Service introduction
Your policy value goes beyond future protection – it also supports retirement living needs. Through this service, the policy values of designated individual insurance products can be paid directly to the eligible senior care service communities / organizations, reducing fund transfers and administrative procedures. This streamlined arrangement provides greater peace of mind for your family and you, while ensuring focus can remain on a quality retirement lifestyle.
Eligible senior care service communities / organizations
國壽 ● 悠享家健康護老中心。
國壽 ● 康欣社區頤康之家
國壽 ● 福保社區頤康之家
More high-quality senior care service communities / organizations in Chinese Mainland and Hong Kong will be added for selection, and will be updated here from time to time.
Diversified options．Thoughtful arrangements for your loved ones
Eligible customers
| Policyholders, Insured, or beloved elders and relatives of policyholders who have signed the service contract with one of the eligible senior care service communities / organizations; and |
|
| “Direct Pay Senior Care Service” （One-time payment） Policyholders with individual policy^ of designated individual insurance products, which is an in-force policy with policy value available for cash value withdrawal, surrender, or policy maturity benefit withdrawal. |
“Direct Pay Senior Care Service” （Regular payment） Policyholders with individual policy^ of designated individual insurance products, which is an in-force policy attains the designated anniversary year(s) and with cash values exceeding HKD 50,000 or equivalent. |
^Not applicable to Investment-Linked Assurance Schemes (ILAS) & Universal Life Insurance Plans (UL).
Direct pay mode and application requirements
A. Regular payment for senior care service
- 1.Policyholder with individual policy of designated individual insurance products#, which is an in-force policy attains the designated anniversary year(s) and with cash values exceeding HKD 50,000 or equivalent at the time when applied for “Direct Pay Senior Care Service” ; and
- 2.Provide a copy of the signed service contract with the senior care service community / organization; and
- 3.The true copy of the signed “Authorization Letter for Payment of Senior Care Service Fees”；and
- 4.The true copy of the signed “Direct Pay Senior Care Service Application Form”
B. One-time payment for senior care service
- 1.Policyholders with individual policy of designated individual insurance product, which is an in-force policy with policy value available for cash value withdrawal, surrender, or policy maturity benefit withdrawal；and
- 2.Provide a copy of the signed service contract with the senior care service community / organization; and
- 3.The true copy of the signed “Authorization Letter for Payment of Senior Care Service Fees”；and
- 4.The true copy of the signed “Direct Pay Senior Care Service Application Form”; and
- 5.A copy of the Invoice（Payment Notice）issued by the senior care service community / organization（required if the direct payment amount is RMB 400,000 or above）
＃List of products eligible for “Regular payment for senior care service”
| # | Product Code | Product Name | The earliest date of withdrawal and the available withdrawal part(s) for regular policy value withdrawal |
|---|---|---|---|
| 1 | C563 | Lifelong Partner · Golden Age Deferred Annuity Insurance Plan (USD)(5) Hot-selling! | Click here for more details |
| 2 | C564 | Lifelong Partner · Golden Age Deferred Annuity Insurance Plan (HKD)(5) Hot-selling! | |
| 3 | C565 | Lifelong Partner · Golden Age Deferred Annuity Insurance Plan (USD)(10) Hot-selling! | |
| 4 | C566 | Lifelong Partner · Golden Age Deferred Annuity Insurance Plan (HKD)(10) Hot-selling! | |
| 5 | C500 | Forest Insurance Plan (USD) (2)Hot-selling! | |
| 6 | C501 | Forest Insurance Plan (USD) (2)Hot-selling! | |
| 7 | C502 | Forest Insurance Plan (USD) (5)Hot-selling! | |
| 8 | C503 | Forest Insurance Plan (HKD) (5) Hot-selling! | |
| 9 | C464 | Pleasure Life Savings Insurance Plan (USD) | |
| 10 | C465 | Pleasure Life Savings Insurance Plan (HKD) | |
| 11 | C504 | EverTogether Savings Plan (USD) | |
| 12 | C505 | EverTogether Savings Plan (HKD) | |
| 13 | C506 | Regal Elite Wealth Planner(USD) (2) | |
| 14 | C507 | Regal Elite Wealth Planner(HKD) (2) | |
| 15 | A441 | Comfort Life Deferred Annuity Plan (HKD)(5) Hot-selling! | |
| 16 | A442 | Comfort Life Deferred Annuity Plan (USD)(5) Hot-selling! | |
| 17 | A443 | Comfort Life Deferred Annuity Plan (HKD)(10) Hot-selling! | |
| 18 | A444 | Comfort Life Deferred Annuity Plan (USD)(10) Hot-selling! | |
| 19 | C324 | Graceful Life Deferred Annuity Plan (5) | |
| 20 | C325 | Graceful Life Deferred Annuity Plan (10) | |
| 21 | C367 | Graceful Life Deferred Annuity Plan (5) | |
| 22 | C368 | Graceful Life Deferred Annuity Plan (10) | |
| 23 | C369 | Joyous Life Deferred Annuity Plan (5) | |
| 24 | C387 | Graceful Life Deferred Annuity Plan II (HKD)(5) Hot-selling! | |
| 25 | C388 | Graceful Life Deferred Annuity Plan II (USD)(5) Hot-selling! | |
| 26 | C389 | Graceful Life Deferred Annuity Plan II (HKD)(10) Hot-selling! | |
| 27 | C390 | Graceful Life Deferred Annuity Plan II (USD)(10) Hot-selling! |
The list of the eligible products will be updated here from time to time.
Retirement in Chinese Mainland and customer journey on “Direct Pay Senior Care Service”
Just three simple steps to enjoy a worry-free retirement through “Direct Pay Senior Care Service”!
Reference case
Mr. Chan, aged 51, is the policyholder. His mother, Ms. Lee, aged 74, is the resident at the senior care service community / organization. Below are two scenarios that illustrate the “Direct Pay Senior Care Service” – one with regular payment and one with one-time payment.
Mr. Chan applies for our service “Direct Pay Senior Care Service” (regular payment), so that starting from the third month of Ms. Lee’s stay, RMB 10,000 in policy values of his policy is automatically withdrawn each month and paid directly to the designated senior care service community / organization as the monthly service fees.
| (1) | Initial admission fees (must be paid on the same day when signs service contract with the senior care service community / organization )： | (RMB) |
| Deposit & medical reserve | 15,000 | |
| Standard senior care service fee (minimum 1 month) | 10,000/month | |
| Initial bedding fee | 1,000 | |
| Miscellaneous fees (utilities, air-conditioning, internet, recreational activities, etc.) | Waived | |
| (2) | Monthly fees： | (RMB) |
| Standard senior care service fees (including accommodation fee, nursing fee, meals fee) | 9,000/month | |
| Personalized service fees | 1,000/month |
| Age | #Stayed month | Charged fees | Policy values withdrawn | Remarks |
|---|---|---|---|---|
| 74 | 1 | ¥26,000 | - | Mr. Chan paid for his mother Ms. Lee (Initial month) |
| 74 | 2 | ¥10,000 | - | Mr. Chan paid for his mother Ms. Lee (2nd month) |
| 74 | 3 | ¥10,000 | ¥10,000 | Withdrawn policy values from Mr. Chan’s designated policy through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (3rd month) |
| 74 | 4 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (4th month) |
| 74 | 5 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (5th month) |
| 74 | 6 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (6th month) |
| 74 | 7 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (7th month) |
| 74 | 8 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (8th month) |
| 74 | 9 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (9th month) |
In the 10th month of Ms. Lee’s stay, she required medical services provided by the senior care service community / organization. As a result, the monthly service fees increased by an additional amount of RMB 30,000. To cover the extra fees, Mr. Chan applied for “Direct Pay Senior Care Service” (one-time payment), withdrawn RMB 30,000 in policy values from his designated policy to directly pay the senior care service community / organization for the month’s extra medical expenses.
| (1) | Initial admission fees (must be paid on the same day when signs service contract with the senior care service community / organization ): | (RMB) |
| Deposit & medical reserve | 15,000 | |
| Standard senior care service fee (minimum 1 month) | 10,000/month | |
| Initial bedding fee | 1,000 | |
| Miscellaneous fees (utilities, air-conditioning, internet, recreational activities, etc.) | Waived | |
| (2) | Monthly fees： | (RMB) |
| Standard senior care service fees (including accommodation fee, nursing fee, meals fee) | 9,000/month | |
| Personalized service fees | 1,000/month | |
| Extra medical expenses (The 10th month’s extra expenses) | 30,000 |
| Age | #Stayed month | Charged fees | Policy values withdrawn | Remarks |
|---|---|---|---|---|
| 74 | 1 | ¥26,000 | - | Mr. Chan paid for his mother Ms. Lee (Initial month) |
| 74 | 2 | ¥10,000 | - | Mr. Chan paid for his mother Ms. Lee (2nd month) |
| 74 | 3 | ¥10,000 | ¥10,000 | Withdrawn policy values from Mr. Chan’s designated policy through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (3rd month) |
| 74 | 4 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (4th month) |
| 74 | 5 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (5th month) |
| 74 | 6 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (6th month) |
| 74 | 7 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (7th month) |
| 74 | 8 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (8th month) |
| 74 | 9 | ¥10,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (9th month) |
| 74 | 10 | 40,000 | ¥10,000 | Through the “Direct Pay Senior Care Service“ (regular payment) to pay for Ms. Lee’s monthly fees (10th month) + |
| ¥30,000 | Withdrawn policy values from Mr. Chan’s same designated policy through the “Direct Pay Senior Care Service“ (one-time payment) to pay for Ms. Lee’s extra medical fees |
Exchange rates for “Direct Pay Senior Care Service”
Terms and Disclaimers
1.The “Direct Pay Senior Care Service” applies when the policyholder authorizes China Life Insurance (Overseas) Company Limited (incorporated in the People’s Republic of China) (“the Company”) to use the policy values of a designated individual policy to pay for the senior care services of designed resident (limited to one person; may be the policyholder, the insured, or an elder / relative designated by the policyholder) at the Company’s eligible senior care service communities / organizations. By completing the relevant application forms, the policyholder irrevocably agrees and authorizes the Company to: (a) provide the necessary information in the application forms to the relevant senior care service communities / organizations; and (b) withdraw policy values from the designated policy as instructed in the application forms, and directly pay the senior care service community / organization for the services under the senior care service contract.
2.Applications for the “Direct Pay Senior Care Service” must comply with all applicable Hong Kong / Chinese Mainland laws, regulations, supervisory requirements, policy terms, admission terms of the senior care service community / organization, and administrative requirements set by the Company from time to time. The Company reserves the right to request additional information or documents for review and compliance purposes.
3.The Company will periodically review market conditions and may add, remove, or adjust the eligible designated individual insurance products for the “Direct Pay Senior Care Service” (Regular payment), in line with market trends and company strategies. Customers can refer to the Company’s official website for the release of the application requirements and the latest list of eligible products.
4.The Company will periodically review market conditions and may add, remove, or adjust the designated senior care service communities / organizations under the “Direct Pay Senior Care Service”, in line with market trends and company strategies. Customers can refer to the Company’s official website for the release of the latest list.
5.When applying for the “Direct Pay Senior Care Service” and proceeding to policy value withdrawal, the policy must not involve any of the following: policy with effective outstanding and unpaid policy loans or automatic policy loans; with effective ongoing or pending regular policy value withdrawals arrangement / application; or with pending surrender or policy maturity application; or with policy assignment.
6.Any withdrawal of policy values will reduce the policy values and the potential growth of policy values, or will impact the subsequent benefits of the policy, especially when the actual dividends fall short of expectations. Any withdrawn policy values cannot be reinstated into the policy.
7.For designated individual insurance products that are eligible for “Direct Pay Senior Care Service” (Regular payment), please visit the Company’s official website for details about the earliest date of withdrawal and the available withdrawal part(s) for regular policy value withdrawal.
8.If the withdrawn policy values are ultimately not used to pay the fees for Chinese Mainland senior care services, the Company will refund the amount to the policyholder. Relevant bank charges (if applicable) or foreign exchange losses (if applicable) will be borne by the policyholder and deducted from the refund.
9.The “Direct Pay Senior Care Service” is a payment convenience arrangement provided by the Company. The Company will not proactively assess or monitor the health condition and/or functional capacity of the elderly residents. In the event that an elderly resident develops cognitive impairment, impaired functional capacity, or other significant changes in conditions, the policyholder, family members, and the guardian/ guarantor/ emergency contact listed in the senior care services agreement shall inform the Company as soon as possible. Prior to receipt of written instructions from the policyholder or the authorized representative of the elderly resident, or the proof regarding the elderly resident’s status, the Company will make payments in accordance with established arrangements. The Company shall not be liable for any loss resulting from the failure to notify the Company in a timely manner.
10.The Company reserves the right to amend the terms and conditions of the “Direct Pay Senior Care Service”, or suspend or cancel all or part of the service at any time without prior notice. In case of dispute, the Company’s decision shall be final.
11.Senior care services are provided by third-party suppliers. The Company is not the provider or operator of such services, and therefore nothing herein shall be deemed as a direct or indirect referral, recommendation, suggestion, or endorsement by the Company, and no guarantee is provided regarding the service standards and quality of the senior care service communities / organizations. The Company shall neither be held liable for any loss, damage, or consequence arising from or resulting from the customer’s use of the services provided by the senior care service community / organization, nor shall the Company assume any liability or provide any guarantee regarding any loss or damage arising from the reliability, accuracy, completeness, or timeliness of such information. The Company shall not assume responsibility for any consequences arising from such services either. All services are subject to the terms and conditions outlined by the suppliers.
12.The Company cannot guarantee the availability of services from senior care service communities / organizations. Service availability depends on the conditions determined by the suppliers. Any disputes regarding services must be resolved directly between the customer and the supplier.
13.This website and its content do not constitute an offer to sell or solicit the purchase of services from any senior care service community / organization. The Company is not an agent or distributor of such services and does not collect any fees or payments from the senior care service community / organization and/or customers for the use of such services. If customers ultimately use the services, they will enter into a contract directly with the supplier and pay service fees according to the agreed payment method.
14.Except for the Company and the policyholder, no other person or entity shall have the right to enforce any provision of these terms under the Contracts (Rights of Third Parties) Ordinance, nor enjoy any benefit under these terms.
15.By applying for the “Direct Pay Senior Care Service”, you acknowledge that you have read and accepted our Personal Information Collection Statement, which is available for download on the Company’s official website www.chinalife.com.hk or upon request.
16.This webpage is for reference only and is published solely in Hong Kong. It should not be interpreted as offering, selling, or soliciting the purchase of any products of the Company outside Hong Kong.
17.In the event of any ambiguity or inconsistency between the English and Chinese versions of these terms and disclaimers, the Chinese (Traditional) version shall prevail.