AXA HK unveils immediate annuity plan for retirees

AXA HK unveils immediate annuity plan for retirees | Insurance Business Asia

Life & Health

AXA HK unveils immediate annuity plan for retirees

It also comes with a dementia companion benefit

Life & Health

By
Kenneth Araullo

AXA Hong Kong and Macau has announced the launch of its first immediate annuity plan, tailor-made for the city-state’s pre-retirees and retirees.

Called JoyAhead, this annuity plan provides immediate and lifelong monthly guaranteed annuity payments plus terminal dividend to boost potential returns. The plan also comes with a special dementia companion benefit, which doubles the monthly payout for up to 10 years for extra support for the policyholder if they are diagnosed with severe dementia before hitting the age of 80.

The new plan is timely as Hong Kong’s population undergoes rapid aging. According to the Census and Statistics Department’s population projection, the 65-and-above populace will gradually increase from 20.8% in 2022 to one fourth of the population in 2028. Currently, one in 10 people aged 70 and above in the city-state suffers from dementia, with estimates projecting 300,000 dementia patients by 2039.

The annuity plan’s entry age is as low as 50, meaning that younger retirees and pre-retirees can also utilise it. There are also flexible underwriting options, with those paying single premiums less than or equal to HK$3 million not required to have medical underwriting.

“Longevity is a blessing if we make wise lifestyle and financial decisions to ensure a joy-filled retirement for ourselves and our loved ones,” said Janet Lee (pictured middle), AXA Hong Kong and Macau chief life and health insurance officer. “At AXA, with our deep bonding with the community, we are delighted to bring JoyAhead to the pre-retirees and retirees in the city to fulfil their financial and protection needs, giving them positivity and peace of mind as they start a new chapter in life. Looking forward, we will continue to develop and provide more diverse and protective products for the silver-haired, living up to our commitment in being our customers’ lifetime companion.”

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