Critical Illness Guardian Insurance Plan / Critical Illness Guardian Insurance Plan (Enhanced)
We can't predict the future, but we can be prepared for it! An unpredictable critical illness such as cancer can throw a life into chaos. It not only brings about physical and emotional pain, but also tremendous financial burden - a sudden reduction in family income, coupled with huge medical expenses for the treatments of a critical illness, rehabilitation services, special drugs and supplements, and other expenses during the recovery period. What if it’s cancer? There is possibility of relapse after cure. The advancement of medical technology can cure many critical illnesses. With rehabilitation, we can enjoy our lives afterwards.
The Critical Illness Guardian Series (the “Series”), which includes the Critical Illness Guardian Insurance Plan (the “Basic Plan”) and the Critical Illness Guardian Insurance Plan (Enhanced) (the “Enhanced Plan”), are comprehensive and flexible critical illness plans which offer Critical Illness Benefit and Special Disease Benefit. In addition, Multiple Cancer Benefit and Multiple Heart Attack and Stroke Benefit are provided by the Enhanced Plan for more advanced protection to let you focus on rehabilitation and move worry-free towards changes.
- Multiple Cancer Benefit and Multiple Heart Attack and Stroke Benefit in the Enhanced Plan strengthens your protection
- 180%# Sum Assured of Critical Illness Benefit
- Maximum 3 claims for Special Disease Benefit
- Maximum 2 times of cash coupon for your retirement pocket money
- Integration of critical illness protection, cash coupon, Accident and life protection
- #Prior to the Policy Anniversary immediately following the Insured's 66th birthday
Specially for the Enhanced Plan - Multiple Cancer Benefit
YCancer relapse is common. The Enhanced Plan offers not only all the benefits provided in the Basic Plan, but also the Multiple Cancer Benefit to suit your need. The maximum number of Cancer claims for this benefit is 3 times. If the Insured is diagnosed with the first Cancer prior to the Policy Anniversary immediately following his/her 66th birthday, an amount equals to 180% of the original Sum Assured of the Basic Plan will be offered; for two subsequent Cancer claims, each will be entitled to 100% of the original Sum Assured of the Basic Plan, and the date of diagnosis between each Cancer must fulfil the requirement of waiting period1.
Specially for the Enhanced Plan - Multiple Heart Attack and Stroke Benefit
Apart from Cancer, relapse of Heart Attack and Stroke are quite common, and this is why the Enhanced Plan provides 2 subsequent protection where each will be entitled to 100% of the original Sum Assured of the Basic Plan, provided that at least 1 year have passed between the date of diagnosis of the subsequent Heart Attack or Stroke and the date of diagnosis of Critical Illness which was previously paid for the Critical Illness Benefit or the Multiple Cancer Benefit or the Multiple Heart Attack and Stroke Benefit under this Policy (both dates inclusive), and the Insured is still alive within 14 days from the date of diagnosis (both dates inclusive). In other words, the Insured still have appropriate protection for a speedy recovery even Heart Attack or Stroke relapse happens.
Specially for the Enhanced Plan - Premium Waiver
For the Enhanced Plan, the Premium will be waived after the Critical Illness Benefit is paid, allowing the Insured to enjoy the protection of Multiple Cancer Benefit and Multiple Heart Attack and Stroke Benefit with total peace of mind.
180% Sum Assured of Critical Illness Benefit
The Series provides protection against 60 Critical Illnesses including Cancer, Stroke and Heart-related illnesses. If the Insured is diagnosed with any of the covered Critical Illnesses2 prior to the Policy Anniversary immediately following his/her 66th birthday, an amount equals to 180% of the original Sum Assured of the Basic Plan will be offered. If the date of diagnosis is between the Policy Anniversary immediately following the Insured's 66th birthday and the Policy maturity date (both dates inclusive), the benefit payable will be equal to 100% of the original Sum Assured of the Basic Plan. Nevertheless, the accumulated cash coupon and interest (if any), the terminal dividend (non-guaranteed)3(if any), less any Indebtedness (if any) and benefits already paid (if any), will be included in the pay-out amount. The Policy of the Basic Plan will be terminated immediately after the Critical Illness Benefit is paid2.
Please refer to the Covered Illnesses Table for the covered Critical Illnesses.
Maximum 3 Claims for Special Disease Benefit
The Series provides coverage for 19 Special Diseases4 organised into four groups, including Carcinoma-in-situ4, Early Thyroid or Prostate Cancer, Autism, Severe Obstructive Sleep Apnoea and Severe Asthma. In each group, the Insured will receive an amount equivalent to 20% of the current Sum Assured of the Basic Plan (already reflected any adjustment of the Sum Assured or any deduction of claim payment (if any) made by the Plan). The maximum number of claims is 3 times for 4 groups altogether and subject to a maximum limit of HKD550,000/ USD68,750 per Insured (whichever is lower) 4. As the Sum Assured will be reduced after the payment of a claim, the Premiums and Cash Value of the Plan will be adjusted accordingly.
Assuming the Insured enrol in the Plan with the Sum Assured of HKD1,000,000. If he/she is diagnosed by a Registered Medical Practitioner of having one of the covered Special Diseases, the benefit payable will be 20% of HKD1,000,000 current Sum Assured of the Basic Plan, that is HKD200,000. The Sum Assured of the Plan will be reduced to HKD800,000. With no claim in a few years, the Insured is diagnosed with one of the covered Special diseases of another group (except Carcinoma-in-situ), the benefit payable will be HKD160,000, which means 20% of HKD800,000 current Sum Assured of the Basic Plan. The Sum Assured of the Plan will be reduced to HKD640,000 thereafter.
Please refer to the Covered Illnesses Table for the covered Special Diseases.
Life Protection, Extra Accidental Death Benefit and Maturity Benefit
The Series provides provides protection until the Insured reaches the age of 100. If the Insured passes away, the Beneficiary will receive a death benefit equal to 100% of the current Sum Assured of the Basic Plan, plus terminal dividend (non-guaranteed)3 (if any), accumulated cash coupon5 with interest (if any), and less any Indebtedness (if any). An additional lump sum of 100% the current Sum Assured of the Basic Plan will be provided as Accidental Death Benefit if Accidental Death6 happens before the Insured reaches age 66. The policy will reach its maturity at the Insured’s age of 100 and the Insured will receive a sum of maturity benefit equivalent to the current Sum Assured of the Basic Plan (the terminal dividend3 (if any), and accumulated cash coupon5 with interest (if any), and less any Indebtedness (if any) of the Policy).
The Insured will receive cash coupon5 for maximum 2 times as their pocket money. The amount payable each time is equal to 10% of the current sum assured of the Basic Plan upon the Insured reaches the Policy Anniversary immediately following his/her 70th and 80th birthday. The cash coupon is still applicable even when the Special Disease Benefit is paid. However, once the Critical Illness Benefit is paid, cash coupon will not be provided.
Terminal Dividend (non-guaranteed)3
Terminal dividend (non-guaranteed) 3 will be paid upon the payment of death benefit, the 1st time Critical Illness Benefit, Policy surrender or Policy maturity. If one of the above-mentioned incidents happen within a Policy year, the amount of terminal dividend will be based on that at the end of previous Policy Anniversary.
Second Medical Opinion
Through this service7, you can obtain a professional medical opinion in order to make an appropriate decision concerning your treatment.
International Emergency Assistance Service8
If the Insured is diagnosed with an illness or is injured in an Accident outside of Hong Kong, he or she will enjoy comprehensive coverage under the free 24-hour Worldwide Emergency Assistance Service.
Critical Illness Guardian Insurance Plan / Critical Illness Guardian Insurance Plan (Enhanced)
1 After the Critical Illness Benefit is paid, if the Insured is subsequently diagnosed by a Registered Medical Practitioner as suffering from Cancer under the definition of Critical Illness, and is still alive within 14 days from the date of diagnosis (both dates inclusive), and the date of diagnosis of the subsequent Cancer and the date of diagnosis of diseases which was previously paid for the Critical Illness Benefit or the Multiple Cancer Benefit or the Multiple Heart Attack and Stroke Benefit under the Policy shall subject to the following conditions: (a) 1 year waiting period (both dates inclusive): (i) new Cancer diagnosis (unrelated to the Cancer in the preceding claim); or (ii) the Critical Illness immediately before is not Cancer (b) 3 year waiting period (both dates inclusive): (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.
2 The Critical Illness Benefit will be paid to the Insured who is still alive within 14 days from the date of diagnosis (both dates inclusive). If the Insured who is still alive has not reached age 18, the Critical Illness Benefit will be paid to the Policyholder. Upon the claim payment for the Critical Illness Benefit: (i) the subsequent Premiums not yet falling due under the Basic Plan can be waived. When a claim is being processed, the Premiums shall continue to be paid until the claim is approved by us. Any waiver of Premiums will be effected in accordance with the Premium payment mode of this Policy (i.e. monthly, quarterly, semi-annually or annually); (ii) the coverage of this Policy shall then be limited to the Multiple Caner Benefit and Multiple Heart Attack and Stroke Benefit only. The Policy maturity benefit, the death benefit, the Accidental Death Benefit, cash coupons, the Special Disease Benefit, and the Critical Illness Benefit shall then terminate; and (iii) the Sum Assured, the Premiums and the Cash Value of this Policy and its riders (if any) shall be reduced to zero after the Critical Illness Benefit is paid.
3 Terminal dividend (non-guaranteed) will be distributed in a lump sum for one-time and is not attached to the plan permanently. Terminal dividend may become zero in some circumstances. The payment amount due to surrender will be lower than other cases.
4 The maximum claims for group 1 is 2 times, under the condition that the infected organ of Carcinoma-in-situ for the second claims must be different from the first. If the Insured is covered under this plan 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.
5 Customer may withdraw the distributed cash coupons at any time where withdrawal charge will not be applied, however the account value and death benefit may be affected in case of withdrawal.
6 Applicable 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).
7 The Second Medical Opinion is provided by third party supplier(s) MediGuide International LLC (“MediGuide”) 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.
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.
9 A Policy fee of HKD200/USD25 (depending on Policy currency) will be charged during the Premium payment term. The fee will be charged together with the Premium.
10 If customers opt for the Annual and Prepayment of Premium, they can withdraw the unused prepaid Premium (including interest, if any) at one time and China Life (Overseas) will charge 2% of the withdrawal amount as withdrawal fee. The minimum fee will be HKD100 or USD12.5. Customers can withdraw the unused prepaid Premium once 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.
- Exclusion: Applicable to Special Disease Benefit, Critical Illness Benefit, Multiple Cancer benefit and Multiple Heart Attack and Stroke Benefit (if applicable) - any claims directly or indirectly caused by or resulting from the following conditions will not be covered: (1) any Illness suffered within 90 days from 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 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 2 and 38 under the definition of critical illnesses)；(5)any illness or surgery caused by self-inflicted injuries or suicide, whether sane or not；or (6) taking of drugs (except medicine prescribed by a Registered Medical Practitioner), abuse of alcohol or the taking of poison。 Applicable to Accidental Death Benefit - any claims directly or indirectly caused by or resulting from the following conditions will not be covered: (1) war, act of hostility (whether war declared or not), civil war, riots or any military actions；(2) rebellion, civil commotion, strike or activities of terrorism；(3) contamination resulting from nuclear weapons, ionizing radiation, nuclear fuel or waste produced from the combustion of nuclear fuel (the said nuclear combustion shall include any self-sustaining process of nuclear fission)；(4) during war, act of hostility (whether war declared or not), any military actions or repression of rebellion, the Insured is engaging in or taking part in military services；(5) directly or indirectly caused by the Insured engaging in aviation, except as a passenger on an aircraft of a commercial airline on a scheduled route；(6) self-inflicted injuries or suicide (whether sane or not) by or attempted by the Insured (whether felony or not)；(7) childbirth, pregnancy, miscarriage or abortion, even if it is accelerated or induced by an Accident；(8) surgery operated on the Insured and induced by disease, infected disease or incident that is not caused by an Accident；(9) taking of poison or inhaling poisonous gas or poisonous mist (whether voluntary or not); except Accidental inhaling by the Insured in a fire；(10) the Insured as a professional athlete participating in sports or earning income or remuneration through the sports;；(11) participating in hunting, mountaineering, motor racing, horse racing, ice-skiing, skiing, scuba-diving, parachuting, hang-gliding, boxing or any other competitions or performances；(12) while the Insured is on duty as a professional driver and is entering, driving, operating, servicing, riding in or departing from any land vehicle or conveyance outside the territorial limits of Hong Kong and Macau；(13) the Insured is assaulted or murdered during rebellion, civil commotion, strikes or when making an arrest while the Insured is employed as a full-time or part-time police officer or cadet officer, or is an officer or a member of the Correctional Services Department; or (14) the Insured is assaulted or murdered during rebellion, civil commotion or strikes while the Insured is employed as a fireman, or is on duty as a fireman and is engaging in fire fighting or activities for protecting people and property in a fire. 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), except for accidental death。
- Non-Payment of Premium / Automatic Premium Loan - 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, 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 – 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 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.
|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 Basic Plan shall terminate upon the occurrence of any of the following events (whichever is earlier)：(a) the Basic Plan has lapsed or is surrendered；(b) the Policy maturity benefit is paid；(c) the death benefit is paid；(d) the Critical 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 Enhanced Plan shall immediately terminate||(a) Policy termination terms follow point (a), (b), (c), (e) and (f) of the Basic Plan；(b) has paid the Multiple Cancer Benefit for 2 times and has paid the Multiple Heart Attack and Stroke Benefit for 2 times.|
|Premium adjustment||China Life (Overseas) has the absolute right and discretion to adjust the premium payable under the Policy. 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.