy years for the Plan are due and paid and there is no indebtedness under the policy; and (ii) no premiums of the Plan has been prepaid. This benefit can be exercised once only and shall be automatically terminated on the earlier of: (i) the policy anniversary date on or immediately following the 65th birthday of the insured; or (ii) the end of premium payment term. Eligibility of the extended grace period benefit is subject to certain conditions and Tahoe Life’s approval, please refer to the policy contract for details.
  12. Maximum tax deductible limit per year is HKD60,000 for a single taxpayer in Hong Kong. It is an aggregate limit for qualifying deferred annuity premiums and tax deductible Mandatory Provident Fund Voluntary Contributions (“TVC”), meaning that an eligible taxpayer may claim tax deductions for qualifying deferred annuity premiums and TVC in aggregate up to this maximum limit per year. A married couple is allowed to allocate tax deductions for qualifying deferred annuity premiums amongst themselves in order to claim the total deductions of HKD120,000, provided that the husband and the wife are both taxpayers, and the deductions claimed by each taxpayer does not exceed the individual limit. For details on tax deductions, please consult a professional tax advisor. Please contact IRD HKSAR or visit the website of IRD HKSAR for tax related enquiries.