I'm afraid I am not a fan of this product. It's basically a case of handing over a lump sum in exchange for govt guaranteed monthly payments for life. I'm simplifying here to keep the post short:
Scenario 1. policy holder dies or surrenders the policy before the guarantee period runs out. The policy holder (or beneficiary) receives (i) the monthly payments during the policy period + (ii) a lump sum equal to the difference between the amount invested and the total monthly payments received + (iii) one year's payments. This is not an attractive investment - you're basically being paid back your own money with zero (or nearly so) return on your investment. You might as well leave your money in the bank
Scenario 2: the policy holder lives longer than the guarantee period. At some point the cumulative payments will make this a reasonable investment - but you have to live long enough to get there. I haven't attempted to run the numbers but I'm guessing a 60 year old investor would have to live to close to 90 to make this worth doing. The exact answer will, of course, depend on what rate of return you plug in to your calculation.
The advantages of the HKMC annuity plan are (i) some protection against longevity risk and (ii) protection against the risk of either over spending or making dud investments.
Personally, I would take a product like a diversified investment grade bond fund or an inflation linked bond over the HKMC annuity any day.
Edit: or maybe I just don't understand it - please let me know where I've gone wrong.