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Healthguard Insurance Plan

Healthguard Insurance Plan

Product Summary

Protecting you, Caring for you. Shielding yourself from rainy days and caring for your family.

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Critical Illness Benefit

 

Special Disease Benefit

 

Annual Dividends

 

Maturity Benefit

 

Death Benefit

Product Features

Designed for those residing in Mainland China.

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 Major Diseases and 10 Special Diseases to help you prepare for the unexpected. In addition, the Plan also offers life protection and 3 choices of Premium payment terms to suit your needs.

 Comprehensive Coverage

In the event that the Insured is diagnosed by a government recognized Registered Medical Practitioner of having one of the following 41 Critical Illnesses, 100% of the Sum Assured will be paid. The coverage on Critical Illnesses is up to age 100 of the Insured, and the Policy will be terminated after the payment of benefit:

1 Acute Necrotic Pancreatitis
2 Advanced Dementia (including Alzheimer’s Disease)
3 Aorta Surgery
4 Aplastic Anaemia
5 Apallic Syndrome
6 Bacterial Meningitis
7 Benign Brain Tumour
8 Blindness
9 Cardiomyopathy
10 Chronic Liver Failures
11 Chronic Respiratory Failure
12 Coma
13 Coronary Artery Bypass Grafting
14 Crohn's Disease
15 Disabling Primary Pulmonary Hypertention
16 Encephalitis
17 Fulminant Hepatitis
18 Heart Attack
19 Heart Valve Surgery
20 HIV Through Blood Transfusion
21 Kidney Failure
22 Life Threatening Cancer
23 Loss of Hearing
24 Loss of Independent Existence
25 Loss of Limbs
26 Loss of Speech
27 Major Head Injury
28 Major Organ Transplant
29 Medullary Cystic Disease
30 Motor Neurone Disease
31 Multiple Sclerosis
32 Muscular Dystrophy
33 Occupational Acquired HIV
34 Paralysis
35 Parkinson’s Disease
36 Poliomyelitis
37 Severe Burns
38 Severe Rheumatoid Arthritis
39 Stroke
40 Terminal Illness
41 Ulcerative Colitis

The Plan also covers the following 10 Special Illnesses up to the Insured age 85. If the Insured is diagnosed by a government recognized Registered Medical Practitioner of having one of the covered Special Illnesses, 20% of the Sum Assured or HKD240,000 / USD30,000 (whichever is lower) will be paid. In case the Insured is covered by more than one policies of the same policy type, the total benefit amount payable cannot be greater than the amount mentioned above.

The coverage of Special Illnesses shall cease after the benefit is paid, as a result, the Sum Assured of the Plan will be reduced by the amount payable, and the Premium and Cash Value will be adjusted proportionately.

Assume a person enrol the Plan with the Sum Assured of HKD1,000,000, if he/she is diagnosed by a government recognized Registered Medical Practitioner of having one of the covered Special Illnesses, the benefit payable will be HKD200,000 (compare 20% of the Sum Assured and HKD240,000, whichever is lower). The Sum Assured of the Plan will be reduced to HKD800,000, meaning that if he/she is diagnosed of having one of the covered Critical Illnesses later, the benefit amount he/she will receive will be HKD800,000.

1 Angioplasty
2 Carcinoma-in-situ of the Breast)
3 Carcinoma in situ of the Cervix Uteri
4 Carcinoma in situ of the Uterus
5 Early Stage Cancer of the Ovary
6 Carcinoma in situ of the Fallopian Tube
7 Carcinoma in situ of the Vagina
8 Early Stage Cancer of the Prostate
9 Carcinoma in situ of the Testes
10 Systemic Lupus Erythematosus

 Flexible Use of Annual Dividends

Throughout the Policy term, you will receive a non-guaranteed Policy dividend each year. You can accumulate these in the Policy account1, or withdraw or use it to offset against future Premiums.

 Maturity Benefit

As long as the Insured survives his/her 100th birthday, the Sum Assured and the accumulated dividends with interest (if any) less all Indebtedness will be refunded, and the Policy will be terminated thereafter.

 Death Benefit

If the Insured passes away while the Policy is in force, an amount equal to the Sum Assured, the accumulated dividends and interest (if any), less all Indebtedness (if any) will be provided as the death benefit.

 Additional Benefit

You may enroll with specified optional benefits to enhance your coverage.

Product Details

Healthguard Insurance Plan

Issue Age From 15 days after birth to age 60
Policy Currency HKD or USD
Premium Payment Term2 10 Years, 15 Years, 20 Years
Benefit Term To age 100
Premium Payment Method Annual, Semi-annual, Quarterly, Monthly or Annual & Prepayment of Premium3
Sum Assured HKD200,000 to HKD4,000,000 or USD25,000 to USD500,000
 

Notes:
1 The dividends and interest are not guaranteed. The actual benefits and/or returns may be lower or higher than the estimates. China Life Insurance (Overseas) Company Limited (“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, operational expenses and claims, etc.

2 Policy fee of HKD200/USD25 (depends on Policy currency) will be charged during the Premium payment term. The fee will be charged together with the Premium.

3 If customers opt for the Annual & Prepayment of Premium option, they can withdraw the unused prepaid Premium (including interest, if any) at one time and China Life (Overseas) will charge 2% of the withdrawal amount as withdrawal fee, and the minimum charge is HKD100 or USD12.5. Customers can withdraw the unused prepaid Premium once only. The interest rate of Prepayment of Premium is not guaranteed.
The information provided herein is for reference only. Please refer to the insurance contract for the details of the provisions, benefit terms and exclusions of the Plan.

Product Important
Disclaimer

Please refer to the Policy documents for the complete definitions of the capitalized 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.

  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 Premium paid without interest for declined cases.
     
  3. Exclusions – any claims caused by or resulting from the following conditions will not be covered: (1) any Critical Illness commences and manifests itself within ninety(90) days from the Issue Date or any date of reinstatement of this Plan, whichever is later; (2) congenital or pre-existing conditions when applying for the Plan; (3) Acquired Immunodeficiency Syndrome (AIDS) or AIDS-related complex (except in the circumstances as specified in the definition of “HIV Through Blood Transfusion” or “Occupational Acquired HIV”); (4) suicide or self-inflicted injuries, whether sane or not; (5) the Insured participating in hunting, mountaineering, motor racing, horse racing, ice-skiing, skiing, scuba-diving, flying, hang gliding, parachuting, boxing or other hazardous competitions or performances; (6) the Insured engaging service in the forces, police, warlike operations or aviation on duty; (7) war, act of hostility, declared or not, civil war, riots, civil commotion, strike or other activities of terrorism; (8) ionizing radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purpose of this exception combustion shall include any self-sustaining process of nuclear fission; (9) drug-taking other than under the direction of a qualified medical practitioner, abuse of alcohol or the taking of poison; (10) failure to seek or follow medical advice; (11) gas inhalation, except as a result of unavoidable catastrophies encountered while on duty; and (12) entering, departing from, driving or flying on or being situated by any means in an aerial vehicle except as a fare-paying passenger of a flight of scheduled route on a commercial aircraft of an airline. In addition, the information stated herein 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.
  4. Limitation - In the event of the Insured suffering from one or more than one of the Critical Illnesses, the maximum amount payable shall not exceed the Sum Assured of the Plan.
  5. Non-Payment / 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 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.
     
  6. 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 – include 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.

  7. 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).
     
  8. 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 maybe 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 matures, expires, is surrendered or converted to paid-up insurance; or (b) the benefit expires as shown in the Policy Information Page or any endorsements; or (c) the Insured attains the age of 100; or (d) 100% of Sum Assured is paid or payable.
Premium adjustment and renewal China Life (Overseas) has the absolute right and discretion to adjust the renewal premium payable under the Policy at the end of each Coverage Period (that is every year). Factors leading to premium adjustment may include but are not limited to the experience in claims, policy surrender, investment return, and expenses incurred by and/or in relation to this product.

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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