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Qualifying Deferred Annuity Policy (QDAP)

As the average life expectancy in Hong Kong is getting longer, the living expenses required after retirement will also increase. If you want to maintain a good standard of living after retirement, annuity policy might well be one of the ideal financial planning options. Therefore, it is important to plan early, such that the money you have accumulated will become a stable stream of monthly income in retirement. Currently there are QDAPs in the market that accept applications with a minimum age of 18, this allows policyholders to accumulate funds on an instalment basis at a young age, so as to lay a sound financial foundation for their future retirement as early as possible.

Step 1: What is your current age?

years old
Your age should be between 18-80.

You can select a currency other than HKD as the policy currency if available under the QDAPs, which means you will pay the premium and receive the annuity income payments in that currency. In addition to the impact on the internal rate of return (IRR) brought by the currency itself, the exchange rate risk will also affect your ultimate policy returns. Moreover, if you plan to live outside Hong Kong after retirement, you may choose the currency of your designated country for payouts to better suit your need.

Step 2: Which currency you wish to pay for the premiums?


According to the guideline issued by the Insurance Authority, the minimum premium payment period for a QDAP is five years. Most of the QDAP in the market provide a 5-year premium payment period option. When deciding the premium payment period and premium payment mode, you need to evaluate your long-term affordability and liquidity needs plus factor in your consumption and saving habits to avoid potential financial loss caused by the termination of the policy due to any unpaid premium.

Step 3: How long (the period in years) would you choose to pay the premiums?


The minimum age of QDAP that you start receiving annuity income is 50. The annuity commencement age is also closely related to your retirement plan. Therefore, it is worth considering when to start and how long of a period to receive annuity income as you approach retirement for financial protection. For example, if you plan to retire at the age of 65 and expect to have 20 years in retirement, then you may select a QDAP that commences a steady stream of annuity income at the age of 65 with an annuity payment period of 20 years.

Moreover, when you choose to receive the annuity income, numerous QDAPs have deferral period. As such, you need to wait for a certain period of time (eg 5 years) before getting the annuity income. 

Step 4: What age do you want to start receiving the annuity (income) payment?

years old
The age should be between 50 - 85.

The annuity payment period is when the insurance company begins to pay you the annuity income. In the prevailing market, QDAPs can be divided into two categories with respect to the annuity (income) payment period: the first category is “fixed term” with a period certain annuity, in which the annuity will be distributed over a set period of time by the policyholder. The minimum period is set to be at least 10 years and reaches its maturity. The second one is “lifetime” or “whole life”, in which the annuity payment will be distributed as a stream of lifelong income without a fixed duration until the insured passes away. However, it should be noted that even with the same premium payment period and premium paid amount, the total annuity (income) payment amount you will receive varies on the duration of the annuity payment period. The shorter the period is, the more annuity will be paid to you every time, and vice versa. In this connection, a more extended annuity payment period is not necessarily the best choice.

Step 5: Would you like to receive the annuity income in a “fixed period” or “whole life”?

Analysis Result 
Your chosen preferences summarized as below
Current Exact Age: 
Policy Currency: 
Premium Payment Period: 
Annuity Commencement Age: 
Annuity (Income) Payment Period: 

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Important to Note

Internal Rate of Return (IRR)

The result of QDAP available options is sorted in descending order determined by the primary parameter of the maximum percentage of guaranteed IRR is based upon information provided by the relevant insurers without independent verification, and is disclosed on an assumed non-smoking male policyholder at age 45 for the guaranteed portion and the total return. In spite of that, the IRR of the product options that are not available for age 45 will be calculated based on the highest available age among such particular options to achieve a relatively prudent IRR for presentation. For whole life policy, 30 years as the annuity period will be adopted in the calculation of IRR.

The IRR may also vary depending on the policy currency, premium payment period, premium payment mode and annuity (income) payment period and annuity commencement age, etc. As such, they are for reference only and shall not constitute an indication of future performance.

In addition, the projected total IRRs include non-guaranteed portion of return, therefore such rates are not guaranteed and may be changed by the insurer from time to time. The actual total IRRs may be higher or lower than those illustrated on the webpage. Please consult the relevant insurer before you make any decision to apply for or purchase any insurance product.

The IRR illustrated assumes that no cash withdrawals or no policy loans are taken throughout the policy term, and all premiums are paid in full when due of the policy.

Age Definition

The ages presented in this webpage are all actual ages. However, there may be age variances across different QDAPs due to diverse age basis/definitions adopted by different insurers. Therefore, you may see a +/- one-year difference of age than the product brochures.

Annuity Commencement Age

All available QDAP options with commencement ages commence on or before your selected Annuity Commencement Age would be shown in the analysis results to aid your selection.