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Elite Care Critical Illness Insurance Plan

Elite Care Critical Illness Insurance Plan

Product Summary

Comprehensive protection for you and your loved ones

We all want good health and the very best for ourselves and our families. To help turn your wishes into comprehensive protection for your loved ones, “Elite Care Critical Illness Insurance Plan” (the “Plan”) provides you with critical illness protection, life protection and savings in one participating insurance plan. The Plan covers up to 176 diseases, and offers continuous protection through multiple coverage for 3 common critical illnesses, including cancer, heart attack and stroke. The Plan also features family sharing benefit, for which family members can share their benefit amount under multiple critical illness benefit subject to terms and conditions, providing you with financial assistance when you need it.

Enjoy up to 10% premium discount on the first year’s premium upon successful enrolment!

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Cover up to 176 disease conditions

 

Enhanced protection for the first 10 years

 

Up to 320% extra multiple protection

 

Comprehensive family protection

 

Cover qualified non-covered disease conditions

Product Features
 

 Covers up to 176 disease conditions

“Elite Care Critical Illness Insurance Plan” safeguards your health with extensive cover against 88 special diseases, including early stage critical illnesses and juvenile diseases; as well as 88 critical illnesses, namely cancer, stroke, heart diseases, etc..

 

Special disease benefit1

If the insured, who is the person covered by the Plan, is unfortunately diagnosed with any of the covered special diseases, we will pay 20% of the original sum assured in advance as “special disease benefit”. Under this benefit, each special disease can be claimed once only, while carcinoma-in-situ2 can be claimed up to 2 times. The total benefit amount under “special disease benefit” is up to 100% of the original sum assured or HKD550,000/USD68,750, whichever is lower.

We will reduce the sum assured of “Elite Care Critical Illness Insurance Plan” in accordance with the total benefit payout under “special disease benefit” of the Plan. We will also lower your premiums, guaranteed cash value, maturity benefit and surrender value according to the reduced sum assured.

 

Critical illness benefit1,3

If the insured is unfortunately diagnosed with any covered critical illnesses, we will pay “critical illness benefit”, which is equivalent to the sum of 100% of the original sum assured and face value of terminal dividend4 (if any). Meanwhile, we will waive the undue premiums of your “Elite Care Critical Illness Insurance Plan” to release your financial pressure.

After we paid this benefit, the Plan will continue to provide “multiple critical illness benefit”, “family sharing benefit” (if applicable) and “extended care for children benefit” (if applicable), the Plan’s sum assured, premiums, guaranteed cash value and terminal dividend (if any) will become zero.

If the insured passes away and has not claimed “critical illness benefit”, we will pay “death benefit”3, which is equivalent to the sum of 100% of the original sum assured and face value of terminal dividend4 (if any). The Plan will be terminated thereafter.

For the details of the covered special diseases and covered critical illnesses, please refer to the “list of covered dis-ease conditions”.

 

 Enhanced protection for the first 10 years

The Plan provides enhanced protection during the first 10 policy years. If the insured is diagnosed with any covered critical illnesses or passes away during the aforesaid period, we will pay an extra benefit amount of up to 52% of the original sum assured in accordance with the insured’s age upon application, offering you and your family with additional protection.

Insured’s age upon application “Extra critical illness benefit” or “extra death benefit” (applicable for the first 10 policy years)
Age 0 to 30 Extra 52% of the original sum assured
Age 31 or above Extra 38% of the original sum assured

When the total benefit payout under the Plan’s “special disease benefit” and “protection shelter benefit” reaches 100% of the original sum assured, “extra critical illness benefit” and “extra death benefit” will be terminated thereafter.

 

 Up to 320% extra protection against the 3 common critical illnesses

You and your family may experience financial pressure if a critical illness strikes again. In view of this, the Plan will continue to cover you with “multiple critical illness benefit” 5,6,7 for the 3 common critical illnesses: cancer, heart attack and stroke after we paid “critical illness benefit” under the Plan. Cancer covers not only new cancers, but also cancer recurrence, metastasis and continuation of a previously covered cancer, providing you with more comprehensive coverage.

You can place a claim under “multiple critical illness benefit” before the policy anniversary which the insured reaches age 88. The benefit amount of each claim is equal to an extra 80% of the original sum assured, with a total limit up to an extra 320% of the original sum assured. The insured should survive over 14 days from the diagnosis date (both dates inclusive) and meet a minimum of 1-year waiting period7

 

 Safeguards loved ones with comprehensive family protection

We understand that you are dedicated to protecting your loved ones, thus, “Elite Care Critical Illness Insurance Plan” features a series of family benefits that help you to support your family over the long-term.

 

 

Family sharing benefit

A longer life expectancy may increase the chance of contracting critical illnesses. Therefore, “Elite Care Critical Illness Insurance Plan” offers “family sharing benefit”. When you enroll in the Plan together with your family members (i.e. the insured’s spouse and/or children with China Life (Overseas)’s prevailing satisfactory insurable inter-est), you will all be considered as a family group8, and the family members can share their total benefit amount under “multiple critical illness benefit” (“family pool” 9) until the insured reaches age 88. If any member of the family group is diagnosed with cancer, heart attack or stroke and the total benefit payout under “multiple critical illness benefit” of the Plan has reached the limit, he/she can still place a claim for the covered disease if the family pool balance9 is higher than zero and the insured meets the 14-day survival period and the respective waiting period7. The benefit amount is equal to 80% of such family member’s original sum assured or the family pool balance, whichever is lower.

We will reduce the family pool balance of such family group in accordance with the total benefit payout under “multiple critical illness benefit”, “family sharing benefit” and “extended care for children benefit” of the Plan. “Family sharing benefit” will be terminated when the family pool balance becomes zero.

 

Extended care for children benefit10

When you are the insured of the Plan and have taken up “Joyful Care Critical Illness Insurance Plan” (including basic plan and rider) of which your child is the insured, the Plan will provide you with “extended care for children benefit” to offer additional support for your child. If your child’s total benefit payout for “special disease benefit”, “critical illness benefit” and “protection shelter benefit” under his/her “Joyful Care Critical Illness Insurance Plan” has reached 100% of the original sum assured, and your child is diagnosed with cancer, heart attack or stroke before the 21st birthday, you can place a claim under the Plan when your child meets the 14-day survival period and the respective waiting period10. The benefit amount is equal to the lowest of:

  1. 80% of the original sum assured of “Joyful Care Critical Illness Insurance Plan” or “Joyful Care Critical Illness Rider” of the insured’s child; or
  2. 80% of the original sum assured of the insured’s “Elite Care Critical Illness Insurance Plan”; or
  3. the family pool balance of the insured’s “Elite Care Critical Illness Insurance Plan” (if applicable); or
  4. the remaining amount of “multiple critical illness benefit” of the insured’s “Elite Care Critical Illness Insurance Plan”.

We will reduce the total benefit amount of “multiple critical illness benefit” and the family pool balance (if applicable) in accordance with the total benefit payout for “extended care for children benefit” of the Plan.

For the details of “Joyful Care Critical Illness Insurance Plan”, please refer to the related product brochure.

 

 

Premium waiver

To ensure your loved ones can still enjoy coverage even when the worst happens, we will waive the undue premiums of the Plan if the parent of an insured below age 18 or the spouse of an adult insured passes away during the premium payment term after the Plan has been in force for 2 years, subject to they are the policyholder or beneficiary of the Plan. Eligibility for the “parental premium waiver benefit” 11 or “spousal premium waiver benefit” 11 will only be effective if the parent or spouse is below age 50 on the policy effective date.

In case there is a change in your family status, you can reassign the insured’s parent or spouse who is below age 50 as the policyholder or beneficiary, “parental premium waiver benefit” or “spousal premium waiver benefit” will become effective again after 2 years from the effective date of the change.

 

 Covers qualified non-covered disease conditions

New illness can occur anytime, and even common injuries or disease conditions can cause severe illnesses. That is why “Elite Care Critical Illness Insurance Plan” plans ahead for you, providing financial support against non-covered disease conditions which meet the requirements.

 

Protection shelter benefit1

If the insured is diagnosed with a non-covered special disease or non-covered critical illness, we will pay 50% of the original sum assured in advance as “protection shelter benefit” . This benefit will be paid once only and will be terminated after payout.

The disease conditions covered under the “protection shelter benefit” should satisfy the requirements below:

  1. the insured survives more than 14 days starting from the diagnosis date (both dates included); and
  2. the insured is admitted in the intensive care unit (“ICU”) at a hospital for a consecutive 7-day period or more due to such disease condition, and has been treated by using life-support equipment due to medical necessity (excluding intravenous injection and any monitoring equipment); and
  3. the disease condition does not satisfy the definition of any covered special diseases or covered critical illnesses under the Plan.

We will reduce the sum assured of “Elite Care Critical Illness Insurance Plan” in accordance with the total benefit payout for “protection shelter benefit” under the Plan. We will also lower your premiums, guaranteed cash value, maturity benefit and surrender value according to the reduced sum assured.

 

 

Extra protection shelter benefit

If the insured received the “protection shelter benefit” for a qualified non-covered disease condition, and such disease condition is listed as an infectious disease12 by the Government of Hong Kong Special Administrative Region, such as novel coronavirus (“COVID-19”), an extra 25% of the original sum assured shall be paid out as “extra protection shelter benefit”, to ensure you the extra peace of mind.

“Extra protection shelter benefit” will be terminated after we paid “protector shelter benefit”, regardless if the paid disease condition meets the requirements of “protector shelter benefit” or not.

For the details of the benefits, please refer to the “benefit schedule”.

 

 Savings elements for offering potential returns

“Elite Care Critical Illness Insurance Plan” is a participating plan, offering you comprehensive critical illness coverage and death benefit, as well as potential returns with guaranteed cash value and non-guaranteed terminal dividend4, so that you can enjoy both protection and wealth accumulation.

 

Product Details

Joyful Care Critical Illness Insurance Plan

Issue age and premium pay-ment term
Premium payment term Issue age
10 years 15 days to age 65
15 years 15 days to age 60
20 years 15 days to age 55
25 years 15 days to age 50
Benefit term Up to age 100 of the insured

Under “multiple critical illness benefit” and “family sharing benefit”: Up to age 88 of the insured
Policy currency HKD/ USD
Premium payment mode Annual, semi-annual, quarterly or monthly13,14
Minimum sum assured HKD100,000 / USD12,500

Remarks:

  1. The total benefit amount under special disease benefit and protection shelter benefit is up to 100% of the original sum assured. When the total benefit payout of special disease benefit, critical illness benefit and protection shelter benefit under the Plan has reached 100% of the original sum assured, China Life (Over-seas) will also pay the face value of terminal dividend (if any) and wave the undue premiums of the Plan. Moreover, the Plan’s special disease benefit, critical illness benefit, extra critical illness benefit, death benefit, extra death benefit, protection shelter benefit, extra protection shelter benefit, parental premium waiver benefit, spousal premium waiver benefit and maturity benefit terminated thereafter.
  2. The maximum number of claims for carcinoma-in-situ is 2 times. The second claim of a carcinoma-in-situ must be for a different organ from the first claim. If carcinoma-in-situ occurs in paired organs, including breast, fallopian tube, lung, ovary and testis, the left part and the right part of these organs are regarded as the same organ.
  3. When China Life (Overseas) pays out critical illness benefit or death benefit, all paid special disease benefit (if any) and/or protection shelter benefit (if any), and all indebtedness (if any) will be deducted.
  4. Terminal dividend is non-guaranteed and is a one-time dividend. It is not perpetually attached to the poli-cy. The amount of the cash value and face value of terminal dividend will be subject to adjustment when it is declared, the amount of cash value of terminal dividend will be equal to or less than its face value. Cash value of terminal dividend (if any) is payable upon policy surrender or policy maturity while face value of terminal dividend (if any) is payable upon the death of the insured or when the total benefit payout of special disease benefit, critical illness benefit and protection shelter benefit has reached 100% of the origi-nal sum assured. Starting from the 5th policy anniversary, the terminal dividend shall be paid upon the oc-currence of the earliest of the following conditions:
    1. when the death benefit is paid;
    2. when the total benefit payout of special disease benefit, critical illness benefit and protection shelter benefit has reached 100% of the original sum assured;
    3. the policy is surrendered; or
    4. the policy reaches the policy maturity date.
  5. “Multiple critical illness benefit” will be terminated when the first of these happens:
    1. when the total benefit payout of “multiple critical illness benefit” and “extended care for children benefit” under the Plan has reached extra 320% of the original sum assured; or
    2. at the policy anniversary which the insured reaches age 88 ; or
    3. when the family pool balance of a family group of “family sharing benefit” under the Plan becomes zero.
  6. The actual total benefit amount of “multiple critical illness benefit” will be adjusted according to the total benefit payout of “family sharing benefit” (if applicable) and “extended care for children benefit” (if appli-cable).
  7. The critical illness the insured places a claim for “multiple critical illness benefit” or “family sharing benefit” should also satisfy the requirements below:
    1. at least 1 year between the dates of diagnosis (both dates inclusive) of such diagnosed cancer, heart attack or stroke and immediately preceding previous illness;
    2. if such cancer is a new cancer, it must be diagnosed by a specialist that it is caused by different malig-nant cells origin from the previous cancer;
    3. if such cancer is diagnosed by a specialist that it is a recurrent, metastatic or persistent cancer contin-ued from a previous cancer, at least 2 years between the dates of diagnosis (both dates inclusive) of such cancer and that previous cancer. Provided that such cancer is a persistent cancer, the insured is required to have received or have been receiving medically necessary and active treatment by a spe-cialist during the aforesaid 2-year waiting period (both dates inclusive);
    4. such heart attack is a new and separate heart attack compared with any previous illness paid under the Plan with confirmation by a specialist, at least 1 year is required between the diagnosis dates of the 2 heart attacks (both dates inclusive). Also, such diagnosis must fulfil the heart attack under the defini-tion of critical illnesses in the benefit provisions with supporting evidence of new diagnosis; and
    5. such stroke is a new and separate stroke compared with any previous illness paid under the Plan with confirmation by a specialist, at least 1 year is required between the diagnosis dates of the 2 strokes (both dates inclusive). Also, such diagnosis must fulfil the stroke under the definition of critical illness-es in the benefit provisions with supporting evidence of new diagnosis.

    “Previous cancer”/“previous illness” refers to the cancer(s) / critical illness(es) the insured claimed for “criti-cal illness benefit”, “multiple critical illness benefit” and/or “family sharing benefit” under the Plan.
  8. Family group
    1. Under the Plan, the insured and his/her family members will be considered as a family group if they fulfil the administration procedures and meet the requirements below:
      1. The insured and/or his/her spouse and children with China Life (Overseas)’s prevailing satisfactory in-surable interest must successfully enroll into the Plan as an insured together and declare they are a family group to China Life (Overseas) upon enrollment;
      2. If the insured’s child is born after the Plan's policy effective date of the insured, application of the Plan as an insured can be submitted on or before age 1, and application for joining the family group of the insured can be submitted when all family members of the family group have never placed a claim un-der the Plan. Nevertheless, the insured’s child must be in immediate family relationship with all family members in the family group of the insured and China Life (Overseas) is satisfied with the insurable in-terest.; or
      3. If the insured’s child is an insured of “Joyful Care Critical Illness Insurance Plan” or “Joyful Care Critical Illness Rider” and never placed a claim under such plan, such policyholder can exercise the “converti-ble option for children” to convert the child’s “Joyful Care Critical Illness Insurance Plan” or “Joyful Care Critical Illness Rider” to “Elite Care Critical Illness Insurance Plan” before policy anniversary the child reaches age 21 and submit an application to China Life (Overseas) to include the child into the in-sured’s family group.
      Apart from the above conditions, no additional family member will be accepted to a family group after en-rolled.
    2. A family member can submit a written request to leave the family group to China Life (Overseas). Never-theless, all family members of the family group are not allowed to leave the family group after the “family sharing benefit” and/or “extended care for children benefit” has been paid to any family member(s) in the family group.
  9. Family pool
    1. “Family pool”/“family pool balance” refers to “family pool”/“family pool balance” under the Plan’s policy document.
    2. Family pool/family pool balance will be adjusted in accordance with the conditions below. Family pool balance may become zero in some circumstances.
      1. the child(ren) of any family member(s) in the family group who was born after the policy effective date and applies for the Plan on or before the birthday which the insured’s child(ren) reaches 1 year old with successful application to join the family group;
      2. the exercise of “convertible option for children” of the “Joyful Care Critical Illness Insurance Plan” or the “Joyful Care Critical Illness Insurance Rider” of the child(ren) of any of family(s) member in the family group;
      3. death of any family member(s) in the family group;
      4. the policy anniversary of which any of the family member(s) in the family group reaches age 88 ;
      5. any family member(s) in the family group successfully applied to leave the family group; or
      6. the policy(ies) of any family member(s) in the family group is surrendered ,lapsed or terminated.
  10. Extended care for children benefit.
    1. To enjoy “extended care for children benefit”, the policyholder must successfully register the insured’s children into the insured’s “Elite Care Critical Illness Insurance Plan” before the policy/rider effective date of the children’s “Joyful Care Critical Illness Insurance Plan” or “Joyful Care Critical Illness Rider”.
    2. The critical illness the Insured places a claim for “extended care for children benefit” should also satisfy the waiting period requirements below:
      1. At least 1 year between the dates of diagnosis (both dates inclusive) of such diagnosed cancer, heart attack or stroke and immediately preceding previous illness of insured’s child(ren);
      2. such new cancer diagnosed by a specialist is caused by different malignant cells origin from any previous illness of the insured’s child(ren) which is a cancer;
      3. such cancer diagnosed by a specialist as a recurrent, metastatic or persistent cancer continued from the previous illness of the insured’s child(ren) which is a cancer, at least 2 years are re-quired between the diagnosis dates of the 2 cancers stated above (both dates inclusive). Provid-ed that such cancer is a persistent cancer, the insured’s child(ren) is required to have received or have been receiving medically necessary and active treatment by a specialist during the aforesaid 2-year waiting period (both dates inclusive);
      4. such heart attack is a new and separate heart attack compared with any previous illness of In-sured’s child(ren) paid under the Plan which is heart attack with confirmation by a specialist, at least 1-year is required between the date of diagnosis of the 2 heart attacks stated above (both dates inclusive, also such diagnosis must fulfil the heart attack under the definition of critical ill-nesses in the benefit provisions with supporting evidence of new diagnosis; and
      5. such stroke is a new and separate stroke compared with any previous illness of insured’s child(ren) paid under the Plan which is stroke with confirmation by a specialist, at least 1-year is required between the diagnosis dates of the 2 strokes stated above (both dates inclusive, also such diagnosis must fulfil the stroke under the definition of critical illnesses in the benefit provi-sions with supporting evidence of new diagnosis.
      “Previous illness of insured’s child(ren)” refers to any one of the followings, whichever is later:
      1. the critical illness which was previously paid under the “critical Illness benefit” of the “Joyful Care Critical Illness Insurance Plan” or the “Joyful Care Critical Illness Insurance Rider” of the in-sured’s child(ren); or
      2. the critical illness which was previously paid under the “extended care for children benefit” of the Plan for the insured’s child(ren).
    3. “Extended care for children benefit” will be terminated when the first of these happens:
      1. the policy anniversary which the insured reaches age 88;
      2. the birthday which the Insured’s children reaches age 21;
      3. the total benefit payout of “multiple critical illness benefit” and “extended care for children bene-fit” of the Plan has reached 320% of the original sum assured; or
      4. the family pool balance of the Plan becomes zero.
  11. “Parental premium waiver benefit” refers to premium waiver benefit for death of parents” under the Plan’s policy document while “spousal premium waiver benefit” refers to premium waiver benefit for death of spouse” under the Plan’s policy document.
  12. Infectious disease refers to any of the prevailing infectious diseases listed in Schedule 1 of the Prevention and Control of Disease Ordinance (Cap. 599 of the Laws of Hong Kong).
  13. If the required renewal premium is paid by the policyholder 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, the policy cash value received by the policyholder may be considerably less than the total amount of the premium paid.
  14. If you opt for the annual & prepay premium option, you can withdraw the unused prepaid premium (includ-ing interest, if any) and China Life (Overseas) will charge 2% of the withdrawal amount as a withdrawal fee. The minimum fee will be USD12.5. You can withdraw the unused prepaid premium once only. The interest rate of prepayment of premium is not guaranteed.

Product Important
Disclaimer

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.

  1. The Plan 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 Plan. You should fully understand all of the risks involved in this Plan and consider whether this Plan 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 and levy (if any) paid without interest for declined cases.
  3. This is a non-participating life insurance plan and therefore dividends are not applicable to the Plan.
  4. Exclusions – if any claims directly or indirectly caused by or resulting from the following conditions will not be covered (excluding death benefit):
    1. when the Plan is taken as a basic plan:
      1. any illness commences and manifests itself within 90 days from the issue date (except by accident);
      2. congenital or pre-existing conditions when applying for the policy from the issue date (except autism);
    2. when the Plan is taken as a rider:
      1. any illness commences and manifests itself within 90 days from the issue date or any date of reinstatement of the rider, whichever is later (except accident);
      2. congenital or pre-existing conditions when applying for the policy from the issue date or any date of reinstatement of the rider, whichever is later (except autism);
    3. the date of diagnosis of prostate cancer is later than the insured’s 70 years old birthday;
    4. infection of any disease caused by human immunodeficiency virus (HIV), including Acquired Immunodeficiency Syndrome (AIDS) or AIDS-related complex (except number 58, number 65 and number 71 of “critical illnesses”);
    5. Disease or surgery which is caused by suicide or self-inflicted injuries (whether sane or not);
    6. drug-taking other than prescribed by a registered medical practitioner, abuse of alcohol or the taking of poison;
    7. War, act of hostility (whether war declared or not), civil war, rebellion, civil commotion, strike or activities of terrorism.

    Furthermore, 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..
     
    1. Cover for specific items will be effective on the following dates:
      Items Effective date (after the policy commences)
      Accidental injury Immediate
      Death benefit Immediate
      Covered special diseases and critical illnesses 90 days
      Disease conditions qualified for protection shelter benefit 90 days
      Disease conditions qualified for extra protection shelter benefit 90 days
    2. When the policy is in force, if the insured is diagnosed with more than one covered special diseases and/or covered critical illnesses and/or disease conditions qualified for protection shelter benefit by a registered medical practitioner, only one of the benefits will be paid (whichever is the highest).
  5. Policy fee – In addition to premiums, the policyholder of the Plan has to pay policy fee of HKD200/USD25 per year.
  6. Non-payment of premium - You should pay premium(s) on time according to the selected premium payment schedule. If the due premium remains unpaid upon the expiration of the grace period, the policy will be lapsed in accordance to the “Grace Period” clause under the General Provision, and you will lose the related insurance coverage and suffer a financial loss. If an insured event occurs during the grace period, China Life (Overseas) shall still be responsible for the insurance coverage but any outstanding premium for the policy year wherein the insured event occurs shall be deducted from any amount which may be payable under the policy.
  7. Cooling-off right - You have the right to cancel the policy within the cooling-off period and obtain a refund of any premiums and levy 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. Cancellation right - You have the right to send a policy cancellation request in written format to China Life (Overseas) after the cooling-off period. Upon the approval from China Life (Overseas), we will pay you the surrender value (if any) and the policy will be terminated thereafter. You must submit a written notice signed by you to China Life (Overseas) at 22/F, CLI Building, 313 Hennessy Road, Wan Chai, Hong Kong.
  9. Claims procedure – If you would file a claim, you must submit completed designated form(s) with relevant proof within 30 days from discharge to China Life (Overseas). You can obtain the claims forms from your financial consultant, by calling China Life (Overseas) customer service hotline: (852399 95519 or by visiting any China Life (Overseas) service centre.

 

What are the key product risks?
Credit risk The Plan 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.
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 maybe insufficient to meet your future needs even if we fulfill all of our contractual terms and obligations.
Policy termination: The Plan will be terminated when the first of these happens:
  1. the policy is lapsed or surrendered; or
  2. the death benefit is paid; or
  3. the critical illness benefit is paid; or
  4. the total amount paid for special disease benefit and protection shelter benefit has reached 100% of the original sum assured; or
  5. upon the policy anniversary when the insured has reached age 80; or
  6. no premium payment is settled after policy payment is due for 31 days; or
  7. when China Life (Overseas) grants acceptance of the policyholder’s conversion request; or
  8. if the Plan is taken as a rider, the basic plan it attached is lapsed, surrendered or matured.

If the Plan is taken out as a basic plan, all attached rider(s) will be terminated simultaneously if the policy is surrendered. In case the Plan terminates within the policy year, no premium will be refunded, no matter any claim is made in that policy year.
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 5 years). 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.

Levy collected by the Insurance Authority has been imposed on relevant policy at the applicable rate. For further information, please visit www.chinalife.com.hk/customer-service/useful-information/premium-levy or contact: (852)39995519 or visit Insurance Authority’s website www.ia.org.hk/en/levy.

This product brochure is for reference only and contains descriptions of the key features of this product. For all the terms and conditions of this product, please refer to the policy documents of this product.

This product brochure is for distribution in Hong Kong only and shall not be construed as any provision of or offer to sell or solicitation to buy any insurance product outside Hong Kong. China Life Insurance (Overseas) Company Limited ("China Life (Overseas)") does not provide or offer to sell any insurance product outside Hong Kong. The above information is for reference only. The detailed terms, conditions and exclusions of the Plan are subject to the terms and conditions of the policy contract of the Plan. For a copy of the terms and conditions of the policy contract, please contact China Life (Overseas) for enquiry.

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.

 

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