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Graceful Life Deferred Annuity Plan II

Graceful Life Deferred Annuity Plan II

Product Summary
Product Icons
 

Monthly Annuity Income

 

Flexible Financial Management

 

Tax Deduction

 

Maturity Benefit

 

Life Protection

Product Features

Looking forward to a joyous retirement? A comprehensive retirement solution is all you need. “Graceful Life Deferred Annuity Plan II” (the “Plan”) is certified by the Insurance Authority as a qualifying deferred annuity policy, of which you can enjoy tax benefits1 while building a retirement reserve and a stable stream of monthly annuity for a joyful retirement. The Plan also provides you with financial flexibility and extra protection to accommodate various retirement needs, allowing you to have a true worry-free retirement!

 Enjoy monthly annuity until age 108

By paying just 5 years or 10 years of premiums, you can build a reserve for a steady monthly income stream upon retirement. According to your selected premium payment term and the issue age of the insured, the Plan will provide the annuitant (as the insured) with a monthly annuity income on the first business day of each policy month starting from the policy anniversary of which the insured reaches age 60, 70 or 80 until he/she reaches age 108, as long as the policy is in force.

 

Premium payment term Issue age of the insured Monthly annuity income payment start age Annuity income period
5 years Age 18-50 Age 60 48 years
Age 51-60 Age 70 38 years
Age 61-72 Age 80 28 years
10 years Age 18-50 Age 60 48 years
Age 51-60 Age 70 38 years
Age 61-69 Age 80 28 years

 

 

 Monthly annuity for a fruitful retirement

The Plan’s monthly annuity income consists of 2 components:

  • Guaranteed monthly annuity income – the amount is fixed during the annuity income period, giving stable returns for better retirement planning.

  • Non-guaranteed monthly annuity income2 – the amount is non-guaranteed which provides you with potential extra return to boost up your retirement reserve.

 

 Self-selected annuity payout option3 for matching your needs

You can opt to withdraw monthly annuity income (including the guaranteed monthly annuity income and non-guaranteed monthly annuity income2 (if any)) immediately as cash payment to pay daily expenses. Alternatively, you can accumulate that in the policy to earn interest2, and cash out accumulated monthly annuity incomes and interest2 (if any) at anytime to suits your needs. If you would change the payout option of monthly annuity income, you can simply complete a dedicated form and no fee will be applied. If you did not choose any payout option before the commencement of monthly annuity income payment, we will pay monthly annuity income in cash.

 

 Maturity benefit to support your retirement needs

Upon policy maturity when the insured reaches age 108, the Plan will provide a maturity benefit, which is equivalent to accumulated guaranteed monthly annuity incomes and interest2 (if any), plus accumulated non-guaranteed monthly annuity incomes2 (if any) and interest2 (if any), less all indebtedness (if any). The policy will be terminated after the maturity benefit is paid.

Internal rate of return

The range of the internal rate of return (“IRR”) of the Plan is subject to different factors, including but not limited to issue age, premium payment mode, policy currency, premium payment term and monthly annuity payment start age. On the basis of a non-smoking male insured, the table below shows the IRR upon policy maturity or the assumption that he passes away* unfortunately at the end of the 30th policy year since annuity income period starts, whichever is earlier.

 

Premium payment term Issue age Monthly annuity income payment start age Policy currency
HKD USD
Guaranteed IRR Total IRR (including non-guaranteed2) Guaranteed IRR Total IRR (including non-guaranteed2)
5 years Age 45 Age 60* 0.54%-0.69% 3.90%-4.00% 0.56%-0.70% 4.01%-4.10%
Age 60 Age 70* 0.38%-0.55% 3.62%-3.74% 0.35%-0.53% 3.82%-3.94%
Age 72 Age 80 0.04%-0.26% 2.30%-2.48% 0.16%-0.38% 2.50%-2.68%
10 years Age 45 Age 60* 0.27%-0.43% 3.92%-4.02% 0.30%-0.47% 4.03%-4.13%
Age 60 Age 70* 0.09%-0.28% 3.66%-3.80% 0.08%-0.28% 3.86%-4.00%
Age 69 Age 80 0.63%-0.83% 2.94%-3.10% 0.84%-1.04% 3.03%-3.19%
* The death benefit is included when calculating related IRR

 

The variation within the range of above IRR depends on the premium payment mode. The figures of above IRR are adjusted to 2 decimal places and are for reference purposes only, and it is assumed that

  1. there is no partial surrender or any indebtedness throughout the benefit term;
  2. all premiums are paid in full when due;
  3. the insured chooses to receive all monthly annuity income paid as cash payment immediately; and
  4. premium levy is not included.

 

 

 Tax benefits1 on premium

The Plan is certified by the Insurance Authority as a qualifying deferred annuity policy. The maximum premium that can apply for tax deduction is up to HKD60,000 for an individual or HKD120,000 for a married couple provided that the husband and the wife are both taxpayers, and the deductions claimed by each taxpayer does not exceed the individual limit.

For details of tax deduction, please refer to clause 8 – “tax deduction” under “important information”.

 

 Life protection for your loved ones

 

Death benefit

In the unfortunate event that the insured passes away while the policy is in force, the beneficiary will receive a death benefit which is equivalent to:

  1. The higher of:
    • 108% of the accumulated premiums due and paid after deducting the guaranteed monthly annuity income paid (if any) ; or
    • the guaranteed cash value at the date of death of the insured;
  2. plus the accumulated guaranteed monthly annuity income and interest2 (if any);
  3. plus the accumulated non-guaranteed monthly annuity income2 (if any) and interest2 (if any);
  4. plus non-guaranteed terminal dividend4 (if any);and
  5. less all indebtedness (if any).

 

Accidental death benefit payable under all policies in China Life (Overseas) per insured is subject to aggregate claim limits of HKD1,000,000/ USD125,000.

 

Accidental death benefit

While the policy is in force, prior to the insured reaching age 66 and within the first 10 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, the Plan will pay an extra accidental death benefit which is equal to the lower of:

  1. 100% of the accumulated premiums due and paid; or
  2. 500,000 HKD/62,500 USD

 

Accidental death benefit payable under all policies in China Life (Overseas) per insured is subject to aggregate claim limits of HKD1,000,000/ USD125,000.

 

Death benefit and accidental death benefit settlement option

While the insured is alive, you can choose how the death benefit and accidental death benefit is to be paid, as long as the payment options of both benefits are the same. You can opt for settling the benefits in a lump sum or by annual instalments with a fixed amount over a fixed payment term of 10 or 20 years, helping you to safeguard your family’s financial future.

For the instalment option, the remaining balance of the death benefit and accidental death benefit (if applicable) will be accumulated in the policy to earn interest2 until the end of the payment term. The interest rate will be determined by us from time to time, and the interest will be calculated on an annual basis and is non-guaranteed. The accumulated interest will be paid together with the last instalment of the death benefit. If the beneficiary dies during the settlement period of the death benefit and accidental death benefit (if applicable), we will pay the remaining balance of the death benefit and accidental death benefit (if applicable), with interest (if any) in a lump sum payment to the estate of the deceased beneficiary.

If the death benefit amount on the date of death of the insured is less than HKD400,000/USD50,000, or the policyholder has not indicated the way of receiving the benefit, the beneficiary will receive a lump sum.

 

 

 Extra protection for extra peace of mind

 

Premium waiver benefit for total and permanent accidental disability

While the policy is in force, if the insured suffers from total and permanent accidental disability5 diagnosed by a registered medical practitioner due to an accident for a continuous period of not less than 180 days from the date of diagnosis (both dates inclusive), we will waive you the premiums of the Plan from the first policy monthiversary after the date of diagnosis, helping you to release financial pressure.

 

24-hour worldwide emergency assistance service6

If the insured is diagnosed with an illness or is injured in an accident outside the country of residence, he or she will be able to access comprehensive coverage under the free 24-hour worldwide emergency assistance service.

 

 

 Simplified underwriting procedure

The Plan offers you simplified underwriting with no medical examination required which makes application easier and more convenient.

 

Product Details

Graceful Life Deferred Annuity Plan II

Issue age & premium payment term

Premium Payment Term

Issue Age

5 Years

Age 18 to 72

10 Years

Age 18 to 69

Benefit term

To age 108 of the Insured

Monthly annuity income payment start age and annuity income period

Premium Payment Term Issue age of the insured Monthly annuity income payment start age Annuity income period
5 years Age 18-50 Age 60 48 years
Age 51-60 Age 70 38 years
Age 61-72 Age 80 28 years
10 years Age 18-50 Age 60 48 years
Age 51-60 Age 70 38 years
Age 61-69 Age 80 28 years

Premium structure

Fixed and guaranteed

Premium payment mode

Annual, semi-annual, quarterly, monthly7, annual and premium prepayment8

Policy currency and minimum premium

Policy currency Premium Payment Term Annual Semi-annual Quarterly Monthly
HKD 5 years 36,000 18,360 9,360 3,132
10 years 18,000 9,180 4,680 1,566
USD 5 years 4,800 2,448 1,248 417.6
10 years 2,400 1,224 624 208.8

Monthly annuity income

Guaranteed monthly annuity income:
Steady and fixed monthly income during annuity income period

Non-guaranteed monthly annuity income2:
Potential extra non-guaranteed monthly income during annuity income period and it’s non-guaranteed

Monthly annuity income payout option

  • Cash withdrawal; or
  • Accumulate in the policy to earn interest2
If no payout option is selected, we will pay in cash.

 

Guaranteed cash value

Payable upon policy surrender

Non-guaranteed terminal dividend4

One-time and non-guaranteed. Starting from the 9th policy anniversary (applicable to 5-year premium payment term policy(ies)) or the 11th policy anniversary (applicable to 10-year premium payment term policy(ies)), the non-guaranteed terminal dividend will be payable at the earliest of below:

  • policy surrender; or
  • death benefit being paid by the Plan

 

Surrender value

Guaranteed cash value
+ accumulated guaranteed monthly annuity income and interest2 (if any)
+ accumulated non-guaranteed monthly annuity income2 (if any) and interest2 (if any)
+ non-guaranteed terminal dividend4 (if any)
- all indebtedness (if any)

Total surrender value at the end of the first policy year (including the guaranteed and non-guaranteed amounts)

Depends on the insured's issue age and premium payment mode, the range of total surrender value at the end of the first policy year are as below:

Policy currency Premium Payment Term Range of total surrender value at the end of the first policy year (% of the first year premium) This means that if the first year premium is HKD10,000/USD10,000, the total surrender value at the end of the first policy year is:
HKD 5 years 34.48% - 36.00% 3,448 – 3,600
10 years 14.37% - 15.00% 1,437 – 1,500
USD 5 years 34.48% - 36.00% 3,448 – 3,600
10 years 14.37% - 15.00% 1,437 – 1,500

Maturity benefit

Accumulated guaranteed monthly annuity income and interest2 (if any)
+ accumulated non-guaranteed monthly annuity income2 (if any) and interest2 (if any)
- all indebtedness (if any)

Death benefit

The higher of:

  • 108% of the accumulated premium due and paid after deducting the guaranteed monthly annuity income paid (if any); or
  • the guaranteed cash value at the date of death of the insured;

+ the accumulated guaranteed monthly annuity income and interest2 (if any)
+ the accumulated non-guaranteed monthly annuity income2 (if any) and interest2 (if any)
+ non-guaranteed terminal dividend4 (if any) ; and
- all indebtedness (if any)

 

Accidental death benefit

Applicable prior to the insured reaching age 66 and within the first 10 policy years from the policy effective date

Equal to the lower of:

  • 100% of the accumulated premiums due and paid; or
  • HKD500,000/USD62,500.

Accidental death benefit payable under all policies in China Life (Overseas) per insured is subject to aggregate claim limits of HKD1,000,000/USD125,000.

 

Death benefit and accidental death benefit settlement option

One-off:
Death benefit and accidental death benefit (if any) will be paid in a lump sum


Installments:

  • Death benefit and accidental death benefit (if any) will be paid in 10 or 20 years according to the policyholder’s instruction
  • The remaining amount will be accumulated in the policy to earn interest2 until the end of payment period

 

Premium waiver benefit for total and permanent accidental disability

If the insured suffers from total and permanent accidental disability5 due to an accident for a continuous period of not less than 180 days from the date of diagnosis (both dates inclusive), the premiums of the Plan from the first policy monthiversary after the date of diagnosis will be waived

24-hour worldwide emergency assistance service6

Applicable

 

Notes:

  1. HKD60,000 is the maximum tax deduction limit per taxpayer per year of assessment for “qualifying deferred annuity premiums” and “Mandatory Provident Fund tax deductible voluntary contributions”. HKD120,000 is the maximum tax deduction limit per a taxpaying and married couple per year of assessment for “qualifying deferred annuity premiums” and “Mandatory Provident Fund tax deductible voluntary contributions”, so long as the deductions claimed by each taxpayer do not exceed the individual limit. For details on tax deductions, please refer to clause 8 – “tax deduction” under “important information” and visit Inland Revenue Department (IRD) of HKSAR website and consult your tax and accounting advisors for tax advice.
  2. The non-guaranteed monthly annuity income and interest are not guaranteed and may become zero in some circumstances. The actual benefits and/or returns may be lower or higher than estimates and China Life (Overseas) reserves the right to revise the non-guaranteed monthly annuity income and/or interest from time to time.
  3. If no payment option has been chosen by the annuitant (as the insured), China Life (Overseas) will assume that the annuitant chooses to receive monthly annuity incomes as cash payments.
  4. 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 9th policy anniversary (applicable to 5-year premium payment term policy(ies)) or the 11th policy anniversary (applicable to 10-year premium payment term policy(ies)), the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:
    1. when the death benefit is paid; or
    2. when the policy reaches the policy maturity date.
  5. “Total and permanent accidental disability” means the insured suffers any of the following conditions due to an accident:
    1. the inability of the insured as a result of accidental injury to engage in all missions of any gainful work, occupation or profession for which the insured is suited by education level, training or experience to earn or to obtain wage, compensation or profit (Only applicable to the insured who is diagnosed before age 65) ;
    2. total and irrecoverable loss of sight of both eyes;
    3. total loss of use of two limbs at or above wrist or ankle; or
    4. total and irrecoverable loss of sight of one eye and total loss of use of one limb at or above wrist or ankle.
  6. 24-hour worldwide emergency assistance service is provided by a third party service provider. China Life (Overseas) 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.
  7. 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.
  8. If you choose the annual and premium prepayment option, you can withdraw the unused prepaid premium (including interest, if any) at one time without any charge. You can withdraw the unused prepaid premium once only. The interest rate of prepaid premium is 1% 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.

Product Important
Disclaimer

Important Information:

This product brochure is for reference only. Please refer to the policy documents for the complete definitions of the 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.

 

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.
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 has lapsed or is surrendered; (b) the Policy maturity benefit is paid; (c) the death benefit is fully paid, (d) the Terminal Illness Benefit is paid; (e) 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 (f) the Indebtedness of this Policy is equal to or exceeds the guaranteed Cash Value of this 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.

  1. 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.
     
  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 premiums and levy (if any) paid without interest for declined cases.
     
  3. Exclusions and Limitations - Applicable to terminal illness benefit - the 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: (1) if the symptoms or conditions of or the diagnosis of any non-terminal illness or terminal illness first appeared or occurred within the first 90 days from the issue date of this policy or the last date of reinstatement of this policy, whichever is later; (2) any congenital or pre-existing conditions before the issue date of this policy or the last date of reinstatement of this policy, whichever is later; (3) where the diagnosis of the terminal illness of the insured was directly or indirectly due to acquired immune deficiency syndrome (AIDS) or infection by human immunodeficiency virus (HIV). Infection shall be deemed to have occurred where blood or other relevant tests indicate either presence of HIV or antibodies to HIV. Under this policy, the definition of AIDS shall be that used by the World Health Organization in 1987, as may be revised by the World Health Organization from time to time; (4) suicide or any deliberate self-induced behavior, whether sane or not and whether intoxicated or not; (5) congenital deformities or anomalies; or (6) taking of drugs without the direction of a registered medical practitioner, abuse of alcohol or taking of poison.

    In addition, the information stated in this product brochure is for reference only. Please refer to the policy document for the exact terms and conditions and limitations such as incontestability, suicide and fraud etc. for all exclusions.
     
  4. 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.
     
  5. 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 entirfe 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. 


     
  6. 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).
     
  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 (if any) 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. 24-hour Worldwide Emergency Assistance Service is provided by Inter Partner Assistance Hong Kong Limited. The provision of services is subject to the terms and conditions of the Inter Partner Assistance Hong Kong Limited. China Life (Overseas) reserves the right to amend the terms and conditions thereof from time to time without prior notice.
     
  9. Please note that the Qualifying Deferred Annuity Policy (“QDAP”) status of the Plan does not necessarily mean you are eligible for tax deduction available for QDAP premiums paid. The QDAP status of the Plan is based on the features of the Plan as well as certification by the Insurance Authority and not the facts of your own situation. You must also meet all the eligibility requirements set out under the Inland Revenue Ordinance and any guidance issued by the Inland Revenue Department of HKSAR before you can claim these tax deductions. Any general tax information provided is for your reference only, and you should not make any tax-related decisions based on such information alone. You should always consult with a professional tax advisor if you have any doubts. Please note that the tax law, regulations or interpretations are subject to change and may affect related tax benefits including the eligibility criteria for tax deduction. We do not take any responsibility to inform you about any changes in the laws and regulations or interpretations, and how they may affect you. Further information on tax concessions applicable to QDAP may be found at the website of Insurance Authoritywww.ia.org.hk.

    Certification by Insurance Authority

    The Insurance Authority’s certification is not a recommendation or endorsement of the policy nor does it guarantee the commercial merits of the policy or its performance. It does not mean the policy is suitable for all policyholders nor is it an endorsement of its suitability for any particular policyholder or class of policyholders. The policy has been certified by the Insurance Authority but such certification does not imply official recommendation. The Insurance Authority does not take any responsibility for the contents of the product brochure of the policy, makes no representation as to its accuracy or completeness, expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the product brochure of the policy.

    This product brochure is for reference only and contains descriptions of the key features of this product. For all the terms and conditions and exclusions of this product, please refer to the policy documents of this product. In the event of any ambiguity or inconsistency between the terms of this brochure and the policy documents, the Chinese version of the policy documents shall prevail.

    China Life Insurance (Overseas) Company Limited (incorporated in the People's Republic of China with limited liability)
 

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