For Immediate Release
October 9, 2019
TSX/NYSE/PSE: MFC SEHK: 945
Hong Kong – Manulife Hong Kong has launched ManuLeisure Deferred Annuity (ManuLeisure), a tax-deductible Qualifying Deferred Annuity Policy (QDAP) certified by the Insurance Authority. Targeting young and middle-aged pre-retirees, ManuLeisure helps customers enjoy tax concession benefits while offering a flexible and self-scheduled stream of retirement income. The total projected internal rate of return (IRR) could range from 3.85% to 4.30%1.
Wilton Kee, Chief Product Officer for Individual Financial Products at Manulife Hong Kong, said: “Based on our recent survey2, we are glad to see a surge in public awareness in annuities as an extra means of savings, with 50% of respondents being aware of the product compared with 28% from previous finding earlier this year. Nearly 40% of respondents said they were likely to purchase a deferred annuity product as a retirement planning tool, 6 percentage point more than earlier this year.”
Mr. Kee added, "Riding on the increased public interest and the positive response towards tax-deductible deferred annuity policy, we have designed a new comprehensive plan to encourage young and middle-aged customers to step up their retirement savings starting from as low as the age of 18 to leverage future potential retirement income while they save for tax. We understand that customers want to pick and choose with flexibility and we want to empower them with options that suit their own needs.”
With a wide issue age ranging from ages 18-60 and designed to support customers in building a steady retirement income stream, ManuLeisure offers the following key features:
ManuLeisure Deferred Annuity Features:
|Issue Age||Age 18 - 60|
|Premium Payment Period||5/10 years|
|Annuity Start Age||Age 55/60/65/70|
|Annuity Income Period7||From annuity start age until age 85|
|Embedded Key Features||
(i) Critical Illness Advance Benefit
(ii) Premium holiday
(iii) Accidental death benefit
Wilton Kee, Chief Product Officer for Individual Financial Products at Manulife Hong Kong, introduces the newly launched tax-deductible QDAP “ManuLeisure”. It helps customers enjoy tax concession benefits while offering a flexible and self-scheduled stream of retirement income.
About Manulife Hong Kong
Manulife Hong Kong, through Manulife International Holdings Limited, owns Manulife (International) Limited, Manulife Asset Management (Hong Kong) Limited and Manulife Provident Funds Trust Company Limited. As a member of the Manulife group of companies, Manulife Hong Kong offers a diverse range of protection and wealth products and services to individual and corporate customers in Hong Kong and Macau.
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2018, we had more than 34,000 employees, over 82,000 agents, and thousands of distribution partners, serving almost 28 million customers. As of June 30, 2019, we had over C$1.1 trillion (HK$6.8 trillion) in assets under management and administration, and in the previous 12 months we made C$29.4 billion in payments to our customers. Our principal operations in Asia, Canada and the United States are where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.