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10 tactics for your ideal retirement planning powered by Standard Chartered and Prudential

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10 tactics for your ideal retirement planning.

10 tactics for your ideal retirement planning powered by Standard Chartered and Prudential

Ideal retirement planning

Retirement requires 300 times1 your current monthly expenses. Act now to plan ahead by employing the 10 Retirement Tactics jointly presented by Standard Chartered and Prudential.

Example of retirement expenses.

10 Retirement Tactics

10 Retirement Tactics to suit your unique needs and set you up for a stress-free retirement with comprehensive protection.

10 retirement tactics.
  • Tactic 1: Get monthly annuity income

    Continue to enjoy regular monthly annuity after retirement to maintain a quality retirement life

    • Enrol into the deferred annuity plan which qualifies for Qualifying Deferred Annuity Policy (“QDAP”) as certified by Insurance Authority and allows taxpayers to be eligible for tax deductions of up to HKD60,0002 as an individual or HKD120,000 as a married couple per assessment year
    • Multiple choices of premium payment periods (5/10 years) and accumulation periods (5/15/25 years) to suit your needs
    • Easy enrolment with no health information required
    Enjoy regular monthly annuity after retirement.

    Tactic 1: Get monthly annuity income

    Continue to enjoy regular monthly annuity after retirement to maintain a quality retirement life
    Additional Info
  • Tactic 2: Critical illness protection to pay a lump sum for your needs

    Coverage up to lifetime such that you are well protected with cash support in case you get sick during retirement

    • Special features for different critical illness insurance plans, covering multiple claims for up to 126 illnesses including cancer, heart related illnesses and stroke, with lifetime protection
    Well protected with cash support during retirement.

    Tactic 2: Critical illness protection to pay a lump sum for your needs

    Coverage up to lifetime such that you are well protected with cash support in case you get sick during retirement
    Additional Info
  • Tactic 3: Legacy planning to ensure the fruits of your hard work are passed on to your loved ones efficiently

    To help you grow, preserve and pass on your assets to your loved ones according to your wishes

    • Accumulate your assets via an array of life insurance plans to benefit your loved ones in the form of beneficiaries
    Legacy planning to pass on assets to loved ones.

    Tactic 3: Legacy planning to ensure the fruits of your hard work are passed on to your loved ones efficiently

    To help you grow, preserve and pass on your assets to your loved ones according to your wishes
    Additional Info
  • Tactic 4: Quality medical protection to ease your worries of the expenses on high quality treatments

    To ensure you can continue to enjoy quality private medical services even after retirement

    • Enrol into the premium medical insurance plans with lifetime renewal. Certain plans include comprehensive medical protection with lifetime global coverage up to HKD50,000,000
    • Choose Voluntary Health Insurance Scheme (VHIS) certified by the Food and Health Bureau of Hong Kong to enjoy a personal tax deduction of up to HKD8,000 for premiums per assessment year
    Enjoy quality private medical services after retirement.

    Tactic 4: Quality medical protection to ease your worries of the expenses on high quality treatments

    To ensure you can continue to enjoy quality private medical services even after retirement
    Additional Info
  • Tactic 5: Extra savings plan to make your dreams a reality

    To ensure extra savings after retirement, and to realise new goals for the new phase

    • Set aside long-term savings with savings insurance plans and enhance your savings value to meet diverse financial needs
    • Boost your wealth faster with a potential bonuses under policy
    • Additional financial protection against death and accidental death
    Make dreams a reality with extra savings plan.

    Tactic 5: Extra savings plan to make your dreams a reality

    To ensure extra savings after retirement, and to realise new goals for the new phase
    Additional Info
  • Tactic 6: Ensure adequate protection for your loved ones

    To ease your mind, fully live a worry-free retirement and ensure your loved ones are well protected against mishaps

    • Comprehensive range of life protection plans helps provide a financial safety net to your loved ones to minimise impact brought by unforeseen crisis
    • A range of critical illness protection, medical protection and term life insurance plans are available to suit different needs of family members
    Worry-free retirement with loved ones.

    Tactic 6: Ensure adequate protection for your loved ones

    To ease your mind, fully live a worry-free retirement and ensure your loved ones are well protected against mishaps
    Additional Info
  • Tactic 7: Healthy lifestyle for a better tomorrow

    Enjoy a healthy and rewarding retirement life. PRUmobile app provides life insurance clients with the following:

    • Get advice from wellness coach via online chat on making simple changes to your diet and exercises to live a healthier life
    • 16-week lifestyle intervention programme designed to help you reduce the risk of developing chronic diseases
    Healthy lifestyle.

    Tactic 7: Healthy lifestyle for a better tomorrow

    Enjoy a healthy and rewarding retirement life . PRUmobile app provides life insurance clients with a range of services.
    Additional Info
  • Tactic 8: Mortgage planning to build a leisurely, zero-burden life after retirement

    Clear your debts before your monthly salary ends

    • Standard Chartered Retirement Planning Manager can provide professional advice with full understanding of your investment, insurance portfolio and long-term financial goals
    Mortgage planning.

    Tactic 8: Mortgage planning to build a leisurely, zero-burden life after retirement

    Clear your debts before your monthly salary ends
    Additional Info
  • Tactic 9: Home care service for long-term care after major disease

    Comfortable recovery and rehabilitation at a familiar surrounding of home in case of suffering from a major disease after retirement

    • Enrol into designated life insurance plans which offer access to Home Care Service after meeting certain conditions, including home nursing and a range of therapies, such as physiotherapy, speech therapy and occupational therapy tailor-made by a personal care manager
    Home care service.

    Tactic 9: Home care service3 for long-term care after major disease

    Comfortable recovery and rehabilitation at a familiar surrounding of home in case of suffering from a major disease after retirement
    Additional Info
  • Tactic 10: Regular retirement plan refinement by reviewing your plan continuously

    Refine your retirement plan according to your life stage, family status and retirement goals to ensure adequate coverage that best fits your needs

    • Standard Chartered Retirement Planning Managers keep pace with the latest retirement product and market trends, and provide you with professional advice
    Regular retirement plan refinement by reviewing your plan continuously.

    Tactic 10: Regular retirement plan refinement by reviewing your plan continuously

    Refine your retirement plan according to your life stage, family status and retirement goals to ensure adequate coverage that best fits your needs
    Additional Info

10 tactics for your ideal retirement planning

Retirement requires 300 times your current monthly expenses. Act now to plan ahead for the massive expenses to get yourself on the right path to a comfortable retirement.

Remarks:

1. Calculation for reference only. The Rule of 300 is derived from “4% Rule” introduced in 1998 to estimate the total amount of expenses you need after retirement, which is the annual expenses divided by 4% (assuming the annual investment returns are 4% and to be used as annual retirement expenses). For example, if the monthly expenses after retirement are $30,000, simply multiply $30,000 by 12 months and divide the amount by 4%, the total amount needed after retirement will be $9,000,000 ($30,000 x 300 times). Source: Philip L. Cooley, Carl M. Hubbard, and Daniel T. Walz (1998), Retirement Spending: Choosing a Sustainable Withdrawal Rate. The Journal of the American Association of Individual Investors, February 1998 issue.

2. This is the aggregate maximum limit per year for a single taxpayer for both QDAP and Tax deductible Voluntary Contributions (“TVC”). The amount of premiums paid under QDAP being certified by the Insurance Authority and the contributions made to a TVC Account do not represent the actual tax deductions you can get. Whether tax deduction is allowable for all or any part of qualifying annuity premiums paid under QDAP and TVC shall be subject to your individual circumstances (as taxpayer), the provisions of the Inland Revenue Ordinance (Cap. 112 of the Laws of the Hong Kong SAR) and the Inland Revenue Department’s discretion. You are reminded to refer to the website of the Inland Revenue Department (www.ird.gov.hk) for details or to contact them directly for any tax related enquiries.

3. The Home Care Service is provided by a third party service provider that has been designated by Prudential and Prudential may change both the scope of Home Care Service and the service provider from time to time at its sole discretion without prior notice.

Notes:

Notes:

  • The life assurance plans are life insurance products and are not bank deposit. They are underwritten by Prudential Hong Kong Limited (A member of Prudential plc group) (“Prudential“). Some of these plans may have a savings element and are not an alternative to ordinary savings or time deposits. Part of the premium pays for the insurance and related costs.
  • If you are not happy with your policy, you have a right to cancel it within the cooling-off period and obtain a refund of any premiums paid, less any withdrawals (if applicable), provided that no claim has been made under the policy. A written notice signed by you should be received directly by the Prudential’s Hong Kong Office at 8/F Prudential Tower, The Gateway Harbour City, 21 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong within the cooling-off period (that is, within 21 days after the delivery of the policy or issue of a notice (informing you or your representative about the availability of the policy and expiry date of the cooling-off period), whichever is the earlier). After the expiration of the cooling-off period, if you cancel the policy before the end of the term, the projected total cash value (if applicable) may be less than the total premium you have paid. You should check with Prudential if you have any doubt regarding your cooling-off right.
  • Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered”) is an insurance agent of Prudential.
  • As the issuer of the life assurance plans, Prudential will be responsible for all protection and claims issues. Prudential is not an associate or subsidiary company of Standard Chartered. This website is not a contract of insurance and is intended to be a general summary for reference purpose only. Please refer to the policy for full terms and conditions. Standard Chartered does not accept any responsibilities regarding any statements provided by Prudential or any discrepancies or omissions in the contract of insurance nor shall Standard Chartered be held liable in any manner whatsoever in relation to your contract of insurance.
  • This website is intended to be valid in Hong Kong only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Hong Kong. Prudential and Standard Chartered do not offer or sell any insurance product in any jurisdictions outside Hong Kong in which such offering or sale of the insurance product is illegal under the laws of such jurisdictions. This website does not constitute a contract of insurance or an offer, invitations or recommendation to any person to enter into any contract of insurance or any transaction described therein or any similar transaction.
  • Whether to apply for insurance coverage is your own individual decision. During the sales process, this website should be read in conjunction with the relevant product brochure. For full terms and conditions, and risk disclosures of the relevant insurance plan, please refer to the relevant product brochure and policy document and read carefully.
  • In respect of an eligible dispute arising between Standard Chartered and the client out of the selling process or processing of the related transaction, Standard Chartered is required to enter into a Financial Dispute Resolution Scheme process with the client; however any dispute over the contractual terms of the product should be resolved directly between Prudential and the client.
  • Terms and conditions apply. For details, please refer to the relevant product leaflets and policy terms.

General Terms and Conditions:

  1. Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered”) and Prudential Hong Kong Limited (“Prudential”) shall have the right to amend and terminate any of the above services or vary any of the terms and conditions for the above services without prior notice. In case of any disputes, Standard Chartered and Prudential shall have the absolute discretion to make the final decision.
  2. If there is any inconsistency or conflict between the English and the Chinese versions, the English version shall prevail.