PRIME Universal Life Insurance Plan

PRIME Universal Life Insurance Plan

Product Summary

You need to grow your wealth and preserve it for posterity. This is why China Life Insurance (Overseas) Company Limited (“China Life (Overseas)”) presents you with the PRIME Universal Life Insurance Plan (the “Plan”) to help you secure and enhance your legacy through desirable returns and long-term rewards designed to facilitate your financial plannin

Product Icons

Minimum Crediting Interest Rate


Loyalty Interest Reward


Flexible financial management


Terminal Illness Protection


Annuity Option Conversion

Product Features

 Ride Out Market Instabilities with Guaranteed 3-year Interest Rate Lock In Minimum Crediting Interest Rate

Account Value will be accrued with interest based on the declared Crediting Interest Rate. Crediting Interest Rate is locked in for the first 3 Policy Years according to the Crediting Interest Rate declared at Policy issue.

A Minimum Crediting Interest Rate is determined for the first 10 Policy Years, such rate will not be lower than the Minimum Crediting Interest Rate declared at the issue date of the Policy. Thereafter, the Minimum Crediting Interest Rate will be reviewed on each Policy Anniversary and the rate is not guaranteed.

 Loyalty Interest Reward

Starting from the 11th Policy Year, you will receive an additional Loyalty Interest Reward on top of the existing Crediting Interest Rate, allowing you to capture long-term growth potential.

 Flexibility to Enhance Wealth Growth

After the Policy has been effective for 1 year, you can top up your Premiums to grasp opportunities for wealth growth.

You may also request for Partial Withdrawal from the account of the Policy to satisfy your immediate needs. However, withdrawals within a Policy Year cannot be taken more than twice and must fulfil the minimum withdrawal amount as well as paying the withdrawal fee.

Starting from the 3rd Policy Anniversary, as long as the Account Value of the Policy does not fall below the minimum requirement, you can apply for a Premium Holiday and suspend your Premium contribution for a period. The Policy and additional rider(s) attached will remain in force but the fees and charges of the Policy and Premium for attached rider(s) (if applicable) will be deducted continually from the Account Value of the Policy.

 Life Coverage and Terminal Illness Protection

This Plan offers life protection until age 100 of the Insured. If the Insured passes away while the Policy is in force, the Beneficiary will receive the Death Benefit which is equivalent to 105% of the Basic Premiums Account Value, plus the Top-up Premiums Account Value (if applicable), less any due and unpaid Policy fees and charges and any Indebtedness (if applicable).

In case the Insured is diagnosed with a Terminal Illness, the Terminal Illness Protection will be payable, which is to advance the Death Benefit of this Plan and the Death Benefit of the rider(s) attached (if applicable), to support you and your loved ones at a time of need.

 Annuity Option Conversion to Help You Plan Your Retirement

In addition to receiving the Maturity Benefit at Policy Maturity, at each Policy Anniversary before ages 55 to 70 of the Insured, and when the Policy has been in force for at least 10 years provided that the Account Value of the Policy meet the minimum Account Value requirement set out by China Life (Overseas) by that time, you may choose to convert this Plan into an annuity option based upon availability. China Life (Overseas) will determine your actual annuity income according to your selected available annuity option, the cash value of the policy and the annuity rate at the time of conversion, giving you the flexibility to plan your golden years as you desire.

 Add-on Cover to Enhance Your Protection

You can enjoy more comprehensive protection by adding rider(s) to your Plan.

 Easy Application with No Health Check Requirements

You are not required to undergo medical check-ups under this Plan, which is convenient and time saving.

Product Details

PRIME Universal Life Insurance Plan

Entry Age From 15 days after birth to 70 years old
Benefit Term To age 100 of the Insured
Premium Payment Term3 To age 100 of the Insured
Currency HKD / USD / CNY
Payment Period Annual, Semi-annual, Quarterly, or Monthly
Basic Premiums Minimum: HKD12,000 / USD1,500 / CNY9,600 per year
Maximum: HKD2,000,000 / USD250,000 / CNY1,600,000 per year
Top-up Premiums No less than HKD30,000 / USD3,750 / CNY24,000 each time
Maximum: HKD300,000,000 / USD37,500,000 / CNY240,000,000 each time

PRIME Universal Life Insurance Plan




1 Please refer to item 7 of Important Information for the Exclusion of Terminal Illness Protection.

2 Please refer to item 5 of Important Information for more information about Crediting Interest Rate.

3 The fee will be first deducted from Top-up Premiums Account Value (if any), if the Top-up Premium Account Value is insufficient to pay the relevant fee, the shortfall will be deducted from the Basic Premiums Account Value.

The information provided herein is for reference only. Please refer to the insurance contract for the details of the provisions, benefit terms and exclusions of the Plan.


Product Important

Please refer to the Policy documents for the complete definitions of the capitalized 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.

  1. This Policy is underwritten by 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.
  2. China Life (Overseas) shall make the final decision 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.
  3. Annuity option Conversion – You may apply for the annuity option at each Policy Anniversary between age 55 and age 70 of the Insured and the Policy has been in force for at least 10 years, provided that the Account Value of the Policy must meet the minimum requirement of HKD80,000 / USD10,000 / CNY64,000. Once the annuity option commences, Death Benefit, Terminal Illness Protection, Crediting Interest Rate, Loyalty Interest Reward, fees and charges will be terminated on the Annuity Day. For details, please contact China Life (Overseas).
  4. 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.
  5. Crediting Interest Rate – The Crediting Interest Rate is determined and declared by China Life (Overseas), and is non-guaranteed and subject to change from time to time, though will not less than the Minimum Crediting Interest Rate as indicated in the policy document for the first 10 Policy Years. The Crediting Interest Rates are subject to change during the Policy Term and may be zero in the most adverse situation. The current Crediting Interest Rate or the historical Crediting Interest Rate shall in no way be interpreted as a projection or estimation of future return. Please refer to the policy documents of this product and also the Crediting Interest Rate Philosophy and Investment Philosophy, Policy and Strategy stated in this brochure for details.
  6. Exclusions and Limitations - The information stated in this product brochure 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.
  7. Exclusion of Terminal Illness Protection – Terminal Illness means the Insured is definitive diagnosis from an illness, which is medically widely accepted and expected to result in death of the Insured within twelve (12) months. The definitive diagnosis must be confirmed by a registered specialist with appropriate diagnostic test result, and the definitive diagnosis agreed by China Life (Overseas)’s designated doctor. The benefit will not be provided for any terminal illnesses (whether it is wholly or partly) that are directly or indirectly caused by the following reasons: (i) first occurrence or appearance of related symptoms or condition or any first diagnosed non-terminal or terminal illness within the first ninety (90) days of the date of issue or the date of reinstatement of the Policy (whichever is later); (ii) any pre-existing medical conditions; (iii) if the diagnosis of the terminal illness of the insured which arises from Acquired Immune Deficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV) infection infected directly or indirectly; (iv) suicide, any deliberate self-induced behavior, regardless of whether it is normal sanity and whether intoxication; (v) congenital malformation or abnormal; (vi) professional sports, any competitions, water activities that require breathing apparatus, aerial activities (bungee jump, hang-gliding, hot air ballooning, parachuting and skydiving) but traveling with travelling on a fixed licensed business flight as crew members or passengers is exempted, or any hazardous activities or sports; (vii) taking of drugs (except as prescribed or directed by registered medical practitioner), alcohol and drug abuse; (viii) war or any act of war, declared or undeclared, riots, insurrection, civil commotion, or act of terrorism; (ix) pregnancy (including ectopic pregnancy), childbirth, dystocia, abortion, miscarriage, contraception, birth control, artificial insemination, cosmetic or plastic treatment, food/drug allergy and its complications.
  8. Non-Payment of Premium - You should pay Premiums on time according to the selected Premium payment schedule. If the due Premium remains unpaid upon the expiry of the Grace Period, you are unable to exercise your rights under Section 3 "Premium Holiday" of Clause 5 "Premium Payment" in the Benefit Provisions, the Policy will be terminated in accordance to the clauses as stated on the “Grace Period and Lapse Of Policy” section of the General Provision and you will lose the coverage and suffer a financial loss.
  9. Crediting Interest Rate Philosophy - This is an universal life insurance plan, Policyholder will share the surplus from the invested assets of the China Life (Overseas)’s investment from the declared interest. China Life (Overseas) will ensure a fair sharing of profits among different groups of policyholder and also between policyholders and China Life (Overseas). China Life (Overseas) will review and determine and declared crediting interest rate at least once a year, the current projection on crediting interest rate are not guaranteed and subject to change with the entire performance of the universal life insurance 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– include 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 history of Crediting Interest Rate is not an indicator of the future performance of this product. 

  10. 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 declare Crediting Interest Rate and reflect the performance of the actual Crediting Interest Rate in the annual statement.

    China Life (Overseas)’s current investment strategy on universal life insurance plans is 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 for dividend history, Crediting Interest Philosophy, Investment Philosophy, Policy and Strategy, as well as the fulfillment ratio of China Life (Overseas).


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.
Fee(s) and Charge(s) risks  The fee(s) and/or charge(s) are not guaranteed and may change from time to time during the Policy Term. China Life (Overseas) reserves the right to increase any Policy Fee, Premium Charge and Cost of Insurance that are without maximum limit.
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 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 and Death Benefit will be reduced, and you may need to pay the relevant handling fee or charges (if any).
Non-guaranteed Benefit The Crediting Interest Rate and fees and charges of this Plan as stated above are non-guaranteed benefits. 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 any one of the following events occurs: (a) the death of the Insured; (b) Account Value is insufficient for deducting the fees and charges of the Policy of the Premium of the attached rider(s) (if applicable) or when Account Value is zero and the Policyholder does not repay the Premium; (c) the Premium is not paid within 31 days when it is due and has not exercise any Premium Holiday; (d) Annuity Day as mentioned under Clause 6 “Annuity Option” of the Benefit Provisions; (e) the approval by us on Policyholder’s request to surrender or terminate the Policy; and (f) once we have paid the Terminal Illness Benefit.
Premium Holiday

The Policy will be terminated if any one of the following events occurs: (a) the death of the Insured; (b) Account Value is insufficient for deducting the fees and charges of the Policy of the Premium of the attached rider(s) (if applicable) or when Account Value is zero and the Policyholder does not repay the Premium; (c) the Premium is not paid within 31 days when it is due and has not exercise any Premium Holiday; (d) Annuity Day as mentioned under Clause 6 “Annuity Option” of the Benefit Provisions; (e) the approval by us on Policyholder’s request to surrender or terminate the Policy; and (f) once we have paid the Terminal Illness Benefit.

During the Premium Holiday, all fees and charges will be deducted from the Account Value of the Policy and therefore the amount payable under the Death Benefit and Terminal Illness Protection will be affected. In addition, if the Account Value of the Policy is insufficient to cover various fees and charges (including premiums of additional rider(s) (if applicable)), the Policy and the additional rider(s) (if applicable) will lapse and will be terminated after the Grace Period.


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.


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