The Limited Times

Now you can see non-English news...

Consumer Council|Tax-deductible deferred annuity plan guaranteed return, annual fee difference is big, the plan can be guaranteed for life

2021-02-17T04:07:19.008Z

Starting in 2019, citizens can apply for a "Qualified Deferred Annuity Policy" ("Qualified Deferred Annuity") certified by the Insurance Regulatory Authority to receive tax deductions. The Consumer Council compared 23 insurance companies



Social News

Written by: Wang Jieen

2021-02-17 11:52

The last update date: 2021-02-17 11:52

Starting in 2019, citizens can apply for a "Qualified Deferred Annuity Policy" ("Qualified Deferred Annuity") certified by the Insurance Regulatory Authority to receive tax deductions.

The Consumer Council compared 23 eligible deferred annuities launched by different insurance companies and found significant differences in the insurance age, minimum premium, premium payment period, and accumulation period.

The Consumer Council recommends that those who are interested in insuring should check with the insurance company for their personalized internal rate of return, and shop around before choosing the most suitable plan.

The Consumer Council compared 23 eligible deferred annuities launched by different insurance companies and found significant differences in the insurance age, minimum premium, premium payment period, and accumulation period.

(Profile picture)

Annual premiums paid can be 2 times the difference, with plans to insure for life

The Consumer Council compared 18 insurance companies with a total of 23 deferred payment plans, and compared each plan with a premium payment period of 5 years. It found that the annual premiums ranged from 36,000 to 105,447 yuan, a difference of nearly 2 times. The period ranges from 10 to 30 years.



In addition, some plans provide annuities up to the age specified by the insured, and six of them provide annuities up to age 99 or above, or even life.

Ensure large differences in internal rates of return

The Consumer Council also found that the guaranteed internal rate of return of different plans is quite different. Comparing plans that provide a 5-year premium payment term, the guaranteed internal rate of return ranges from a minimum of 0.01% to a maximum of 3.33%; the 10-year premium payment term The guaranteed internal rate of return provided by the plan ranges from 0.24% to 2.9%.

The Consumer Council reminds that even in the same plan, the premium payment period, accumulation period and annuity period selected by consumers, as well as the payment method, will affect the final guaranteed internal rate of return.

For example, take a plan with a premium payment period of 5 years and a guaranteed internal rate of return of 3.33% as an example. The plan has an accumulation period of 10 years, is settled in US dollars and the premium is paid annually.

If the accumulation period is halved to 5 years, the guaranteed internal rate of return will drop to 3.17%.

48% plan can extend the premium grace period or set up unemployment protection

The Consumer Council also pointed out that the premium payment period can be as long as 10 years. If the insured encounters financial difficulties in the future, resulting in temporary failure to pay the premium, 11 (48%) eligible deferred annuity plans can provide extended premium allowances. For a limited period or unemployment protection, etc., the policyholder will suspend premium payment within a specified period.

Consumer Council│Vegetables with big differences in fat and sodium content, taro fish the highest fat, the highest sodium hamburger

Consumer Council|6 types of gas fryer French fries can cause excessive carcinogens

Consumer Council|Portable UV Sterilizers Performance Bipolar $498 South Korea's Virus Suppression Effectiveness Only 15%

01News

Consumer Council

Source: hk1

All news articles on 2021-02-17

You may like

Trends 24h

Latest

© Communities 2019 - Privacy