Delightful Retirement Annuity Plan (Lifelong)
-Lifelong annuity income
-Guaranteed capital preservation
-Guaranteed interest rate of 5.15% p.a. on prepaid premium
With financial challenges brought by longevity, you need to plan with extra care, making sure you have a lifelong monthly income in order to achieve a wonderful retirement life. Tahoe Life’s Delightful Retirement Annuity Plan (Lifelong) (the “Plan”) is an immediate annuity plan providing monthly annuity income guaranteed for life, helping you achieve a hassle-free and wonderful retirement life.
Features
Lifelong annuity income
While the policy is in force, the Plan provides1 monthly annuity income guaranteed for life. The monthly annuity income is comprised of both guaranteed and non-guaranteed2 portions. You may choose to leave them in the policy to earn interest3 or to receive the monthly annuity income in cash monthly, helping you fulfill the retirement plan.
Guaranteed capital preservation
In the unfortunate event that the insured passes away when the total amount of monthly annuity income (whether accumulated or withdrawn) is less than 110% of the total basic plan premiums due and paid, the Plan will provide monthly benefit amount to the designated beneficiaries as death benefit until the death benefit balance4 is fully paid, ensuring your financial stability due to the death of the insured. The monthly benefit amount will be equivalent to the amount of monthly annuity income received by the insured just before he/she passes away. However, this guaranteed capital preservation is not applicable to early policy surrender.
Accumulate prepaid premium at a guaranteed
interest rate of 5.15% p.a.５ in the first policy year
You may choose to prepay your second year premium at the time of policy application. The prepaid premium will be accumulated at a guaranteed interest rate of 5.15% p.a. in the first policy year. Thus, you are only required to pay the net premium after deducting the guaranteed interest which helps you save money.
Two-year premium payment term
The premium payment term of the Plan is two years only. The premium is guaranteed to remain unchanged once it is determined, facilitating better financial planning for your future.
Additional accidental death benefit6
The Plan provides an additional accidental death benefit for the insured. Its coverage is equivalent to 100% of the total basic plan premiums due and paid of the policy, up to USD125,000 (per insured), providing extra peace of mind to you and your loved ones.
- The monthly annuity income will be paid out on the day of each month following and coinciding with the policy date. Where there is no such day in any month coinciding with the policy date, it shall mean the last calendar day of that month. Nevertheless, if the policy date falls on the last calendar day of the month, policy monthiversary date means the last calendar day of each month following the policy date.
- The Plan is a participating policy. Non-guaranteed monthly annuity income is not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the non-guaranteed benefits, please refer to the section on “Non-guaranteed benefits” in the product brochure. Non-guaranteed monthly annuity income will only be payable when the policy is effective and there are no overdue premiums. For details of the Non-guaranteed monthly annuity income, please refer to the section on “About Policy Dividends” in the product brochure or visit Tahoe Life’s website, https://www.tahoelife.com.mo/tl/doc/About-Policy-Dividends_EN.pdf.
- The accumulation interest rates for monthly annuity income are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. Policyowner can withdraw the accumulated monthly annuity income and interest (if any) according to his/her need. If the policy is surrendered or the insured passes away, the accumulated monthly annuity income will be paid in lump-sum to the policyowner or the designated beneficiary (if applicable).
- The death benefit balance is equivalent to 110% of the total basic plan premiums due and paid less the total amount of monthly annuity income (whether accumulated or withdrawn). No interest will be payable on the death benefit balance. If the total amount of monthly annuity income (whether accumulated or withdrawn) paid is greater than 110% of the total basic plan premiums due and paid, the death benefit balance will be zero.
- The application of prepayment of renewal premium ("prepaid premium") can only be valid when the prepaid premium is fully paid at the time of policy application together with the filled application form and signed illustration of premium prepayment option. The prepaid premium will only be used for the settlement of renewal premium due. Prior to the settlement of renewal premium due, the prepaid premium will be kept in a designated account of the policy but will not form part of the paid premium until renewal premium is payable. The prepaid premium will not form part of the guaranteed cash value or any benefit under the policy and will not be attributed to the calculation of death benefit. If the insured passes away before the end of the premium payment term, the remaining balance of prepaid premium shall be returned to the policyowner or his/her estate. Upon policy surrender or full withdrawal of the balance of the prepaid premium before the end of the premium payment term, the surrender value or amount being withdrawn shall be returned to the policyowner, and any interest on the balance of the prepaid premium of that policy year will be forfeited. Only full withdrawal of the balance of the prepaid premium will be accepted by Tahoe Life. Accumulated guaranteed interest rate for prepaid premium is 5.15% p.a. If the prepaid premium is insufficient to pay the renewal premium when due, the policyowner is required to pay the outstanding premium in order to keep the policy in force, otherwise the policy may lapse after the grace period has expired in accordance with the policy contract.
- The additional accidental death benefit shall be automatically terminated on the policy anniversary date on or immediately following the 70th birthday of the insured, reinstatement date of the policy, whichever is the earliest. This additional accidental death benefit is only applicable to the insured who is aged 65 or below on the policy date. The maximum benefit payable under the additional accidental death benefit to each insured shall be USD125,000, irrespective of the number of policy of Delightful Retirement Annuity Plan (Lifelong) issued on the life of the insured.
