Payment Methods and Processing Time

Customers can withdraw policy funds/benefits through the following applicable payment methods. The payment processing time is counted from the successful approval of the withdrawal request selected by the policyholder.
Using the online application (including via the China Life Overseas App - OneService or by contacting your Insurance Intermediary to assist with submitting the online application) is simple and fast, avoiding mailing costs and manual processing time. Customers are strongly recommended to choose 'Transfer to Local Bank Account' for receiving payments, which can receive the funds in as fast as 15 minutes after the relevant policy value/benefit withdrawal application is approved!

Payment Method
 
  Transfer to Local Bank Account
Applicable Payment Currency: HKD/RMB/USD
Proccessing Time: 1 Woring day(HKD/RMB);
5 Woring day(USD)
Proccessing Time: 1 Woring day(HKD/RMB);5 Woring day(USD)
  Paper Application Form
  Onlie Application
  1. The bank account holder must be the same as the policyholder. Joint account is not accepted.
  2. If a bank account is frozen or closed due to a long period of inactivity or other reasons, the transfer might not succeed. Therefore, when customers choose to transfer or wire funds to a bank account, please ensure that the account is still active.
  3. Transfer or Telegraphic Transfer to bank account requires the submission of bank account proof (e.g., a bank passbook, monthly statement, or copies of the front and back of an ATM card), the bank account proof must clearly show the full name of the account holder (in Chinese or English, and matching the policyholder's name) and the account number, unrelated content can be masked.
  4. If choosing a currency other than the policy currency to receive policy values or benefits, the fund will be processed and exchanged according to the company's exchange rate at the time of the transaction.The policyholder has to bear for any potential exchange rate risks and associated gain or loss (if any) due to the currency exchange.
  5. The actual time for receiving the funds may vary depending on the bank, please contact the bank for details.
  6. If there is insufficient information to confirm that the bank account holder is the policyholder, or the payment cannot be credited for any reason, the relevant payment will be paid by a crossed cheque instead. The processing time for cheque issuance will be longer compared to bank transfer.
  7. Individual application cases may require longer payment processing times. The company reserves the right to adjust payment processing times.
  8. All information regarding the above payment methods and processing times, whether provided by the company or any other service provider, is for reference only and may be modified from time to time without prior notice to customers. While the company will make every effort to ensure the accuracy of the information, it does not guarantee the accuracy or completeness of the aforementioned information and materials.
 

  Telegraphic Transfer to Overseas Bank Account/Local Bank Account

Applicable Payment Currency: Excluding HKD/RMB/USD
Proccessing Time: 7 Woring day
Proccessing Time: 7 Woring day
  Paper Application Form
  Onlie Application
  1. The bank account holder must be the same as the policyholder. Joint account is not accepted.
  2. If a bank account is frozen or closed due to a long period of inactivity or other reasons, the transfer might not succeed. Therefore, when customers choose to transfer or wire funds to a bank account, please ensure that the account is still active.
  3. Transfer or Telegraphic Transfer to bank account requires the submission of bank account proof (e.g., a bank passbook, monthly statement, or copies of the front and back of an ATM card), the bank account proof must clearly show the full name of the account holder (in Chinese or English, and matching the policyholder's name) and the account number, unrelated content can be masked.
  4. If choosing a currency other than the policy currency to receive policy values or benefits, the fund will be processed and exchanged according to the company's exchange rate at the time of the transaction.The policyholder has to bear for any potential exchange rate risks and associated gain or loss (if any) due to the currency exchange.
  5. The actual time for receiving the funds may vary depending on the bank, please contact the bank for details.
  6. If there is insufficient information to confirm that the bank account holder is the policyholder, or the payment cannot be credited for any reason, the relevant payment will be paid by a crossed cheque instead. The processing time for cheque issuance will be longer compared to bank transfer.
  7. Any applicable bank charges shall be borne by the policyholder and will be deducted from the payment amount.
  8. Individual application cases may require longer payment processing times. The company reserves the right to adjust payment processing times.
  9. All information regarding the above payment methods and processing times, whether provided by the company or any other service provider, is for reference only and may be modified from time to time without prior notice to customers. While the company will make every effort to ensure the accuracy of the information, it does not guarantee the accuracy or completeness of the aforementioned information and materials.
 

  Crossed cheque

Applicable Payment Currency: HKD/RMB/USD
Proccessing Time: 7 Woring day
Proccessing Time: 7 Woring day
  Paper Application Form
  1. If the policyholder chooses a currency other than HKD or RMB as the payment currency, even if the payment fails, the related bank charge (if applicable) and any associated gain or loss (if applicable) have to be borne by the policyholder, and will be automatically deducted from the payment amount.
  2. Individual application cases may require longer payment processing times. The company reserves the right to adjust payment processing times.
  3. All information regarding the above payment methods and processing times, whether provided by the company or any other service provider, is for reference only and may be modified from time to time without prior notice to customers. While the company will make every effort to ensure the accuracy of the information, it does not guarantee the accuracy or completeness of the aforementioned information and materials.
 

  uncrossed cheque

Applicable Payment Currency: HKD
Proccessing Time: 7 Woring day
Proccessing Time: 7 Woring day
  Paper Application Form
  1. If the policyholder chooses a currency other than HKD or RMB as the payment currency, even if the payment fails, the related bank charge (if applicable) and any associated gain or loss (if applicable) have to be borne by the policyholder, and will be automatically deducted from the payment amount.
  2. The cheque is valid for 6 months. It can be sent by surface mail to the correspondence address, delivered through the insurance intermediary of the policy, collected in person at the branch (only applicable to policies insured through the bank), collected in person by the policyholder at the Customer Service Center, or collected in person by an authorized person at our Customer Service Center.
  3. Only applicable to applicants from Mainland China. The address records of the company ("Residential Address", "Company Address", and "Correspondence Address") are in mainland China.
  4. Cheque amount is limited to HKD2M
  5. Individual application cases may require longer payment processing times. The company reserves the right to adjust payment processing times.
  6. All information regarding the above payment methods and processing times, whether provided by the company or any other service provider, is for reference only and may be modified from time to time without prior notice to customers. While the company will make every effort to ensure the accuracy of the information, it does not guarantee the accuracy or completeness of the aforementioned information and materials.
 

  Demand Draft

Applicable Payment Currency: Excluding USD/GBP/CAD
Proccessing Time: 14 Woring day
Proccessing Time: 14 Woring day
  Paper Application Form
  1. If the policyholder chooses a currency other than HKD or RMB as the payment currency, even if the payment fails, the related bank charge (if applicable) and any associated gain or loss (if applicable) have to be borne by the policyholder, and will be automatically deducted from the payment amount.
  2. Any applicable bank charges shall be borne by the policyholder and will be deducted from the payment amount.
  3. The cheque is valid for 6 months. It can be sent by surface mail to the correspondence address, delivered through the insurance intermediary of the policy, collected in person at the branch (only applicable to policies insured through the bank), collected in person by the policyholder at the Customer Service Center, or collected in person by an authorized person at our Customer Service Center.
  4. Individual application cases may require longer payment processing times. The company reserves the right to adjust payment processing times.
  5. All information regarding the above payment methods and processing times, whether provided by the company or any other service provider, is for reference only and may be modified from time to time without prior notice to customers. While the company will make every effort to ensure the accuracy of the information, it does not guarantee the accuracy or completeness of the aforementioned information and materials.
 

  Fund Transfer to Policy

Proccessing Time: 2 Woring day
Offset policy/propsal premium and levy
Applicable Payment Currency: All currencies
Repay Loan Amount and/or FULL Loan Interest
Applicable Payment Currency: HKD/USD
Repay Automatic Premium Loan and Interest
Applicable Payment Currency: All currencies
Proccessing Time: 2 Woring day
  Paper Application Form
  Onlie Application
  1. The transfer of the Policy Maturity Benefit to the New Policy is subject to channel restrictions.
  2. Individual application cases may require longer payment processing times. The company reserves the right to adjust payment processing times.
  3. All information regarding the above payment methods and processing times, whether provided by the company or any other service provider, is for reference only and may be modified from time to time without prior notice to customers. While the company will make every effort to ensure the accuracy of the information, it does not guarantee the accuracy or completeness of the aforementioned information and materials.
 

  Receiving payment through, ore than one payment methods

Applicable Payment Currency: All currencies
Proccessing Time: The payment method with the longer processing time shall prevail
Proccessing Time: The payment method with the longer processing time shall prevail
  Paper Application Form
  Onlie Application
  1. The transfer of the Policy Maturity Benefit to the New Policy is subject to channel restrictions.
  2. Individual application cases may require longer payment processing times. The company reserves the right to adjust payment processing times.
  3. All information regarding the above payment methods and processing times, whether provided by the company or any other service provider, is for reference only and may be modified from time to time without prior notice to customers. While the company will make every effort to ensure the accuracy of the information, it does not guarantee the accuracy or completeness of the aforementioned information and materials.
FAQs

If a crossed cheque is lost, you can submit a written application to cancel the original cheque and request a cheque replacement or bank transfer (account proof required), which usually takes about 21 working days.

No. Policyholders must personally collect uncrossed cheques from the Customer Service Center in Wan Chai.

No. Once an uncrossed cheque is collected, the company will not reissue an uncrossed cheque that has been issued.

Yes. Banker's drafts can be sent by registered mail to the policyholder's correspondence address in mainland China.

The bank will charge a banker's draft fee, which will be borne by the policyholder and is being deducted from the payout amount.

If the direct deposit is unsuccessful, the company will arrange to reissue the cheque and mail to the policyholder's correspondence address.