Joyful Promise Savings Insurance Plan
Love and support of parents can get a child anywhere and everywhere in life. Joyful Promise Savings Insurance Plan (the “Plan”) can help you plan ahead for a joyful future for your child and build education reserve with ease. When your child approaches retirement, the Plan can help offer a stable stream of retirement income and serve as solid financial support.
Build education reserve with guaranteed cash coupons
Preparing for education is an important milestone. Your child will also have different life goals when grown up. That is why the Plan provides guaranteed cash coupons to help your child achieve dreams. You can choose any one of the following payment patterns to receive the guaranteed cash coupons when the first insured reaches specified ages, offering ample financial support for your child through different life stages.
Pattern 1:
| Payment age (based on the policy anniversary (or the succeeding business day) that the first insured attains the age below) | Payment amount (based on basic amount1) | |
| Age 15 - 17 | 10% per policy year | 110% in total |
| Age 18 - 21 | 20% per policy year | |
| Age 35 | 120% | |
| Total guaranteed cash coupon amount (based on basic amount1) | 230% | |
Pattern 2:
| Payment age (based on the policy anniversary (or the succeeding business day) that the first insured attains the age below) | Payment amount (based on basic amount1) | |
| Age 18 - 21 | 30% per policy year | 120% in total |
| Age 35 | 120% | |
| Total guaranteed cash coupon amount (based on basic amount1) | 240% | |
While the policy is in force and 30 days before the policy anniversary which the first insured reaches age 15, you can apply to exercise the “change cash coupon payment pattern option” 2 to change the payment pattern option for guaranteed cash coupon selected at policy application for at most once.
You may leave the guaranteed cash coupons in the policy to accumulate interest3 or withdraw4 it for use.
Multiple potential returns for wealth accumulation
The Plan is a participating insurance plan that offers you potential capital growth. Its policy value consists of: guaranteed cash value, accumulated guaranteed cash coupons and interest3 (if any), terminal dividend5 (if any) and the total amount of terminal dividend management account6 (if any). Terminal dividend is a one-off non-guaranteed dividend, which is payable from the 3rd policy anniversary upon certain events.
Terminal dividend management option to help you lock in gains
To facilitate your financial need, you can choose to exercise “terminal dividend management option”6 within 30 days starting from every policy anniversary (including the date of policy anniversary) to lock in gains from part of your non-guaranteed terminal dividend starting from the 15th policy anniversary and every policy anniversary thereafter. This option can only be exercised once every policy anniversary. The minimum percentage for each locked-in terminal dividend under the terminal dividend management option is 10% and the aggregate percentage limit for locked-in terminal dividend is 50%. The non-guaranteed terminal dividend which is applied to lock in will be transferred to the terminal dividend management account and will become locked-in terminal dividend. The locked-in terminal dividend will then be guaranteed and will accumulate with interest3 at a non-guaranteed rate. You may also withdraw from the terminal dividend management account for extra liquidity.
Maturity benefit helps boost your capital
When the insured reaches age 138, the Plan will provide a maturity benefit which is equivalent to the guaranteed cash value plus accumulated guaranteed cash coupons and interest3 (if any), terminal dividend5 (if any) and total amount of terminal dividend management account6 (if any), less all indebtedness (if any). The policy will be terminated thereafter.
Unlimited change of insured to pass on wealth across generations
The Plan gives your wealth more time to grow and pass on through generations. It allows you to change the insured for unlimited times at any time starting from the next policy anniversary after all guaranteed cash coupons are fully paid and while the insured is alive. The benefit term will be extended to age 138 of the new insured7 upon each change.
Contingent insured to sustain insurance coverage
You can appoint and prioritize a maximum of 2 contingent insureds8 at a time starting from the next policy anniversary after all guaranteed cash coupons are fully paid and while the insured is alive. In case the insured unfortunately passes away, we will arrange the contingent insured who is first in line to be the new insured according to relevant administrative procedures and orders for allowing the policy to continuously provide protection to you and your family.
Life protection provides peace of mind to your loved ones
Life protection
If the insured passes away while the policy is in force, provided that there is no appointed contingent insured8 under the policy, we will pay the beneficiary a death benefit which is equivalent to:
105% of the accumulated premium due and paid of the basic plan after deducting the guaranteed cash coupons paid, or the guaranteed cash value of the basic plan at the date of death of the insured, whichever is higher;
+ accumulated guaranteed cash coupons and interest3 (if any);
+ terminal dividend5 (if any);
+ total amount of terminal dividend management account6 (if any);
─ all indebtedness (if any).
The policy will be terminated after we pay the death benefit.
Accidental death benefit
The Plan also provides accidental death benefit to the beneficiary. In the event the insured unfortunately dies from an accidental injury, the beneficiary will receive an additional coverage. During the first 10 policy years from the policy effective date, if the insured suffers from accidental injury caused by an accident, and dies from the accidental injury within 180 days from the date of the occurrence of the accidental injury (both dates inclusive), provided that there is no appointed contingent insured8 under the Plan, the Company will pay to the beneficiary 100% of the accumulated premium due and paid of the basic plan or HKD500,000/USD62,500, whichever is lower, in addition to the death benefit. The policy shall then terminate.
If the insured is covered under other policies issued by the Company, the total amount payable by the Company for the death of insured due to accident shall not exceed HKD1,000,000/USD125,000.
Death benefit and accidental death benefit settlement option
While the insured is alive, you can choose how the death benefit and accidental death benefit (if any) are to be paid9, as long as the payment options of both benefits are the same. You can choose to settle the benefits in a lump sum or by annual installments with a fixed amount over a fixed payment term of 10 or 20 years, helping you to safeguard his or her family’s financial future.
If the death benefit at the date of the insured’s death is less than HKD400,000/USD50,000, or the policyholder does not specify any settlement option, we will pay out the benefit amount to the beneficiary in a lump sum.
Flexible full surrender settlement options
You may exercise full policy surrender according to your financial condition. The Plan will provide a surrender value. You can choose to receive such payment12 in a lump sum10 or by installments11 to enjoy greater financial flexibility.
For the installment option, while the policy is in force, you can choose to exercise the “annuity conversion option” 30 days before the policy anniversary that the insured reaches age 65 and every policy anniversary thereafter to convert the guaranteed cash value, accumulated guaranteed cash coupons and interest3 (if any), terminal dividend5 (if any) and total amount of terminal dividend management account6 (if any), less all unpaid premiums (if any) and indebtedness (if any) to annuity. The amount mentioned above will be transferred to the “annuity conversion account” and become total annuity amount. The annuity income can be paid out in cash by annual installments over a fixed payment term of 10 or 20 years, giving you a stable stream of retirement income. If the amount mentioned above is less than HKD400,000/USD50,000, or you have not selected any settlement option, you will receive the relevant amount in a lump sum.
Premium waiver benefit for death of parents
To ensure your loved ones can still enjoy coverage even when the worst happens, we will waive the undue premiums of the Plan13 if the insured is below age 18 and his/her father or mother unfortunately passes away during the premium payment term after the Plan has been in force for 2 years, subject to the condition that the insured’s father or mother is the policyholder or a beneficiary of the Plan. This benefit is only applicable if the insured’s father or mother is below age 50 on the policy effective date.
In case there is a change in your family status, this benefit will be effective again after 2 years from the effective date of the change of policyholder or beneficiary, provided that the new policyholder or new beneficiary is the insured's father or mother and is below age 50.
24-hour worldwide emergency assistance service
If the insured is diagnosed with an illness or is injured in an accident outside the country of residence, he/she can access comprehensive coverage under the free 24-hour worldwide emergency assistance service14.
Simplified underwriting
The Plan offers simplified underwriting procedures of which no medical examination is required.
Joyful Promise Savings Insurance Plan
| Premium payment term and issue age |
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| Benefit term | To age 138 of the latest insured | ||||||
| Premium payment mode15 | • Annual • Semi-annual • Quarterly • Monthly Annual and premium prepayment16 (applicable to 5-year premium payment term) |
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| Policy currency | HKD / USD | ||||||
| Minimum basic amount1 | HKD80,000 / USD10,000 | ||||||
| Maximum basic amount1 | HKD40,000,000 / USD5,000,000 |
Notes :
- “Basic amount” means the amount shown on the policy information page or endorsement as the “basic amount”. The “basic amount” is used to calculate premium and relevant values of the policy, but is not applicable to the calculation of the death benefit. If the basic amount has been amended while the policy is in force, the said premium and relevant values of the policy will be adjusted accordingly.
- The application for “change cash coupon payment pattern option” is subject to the prevailing administrative rules of China Life (Overseas) and has to be confirmed by the Company (subject to the Company’s record). No change, cancellation, withdrawal or termination will be allowed once the policyholder submits the application for exercising the option. After the “change cash coupon payment pattern option” has been exercised, the payment age and payment amount of guaranteed cash coupons and total guaranteed cash coupon amount of the basic plan will be adjusted accordingly; while the basic amount, premium and guaranteed cash value will not be adjusted because of the exercise of the “change cash coupon payment pattern option”.
- The interest for the guaranteed cash coupon accumulated in the policy and the interest transferred to the terminal dividend management account are not guaranteed. The actual benefits and/or returns may be lower or higher than estimates. China Life (Overseas) reserves the right to revise this from time to time. The prevailing accumulation interest rate of policy(ies) denominated in HKD and USD are 3.45% p.a. and 3.9% p.a. respectively. The above accumulation interest rate is not applicable to annuity conversion option.
- You may withdraw the guaranteed cash coupons at any time without any charge, however, the policy value and death benefit will be affected in case of withdrawal of guaranteed cash coupons.
- Terminal dividend is a one-off dividend and is non-guaranteed. Amount of terminal dividend shown in proposal illustration is just an indicative figure. Declared terminal dividend is not perpetually attached to the policy. It may be reduced or increased at subsequent declarations. Its actual amount will only be determined when it becomes payable. The actual amount may be lower or higher than the projected figure. Under some circumstances, actual amount of terminal dividend may be zero. The amount of the terminal dividend is affected by various factors including but not limited to the performance of the underlying investments, so the amount is relatively volatile and will move up and down over time. China Life (Overseas) reserves the right to revise the terminal dividend from time to time. Past record is not necessarily indicative of future result. For more information, please refer to clause 5 and clause 6 under “Important information” and “Non-guaranteed benefit” risk of the product brochure of the Plan.
Starting from the 3rd policy anniversary, the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:
a)when the death benefit is paid; or
b)when the policy is surrendered; or
c)when the policy reaches the policy maturity date. - The minimum percentage for each locked-in terminal dividend under the terminal dividend management option is 10% and the aggregate percentage limit for locked-in terminal dividend is 50%. The option will only be exercised provided that the application fulfills the application requirement and is confirmed by the Company. There is no limitation on the number of exercising this option and it is subject to change by the Company from time to time. But this option can only be exercised once every policy anniversary. The Company will only process this option once for each written request. Should this option be exercised again afterwards, written request must be resubmitted. No application will be accepted if there is any indebtedness during application. The amount of locked-in terminal dividend is guaranteed after exercising this option successfully. Once the application is approved by the Company, the terminal dividend which is applied to lock in will be transferred to the terminal dividend management account as soon as practicable and will become locked-in terminal dividend, which will accumulate with interest at a non-guaranteed rate. The Company reserves the right to revise the rate from time to time. You can submit request to the Company to withdraw part or all of the locked-in terminal dividend and interest (if any) from terminal dividend management account without surrendering the policy. The withdrawal amount is subject to minimum requirement set by the Company from time to time.
There may be a delay when exercising terminal dividend management option at the time of market volatility. The actual amount of the locked-in terminal dividend will only be determined after the application has been processed successfully by the Company. Upon the completion of transferring the terminal dividend to the terminal dividend management account by the Company as per application, the terminal dividend of the relevant policy year will be reduced accordingly. The terminal dividend of subsequent policy years will be reduced accordingly with adjustment percentage subject to sole discretion of the Company. Locked-in terminal dividend will not be allowed to be reset or reversed to terminal dividend. For details, please refer to the policy provision. - The new insured must have insurable interest which is satisfactory to the Company with the policyholder. The new insured must be aged between 15 days and 80, and must not be older than the attained age of the current insured, whichever is lower. The new insured is also subject to the applicable terms and conditions determined by us from time to time. Both current insured and new insured should be alive during the application for change of insured, which is subject to the prevailing administrative rules of China Life (Overseas). The policy’s basic amount, guaranteed cash value, policy date, policy year, premium expiry date, accumulated premium due and paid, death benefit, accidental death benefit (if any), accumulated guaranteed cash coupons and interest (if any), terminal dividend management option, total amount of terminal dividend management account (if any), annuity conversion option and indebtedness (if any) will not be changed as a result of the change of insured.
- The contingent insured must have insurable interest which is satisfactory to the Company with the policyholder. At the point of application, the contingent insured must be aged between 15 days and 80, and must not be older than the attained age of the current insured, whichever is lower. The contingent insured is also subject to the applicable terms and conditions determined by us from time to time. Application for contingent insured is subject to the prevailing administrative rules of China Life (Overseas). The policy’s basic amount, guaranteed cash value, policy date, policy year, premium expiry date, accumulated premium due and paid, death benefit, accidental death benefit (if any), accumulated guaranteed cash coupons and interest (if any), terminal dividend management option, total amount of terminal dividend management account (if any), annuity conversion option and indebtedness (if any) will not be changed as a result of the contingent insured becoming the insured.
- For the installment option, the remaining balance of death benefit and accidental death benefit (if any) will be deposited in the policy to accumulate interest until the end of the payment term. The interest will be calculated on an annual basis and it is non-guaranteed which will be determined by us from time to time. The accumulated interest (if any) will be paid together with the last installment of death benefit and accidental death benefit (if any). If the beneficiary dies during the settlement period of the death benefit and accidental death benefit (if any), we will pay the remaining balance of the death benefit and accidental death benefit (if any) with interest (if any) in a lump sum payment to the estate of the deceased beneficiary. The policy will be terminated thereafter.
- For the lump sum option, the policy will be terminated after the surrender value is paid in full.
- For the installment option (i.e. exercising “annuity conversion option”), once the application for “annuity conversion option” is approved by the Company, the relevant amount will be transferred to the “annuity conversion account” as soon as practicable and will become “total annuity amount”, while the remaining policy deposit (if any) will be paid as a lump sum cash payment to the policyholder. There may be a delay when exercising “annuity conversion option” especially at the time of market volatility. The actual amount to be converted will only be determined after the application has been processed successfully by the Company. No change, cancellation, withdrawal or termination will be allowed once policyholder submits the application for exercising the option. For the avoidance of doubt, total annuity amount cannot be restored or reversed to policy value.
After exercising “annuity conversion option”, the guaranteed cash value, accumulated guaranteed cash coupons and interest (if any), terminal dividend (if any), maturity benefit, death benefit, accidental death benefit (if any), terminal dividend management option, total amount of terminal dividend management account (if any), change of insured, contingent insured and 24-hour worldwide emergency assistance service will become inapplicable immediately. The remaining balance of annuity will be deposited in the policy to accumulate interest until the end of the payment term. The interest will be calculated on an annual basis and it is non-guaranteed which will be determined by us from time to time. The accumulated interest (if any) will be paid together with the last installment of annuity and the policy will then terminate. The policyholder can withdraw the value of annuity conversion account in full as a lump sum cash payment during the annuity period. The policyholder can only withdraw the value of annuity conversion account once and the policy shall then terminate. If the policyholder (as the annuitant) dies during the annuity income period, we will pay the remaining balance of the annuity with interest (if any) in a lump sum payment to the estate of the deceased policyholder. The policy will be terminated thereafter. - The amount you will receive for policy surrender may be less than the total amount of premiums paid regardless of the settlement option selected.
- The total amount of premiums waived under “premium waiver benefit for death of parents” and “premium waiver benefit for death of spouse” of all policies underwritten by China Life (Overseas) shall not exceed HKD2,500,000 / USD312,500, or equivalent amount in other currencies for the same insured.
The “premium waiver benefit for death of parents” shall terminate upon the occurrence of any of the following events (whichever is the earliest): (a) the policy anniversary which the insured attains age 18; or (b) the premium expiry date of the basic plan. - 24-hour worldwide emergency assistance service is provided by third party service provider. We will not guarantee the service quality and shall not be liable for any matter in connection with the services. China Life (Overseas) reserves the right to amend the terms and conditions thereof from time to time without prior notice.
- If the required renewal premium is paid by you within the grace period, the policy shall continue to be in force. For details, please refer to the policy provisions issued by China Life (Overseas). If the policy is lapsed or surrendered early, the policy cash value received by you may be considerably less than the total amount of the premiums paid.
- If you choose the annual and premium prepayment option, you can withdraw the unused prepaid premium (including interest, if any) at one time. China Life (Overseas) will charge 2% of the withdrawal amount, at a minimum amount of HKD100/USD12.5. You can withdraw the unused premiums once only. The interest rate of prepaid premium is 1% p.a. and this interest rate is not guaranteed.
Important Information:
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. |
Disclaimer
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.
