Critical Illness Multiple Protector / Critical Illness Multiple Protector (SS)
Pioneering Self-Selected Critical Illness Benefit
Offering You True Personal Protection
An unexpected critical illness can threaten your wellbeing and compromise your quality of life. Advances in medical science have made recovery easier than ever, but external factors can still lead to recurrence, putting your family under even heavier financial pressure.
The Critical Illness Multiple Protector series (the “Series” or the “Plan”) comprises the Critical Illness Multiple Protector (the “Basic Plan”) and Critical Illness Multiple Protector (SS) (the “SS Plan”). The Series provides essential coverage for Critical Illnesses and Special Diseases, packaged together with the Multiple Critical Illness Benefit, which enables you to make up to four additional claims should recurrences arise after your initial claim for enhanced support during difficult times. The SS Plan offers these benefits and more, introducing two extra claims through the Multiple Cancer Benefit, along with the pioneering Self-Selected Critical Illness Benefit, which provides enhanced protection for 3 Critical Illnesses of your choice.
First in the market - The SS Plan's Self-Selected Critical Illness Benefit allows you to choose 3 out of 6 Critical Illnesses for which you will receive additional protection equal to an extra 100% of the original Sum Assured of the Basic Plan
Your Critical Illness protection needs are unique. That is why we are introducing the breakthrough Self-Selected Critical Illness Benefit as part of the SS Plan. This benefit allows you to personalise your protection by choosing 3 out of 6 Critical Illnesses for which you will receive enhanced protection, to accommodate your own protection needs.
The 6 available options include Cancer, Parkinson’s Disease, Multiple Sclerosis, Stroke, Alzheimer's Disease and Cardiomyopathy. You can choose 3 of these upon enrolment, and your choices cannot be altered afterwards. If the Insured is diagnosed with any of the chosen Critical Illness options, we will pay an extra 100% of the original Sum Assured of the Basic Plan in addition to the Critical Illness Benefit or Multiple Critical Illness Benefit.
You can only claim the Self-Selected Critical Illness Benefit once, but your policy will remain in effect to protect you through your other benefits.
The SS Plan's Multiple Cancer Benefit introduces 2 extra claims for a newly diagnosed cancer, or recurrence, metastasis or continuation of a previous cancer - each for up to 100% of the original Sum Assured of the Basic Plan, waiting period for a newly diagnosed cancer is just for 1 year.
Cancer is not unbeatable, but recurrence or even a new cancer in another organ are real possibilities. In such unfortunate circumstances, the SS Plan’s Multiple Cancer Benefit will pay 100% of the original Sum Assured of the Basic Plan so you can focus on your recovery.
In other words, if you have already claimed the Critical Illness Benefit or Multiple Critical Illness Benefit because of a previous cancer diagnosis, you can make additional claims through the Multiple Cancer Benefit if a condition occurs after the waiting period：
1 year waiting period：
New cancer diagnosis (unrelated to the Cancer in the preceding claim)
3 year waiting period：
(i) Recurrence or metastasis of the Cancer in the preceding claim; or
(ii) Continuation of the Cancer in the preceding claim despite having received or is receiving necessary and active treatment
Even after we pay out 2 claims under the Multiple Cancer Benefit, your policy will remain effective until we pay out all claims in full under the Multiple Critical Illness Benefit.
Critical Illness Benefit - First Critical Illness before age 66 pays 180% of the original Sum Assured of the Basic Plan, and all subsequent Premiums will be waived
An unexpected Critical Illness can threaten your wellbeing and put your family under tremendous financial pressure. That is why the Series is designed to provide enhanced protection: if the Insured is diagnosed with any of the 72 covered Critical Illnesses before the Policy Anniversary immediately following the Insured’s 66th birthday, we will pay out a lump-sum amount equivalent to 180% of the original Sum Assured of the Basic Plan; if the date of the diagnosis is between the Policy Anniversary immediately following the Insured’s 66th birthday and the Policy maturity date (both dates inclusive), the lump-sum amount will equal 100% of the original Sum Assured of the Basic Plan. Additionally, the benefit may include a Terminal Dividend (if any), less any Indebtedness (if any) and claim amounts paid out under the policy (if any). The Insured has to stay alive within 14 days from the date of diagnosis (both dates inclusive) in order to receive the benefit.
The Critical Illness Benefit will terminate after one claim, but your policy will remain in effect, offering you continued protection through the Multiple Critical Illness Benefit and other benefits. We will also waive all your subsequent premiums, so you can truly relax and recuperate.
Make up to 4 additional claims through the Multiple Critical Illness Benefit, for up to 700% of the original Sum Assured of the Basic Plan
The Series offers a Multiple Critical Illness Benefit to support you in the troubling event of another illness. If the Insured is diagnosed with another covered Critical Illness after a Critical Illness Benefit claim, and the date of the diagnosis is at least one year after the diagnosis in the preceding claim (both dates inclusive), and the Insured is still alive within 14 days from the date of diagnosis (both dates inclusive), we will provide for 4 additional claims totalling up to 700% of the original Sum Assured of the Basic Plan, providing added support so you can focus on your recovery.
Only one claim may be made for each covered Critical Illness. Basic Plan policies will terminate once you have made 4 claims under the Multiple Critical Illness Benefit, and the SS Plan policies will still remain in effect so long as the Multiple Cancer Benefit (if effective) has not fully paid the 2 claims, regardless if you have made 4 claims under the Multiple Critical Illness Benefit.
Special Disease Benefit - Each claim pays 20% of the original Sum Assured of the Basic Plan; Carcinoma-in-situ enjoys up to 2 claims
When it comes to Critical Illnesses, early treatment can be the key to a full recovery. This is especially true for early-stage conditions. If the Insured is diagnosed with any of the 66 Special Diseases, and we have not yet paid the Critical Illness Benefit, we will pay out 20% of the original Sum Assured of the Basic Plan for the diagnosed disease. The Special Diseases are organized into 6 groups. Up to 2 claims can be made for carcinoma-in-situ under Group 1, while 1 claim can be made for all other groups, subject to a maximum limit of HKD 550,000/USD 68,750 or 95% of the original Sum Assured of the Basic Plan per Insured, whichever is lower.
After we settle your claim under the Special Disease Benefit, the settlement amount will be deducted from the Sum Assured of the Series. Subsequent Premiums and Cash Value will therefore be reduced pro rata. On the other hand, if we have already paid the Critical Illness Benefit, we will not pay out a subsequent claim under the Special Disease Benefit. Even if the Insured is enrolled in the Series and its rider(s), and same plans underwritten by us, the total amount of claim payments payable to the Insured cannot exceed the maximum amount of claims payable as stated above.
Please refer to the Covered Illnesses Table for a summary of the groupings under the Special Disease Benefit.
Covers 138 illnesses, including Critical Illnesses and Special Diseases
The Series covers 138 illnesses, including 72 Critical Illnesses and 66 Special Diseases. These include common illnesses such as Cancer, Heart disease, Stroke, Carcinoma-in-situ and Early Malignancies.
You may refer to the Covered Illnesses Table for the illnesses.
Protection until age 100 - including the Multiple Cancer Benefit and Multiple Critical Illness Benefit
Advances in medical science are contributing to an increase in average life expectancy. This is why we are extending the coverage age to enhance your protection, especially under the Multiple Cancer Benefit and Multiple Critical Illness Benefit. All benefits under the Series now protect you up to age 100 (and the Insured has to stay alive within 14 days from the date of diagnosis (both dates inclusive), so there is no need to worry even during your golden years.
Protection together with savings
The Series provides comprehensive Critical Illness protection, savings, life protection as well as the followings:
Additional rider– You may enroll with the designated rider(s) to enhance your benefit.
Second Medical Opinion– Through this service, you can obtain a professional medical opinion in order to make an appropriate decision concerning your treatment.
International Emergency Assistance Service– If the Insured is diagnosed with an illness or is injured in an accident outside Hong Kong, he or she will enjoy comprehensive coverage under the free 24-hour Worldwide Emergency Assistance Service.
NAVIGATOR– NAVIGATOR not only arranges medical treatments for you subject to the advice from Second Medical Opinion, it also negotiates with service suppliers in order to control the medical charges within a medically necessary and expected range so as to meet your budget. The service provider of NAVIGATOR will charge a service fee, please refer to the brochure that has been uploaded to the company website.
This product brochure is for reference only. Please refer to the Policy documents for the complete definitions of the capitalised terms, as well as all the terms and conditions of this product. You are reminded to review all of the relevant product materials provided to you and to seek independent professional advice if necessary.
- The Policy is underwritten by China Life Insurance (Overseas) Company Limited (“China Life (Overseas)” or "us/we/our"). China Life (Overseas) is responsible for the features, underwriting and benefit payments under the Policy. You should fully understand all of the risks involved in this product and consider whether this product is affordable and suitable to you before making your application.
- China Life (Overseas) shall make the final decisions on the underwriting and claims. We shall rely on your submitted information to assess whether to accept or decline your application, and shall refund any Premium paid without interest for declined cases.
- Exclusions - any claims directly or indirectly caused by or resulting from the following conditions will not be covered: (1) any illness suffered within ninety (90) days from the Policy Effective Date or the last date of reinstatement of this Policy, whichever is later (not applicable to any claims caused by an Accident); (2) any congenital or pre-existing conditions before the Policy Effective Date or the last date of reinstatement of this Policy, whichever is later (not applicable to Autism); (3) if the Insured is diagnosed as suffering from Prostate Cancer, the Insured is aged over seventy (70) on the date of diagnosis of Prostate Cancer; (4) any illness caused by Human Immunodeficiency Virus (HIV), including Acquired Immunodeficiency Syndrome (AIDS) and/or any mutations, derivations or variations (not applicable to items 55 “AIDS / HIV due to Blood Transfusion” and 56 “Occupationally Acquired AIDS / HIV” under the definition of "Critical Illnesses"); (5) any illness or surgery caused by self-inflicted injuries or suicide, whether sane or not (not applicable for the death benefit); or (6) taking of drugs (except medicine prescribed by a Registered Medical Practitioner), abuse of alcohol or taking of poison.
In addition, the information stated herein is for reference only. Please refer to the General Provisions for the exact terms and conditions and limitations such as incontestability, suicide and fraud etc. or all exclusions.
- Limitation - If the Insured is diagnosed by a registered medical practitioner that suffers from more than one of the illnesses mentioned in the Covered Illnesses Table while the Policy is in force, only one of the illnesses will be paid, whichever is higher.
- Non-Payment of Premium / Automatic Premium Loan - You should pay Premium(s) on time according to the selected Premium payment schedule. If the due Premium 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 Policy Loans are interest-bearing and calculated at a rate (as stated on our corporate 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 insurance coverage 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.
- Dividend and/or Crediting Interest Philosophy - This is a participating and/or providing interest on accumulation insurance plan. Premiums received from the policies will be invested to a variety of assets according to China Life (Overseas)’s investment strategy. The surplus from the invested assets will be shared with Policyholder through declared dividends and/or interest rate on accumulation in accordance with the relevant clause in the benefit provision. China Life (Overseas) will ensure a fair sharing of profits among different groups of policyholders and also between policyholders and China Life (Overseas). China Life (Overseas) will review and determine the dividend and/or interest rate on accumulation at least once a year, the current projection on dividend and/or interest rate on accumulation are not guaranteed and subject to change with the entire performance of the relevant policies and the factor including but not limited to the investment returns, operating expense, claims experience, commission, persistency, past experience and future prospect. In addition, China Life (Overseas) will consider both past and future outlooks of all factors including but not limited to:
Claims – including the costs of providing death benefit as well as other benefits under the product(s).
Investment return – including the interest income, dividend income, outlook of interest rates and any changes in the market value of the product's backing asset.
Expenses – including both direct expenses (e.g. commissions, underwriting, issue and premium collection expenses) and indirect expenses (e.g. general overhead expenses) related to the product.
Persistency – including policy lapse and partial surrender experience.
Note: The dividend or interest rate history is not an indicator of the future performance of this product.
- Investment Philosophy, Policy and Strategy - China Life (Overseas) aims to strive for minimizing volatility of the investment return and provides stable return as our investment philosophy. Assets are mainly invested in bonds and other fixed income instruments, such as government and corporate bonds and other fixed income instruments to support the guaranteed financial obligation. To enhance the performance of the investment portfolio, China Life (Overseas) invests in equity-type investments and other investment instruments such as mutual funds and direct / indirect investment in properties or commercial institutions.
The investment portfolio will be diversified across different geographic regions and/or industries. Investment strategy will be subject to change depending on the market conditions and the economic outlook. China Life (Overseas) will inform Policyholder the relevant changes in dividend and/or interest rate on accumulation and the impact to the policies when there is change in the investment strategy.
China Life (Overseas)'s current investment strategy on participating and/or providing interest on accumulation plans are as follow:
Asset Type Target Asset Mix (%) Bonds and other fixed income instruments 50% to 90% Equity-type investment and other investments 10% to 50%
Please refer to China Life (Overseas) Company’s website www.chinalife.com.hk/products/dividendandinvestment for dividend history, Dividend and/or Crediting Interest Philosophy, Investment Philosophy, Policy and Strategy, as well as the fulfillment ratio of China Life (Overseas).
- Cooling-off Right - You have the right to cancel the Policy within the Cooling-off Period and obtain a refund of any Premiums paid by giving written notice to us provided that you have not made any claims under the Policy. Such notice must be signed by you and submitted to China Life (Overseas) at 22/F, CLI Building, 313 Hennessy Road, Wan Chai, Hong Kong within 21 days after the delivery of the Policy or issue of a Notice to you or your representative informing you that the Policy is available, whichever is earlier.
- Terminal Dividend is distributed together with the Death Benefit, or the first Critical Illness Benefit payment, or upon Policy surrender, or Policy maturity, whichever is earlier. If any of the aforementioned occurs during the Policy period, China Life (Overseas) will distribute the Terminal Dividend at the preceding Policy Anniversary.
- The Second Medical Opinion and the NAVIGATOR are provided by third-party supplier(s), MediGuide International LLC, appointed by China Life (Overseas). China Life (Overseas) is not the service provider, and is not liable for the service quality provided. China Life (Overseas) reserves the right to amend the terms and conditions thereof from time to time without prior notice.
- 24-hour Worldwide Emergency Assistance Service is provided by Inter Partner Assistance Hong Kong Limited. The provision of services is subject to the terms and conditions of the Inter Partner Assistance Hong Kong Limited. China Life (Overseas) reserves the right to amend the terms and conditions thereof from time to time without prior notice.
- The Self-Select Critical Illness Benefit, Multiple Cancer Benefit, Critical Illness Benefit, Multiple Critical Illness Benefit and Special Disease Benefit will be paid to the Insured who is still alive. If the Insured is aged below 18, the benefit will be paid to the Policyholder.
|What are the key product risks?|
|Credit risk||This product 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 this product is 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 consider the potential currency and exchange rate risks before deciding which Policy currency you should take.|
|Inflation risk||The cost of living in the future may be higher than expected due to the effects of inflation. Therefore, your current planned benefits and/or returns may be insufficient to meet your future needs even if we fulfill all of our contractual terms and obligations.|
|Liquidity and Withdrawal risk||You are are obliged to hold the Policy and pay the Premium for the designated period of time. If you terminate the Policy prior to the Policy Maturity Date, you will suffer a financial loss. In case you make partial withdrawals from the Policy, your account value, death benefit and other Policy values will be reduced, and you may need to pay the relevant handling fee or charges (if any).|
|Non-guaranteed Benefit||This 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 Policy will be terminated if (a) the Policy has lapsed or is surrendered; (b) the Policy maturity benefit is paid; (c) the death benefit is paid; (d) the Policy has paid the Multiple Critical Illness Benefit for four (4) times (applicable to Basic Plan) or the Policy has paid the Multiple Critical Illness Benefit for four (4) times and has paid the Multiple Cancer Benefit (if effective) for two (2) times (applicable to SS Plan) ; (e) 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 (f) the Indebtedness of this Policy is equal to or exceeds the guaranteed Cash Value of this Policy.|
|Premium adjustment and renewal||China Life (Overseas) has the absolute right and discretion to adjust the renewal premium payable under the Policy at the end of each Coverage Period (that is every year). Factors leading to premium adjustment may include but are not limited to the experience in claims, policy surrender, investment return, and expenses incurred by and/or in relation to this product.|
The information and descriptions contained herein are not intended to be complete descriptions of all terms, exclusions and conditions applicable to the products and services, but are provided solely for general informational purposes. For complete details please refer to the actual policy or the relevant product or services agreement.