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FWD’s RetireFun Deferred Annuity Plan Offers Enhanced Flexibility and Choice for Retirement Planning


HONG KONG SAR – Media OutReach – 5 November 2020 – FWD Hong Kong (‘FWD’) has launched the RetireFun Deferred Annuity Plan (‘RetireFun’), a Qualifying Deferred Annuity Policy (‘QDAP’) that offers enhanced flexibility and choice for customers.

With an option of either a 5- or 10-year premium payment term, customers can now start flexibly building retirement reserves that cater to their own circumstances. They can also select an annuity period of 10 or 20 years starting from as early an age as 51[1] while also giving a breakeven period of as short as 8 years[2]. RetireFun also offers an extended grace period of up to 365 days on premium payments if customers are unable to pay due to their employment status. A death benefit for life protection with several benefit settlement options is also available.


“RetireFun is designed for Hong Kong people who want to plan for their retirement early. It offers broader flexibility and choice and fulfils growing demand for longer protection post-retirement, as the life expectancy of Hong Kong people continues to increase,” said Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau. “We also hope the extended grace period gives eligible customers extra peace of mind during these uncertain times.”


Flexible annuity combination for better retirement arrangement

RetireFun provides choice and flexibility for people who want to either have a long-term retirement plan with a longer annuity period or who want to plan an early retirement and want to receive annuity payments over a shorter period. Customers can also enjoy the option of receiving their annuity payment as monthly cash payments or accumulating payments to earn interest[3] without charges if that better suits their financial situation.

Enhanced features — longer premium grace period and death benefit settlement options

RetireFun enables customers to accumulate the savings needed to give them a retirement safety net. Given the current challenging economic environment, if the customer is unable to pay premiums due to their employment status during the premium payment term of the plan while the policy is in effect, they can choose to apply for an extension of the grace period for premium payment of up to 365 days (inclusive of the original 30-day premium grace period).


Customers can also choose the death benefit settlement option for the payment of death benefit flexibly in the form of a lump sum payment or regular instalments (either annually or monthly), or a mix of both if the insured has passed away.


Other benefits and features of RetireFun include:

  • The insured is eligible to claim a tax deduction on premiums paid up to the amount of HK$60,000[4] per tax assessment year
  • No medical examination is required if the customers’ total annualised premium amount of all annuity products with FWD does not exceed the aggregate per insured limit of US$875,000 (approx. HK$6.83 million)
  • Customers can enjoy up to a 16% first year premium discount if they apply for the plan from now until 30 November 2020[5]

RetireFun is underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability) (“FWD”). The above information does not contain the full terms and benefits of the policy, key product risks, and major exclusions. For details, terms and conditions of RetireFun Deferred Annuity Plan please refer to the product brochure and policy provisions downloadable at


[1] Age is based on the insured’s age at their next birthday.

[2] The total breakeven period of the policy refers to the number of years after policy inception such that the total cash value of the policy is equal to the total premium paid. As the total cash value is non-guaranteed, the total breakeven period is non-guaranteed.

[3] Interest rate is not guaranteed.

[4] The tax-deductible limit is an aggregate of qualifying deferred annuity premiums and MPF tax-deductible voluntary contributions paid. The Actual tax deducted (if applicable) depends on the taxable income and tax rates of the applicant. Tax deduction is subject to the latest rules and regulations of the Inland Revenue Department of Hong Kong Special Administrative Region from time to time. For details, please refer to the website of the IRD ( or contact IRD directly for any tax related enquiries.

[5] Terms and conditions apply.

About FWD Hong Kong & Macau

FWD Hong Kong offers life and medical insurance, general insurance, employee benefits, and financial planning. Its life insurance and general insurance operating entities have been assigned strong financial strength ratings by international rating agencies — FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability) is rated “A3” by Moody’s and “A” by Fitch; and FWD General Insurance Company Limited is rated “BBB+” by Fitch. FWD Macau provides a suite of life and medical insurance.


FWD Hong Kong & Macau is a part of the FWD Group, the insurance business of investment group, Pacific Century Group. FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.


By creating fresh customer experiences with easy-to-understand products supported by digital technology, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.

For more information about FWD Hong Kong & Macau please visit WWW.FWD.COM.HK and WWW.FWD.COM.MO.

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