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

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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.

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"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."

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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).

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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.

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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 https://www.fwd.com.hk/en/save/retirefun-deferred-annuity-plan/.

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[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 (www.ird.gov.hk/eng) 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.

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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.

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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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