Eminent Fortune Wealth Planner
A comprehensive financial solution can help build up wealth and bring your dreams to life. Eminent Fortune Wealth Planner (the “Plan”) offers potential long-term wealth growth with guaranteed cash value and non-guaranteed terminal dividend. You can access your wealth flexibly to align with your wealth management ambitions. You can also pass a legacy to the future generations, planning ahead for a prosperous future for your loved ones.
Enjoy up to 5% premium discount on the first year’s premium upon successful enrolment! 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 3rd policy anniversary.
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 amount2, 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 will be charged at a rate determined by us from time to time.
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, allowing you to change the insured on or after the 1st policy anniversary for unlimited times while the insured is alive. The benefit term of the policy will be extended to age 138 of the new insured upon each change, giving your wealth more time to grow and pass on through generations.
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.
Contingent insured 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, 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.
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.
Life protection provides peace of mind to your loved ones
Death benefitIn case the insured passes away when the policy is in force and no contingent insured is assigned, we will pay the beneficiary a death benefit which is equal to the higher of:
1) 105% of the accumulated premium due and paid; or
2) sum of guaranteed cash value and non-guaranteed terminal dividend1 (if any) at the date of death of the insured,
less all indebtedness (if any).
The policy will be terminated after we pay the death benefit.
Accidental death benefitWhile the policy is in force, prior to the insured reaching age 66 and within the first 15 policy years from the policy effective date, if the insured suffers an injury caused by an accident, and dies from such injury within 180 days (both dates inclusive) from the date of such occurrence, provided that there is no contingent insured under the policy, the Plan will pay the beneficiary an extra accidental death benefit which is equal to the lower of:
1) 100% of the accumulated premium due and paid; or
2) USD62,500 / HKD500,000.
Accidental death benefit payable under all Eminent Fortune Wealth Planner policies per insured is subject to aggregate claim limits of USD125,000/ HKD1,000,000.
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 paid to safeguard your family’s financial future. You can choose to settle the benefits in a lump sum or by instalments with a fixed amount annually over a fixed payment term of 10 or 20 years.
For the instalment 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 instalment 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.
If the death benefit at the date of the insured’s death is less than USD50,000/HKD400,000, or the policyholder does not specify any settlement option, we will pay out the benefit amount to the beneficiary in a lump sum.
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 will access comprehensive coverage under the free 24-hour worldwide emergency assistance service5.
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 Wealth Planner
|Issue age||15 days to age 80|
|Benefit term||To age 138 of the latest insured|
|Premium payment term||5 years|
|Premium payment mode||Annual and premium prepayment6,7|
|Minimum basic amount2||USD8,000|
|Maximum basic amount2||USD4,000,000|
- Terminal dividend is non-guaranteed and is a one-time dividend. It is not perpetually attached to the policy. The amount of the terminal dividend will be subject to adjustment when it is declared.
Terminal dividend may become zero in some circumstances. For more information, please refer to clause 5 and clause 6 under “Important information” and “Non-guaranteed benefit” risk.
Starting from the 3rd policy anniversary, the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:
- when the death benefit is paid (only applicable if the sum of guaranteed cash value and the terminal dividend of the basic plan on the date of death of the insured is higher than 105% of the accumulated premium due and paid);
- when the policy is surrendered; or
- when the policy reaches the policy maturity date.
- “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.
- 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, cash value, policy date, policy year, premium expiry date, accumulated premium due and paid, death benefit, accidental death benefit (if any) and policy indebtedness (if any) will remain unchanged after the change of insured.
- Application for contingent insured is subject to the prevailing administrative rules of China Life (Overseas). After the primary contingent insured became the new insured, the policy's basic amount, cash value, policy date, policy year, premium expiry date, accumulated premium due and paid, death benefit, accidental death benefit (if any) and indebtedness (if any) will remain unchanged.
- 24-hour worldwide emergency assistance service is provided by third party service provider. We 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 premium paid.
- 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 USD12.5. You can withdraw the unused prepaid premium once only. The interest rate of prepaid premium is guaranteed.