EverTogether Savings Insurance Plan (Supreme)

An appropriate financial solution enables you to take advantage of opportunities to start your journey towards wealth creation and embrace a better tomorrow with your loved ones. EverTogether Savings Insurance Plan (Supreme) (the “Plan”) requires just 2 years of premium payment. This allows you to enjoy multiple potential returns for sustainable wealth growth. Additionally, the Plan offers a variety of legacy planning tools, such as policy split, interim policyholder and flexible death benefit settlement options, helping you to pass on a legacy of wealth and love through generations.

Enjoy guaranteed preferential interest rate of 5% p.a. for prepaid premium!Click here for details

Multiple Potential Returns

Lock in Your Gains

Policy Split Option

Interim Policyholder

Death Benefit and Flexible Settlement Options

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Wealth accumulation with ease

Multiple potential returns to accelerate wealth building

The Plan is a participating insurance plan that offers you potential capital growth. Its policy value consists of the following components:

● Guaranteed cash value grows over the policy years helping you accumulate wealth.

● Reversionary bonus¹ and terminal dividend² will be provided to optimize the growth potential of your savings.

	Reversionary bonus¹	Terminal dividend²
Dividend distribution	- Annual - To be declared starting from the 2^nd policy anniversary and every policy anniversary thereafter	- One-off - Payable from the 2^nd policy anniversary upon certain events
Face value of dividend	- Non-guaranteed, but once declared it will be guaranteed and forms a permanent addition to the policy - Payable when the death benefit becomes payable	- Non-guaranteed, and does not form a permanent addition to the policy - Payable when the death benefit becomes payable
Cash value of dividend	- Non-guaranteed and will be determined by the Company from time to time - Payable when the policy is terminated for any reason other than the policy split option is exercised or the Company pays the death benefit - Payable as annuity when the annuity conversion option is exercised

● Total amount of reversionary bonus and terminal dividend management account³ is equivalent to locked-in reversionary bonus and terminal dividend and accumulated interest4 (if any) less withdrawal amount (if any).

Lock in reversionary bonus and terminal dividend

To facilitate your financial need, starting from the 15^th policy anniversary and every policy anniversary thereafter, you can apply to exercise the “reversionary bonus and terminal dividend management option”³ to lock in a designated percentage of the reversionary bonus and terminal dividend of the policy. This option can only be exercised once for each policy year. The minimum percentage for each application is 10%; while the maximum aggregate percentage of all applications is 50%.

The reversionary bonus and terminal dividend which are applied to lock in will be transferred to the reversionary bonus and terminal dividend management account, and will become locked-in reversionary bonus and terminal dividend. The locked-in reversionary bonus and terminal dividend will then be guaranteed and will accumulate with interest⁴ (if any) at a non-guaranteed rate. You may also withdraw from the reversionary bonus and terminal dividend management account for extra liquidity.

Pass your legacy to generations to come

Split your policy and pass it to your loved ones

You can distribute your wealth in the way you choose by exercising the hassle-free “policy split option”⁵, which allows you to divide your policy into multiple policies as you wish, whether you desire to pass your wealth to your next generation or prepare funds for your retirement.

Starting from the 5^th policy anniversary, you may exercise the policy split option at any time to split the original policy into two or more new policies according to the designated percentages. Once the policy split is completed, you may also apply for change of insured⁶ to allocate your legacy and enjoy greater flexibility on wealth allocation.

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” option⁷. 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 ⁶. Starting from the 1^st 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 to sustain insurance coverage

You can appoint and prioritize a maximum of 2 contingent insureds⁸ 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. Designation of contingent insured is subject to terms and conditions and relevant administrative procedure.

In addition, you can designate a contingent policyholder⁹ 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.

Death benefit

In case the insured unfortunately passes away while the policy is in force, and the contingent insured⁸ (if any) does not become the insured under the policy, 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, face amount of reversionary bonus¹ (if any) and face amount of terminal dividend² (if any) of the basic plan at the date of death of the insured
+ total amount of reversionary bonus and terminal dividend management account³ (if any)
─ 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 in the form of a lump sum, instalments, or even a mix of both, according to any one of the following options.

Option 1：	Lump sum payment.
Option 2¹⁰：	Death benefit will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years.
Option 3¹⁰：	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 4¹⁰：	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 5¹⁰：	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 has been paid.

Flexibility in wealth planning

Premium payment for 2 years only

The premium payment term of as short as 2 years can help you accelerate wealth building with shorter financial commitment.

Flexible access to your wealth

In addition to withdrawal of the total amount of reversionary bonus and terminal dividend management account³ (if any) as mentioned above, you can access the policy values as described below to realize your financial goals:

● Withdrawal of policy value: Withdraw the cash value of reversionary bonus¹ (if any) and the corresponding cash value of terminal dividend² (if any). The cash value and face value of reversionary bonus (if any) and the cash value and face value of terminal dividend (if any) of the policy will be reduced accordingly. The future value and potential growth of the policy will be reduced upon withdrawal;

● Reducing the basic amount¹¹ Partially withdraw the guaranteed cash value and the cash value of terminal dividend² (if any) of the policy. The accumulated premium due and paid, guaranteed cash value and terminal dividend² (if any) will be reduced accordingly. The future value and potential growth of the policy will be reduced upon withdrawal; or

● Applying for policy loan: Borrow the guaranteed cash value and the cash value of reversionary bonus¹ (if any), 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.

Full surrender settlement option

Financial needs vary at different stages of life. You may exercise full policy surrender when needed and the Plan will provide a surrender value. You can choose to receive such payment¹⁴ in a lump sum¹² or by instalments¹³ to enjoy greater financial flexibility and cater to your specific needs.

For the instalment option, while the policy is in force, you can apply to exercise the “annuity conversion option” starting from the policy anniversary when the insured reaches age 65 and every policy anniversary thereafter to convert the guaranteed cash value, cash value of reversionary bonus¹ (if any), cash value of terminal dividend² (if any) and total amount of reversionary bonus and terminal dividend management account³ (if any), less all unpaid premiums (if any) and indebtedness (if any) to annuity. Such application should be received by the Company 30 days before the relevant policy anniversary. The amount mentioned above will be transferred to the annuity conversion account and become total annuity amount. The annuity can be paid out by annual instalments over a payment term of 10 or 20 years, giving you a stable stream of retirement income.

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 service¹⁵.

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

Regal Heritage Savings Insurance Plan

Issue age	15 days to age 80
Benefit term	Whole life
Premium payment term	2 years
Premium payment mode¹⁶	Annual/Annual and premium prepayment¹⁷
Policy currency	HKD/USD
	Issue age
	15 days to age 60	Age 61 to 75	Age 76 to 80
Minimum basic amount¹¹	HKD64,000/USD8,000
Maximum basic amount¹¹	HKD80,000,000/ USD10,000,000	HKD40,000,000/ USD5,000,000	HKD3,000,000/ USD375,000

Notes:

The Company will declare reversionary bonus on every policy anniversary starting from the 2nd policy anniversary. Reversionary bonus (if any) will be determined at the Company’s sole discretion and is non-guaranteed. Once declared, the face value of the reversionary bonus is guaranteed and will be perpetually attached to the policy. The cash value of the reversionary bonus is non-guaranteed and will be determined at the Company’s sole discretion. Upon the occurrence of the earliest of the following situation, the Company shall pay:
(i)the face value of reversionary bonus (if any) when the Company pays the death benefit (only applicable if the sum of guaranteed cash value, face value of reversionary bonus (if any) and face value of terminal dividend (if any) 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)the cash value of reversionary bonus (if any) when the policy is terminated for any reason other than the policy split option is exercised or the Company pays the death benefit; or
(iii)the cash value of reversionary bonus (if any) as annuity when the annuity conversion option is exercised.
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. The cash value and face value of terminal dividend 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 4 and clause 5 under “Important information” and “Non-guaranteed benefit” risk of the product brochure of the Plan.
Starting from the 2nd policy anniversary, upon the occurrence of the earliest of the following conditions, the Company shall pay:
(i)the face value of terminal dividend (if any) when the Company pays the death benefit (only applicable if the sum of guaranteed cash value, face value of reversionary bonus (if any) and face value of terminal dividend (if any) 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)the cash value of terminal dividend (if any) when the policy is partially surrendered;
(iii)the cash value of terminal dividend (if any) when the policy is terminated for any reason other than the policy split option is exercised or the Company pays the death benefit; or
(iv)the cash value of terminal dividend (if any) as annuity when the annuity conversion option is exercised.
For application to exercise the “reversionary bonus and terminal dividend management option”, such application must be received by the Company within 30 days from the relevant policy anniversary (including the date of policy anniversary). The option will only be exercised provided that the application fulfills the application requirement and is confirmed by the Company. There is no limitation on the number of times that the policyholder can apply for exercising this option when the policy is in force, but the policyholder can apply to exercise this option in writing only once for each policy year. The Company will process the exercise of this option only once for each written application. There must be no indebtedness under the policy during application to exercise this option. The amount of locked-in reversionary bonus and terminal dividend is guaranteed after the Company’s approval of the application. Once the application is approved by the Company, the reversionary bonus and terminal dividend which are applied to lock in will be transferred to the reversionary bonus and terminal dividend management account as soon as practicable. The locked-in reversionary bonus and terminal dividend will be deposited with the Company to accumulate interest (if any) and the interest (if any) will be accrued annually at a rate to be determined by the Company at its sole discretion from time to time. You can submit request to the Company to withdraw part or all of the locked-in reversionary bonus and terminal dividend and accumulated interest (if any) from reversionary bonus and terminal dividend management account in a lump sum without surrendering the policy. The withdrawal amount is subject to minimum requirement imposed by the Company from time to time.
The actual amount of the locked-in reversionary bonus and terminal dividend will only be determined after the application has been approved by the Company. The total amount of reversionary bonus and terminal dividend management account is equivalent to locked-in reversionary bonus and terminal dividend and accumulated interest (if any) less withdrawal amount (if any) from the reversionary bonus and terminal dividend management account. Upon the completion of transferring relevant amount of the reversionary bonus and terminal dividend to the reversionary bonus and terminal dividend management account by the Company as per application, the value of reversionary bonus (if any) and value of terminal dividend (if any) of the relevant policy year and subsequent policy years declared will be adjusted proportionally. Locked-in reversionary bonus and terminal dividend will not be allowed to be reset or reversed. For details, please refer to the policy provisions.
The interest is not guaranteed. The actual benefits and/or returns may be lower or higher than estimates. China Life (Overseas) reserves the right to revise the interest from time to time.
There is no limitation on the number of split policies for exercising the “policy split option” while the policy is in force. For the policy year in which the policy split option is exercised under the policy, the policyholder cannot apply for policy split option for the split policy(ies) in the same policy year. Application for exercising the policy split option is subject to the following:
(i)the basic amount of each split policy must not be less than the minimum basic amount of the basic plan determined by the Company at the time;
(ii)the sum of split percentages of all split policies equals to 100%;
(iii)there is no indebtedness under the policy (if any);
(iv)there is no claim pending for approval under the policy; and
(v)no change, cancellation, withdrawal or termination by the policyholder will be allowed once the application is submitted to the Company for exercising the policy split option.
Upon the Company’s approval of the application for exercising the policy split option, the following will apply:
(i)the policy split option will be effective provided that the application is approved by the Company with remarks duly signed by the Company’s authorized signatory(ies) or endorsements. The effective date of policy split option will be the date of the Company’s approval for such application (according to the Company’s records);
(ii)the policy will be terminated immediately and the split policies will take effect immediately when the policy split option is effective;
(iii)the policy year, policy date, policy effective date and the latest date of reinstatement (if any) of each split policy will be the same as the policy year, policy date, policy effective date and the latest date of reinstatement (if any) of the policy as of the policy split option effective date;
(iv)the policyholder, insured and beneficiary(ies) (with the respective designated percentage) of the split policies will be the same as the policyholder, insured and beneficiary(ies) (with the respective designated percentage) of the policy as of the policy split option effective date;
(v)the settlement option of death benefit, contingent insured(s), sequence of contingent insured(s) and contingent policyholder of the split policies will be the same as the settlement option of death benefit, contingent insured(s), sequence of contingent insured(s) and contingent policyholder of the policy as of the policy split option effective date;
(vi)cooling-off period will not be applicable to the split policies;
(vii)all rider(s) under the policy (if any) will be terminated immediately on the policy split option effective date;
(viii)the basic amount, guaranteed cash value, reversionary bonus (if any) and terminal dividend (if any) of the basic plan as of the policy split option effective date will be allocated to each split policy according to the corresponding split percentage;
(ix)the accumulated premium due and paid of the policy as of the policy split option effective date will be allocated to each split policy according to the corresponding split percentage;
(x)the total amount of reversionary bonus and terminal dividend management account (if any) of the basic plan as of the policy split option effective date will be allocated to each split policy according to the corresponding split percentage and interest (if any) will accrue annually on the total amount of reversionary bonus and terminal dividend management account (if any) of each split policy at a rate to be determined by the Company at its sole discretion from time to time;
(xi)similar reversionary bonus and terminal dividend management option will also be applicable to each split policy but if the reversionary bonus and terminal dividend management option has been exercised under the policy, the aggregate percentage of the declared cash value of reversionary bonus and cash value of terminal dividend designated by the policyholder in all applications under the policy will be included in the calculation for determining whether the maximum limit for the aggregate percentages of the declared cash value of reversionary bonus and cash value of terminal dividend designated by the policyholder in all applications for exercising the reversionary bonus and terminal dividend management option under each split policy will be exceeded;
(xii)similar policy split option will also be applicable to each split policy starting from the policy year immediately after the policy year in which the policy split option becomes effective; and
(xiii)unless otherwise specified above, all benefits, terms and conditions of each split policy will be the same as those of the policy.
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 when the Company approves the change of insured application. Such application 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, reversionary bonus (if any), terminal dividend (if any), reversionary bonus and terminal dividend management option (if any), total amount of reversionary bonus and terminal dividend management account (if any), policy split option (if any), annuity conversion option, indebtedness (if any) and contingent policyholder will not be changed due to the change of insured.
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 “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 application 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, reversionary bonus (if any), terminal dividend (if any), reversionary bonus and terminal dividend management option (if any), total amount of reversionary bonus and terminal dividend management account (if any), policy split option (if any), annuity conversion option, indebtedness (if any) and contingent policyholder will not change after the contingent insured becomes the insured.
When the Company receives the written application for “designating the contingent policyholder”, the application shall meet the following requirements:
(i) the contingent policyholder is a natural person;
(ii) the attained age of the contingent policyholder shall be age 18 or above at the time of application;
(iii) the Company is satisfied with the insurable interest between the contingent policyholder and the insured; and
(iv) the application fulfills the related administrative procedure of the Company.
If the Company is unable to arrange that contingent policyholder to be the policyholder of the policy due to any reasons, the ownership of the policy will vest in the estate of the deceased policyholder. Once the Company arranges the transfer of ownership of the policy to the estate of the deceased policyholder, the contingent policyholder shall then cease to have any right or interest in respect of the policy under any circumstances.
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.
For the lump sum option, the policy will be terminated after the surrender value is paid in full.
For the instalment option (i.e. exercising “annuity conversion option”), once the application for annuity conversion option is approved by the Company, the relevant amount will be transferred to the annuity conversion account as soon as practicable and will become total annuity amount, while the remaining policy deposit (if any) will be paid as a lump sum payment to the policyholder. The actual amount to be converted will only be determined after the application has been approved by the Company. No change, cancellation, withdrawal or termination will be allowed once policyholder submits the application for exercising the option. The total annuity amount cannot be restored or reversed to policy value.
After exercising the annuity conversion option and on the date of the Company approving such application, the Company shall only be responsible for the payment under such option and any other provision of the policy shall no longer be applicable. The remaining balance of annuity will be deposited in the policy to accumulate interest until the end of the payment term. The interest will be calculated on an annual basis and it is non-guaranteed which will be determined by us from time to time. The accumulated interest (if any) will be paid together with the last annuity payment. At any time before the date of first annuity payment or during the annuity period, the policyholder can submit an application to the Company to withdraw in full (not partial) from the annuity conversion account together with accumulated interest (if any). In the event the policyholder (as the annuitant) is a natural person and dies during the annuity period, we will pay the total annuity amount together with accumulated interest (if any) in a lump sum to the personal representative for the estate of the deceased policyholder. The policy shall terminate when the surrender value is paid in full.
If the amount mentioned above is less than HKD400,000/USD50,000, or you have not selected any settlement option, you will receive the relevant amount in a lump sum.
The amount you will receive for policy surrender may be less than the total amount of premiums paid regardless of the settlement option selected.
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 3% of the withdrawal amount, at a minimum amount of HKD200/USD25. You can withdraw the unused prepaid premiums once only. The interest rate of prepaid premium is 5% p.a. and this interest rate is guaranteed.

Important Information

The above information is for reference only. The detailed terms, conditions and exclusions of the Plan are subject to the relevant policy contract.

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Disclaimer

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:

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 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.

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