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Colourful Life Series

Excel-harvest 108 Annuity Plan

Do you want to live a joyful and wonderful life after retirement? Excel-harvest 108 Annuity Plan (the “Plan”) provides guaranteed monthly income during your golden age from 60 to 108 so that you can receive a stable income to realise your retirement dreams. A wonderful retirement is easy to achieve!

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Features of the Plan

  • Guaranteed Income Payable Every Month until Age 108You have to decide the amount of your guaranteed monthly income (or Basic Amount) upon Policy application. Such amount will be provided to you every monthiversary from the Policy Anniversary at age 60 until Policy maturity when you reach 108.

    For a 40 year-old, non-smoking male, enrolling in the Plan with a Premium Payment Term to age 60, and paying the Premium annually, the total guaranteed monthly income he will  receive from age 60 to  108, which is 48 years in total, will be approximately 255% of the total Premiums he has paid.   
  • Dividends Payable AltogetherIn addition, dividends (if any) will also be payable as non-guaranteed monthly income along with the guaranteed monthly income, so that you can build a plentiful retirement reserve.
  • Flexible Options to Suit Your NeedsYou can choose to withdraw your monthly income (both the guaranteed and non-guaranteed amount) immediately for paying daily expenses, or accumulate it in the Policy to earn interest, to suit your needs.
  • Maturity Benefit to Celebrate Your BirthdayYour Policy matures when you reach age 108. By that time, you will receive a lump sum amount equivalent to the accumulated guaranteed monthly income with interest (if any), accumulated dividend with interest (if any), and maturity dividend (if any), less any Indebtedness (if any) to celebrate your birthday, and the Policy will be terminated thereafter.
  • Life Protection for Better Peace of MindIn case the Insured passes away, the Beneficiary will receive the death benefits:

    If the Insured passes away prior to the Policy Anniversary of the Insured is reached age 60 – the Beneficiary will receive 108% of the Accumulated Premium Due and Received or the guaranteed Cash Value at the date of death of the Insured, whichever is higher.

    If the Insured passes away after the Policy Anniversary of the Insured is reached age 60 –the Beneficiary will receive an amount equal to 108% of the Accumulated Premium Due and Received after deducting the guaranteed monthly income paid, or the guaranteed Cash Value at the date of death of the Insured, whichever is higher.

    Any accumulated guaranteed monthly income with interest and accumulated dividend with interest (in the case that the Insured passes away during or after the payment of the guaranteed monthly income), as well as special dividend will be paid in full, less any Indebtedness (if any).

    The death benefit can be paid in a lump sum, or annually for 10 or 20 years, to the Beneficiary according to the Policyholder’s instructions. The death benefit amount that has not been paid will be accumulated in the Policy to earn interest until the end of the payment period. China Life (Overseas) will determine the interest rate from time to time and calculate the interest annually. The derived interest is paid together with the last instalment of the death benefit payment, and the Policy will be terminated thereafter. In case the Beneficiary passes away during the death benefit payment period, the unpaid death benefit amount and interest (if any) will be paid to the estate and the Policy will be terminated thereafter.

    If the death benefit amount on the date of death of the Insured is less than HKD400,000 or USD50,000, or the Policyholder has not indicated the way of receiving the benefit, the Beneficiary will receive a lump sum.   

  • Terminal Illness BenefitIn case the Insured is diagnosed as suffering from a terminal illness by a Specialist and it is confirmed by a Registered Medical Practitioner designated by us that the Insured is expected to pass away within 12 months, the death benefit of the Plan will be advanced in a lump sum as the Terminal Illness Benefit, and the Policy will be terminated thereafter.
  • Simplified UnderwritingYou may enrol in the plan via simplified underwriting. Enrolment is easy!
  • International Emergency Assistance ServiceIf 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.

Enrolment Terms

Issue Age & Premium Payment Term

Premium Payment Term

Issue Age

5 Years

From 15 days to the age of 55

10 Years

From 15 days to the age of 50

To age 60

From 15 days to the age of 45

Benefit Term

To age 108 of the Insured

Policy currency

HK Dollar or US Dollar

Premium Payment Method

Annual, semi-annual, quarterly, monthly, Annual and prepayment of Premium

Guaranteed Monthly Income (Basic Amount)

HKD1,000 or USD125 to

HKD100,000 or USD12,500

If you opt for the Annual & Prepay Premium option, you can withdraw the unused prepaid Premium (including interest, if any) at one time and China Life Insurance (Overseas) Company Limited (“China Life (Overseas)”) will charge 2% of the withdrawal amount as a withdrawal fee. The minimum fee will be HKD100 or USD12.5. You can withdraw the unused prepaid Premium once only.

In addition, dividends and interest of the Plan are not guaranteed. The actual benefits and/or returns may be lower or higher than estimates. China Life (Overseas) reserves the right to revise these from time to time.

The maturity dividend and special dividend are non-guaranteed. The actual amount can change and may be higher or lower than the estimates, and such amount may become zero in some circumstances.


Important Information:

The information above 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.

1. 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.

2. 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.

3. Exclusions and Limitations - Applicable to Terminal Illness Benefit - the Policy shall not cover any claims if the Insured is involved in any of the following activities or the consequences directly or indirectly caused by any of the following events occur in respect of the Insured: (1) if the symptoms or conditions of or the diagnosis of any non-Terminal Illness or Terminal Illness first appeared or occurred within the first 90 days from the Issue Date of this Policy or the last date of reinstatement of this Policy, whichever is later; (2) any congenital or pre-existing conditions before the Issue Date of this Policy or the last date of reinstatement of this Policy, whichever is later; (3) where the diagnosis of the Terminal Illness of the Insured was directly or indirectly due to Acquired Immune Deficiency Syndrome (AIDS) or infection by Human Immunodeficiency Virus (HIV). Infection shall be deemed to have occurred where blood or other relevant tests indicate either presence of HIV or antibodies to HIV. Under this Policy, the definition of AIDS shall be that used by the World Health Organization in 1987, as may be revised by the World Health Organization from time to time; (4) suicide or any deliberate self-induced behavior, whether sane or not and whether intoxicated or not; (5) congenital deformities or anomalies; or (6) taking of drugs without the direction of a Registered Medical Practitioner, abuse of alcohol or taking of poison.   

In addition, 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.

4. 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 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.

5. 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.

6. 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 for dividend history, Dividend and/or Crediting Interest Philosophy, Investment Philosophy, Policy and Strategy, as well as the fulfillment ratio of China Life (Overseas).

7. 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.

8. 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.


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 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 fully paid, (d) the Terminal Illness Benefit is paid; (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.



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.