Compare QDAP (Savings)

QDAP Quick Guide

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退休與年金

【2024年扣稅年金全攻略】分析年金扣稅產品（年金期10年）即睇年金點慳稅、邊間回報高！

【扣稅神器】扣稅年金最快幾時回本想扣稅扣到盡可以點？

退休後關鍵20年比較跨國保險公司扣稅年金保證回報相差28%

2024-10-25

8min read

10Life 編輯團隊

QDAP vs Deferred Annuity

Tax deductible

Payment period

Age

Certified by the Insurance Authority

QDAP

Yes

Minimum 5 years

Annuity income commences from age 50

Yes

Deferred Annuity

Different choices

No limitation

QDAP Glossary

Tax deductible

Upto HKD60,000 premiums paid to a QDAP policy is eligible for tax deduction. Based on a marginal tax rate of 17%, the maximum tax deduction is HKD10,200. The actual amount depends on individual circumstances.

Surrender Value

QDAP is a long-term insurance product, which spans across many years from making premium payments to receiving annuity income. One may surrender for cash value during the policy term but the value may be much lower than the premiums paid if surrendering in early years.

Death Benefit

Should the insured dies, the policyholder will receive a guaranteed death benefit after deducting the annuity income received.

Who should consider QDAP?

Those planning for Retirement

Those savings for retirement may select QDAP (retirement) which will start paying an income at retirement age for 10 to 20 years

Longevity risk

Living too long is a risk that cannot be overlooked as living expenses continue to rise without a sustainable income. Some deferred annuity products provide lifetime income, which may help to alleviate longevity risk

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Frequently Ask Questions

What are the factors to look out for in choosing QDAP?

You should first understand whether the policy structures including premium payment period, accumulation period and annuity income period suit your needs. Then you can compare the guaranteed and projected returns of different products, and be aware of the early surrender values.

Is the non-guaranteed return of QDAP reliable?

The Insurance Authority requires insurance companies to disclose the fulfillment ratio of participating insurance (including annuity) against the projected amount in the proposal illustrations. If the fulfillment ratio is 100%, it means that the insurer has achieved its projected non-guaranteed return.

What is the maximum tax deduction of QDAP?

Up to HKD60,000 annual premium paid to a QDAP policy is eligible for a tax deduction. Based on a marginal tax rate of 17%, the maximum tax deduction is HKD10,200 per policy per year. The actual tax savings would depend on individual circumstances.

How to choose QDAP?

10Life has categorised QDAP into 3 groups based on of different target segments: savings, retirement and longevity. We evaluate and rate the products based on a set of criteria including guarantee return, projected return and surrender value, etc.

How to choose QDAP?