HSBC Life floats new QDAP mobile app

The app will help clients on early retirement and tax savings.

HSBC Life has launched a new mobile app for its qualifying deferred annuity policies (QDAP), including the enhanced Income Goal Deferred Annuity Plan, according to a news release.

The QDAP app will allow paperless and straight-through application aside from a phone pin and audio recording system. From end-February until 31 March, clients can apply for the app through their relationship managers.

It also introduced its Deferred Income Goal, an enhanced QDAP with widened eligibility age to cover 26 to 65 year olds, helping them save for retirement whilst enjoying tax benefits. Aside from steady annuity payments with a higher potential return of up to 3.4%, the plan also offers customers an option to get their monthly annuity payments for 10, 15 or 20 years to match their personal aspirations.

Purchases made before 31 March will allow the annuitant to enjoy a maximum individual tax deductible limit of up to $60,000 (US$7,699) starting from the current assessment year for a minimum of five years.