Eminent Fortune Savings Insurance Plan (Excel)
Eminent Fortune Savings Insurance Plan (Excel) (the “Plan”) helps you achieve your long-term savings goals by providing stable guaranteed cash value and non-guaranteed terminal dividend. Furthermore, you can utilize your funds flexibly, easily achieve wealth succession across future generations.
Enjoy 15% premium discount on the first year’s premium for prepaid premium! Click here for details
Enjoy a premium discount equivalent to 15% of the first year’s premium for premium paid in annual mode! Click here for details
Enjoy guaranteed preferential interest rate of 4% p.a. for prepaid premium!Click here for details
Double potential returns to accelerate wealth building
The Plan is a participating insurance plan that offers you potential capital growth. Its policy value consists of 2 components: guaranteed cash value and non-guaranteed terminal dividend1.
● Guaranteed cash value grows over the policy years helping you accumulate wealth.
● Terminal dividend1 is a one-off non-guaranteed dividend, which is payable from the 5th policy anniversary upon certain events.
Interim policyholder for a seamless wealth succession
Life is full of uncertainty. To ensure that your wealth will be passed on to the heir of your choice, the Plan features the “interim policyholder” option2. While the policy is in force and the insured is under age 18, you can appoint a designated interim policyholder. At the time when the policyholder dies while the policy is in force and the insured is still under age 18, the designated interim policyholder can submit application to us within 90 days after the death of the policyholder. We will then arrange him/her to become the interim policyholder and start administering the policy temporarily until the insured reaches age 18. Once the insured reaches age 18, we will arrange the insured to become the policyholder. In this way, you can rest assured that the policy will continue to be effective with the policy value keep growing for a seamless wealth succession. Interim policyholder is subject to terms and conditions and relevant administrative procedure.
Unlimited change of insured to pass on wealth across generations
We understand you wish to provide your loved ones with a secure financial future. This is why the Plan features the “change of insured” option 3. Starting from the 1st policy anniversary, you can change the insured for unlimited times while the insured is alive, giving your wealth more time to grow. Together with the change of policyholder, you can pass the policy down through generations.
Contingent insured and contingent policyholder to sustain insurance coverage
You can appoint and prioritize a maximum of 2 contingent insureds4 at a time while the insured is alive and the policy is in force. In case the insured unfortunately passes away, you can notify us to arrange the contingent insured who is first in line to be the new insured. The policy will continue to be effective and the policy value will keep growing. Together with the change of policyholder, you can pass on a legacy to future generations.
In addition, you can designate a contingent policyholder5 while the policy is in force. In the unfortunate event of the death of the policyholder, upon receipt of relevant application, we will arrange the contingent policyholder to be the new policyholder and continue to exercise the rights under the policy.
Designation of contingent insured and contingent policyholder is subject to terms and conditions and relevant administrative procedure.
Life protection provides peace of mind to your loved ones
Death benefit
In case the insured passes away when the policy is in force, and the contingent insured4 (if any) does not become the insured, we will pay the beneficiary a death benefit which is equal to the higher of:
(i)101% of accumulated premium due and paid (will be pro rated if basic amount has been amended) of the basic plan at the date of death of the insured; or
(ii)sum of guaranteed cash value and non-guaranteed terminal dividend1 (if any) of the Plan at the date of death of the insured,
less all indebtedness (if any).
The policy will be terminated after we pay the death benefit.
Flexible death benefit settlement option
The Plan offers flexible death benefit settlement options to help you safeguard your family’s financial future. While the insured is alive, you can choose to pay the death benefit to the beneficiary according to any one of the following options.
| Option 1： | Lump sum payment. |
| Option 26： | Death benefit will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. |
| Option 36： | A designated percentage of death benefit (which must be 5% or above) will be paid in a lump sum as the first instalment. After paying the first instalment, the remaining balance will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. |
| Option 46： | Death benefit will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. After paying the instalments, a designated percentage of death benefit (which must be 5% or above) will be paid in a lump sum as the last instalment of death benefit. |
| Option 56： | Death benefit will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. The instalment amount will increase 5% annually until the total amount of death benefit have been paid. |
Flexible access to your wealth for matching your needs
To realize your financial goals, you can partially withdraw the guaranteed cash value and non-guaranteed terminal dividend1 through reducing the basic amount7, while the policy value will be reduced accordingly.
Alternatively, you can apply for policy loan to borrow part of the guaranteed cash value when needed, while keeping the policy in force. Interest on policy loan which is not guaranteed will be charged at a rate determined by us from time to time.
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 service8.
Simplified underwriting
To enable you to achieve your goals with ease, application of the Plan is easy. Simplified underwriting procedures are available and no medical examination is required
Eminent Fortune Savings Insurance Plan (Excel)
| Issue age | 15 days to age 80 | ||
| Benefit term | Whole life | ||
| Premium payment term | 5 years | ||
| Premium payment mode9 | Annual,semi-annual,quarterly,monthly,or annual and premium prepayment10 | ||
| Policy currency | HKD/USD | ||
| Issue age | |||
| 15 days to age 60 | Age 61 to 75 | Age 76 to 80 | |
| Minimum basic amount7 | HKD64,000/USD8,000 | ||
| Maximum basic amount7 | HKD80,000,000/ USD10,000,000 |
HKD40,000,000/ USD5,000,000 |
HKD3,000,000/ USD375,000 |
Notes:
- 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.
Starting from the 5th policy anniversary, the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:
(i)when the Company pays the death benefit (only applicable if the sum of guaranteed cash value and the terminal dividend of the basic plan at the date of death of the insured is higher than 101% of accumulated premium due and paid (will be pro rated if basic amount has been amended) of the basic plan);
(ii)when the policy is partially surrendered; or
(iii)when the policy is terminated for any reason other than the Company pays the death benefit. - When the Company receives the written application for “designated interim policyholder”, the relevant application is subject to the following: (a) the attained age of the insured is below age 18 at the time of application; (b) the designated interim policyholder is a natural person; (c) the attained age of the designated interim policyholder shall be age 18 or above at the time of application; (d) the Company is satisfied with the relationship between the designated interim policyholder and the current policyholder; and (e) the application for designated interim policyholder fulfills the related administrative rules and procedures of the Company.
The designation of current designated interim policyholder shall be automatically terminated upon the occurrence of the earliest of the following situation: (a) any change of policyholder or insured; (b) any designation of a new designated interim policyholder; (c) any appointment of a contingent policyholder or contingent insured; (d) the insured reaches the attained age of 18; (e) the designated interim policyholder predeceased the current policyholder; (f) any policy assignment; or (g) the policyholder has submitted a written notice to the Company to terminate the designation of the designated interim policyholder.
Upon the approval of the application for interim policyholder, any proceeds or benefit to be paid out from the policy will not be paid to the interim policyholder but accumulates in the policy. Subject to the Company’s related administrative rules and procedures, the interim policyholder shall only be restricted to exercise the restricted rights and is not authorized to exercise any of the following non-exhaustive list of changes to the policy: (a) change of any concerned person(s) named under the policy, including but not limited to policyholder, insured and beneficiary; (b) change in policy value, including but not limited to withdrawal of any policy deposit or any cash value, exercise of policy split option and applying for policy loan; (c) assignment of the policy; and (d) application to terminate and/or surrender the policy.
If the Company has not received application and related documents of designated interim policyholder within 90 days after the death of the current policyholder, such designated interim policyholder will be automatically revoked. Besides, the appointment of interim policyholder shall terminate automatically upon the earliest of: (a) the insured has reached the attained age of 18; (b) the interim policyholder dies before the insured reaches the attained age of 18; or (c) the interim policyholder submits written notice to the Company to decline to be the interim policyholder. - When the Company receives the written application for the “change of insured”, the age of the new insured shall meet the following requirements:
(a) If the new insured’s attained age exceeds the first insured’s attained age, the attained age of the new insured shall not exceed age 65; or
(b) If the new insured’s attained age is equal to or below the first insured’s attained age, the attained age of the new insured shall not exceed age 80.
The Company must be satisfied with the insurable interest between the new insured and the policyholder. Both the current insured and the new insured must be alive at the time of applying for the change of insured. Such request must fulfill the related administration procedure of the Company. The policy’s basic amount, guaranteed cash value, policy date, policy year, premium expiry date, the latest date of reinstatement of the policy (if any), accumulated premium due and paid, death benefit, settlement option of death benefit, terminal dividend (if any) and indebtedness (if any) will not be changed due to the change of insured. - When the Company receives the written request for “designating the contingent insured”, the age of the contingent insured(s) shall meet the following requirements:
(a) If the contingent insured(s)’ attained age (on an individual basis if more than 1 contingent insured) exceeds the first insured’s attained age, the attained age of the contingent insured(s) shall not exceed age 65; or
(b) If the contingent insured(s)’ attained age (on an individual basis if more than 1 contingent insured) is equal to or below the first insured’s attained age, the attained age of the contingent insured(s) shall not exceed age 80.
The Company must be satisfied with the insurable interest between the contingent insured(s) and the policyholder. Such request must fulfill the related administration procedure of the Company. The policy’s basic amount, guaranteed cash value, policy date, policy year, premium expiry date, the latest date of reinstatement of the policy (if any), accumulated premium due and paid, death benefit, settlement option of death benefit, any terminal dividend and indebtedness (if any) will not change after the contingent insured becomes the insured. - Application for contingent policyholder is subject to the prevailing administrative rules of China Life (Overseas). After the contingent policyholder became the new policyholder, the policy's basic amount, cash value, policy date, policy year, premium expiry date, accumulated premium due and paid, death benefit and indebtedness (if any) will not be changed as a result of the contingent policyholder becoming the policyholder.
- For the instalment option (i.e. options 2 to 5), starting from the payment date of the first instalment until the total amount of death benefit have been paid, interest (if any) will be accrued monthly on the remaining balance of death benefit at a rate to be determined by the Company at its sole discretion from time to time. The accumulated interest (if any) will be paid together with the last instalment of death benefit. If the beneficiary(ies) dies at any time before the Company has fully paid the death benefit, the Company shall pay the remaining balance of the death benefit with accumulated interest (if any) in a lump sum payment to the respective personal representative for the estate of the deceased beneficiary(ies) (in accordance with their entitlement, where applicable). The policy shall terminate when the death benefit is paid in full.
(i) If the total amount of death benefit at the date of death of the insured is less than HKD400,000/USD50,000; or (ii) the annualized amount of instalment(s) of death benefit is less than HKD20,000/USD2,500 (applicable to options 2 to 5); or (iii) the policyholder does not specify any settlement option; or (iv) any of the beneficiary(ies) of the policy is not a natural person, we will apply option 1 and pay out the benefit amount to the beneficiary in a lump sum. - “Basic amount” means the amount shown on the policy information page or endorsement as the “basic amount”. The basic amount is used to calculate the 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.
- 24-hour worldwide emergency assistance service is provided by a third party service provider and is not part of the policy. China Life (Overseas) will not make any representation, warranty or undertaking with regards to the service quality and shall not be responsible for any matter arising out of or in connection with the services provided by the service provider. China Life (Overseas) reserves the right at its sole discretion, including but not limited to (a) change the scope of services; (b) change the service provider; and/or (c) cease to provide such services, without any 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 prepaid premiums once only. The interest rate of prepaid premium is 4% p.a. and this interest rate is guaranteed.
Important Information
Important Information:
The information above is for reference only. Please refer to the Policy documents for the complete definitions of the capitalised terms, as well as all the terms and conditions of this product. You are reminded to review all of the relevant product materials provided to you and to seek independent professional advice if necessary.
- 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 - The Accidental Death Benefit under this Policy shall not cover any claims if the Insured is involved in any of the following activities or the consequences directly or indirectly caused by any of the following events occur in respect of the Insured: (a) war, act of hostility (whether war declared or not), civil war, revolution or any military actions; (b) rebellion, civil commotion, strike or activities of terrorism; (c) 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); (d) 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; (e) 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; (f) self-inflicted injuries or suicide (whether sane or not) by or attempted by the Insured (whether felony or not); (g) childbirth, pregnancy, miscarriage or abortion, even if it is accelerated or induced by an Accident ; (h) surgery operated on the Insured and induced by disease, infected disease or incident that is not caused by an Accident ; (i) taking of poison or inhaling poisonous gas or poisonous mist (whether voluntary or not); except Accidental inhaling by the Insured in a fire ; (j) the Insured as a professional athlete participating in sports or earning income or remuneration through the sports; (k) participating in hunting, mountaineering, motor racing, horse racing, ice-skiing, skiing, scuba-diving, parachuting, hang-gliding, boxing or any other competitions or performances; (l) 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; (m) 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 (n) 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 firefighting or activities for protecting people and property in a fire.
In addition, the information stated in this product brochure is for reference only. Please refer to the General Provisions for the exact terms and conditions and limitations such as incontestability, suicide and fraud etc. or all exclusions.
- 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:
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).Asset type Target Asset Mix (%) Bonds and other fixed income instruments 50% to 90% Equity-type investment and other investments 10% to 50%
- 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 Policy will be terminated if (a) the Policy is lapsed or surrendered; or (b) the Company has paid the Policy Maturity Benefit; (c) the Company has paid the death benefit, (d) 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 (e) the Indebtedness of the Policy is equal to or exceeds the guaranteed Cash Value of the Policy. |
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.
