Healthguard Insurance Plan
An increasingly polluted environment, rising work stress and unbalanced diet are contributing to elevated incidence of critical illnesses. The significant medical costs involved can be overwhelming – so what should we do to protect ourselves and plan a healthy life?
Healthguard Insurance Plan (the “Plan”) provides comprehensive coverage for 41 critical illnesses and 10 special illnesses to help you prepare for the unexpected. In addition, the Plan also offers life protection and 3 choices of premium payment term to suit your needs.
If the insured is diagnosed with any of the 41 covered critical illnesses, the Plan will provide “critical illnesses benefit”1 which is equivalent to the sum of 100% of the original sum assured and accumulated non-guaranteed dividends and interest2 (if any). The policy will be terminated thereafter. The Plan provides “critical illnesses benefit” up to age 100 of the insured.
The Plan also provides “special illnesses benefit” for the 10 covered special illnesses, covering the insured up to age 85. If the insured is diagnosed with any of the covered special illnesses, 20% of the original sum assured or HKD240,000/USD30,000 (whichever is lower) will be paid.
The “special illnesses benefit” will be terminated after payout. We will reduce the sum assured of the Plan in accordance with the total benefit payout under “special illnesses benefit” of the Plan. We will also lower your premiums and the related values of the policy according to the reduced sum assured.
You will receive a non-guaranteed dividends2 on every policy anniversary while the policy is in force. You can choose to leave the non-guaranteed dividends in the policy to earn interest2. Alternatively, you may withdraw3 that or use that to pay future premiums.
When the insured reaches age 100, the Plan will pay a maturity benefit1, which is equivalent to 100% of the original sum assured, plus the accumulated non-guaranteed dividends (if any) and interest2 (if any). The policy will be terminated thereafter.
If the insured unfortunately passes away while the policy is in force, a death benefit1 which is equivalent to 100% of the original sum assured, plus the accumulated non-guaranteed dividends (if any) and interest2 (if any) will be paid. The policy will be terminated thereafter.
With a wide range of optional benefits, the Plan allows you to enhance the protection for your specific needs.
Healthguard Insurance Plan
|Plan type||Critical illness plan|
|Issue age||15 days to age 60|
|Benefit term||Up to age 100 of the insured
Under “special illnesses benefit”: Up to age 85 of the insured
|Premium payment term4||10 years, 15 years, 20 years|
|Premium payment mode||Annual, semi-annual, quarterly, monthly5, annual and premium prepayment6|
|Policy currency||HKD or USD|
|Sum assured||HKD200,000 to HKD4,000,000 or USD25,000 to USD500,000|
- When China Life (Overseas) pays out “critical illnesses benefit”, “death benefit” or “maturity benefit”, all paid “special illnesses benefit” (if any) and all indebtedness (if any) will be deducted.
- 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 dividend 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.
- You may withdraw the dividends at any time without any charge, however, the policy value, “critical illnesses benefit” and “death benefit” will be affected in case of withdrawal.
- In addition to premiums, you have to pay policy fee of HKD200/USD25 (subject to policy currency) 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 HKD100 / USD12.5. You can withdraw the unused prepaid premium once only. The interest rate of prepaid premium is not guaranteed.