Underwritten by China Life Insurance (Overseas) Company Limited (“China Life (Overseas)”), Joyful Legend Insurance Plan (the “Plan”) offers multiple potential returns, which will bring you potential long-term wealth growth and accelerate your path to financial freedom. Additionally, you can pass on your wealth to future generations with the diverse legacy planning functions, ensuring a bright tomorrow for your loved ones.
Plan Features
Plan Features
Wealth accumulation with ease
|
Multiple potential returns
|
Lock in your gains
|
Pass your legacy to generations to come
|
Unlimited change of insured
|
Designation of contingent insured
|
Death benefit
|
Flexible death benefit settlement options
|
Flexibility in wealth planning
|
Flexible access to your wealth
|
Wealth accumulation with easeMultiple potential returns to accelerate wealth buildingThe Plan is a participating insurance plan that offers you potential capital growth. Its policy value consists of the following components:
- Guaranteed cash value grows over the policy years helping you accumulate wealth.
- Terminal dividend1 is a one-off non-guaranteed dividend, which is payable from the 5th policy anniversary upon certain events.
- Total amount of terminal dividend management account2 is equivalent to locked-in terminal dividend and accumulated interest3 (if any) less withdrawal amount (if any).
Terminal dividend management option to help you lock in gainsTo facilitate your financial need, starting from the 15
th policy anniversary and every policy anniversary thereafter, you can apply to exercise the “terminal dividend management option”
2 to lock in a designated percentage of the terminal dividend of the policy. This option can only be exercised once for each policy year. The minimum percentage for each application is 10% and the maximum aggregate percentage of all applications is 50%. The terminal dividend which is applied to lock in will be transferred to the terminal dividend management account and will become locked-in terminal dividend. The locked-in terminal dividend will then be guaranteed and will accumulate with interest
3 (if any) at a non-guaranteed rate. You may also withdraw from the terminal dividend management account for extra liquidity.
Pass your legacy to generations to come Unlimited change of insured to pass on wealth across generationsChina Life (Overseas) understand you wish to provide your loved ones with a secure financial future. This is why the Plan features the “change of insured” option
4. Starting from the 1
st policy anniversary, you can change the insured for unlimited times while the insured is alive, giving your wealth more time to grow. Together with the change of policyholder, you can pass the policy down through generations.
Contingent insured to sustain insurance coverageYou can appoint and prioritize a maximum of 2 contingent insureds
5 at a time while the insured is alive and the policy is in force. In case the insured unfortunately passes away, China Life (Overseas) will arrange the contingent insured who is first in line to be the new insured according to relevant administrative procedures and orders. The policy will continue to be effective and the policy value will keep growing. Together with the change of policyholder, you can pass on a legacy to future generations.
Death benefitIn case the insured unfortunately passes away while the policy is in force, and the contingent insured
5 (if any) does not become the insured under the policy, China Life (Overseas) will pay the beneficiary a death benefit which is equal to the higher of:
(i) 101% of accumulated premium due and paid of the basic plan at the date of death of the insured; or
(ii) sum of guaranteed cash value and non-guaranteed terminal dividend
1 (if any) of the basic plan at the date of death of the insured
+ total amount of terminal dividend management account
2 (if any)
- all indebtedness (if any).
The policy will be terminated after China Life (Overseas) pay the death benefit.
Flexible death benefit settlement optionThe Plan offers flexible death benefit settlement options to help you safeguard your family’s financial future. While the insured is alive, you can choose to pay the death benefit according to any one of the following options.
Option 1:
|
Lump sum payment. |
Option 26
|
Death benefit will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. |
Option 36: |
A designated percentage of death benefit (which must be 5% or above) will be paid in a lump sum as the first instalment. After paying the first instalment, the remaining balance will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. |
Option 46: |
Death benefit will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. After paying the instalments, a designated percentage of death benefit (which must be 5% or above) will be paid in a lump sum as the last instalment of death benefit. |
Option 56: |
Death benefit will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. The instalment amount will increase 5% annually until the total amount of death benefit have been paid. |
Flexibility in wealth planning
Flexible access to your wealth for matching your needs
To realize your financial goals, you can partially withdraw the guaranteed cash value and non-guaranteed terminal dividend1 through reducing the basic amount7. The policy value and death benefit will be reduced accordingly while the total amount of terminal dividend management account2 (if any) will remain unchanged.
Alternatively, you can apply for policy loan to borrow part of the guaranteed cash value when needed, while keeping the policy in force. Interest on policy loan which is not guaranteed will be charged at a rate determined by us from time to time.
Simplified underwriting
To enable you to achieve your goals with ease, application of the Plan is easy. Simplified underwriting procedures are available and no medical examination is required.
Enrollment Terms
Enrollment Terms
Issue age
|
15 days to age 80
|
Benefit term
|
Whole life
|
Premium payment term
|
5 years
|
Premium payment mode8
|
Annual, semi-annual, quarterly, monthly, or annual and premium prepayment9 |
Policy currency
|
HKD / USD
|
|
Issue age
|
|
15 days to age 60
|
Age 61 to 75
|
Age 76 to 80
|
Minimum basic amount7
|
HKD64,000 / USD8,000 |
Maximum basic amount7
|
HKD80,000,000 / USD10,000,000
|
HKD40,000,000 / USD5,000,000
|
HKD3,000,000 / USD375,000
|
Notes :
1 |
Terminal dividend is a one-off dividend and is non-guaranteed. Amount of terminal dividend shown in proposal illustration is just an indicative figure. Declared terminal dividend is not perpetually attached to the policy. It may be reduced or increased at subsequent declarations. Its actual amount will only be determined when it becomes payable. The actual amount may be lower or higher than the projected figure. Under some circumstances, actual amount of terminal dividend may be zero. The amount of the terminal dividend is affected by various factors including but not limited to the performance of the underlying investments, so the amount is relatively volatile and will move up and down over time. China Life (Overseas) reserves the right to revise the terminal dividend from time to time. Past record is not necessarily indicative of future result. For more information, please refer to clause 1 and clause 2 under “Policy information” and “Non-guaranteed benefit” risk.
Starting from the 5th policy anniversary, the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:
- when China Life (Overseas) pays the death benefit (only applicable if the sum of guaranteed cash value and terminal dividend (if any) of the basic plan at the date of death of the insured is higher than 101% of accumulated premium due and paid (will be pro rated if basic amount has been amended) of the basic plan); or
- when the policy is partially surrendered; or
- when the policy is terminated for any reason other than China Life (Overseas) pays the death benefit.
|
|
2 |
For application to exercise the “terminal dividend management option”, such application must be received by China Life (Overseas) within 30 days from the relevant policy anniversary (including the date of policy anniversary). The option will only be exercised provided that the application fulfills the application requirement and is confirmed by China Life (Overseas). There is no limitation on the number of times of exercising this option when the policy is in force, but the policyholder can apply to exercise this option in writing only once for each policy year. China Life (Overseas) will process the exercise of this option only once for each written application. There must be no unpaid premium or indebtedness in the policy during application to exercise this option. The amount of locked-in terminal dividend is guaranteed after China Life (Overseas)’s approval of the application. Once the application is approved by China Life (Overseas), the terminal dividend which is applied to lock in will be transferred to the terminal dividend management account as soon as practicable. The locked-in terminal dividend will be deposited with China Life (Overseas) to accumulate interest (if any) and the interest (if any) will be accrued annually at a rate to be determined by China Life (Overseas) at its sole discretion from time to time. You can submit request to China Life (Overseas) to withdraw part or all of the locked-in terminal dividend and accumulated interest (if any) from terminal dividend management account in a lump sum without surrendering the policy. The withdrawal amount is subject to minimum requirement imposed by China Life (Overseas) from time to time.
The actual amount of the locked-in terminal dividend will only be determined after the application has been approved by China Life (Overseas). The total amount of terminal dividend management account is equivalent to locked-in terminal dividend and accumulated interest (if any) less withdrawal amount (if any) from the terminal dividend management account. Upon the completion of transferring the terminal dividend to the terminal dividend management account by China Life (Overseas) as per application, the terminal dividend (if any) of the relevant policy year and subsequent policy years will be adjusted proportionally. Locked-in terminal dividend will not be allowed to be reset or reversed to terminal dividend. For details, please refer to the policy provisions. |
|
3 |
The interest is not guaranteed. The actual benefits and/or returns may be lower or higher than estimates. China Life (Overseas) reserves the right to revise the interest from time to time. |
|
4 |
When China Life (Overseas) receives the written application for the “change of insured”, the age of the new insured shall meet the following requirements:
- If the new insured’s attained age exceeds the first insured’s attained age, the attained age of the new insured shall not exceed age 65; or
- If the new insured’s attained age is equal to or below the first insured’s attained age, the attained age of the new insured shall not exceed age 80.
China Life (Overseas) must be satisfied with the insurable interest between the new insured and the policyholder. Both the current insured and the new insured must be alive at the time of applying for the change of insured. Such request must fulfill the related administration procedure of China Life (Overseas). The policy’s basic amount, guaranteed cash value, policy date, policy year, premium expiry date, the latest date of reinstatement of the policy (if any), accumulated premium due and paid, death benefit, settlement option of death benefit, terminal dividend (if any), terminal dividend management option (if any), total amount of terminal dividend management account (if any) and indebtedness (if any) will not be changed due to the change of insured. |
|
5 |
When China Life (Overseas) receives the written request for “designating the contingent insured”, the age of the contingent insured(s) shall meet the following requirements:
- If the contingent insured(s)’ attained age (on an individual basis if more than 1 contingent insured) exceeds the first insured’s attained age, the attained age of the contingent insured(s) shall not exceed age 65; or
- If the contingent insured(s)’ attained age (on an individual basis if more than 1 contingent insured) is equal to or below the first insured’s attained age, the attained age of the contingent insured(s) shall not exceed age 80.
China Life (Overseas) must be satisfied with the insurable interest between the contingent insured(s) and the policyholder. Such request must fulfill the related administration procedure of China Life (Overseas). The policy’s basic amount, guaranteed cash value, policy date, policy year, premium expiry date, the latest date of reinstatement of the policy (if any), accumulated premium due and paid, death benefit, settlement option of death benefit, terminal dividend (if any), terminal dividend management option (if any), total amount of terminal dividend management account (if any) and indebtedness (if any) will not change after the contingent insured becomes the insured. |
|
6 |
For the instalment option (i.e. option 2 to 5), starting from the payment date of the first instalment until the total amount of death benefit have been paid, interest (if any) will be accrued monthly on the remaining balance of death benefit at a rate to be determined by China Life (Overseas) at its sole discretion from time to time. The accumulated interest (if any) will be paid together with the last instalment of death benefit. If the beneficiary(ies) dies at any time before China Life (Overseas) has fully paid the death benefit, China Life (Overseas) shall pay the remaining balance of the death benefit with accumulated interest (if any) in a lump sum payment to the respective personal representative for the estate of the deceased beneficiary(ies) (in accordance with their entitlement, where applicable). The policy shall terminate when the death benefit is paid in full.
(i) If the total amount of death benefit at the date of death of the insured is less than HKD400,000/USD50,000; or (ii) the annualized amount of instalment(s) of death benefit is less than HKD20,000/USD2,500 (applicable to options 2 to 5); or (iii) the policyholder does not specify any settlement option; or (iv) any of the beneficiary(ies) of the policy is not a natural person, China Life (Overseas) will apply option 1 and pay out the benefit amount to the beneficiary in a lump sum. |
|
7 |
“Basic amount” means the amount shown on the policy information page or endorsement as the “basic amount”. The basic amount is used to calculate the premium and relevant values of the policy, but is not applicable to the calculation of the death benefit. If the basic amount has been amended while the policy is in force, the said premium and relevant values of the policy will be adjusted accordingly. |
|
8 |
If the required renewal premium is paid by you within the grace period, the policy shall continue to be in force. For details, please refer to the policy provisions issued by China Life (Overseas). If the policy is lapsed or surrendered early, the policy cash value received by you may be considerably less than the total amount of the premiums paid. |
|
9 |
If you choose the annual and premium prepayment option, you can withdraw the unused prepaid premium (including interest, if any) at one time. China Life (Overseas) will charge 2% of the withdrawal amount, at a minimum amount of HKD100/USD12.5. You can withdraw the unused prepaid premiums once only. The interest rate of prepaid premium is 4% p.a. and this interest rate is guaranteed. |
For enquiries, you can visit any Fubon Bank branch or simply call Fubon Bank Integrated Customer Service Hotline 2566 8181 (Press 3 after language selection) during office hours* for more details.
**Office hours: Monday to Friday: 9am to 7pm; Saturday: 9am to 1pm (Except public holidays).
Warning Statement:
Joyful Legend Insurance Plan is a life insurance plan (including guaranteed cash value and non-guaranteed terminal dividend). Part of the premiums are paid for the insurance and related costs. The policy is underwritten by China Life Insurance (Overseas) Company Limited (“China Life (Overseas)”) and is subject to China Life (Overseas)’s credit risk. In the worst scenario, you may lose all premiums paid and benefits provided under the policy. The savings parts of the Plan is also subject to risk and loss. You must be aware of the long-term nature of life insurance plan. If you surrender your policy early, the amount you get back may be less than the total amount of premiums paid and thus resulting in a pecuniary loss. You should fully understand all of the risks involved in the plan and consider whether the plan is affordable and suitable to you before making your application. You have the right to cancel the policy within the cooling-off period and obtain a refund of any premium and premium levy (if any) paid provided that no claim has been made under the policy. You must submit a written notice signed by you to China Life (Overseas) at 22/F, CLI Building, 313 Hennessy Road, Wan Chai, Hong Kong within 21 calendar days after the delivery of the policy or Notice of Policy Issuance (telling you about the availability of the policy and the expiry date of the cooling-off period) to you or your representative, whichever is earlier.
-
Terms and Conditions
Important Information: |
The above information is for reference only. It does not form a contract between China Life (Overseas) and anyone or any entity else. The detailed terms, conditions and exclusions of the Plan are subject to the relevant policy contract. You are reminded to review the policy contract and all relevant product materials and to seek independent professional advice if necessary. For a copy of the policy provisions, please contact China Life (Overseas) for enquiry. |
|
1. |
The Plan is a life insurance plan (including guaranteed cash value and non-guaranteed terminal dividend). Part of the premiums are paid for the insurance and related costs. You should fully understand all of the risks involved in the Plan and consider whether the Plan is affordable and suitable to you before making your application. |
2. |
The Plan is an insurance product, but not a bank savings plan embedded with a free life insurance. The premium is not a placement of a savings deposit with the bank and hence is not protected by the Deposit Protection Scheme in Hong Kong. |
3. |
Cooling-off right – You have the right to cancel the policy within the cooling-off period and obtain a refund of any premium and premium levy (if any) paid provided that no claim has been made under it. You must submit a written notice signed by you to China Life (Overseas) at 22/F, CLI Building, 313 Hennessy Road, Wan Chai, Hong Kong within 21 calendar days after the delivery of the policy or Notice of Policy Issuance (telling you about the availability of the policy and the expiry date of the cooling-off period) to you or your representative, whichever is earlier.
|
4. |
The premium will be paid to China Life (Overseas) and part of the premiums will become part of the assets of China Life (Overseas). The policyholder does not have any direct rights nor ownership over any of these assets. The policyholder’s rights are in accordance with the terms and conditions of the policy contract and policyholder’s recourse is against China Life (Overseas) only. Your policy is subject to the credit risk of China Life (Overseas). In the worst scenario, you could lose all of the premiums paid and benefits.
|
5. |
The Plan is of a long-term nature. You are advised to carefully consider your financially capability, cash flow and liquidity needs before making any purchase decision. The Plan may not be suitable for you and you should not buy the Plan if you are in need of short-term liquidity.
|
6. |
You can make partial withdrawal of the guaranteed cash value which would be regarded as the reduction on the basic amount. In such circumstances, the death benefit and the total cash value would be reduced accordingly. Or you can apply the policy loan where the maximum loanable value of the policy loan will be equal to a certain percentage, as determined and revised by China Life (Overseas) from time to time, of the policy’s cash value. Compounded interest at the rate per annum is determined and revised by China Life (Overseas) from time to time, will be charged on the policy loan. The interest rate of the policy loan is generally higher than loans offered by banks. For inquiry about current policy loan ratio and applicable interest and charges, please contact China Life (Overseas). If the policy loan with its accumulated interest equals to or exceeds the accumulated cash value in the policy, the policy will be automatically terminated and will lapse.
|
7. |
Fubon Bank (Hong Kong) Limited (“Fubon Bank") is an appointed licensed insurance agency for China Life (Overseas), and is responsible for the distribution of relevant insurance products. Fubon Bank shall not be responsible for any matters in relation to the terms and conditions of the policy contract of the Plan. The Plan is a product of China Life (Overseas) but not the product of Fubon Bank.
|
8. |
The Plan is underwritten by China Life (Overseas). China Life (Overseas) is responsible for the features, underwriting and benefit payments of the Plan.
|
9. |
China Life (Overseas) shall make the final decisions on the underwriting and claims. China Life (Overseas) shall rely on your submitted information to assess whether to accept or decline your application, and shall refund any premium and premium levy (if any) paid without interest for declined cases.
|
10. |
In case you file a written complaint regarding the selling process or processing of the related transaction to Fubon Bank and the complaint is an “Eligible Dispute(s)” as defined in the Terms of Reference for the Financial Dispute Resolution Centre, Fubon Bank is required to enter into a Financial Dispute Resolution Scheme process with you if the Eligible Dispute cannot be resolved after Fubon Bank has issued the final written reply. If the complaint or dispute is related to the contractual terms of the product, it should be resolved directly between China Life (Overseas) and you. Nevertheless, where practicable and appropriate, Fubon Bank will provide reasonable assistance to customers in the dispute resolution process.
|
11. |
China Life (Overseas) accepts the full responsibility for the information contained in this webpage. The above information is for reference only. China Life (Overseas) suggests you to carefully consider whether the Plan is appropriate for you in view of your financial needs before application. You should not purchase the Plan unless you understand it. It should be explained to you that how this Plan is suitable for you. The final decision is yours.
|
12. |
The above information is intended to be distributed in Hong Kong only and shall not be construed as any offer to sell or solicitation to buy or provision of any product outside Hong Kong.
|
13. |
|
|
|
Policy Information: |
1. |
|
Dividend philosophy Policyholders of participating insurance plans can enjoy the potential surplus arising from the long term operation of the participating fund via a form of non-guaranteed dividend in addition to the guaranteed benefits. Your premiums will usually be allocated into a relevant participating fund and will be invested in a variety of asset classes according to our investment strategy. China Life (Overseas) will manage the relevant participating fund in a prudent manner and aim to ensure a fair distribution of surplus and risks between policyholders and shareholders, and among different groups of policyholders.
As dividends are mainly affected by the overall performance of the participating business, in order to alleviate the volatility of achieved gains and losses and the future uncertainties, in particular, future investment returns, China Life (Overseas) may take moderate smoothing measures to achieve relatively more stable dividends and strive to meet policyholders’ reasonable expectation. China Life (Overseas) will maintain a fair distribution method or sharing ratio, and appropriate grouping to ensure policyholders are treated fairly, and to ensure policyholders’ benefit expectation and rights are protected.
The current dividend projection is not guaranteed. China Life (Overseas) will review and declare the dividend at least once a year. When determining the dividend, China Life (Overseas) will consider the overall performance of all relevant policies on factors including but not limited to past experience as well as future prospect of investment returns, claims and surrenders:
- Investment return – including the interest income, dividend income, investment outlook and changes to asset values.
- Claims – including the costs of providing death benefit as well as other benefits under the product(s).
- Surrenders – including policy termination, partial surrenders and the corresponding experience and impact.
If there are any changes in the actual dividends against the illustration or to the projected future dividends, such changes will be reflected in the policy anniversary statement.
The declaration of actual dividends is recommended by the Appointed Actuary and is subject to the approval of the Board (including one or more Independent Non-Executive Director(s)).
For products that are associated with an element of non-guaranteed accumulation interest rate, China Life (Overseas) will consider past investment experience as well as future expected return and other related factors when determining this non-guaranteed interest rate. If there are changes from market, expectation or policyholder behavior, China Life (Overseas) may apply reasonable adjustments to the non-guaranteed interest rate.
|
2. |
|
Investment strategy Our investment philosophy aims at containing volatility and providing long term stable return. Meanwhile, in order to control and diversify risks, maintain adequate liquidity, and achieve higher potential returns for policyholders under an acceptable risk appetite, China Life (Overseas) will invest in a wide range of asset classes with consideration of the status of assets and liabilities. The target asset mix may also differ between different participating products. China Life (Overseas) will actively manage the investment portfolio and adjust the asset mix in response to the external market conditions. Currently, our investments include bonds and other fixed income assets, such as government and corporate bonds and other fixed income instruments, to support the guaranteed liability payment. To enhance the potential performance of the investment portfolio, China Life (Overseas) will invest in equity-type assets and other investment instruments such as private funds, mutual funds and direct/indirect investment in properties or commercial institutions. Subject to our investment policy, China Life (Overseas) may also utilize derivatives to manage risks (including but not limited to currency risk) and enhance returns, or use security lending to improve returns. The investment portfolio will be diversified across different geographic regions and/or industries. China Life (Overseas)’s current investment strategy on this participating plan is as follows:
Asset type |
Target asset mix (%) |
Bonds and other fixed income instruments |
25% to 90% |
Equity-type investment and other investments |
10% to 75% |
Please refer to China Life (Overseas)’s website www.chinalife.com.hk/products/dividend-philosophy-and-investment-strategy for dividend history, dividend philosophy, investment strategy, as well as the fulfillment ratio of China Life (Overseas).
|
3. |
|
Policy loan You can apply for the policy loan where the maximum loanable value of the policy loan will be equal to a certain percentage of the guaranteed cash value (currently 90% of guaranteed cash value), as determined and revised by China Life (Overseas) from time to time. Interest compounded at the rate per annum determined and revised by China Life (Overseas) from time to time will be charged on the policy loan. The interest rate of the policy loan is generally higher than loans offered by banks. For inquiry about the applicable interest and charges on the policy loan, please contact China Life (Overseas). All policy loans are interest-bearing and calculated at a rate (as stated on China Life (Overseas) website www.chinalife.com.hk) to be declared by us from time to time. Interest accrued shall become a part of the indebtedness. If the policy loan with its accumulated interest equals to or exceeds the accumulated guaranteed cash value in the policy, the policy will be automatically terminated and will become invalid. Policy loan will reduce the policy’s death benefit and surrender value.
|
4. |
|
Non-payment of premium / automatic premium loan You should pay premium(s) on time according to the selected premium payment term. If the due premium(s) remains unpaid upon the expiry of the grace period, an automatic premium loan will be taken out against the policy to settle the unpaid premium automatically. All premium loans are interest-bearing and calculated at a rate (as stated on China Life (Overseas)’s website www.chinalife.com.hk) to be declared by us from time to time. Interest accrued shall become a part of the indebtedness. When the loan balance is equal to or exceeds the guaranteed cash value of the basic plan of the policy, the policy will be lapsed and you will lose the related benefits and suffer a financial loss. Under these circumstances, the surrender value of the policy will be deducted to repay the outstanding loan balance (including interest), and the remaining value will be refunded to you.
|
5. |
|
Exclusions and limitations The information stated in this webpage is for reference only. Please refer to the “general provisions” and “benefit provisions” for the detailed terms and conditions, and limitations such as incontestability, suicide and fraud, etc. or all exclusions, or contact the Bank’s staff for details
|
|
|
What are the key product risks?
Credit risk: The Plan is a life insurance policy issued by China Life (Overseas). Any premium paid will become part of our assets and our financial strength will affect our ability to meet our contractual obligations to you under the policy. Therefore, you are subject to our credit risk.
Early surrender risk: The savings component of the Plan is subject to risks and possible losses. Should you surrender the policy early, you may receive an amount considerably less than the total amount of premiums paid.
Exchange rate and currency risks: Any policy with foreign currencies involves risks, such as potential changes in political or economic conditions that may substantially affect the price or liquidity of a currency. The fluctuations in exchange rates may also cause financial losses to you during currency conversions. You should take exchange rate risk into consideration when deciding the policy currency.
The Plan offers non-HKD policy currency. Currency exchange rate can go up and down. If the policy currency is non-HKD but calculated in HKD, the calculation is subject to the exchange rate. There is a risk that you could lose a substantial portion of total value of the policy or benefit if the policy currency depreciates substantially against your local currency.
Inflation risk: The cost of living in the future may be higher than expected due to the effects of inflation. Therefore, your current projected benefits and / or returns may be insufficient to meet your future needs even if China Life (Overseas) fulfills all of our contractual terms and obligations.
Liquidity and withdrawal risk: You are obliged to hold the policy and pay the premium(s) for the designated period of time. If you surrender the policy, you may suffer a financial loss. In case you make partial withdrawals from the policy, your policy value, death benefit and other policy benefits will be affected, and you may need to pay the relevant handling fee or charges (if any).
Non-guaranteed benefit: The Plan consists of non-guaranteed benefits and / or returns. The actual amounts of benefits and / or returns in the future may be different from the benefits and / or returns which project on the product materials. The product materials are for illustrative purposes only.
Policy termination: The Plan shall terminate upon the occurrence of any of the following events (whichever is the earliest): (a) the policy is surrendered; or (b) China Life (Overseas) has paid the death benefit in full; or (c) the due premium has not been paid within 31 days after the premium due date, and the policy has no remaining guaranteed cash value; or (d) the indebtedness of the policy is equal to or exceeds the guaranteed cash value of the policy.
Effective from 1 January 2018, all policyholders are required to pay a levy on each premium payment made for both new and in-force policies to the Insurance Authority (the “IA”). For premium levy details, please visit our website at www.chinalife.com.hk or contact our customer service hotline at 399 95519 or visit IA’s website at www.ia.org.hk. |