Golden Saver (RMB) Insurance Plan
Let today’s savings grow into guaranteed wealth for tomorrow
Enrol now to enjoy stable annual income during your golden years
Golden Saver (RMB) Insurance Plan (the “Plan”) is a Renminbi-denominated insurance plan that offers guaranteed annuity. With guaranteed annuity payments payable for 20 years starting from age 60 of the insured, the Plan gives you a way to financial security after your retirement.
Guaranteed annuity payments
Starting from the first policy anniversary after the insured reaches age 60, the Plan will offer a guaranteed annuity payment equal to 6% of the basic amount1, which is payable annually for 20 years. You can choose to withdraw2 it or leave it in the policy to earn interest3 until policy maturity.
Wealth accumulation with annual dividends
The Plan is a participating insurance plan which pays out non-guaranteed dividends3 every year. You can opt to leave the non-guaranteed dividends in the policy to earn interest3 until policy maturity. Alternatively, you may withdraw2 that to achieve financial goals or use that to pay future premiums.
Life protection for peace of mind
If the insured passes away while the policy is in force, a death benefit will be payable to beneficiary. If the insured passes away before the first policy anniversary after age 60, the death benefit is equal to 101% of the accumulated premiums due and paid less the guaranteed annuity payments paid or the guaranteed cash value at the date of death of the insured, whichever is higher; plus accumulated non-guaranteed dividends and interest3 (if any), and less all indebtedness (if any).
If the insured passes away on and after the first policy anniversary after age 60, the death benefit is equal to the guaranteed cash value at the date of death of the insured, plus accumulated guaranteed annuity payments and interest3 (if any), and accumulated non-guaranteed dividends and interest3 (if any), and less all indebtedness (if any).
Autonomy and flexibility options
The Plan is denominated in Renminbi and its premiums and policy benefits are settled in Renminbi. You may choose to pay premiums and receive policy benefits in Hong Kong dollar, which must be settled at the prevailing exchange rate of Renminbi to Hong Kong dollar (vice versa) determined by China Life (Overseas).
The Plan also offers premium payment terms of 3 years, 5 years or 10 years, allowing you to budget flexibly.
Golden Saver (RMB) Insurance Plan
|Issue age and premium payment term||
|Benefit term||To age 79 of the insured|
|Premium payment mode||Annual, semi-annual, quarterly, monthly5, annual and premium prepayment6|
|Minimum basic amount1||CNY50,000|
- “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.
- You may withdraw the guaranteed annuity payments and/or non-guaranteed dividends at any time without any charge, however, the policy value and death benefit will be affected in case of withdrawal.
- The dividends and interest are not guaranteed. The actual benefits and/or returns may be lower or higher than estimates. China Life (Overseas) reserves the right to revise these from time to time. The actual amount of dividends is subject to the overall performance of China Life (Overseas)’s participating businesses, including investment returns and claims,etc. The prevailing accumulation interest rates of policy(ies) denominated in HKD and USD are 3.45% p.a. and 3.9% p.a. respectively.
- In addition to premiums, you have to pay policy fee of CNY200 per year during the premium payment term.
- 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 CNY200. You can withdraw the unused prepaid premium once only. The interest rate of prepaid premium is not guaranteed.