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Joyful Care Critical Illness Insurance Plan

Joyful Care Critical Illness Insurance Plan

Product Summary

What if critical illness strikes while you are pursuing your goals? It not only impacts your health but also puts financial strain on you and your family. Therefore, “Joyful Care Critical Illness Insurance Plan” (the “Plan”) is here to safeguard you and your loved ones, covering up to 176 disease conditions, and protecting you against the qualified non-covered disease conditions . You can also convert the Plan to a whole-life critical illness plan for your changing protection needs at different stages of life.

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Cover up to 176 disease conditions

 

Cover qualified non-covered disease conditions

 

Substantial protection at affordable premiums

 

Guaranteed renewal every 5 years

 

Guaranteed conversion option

Product Features
 

 Covers up to 176 disease conditions

“Joyful Care Critical Illness Insurance Plan” safeguards your health with extensive cover against 88 special diseases, including early stage critical illnesses and juvenile diseases; as well as 88 critical illnesses, namely cancer, stroke, heart diseases, etc..

 

Special disease benefit

If the insured, who is the person covered by the Plan is unfortunately diagnosed with any of the covered special diseases, we will pay 20% of the original sum assured in advance as “special diseases benefit”. Under this benefit, each special disease can be claimed once only, while carcinoma-in-situ1 can be claimed up to 2 times. The total benefit amount under “special disease benefit” is up to 100% of the original sum assured or HKD550,000/USD68,750, whichever is the lower2.

We will reduce the sum assured of “Joyful Care Critical Illness Insurance Plan” in accordance with the total “special disease benefit” amount paid under the Plan. We will also lower your premiums according to the reduced sum assured.

 

Critical illness benefit3

If the insured is unfortunately diagnosed with any covered critical illnesses, we will pay the “critical illness benefit”, which is equivalent to 100% of the original sum assured and the Plan will be terminated.

For the details of the covered special diseases and critical illnesses, please refer to the “list of covered disease conditions”

 

 Provides financial support against qualified non-covered disease conditions

New illness can occur anytime, and even common injuries or disease conditions can cause severe illnesses. That is why “Joyful Care Critical Illness Insurance Plan” plans ahead for you, providing financial support against non-covered disease conditions which meet the requirements.

 

Protection shelter benefit

If the insured is diagnosed with a non-covered disease condition of which the requirements below are met, we will pay 50% of the original sum assured in advance as “protection shelter benefit”2. This benefit will be paid once only and will be terminated after payout.

The disease conditions covered under the “protection shelter benefit” should satisfy the below requirements:
1) the insured survives 14 days starting from the diagnosis date (both dates included); and
2) the insured is admitted in the intensive care unit (“ICU”) at a hospital for a consecutive 7-day period or more due to such disease condition, and has been treated by using life-support equipment due to medical necessity (excluding intravenous injection and any monitoring equipment); and
3) the disease condition does not satisfy the definition of any covered special diseases or covered critical illnesses under the Plan.

We will reduce the sum assured of “Joyful Care Critical Illness Insurance Plan” in accordance with the total “protection shelter benefit” amount paid under the Plan. We will also lower your premiums according to the reduced sum assured.

 

Extra protection shelter benefit

If the insured received the protection shelter benefit for a qualified non-covered disease condition, and such disease condition is listed as an infectious disease4 by the Government of Hong Kong Special Administrative Region (“HKSAR Government”), such as novel coronavirus (“COVID-19”), an extra 25% of the original sum assured shall be paid out as “extra protection shelter benefit”, to ensure you the extra peace of mind.

 

 Enjoy substantial and flexible protection at affordable premiums

You can enjoy the aforesaid critical illness coverage and death benefit3 at affordable premiums. If the insured unfortunately passes away, we will pay the death benefit, which is equivalent to 100% of the original sum assured.

The Plan will be terminated after the death benefit is paid.

Moreover, you can opt to enroll “Joyful Care Critical Illness Insurance Plan” as a basic plan or a rider to build your own health protection flexibly.

For the details of the benefits, please refer to the “benefit schedule”.

 

 Guaranteed renewal5 and level premium rate for every 5 years

Once the insured is successfully enrolled into the Plan, premium rate is fixed during each 5-year benefit term regardless of any change of the insured’s health condition or any claim made. Meanwhile, we provide the insured with guaranteed renewal up to age 80 of the insured. We will determine the renewal premiums based on the insured’s risk classes5 upon renewal.

 

 Guaranteed conversion option6 with no health proof required

You can opt to convert the Plan to a whole-life critical illness plan at or before age 70 of the insured, without the need to provide any health information of the insured, so that you can adjust your health protection at different life stages easily.

 

 

Product Details

Joyful Care Critical Illness Insurance Plan

  Joyful Care Critical Illness Insurance Plan
(Basic plan)
Joyful Care Critical Illness Insurance Rider
(Rider)
Plan type Critical illness plan
Issue age 15 days after birth to age 70
Benefit term To age 80 of the insured When the first of these happens:
  • Benefit term of the basic plan to which this Plan is attached; or
  • To age 80 of the insured
Premium payment term To age 79 of the insured When the first of these happens:
  • Benefit term of the basic plan to which this Plan is attached; or
  • To age 79 of the insured
Policy currency HKD/ USD
Renewal Guaranteed renewal of every 5 years5
Premium payment method Annual, semi-annual, quarterly or monthly

Remarks:

  1. The maximum number of claims for carcinoma-in-situ is 2 times. The second claim of a carcinoma-in-situ must be for a different organ from the first claim. If carcinoma-in-situ occurs in paired organs, including breast, fallopian tube, lung, ovary and testis, the left part and the right part of these organs are regarded as the same organ.
  2. The total benefit amount under special disease benefit and protection shelter benefit is up to 100% of the original sum assured.
  3. When China Life (Overseas) pays out critical illness benefit or death benefit, all claimed special disease benefit (if any) and/or protection shelter benefit (if any), and all indebtedness (if any) will be deducted.
  4. Infectious disease refers to any of the prevailing infectious diseases listed in Schedule 1 of the Prevention and Control of Disease Ordinance (Cap. 599 of the Laws of Hong Kong).
  5. The benefit term of the Plan is up to age 80 of the insured. China Life (Overseas) has the right to determine the premium rate of the following 5-year benefit term based on the prevailing premiums rates of the Plan, and insured’s attained age at the time of renewal.
  6. If the policyholder has settled all due premiums and no claim for special disease benefit, critical illness benefit, protection shelter benefit and extra protection shelter benefit has been made, the policyholder can submit a written request of converting the Plan to a designated whole-life critical illness plan to China Life (Overseas),without health proof required, yet the request is subjected to the prevailing terms and conditions.
  7. All services are provided by third party supplier(s) appointed by China Life (Overseas). China Life (Overseas) is not the service provider(s), and is not liable for the service quality provided. China Life (Overseas) reserves the right to amend the terms and conditions thereof from time to time without prior notice.

Product Important
Disclaimer

This product brochure 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.

  1. The Plan 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 Plan. You should fully understand all of the risks involved in this Plan and consider whether this Plan 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 and levy (if any) paid without interest for declined cases.
  3. This is a non-participating life insurance plan and therefore dividends are not applicable to the Plan.
  4. Exclusions – if any claims directly or indirectly caused by or resulting from the following conditions will not be covered (excluding death benefit):
    1. when the Plan is taken as a basic plan:
      1. any illness commences and manifests itself within 90 days from the issue date (except by accident);
      2. congenital or pre-existing conditions when applying for the policy from the issue date (except autism);
    2. when the Plan is taken as a rider:
      1. any illness commences and manifests itself within 90 days from the issue date or any date of reinstatement of the rider, whichever is later (except accident);
      2. congenital or pre-existing conditions when applying for the policy from the issue date or any date of reinstatement of the rider, whichever is later (except autism);
    3. the date of diagnosis of prostate cancer is later than the insured’s 70 years old birthday;
    4. infection of any disease caused by human immunodeficiency virus (HIV), including Acquired Immunodeficiency Syndrome (AIDS) or AIDS-related complex (except number 58, number 65 and number 71 of “critical illnesses”);
    5. Disease or surgery which is caused by suicide or self-inflicted injuries (whether sane or not);
    6. drug-taking other than prescribed by a registered medical practitioner, abuse of alcohol or the taking of poison;
    7. War, act of hostility (whether war declared or not), civil war, rebellion, civil commotion, strike or activities of terrorism.

    Furthermore, 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..
     
    1. Cover for specific items will be effective on the following dates:
      Items Effective date (after the policy commences)
      Accidental injury Immediate
      Death benefit Immediate
      Covered special diseases and critical illnesses 90 days
      Disease conditions qualified for protection shelter benefit 90 days
      Disease conditions qualified for extra protection shelter benefit 90 days
    2. When the policy is in force, if the insured is diagnosed with more than one covered special diseases and/or covered critical illnesses and/or disease conditions qualified for protection shelter benefit by a registered medical practitioner, only one of the benefits will be paid (whichever is the highest).
  5. Policy fee – In addition to premiums, the policyholder of the Plan has to pay policy fee of HKD200/USD25 per year.
  6. Non-payment of premium - You should pay premium(s) on time according to the selected premium payment schedule. If the due premium remains unpaid upon the expiration of the grace period, the policy will be lapsed in accordance to the “Grace Period” clause under the General Provision, and you will lose the related insurance coverage and suffer a financial loss. If an insured event occurs during the grace period, China Life (Overseas) shall still be responsible for the insurance coverage but any outstanding premium for the policy year wherein the insured event occurs shall be deducted from any amount which may be payable under the policy.
  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 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. Cancellation right - You have the right to send a policy cancellation request in written format to China Life (Overseas) after the cooling-off period. Upon the approval from China Life (Overseas), we will pay you the surrender value (if any) and the policy will be terminated thereafter. You must submit a written notice signed by you to China Life (Overseas) at 22/F, CLI Building, 313 Hennessy Road, Wan Chai, Hong Kong.
  9. Claims procedure – If you would file a claim, you must submit completed designated form(s) with relevant proof within 30 days from discharge to China Life (Overseas). You can obtain the claims forms from your financial consultant, by calling China Life (Overseas) customer service hotline: (852399 95519 or by visiting any China Life (Overseas) service centre.

 

What are the key product risks?
Credit risk The Plan 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.
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.
Policy termination: The Plan will be terminated when the first of these happens:
  1. the policy is lapsed or surrendered; or
  2. the death benefit is paid; or
  3. the critical illness benefit is paid; or
  4. the total amount paid for special disease benefit and protection shelter benefit has reached 100% of the original sum assured; or
  5. upon the policy anniversary when the insured has reached age 80; or
  6. no premium payment is settled after policy payment is due for 31 days; or
  7. when China Life (Overseas) grants acceptance of the policyholder’s conversion request; or
  8. if the Plan is taken as a rider, the basic plan it attached is lapsed, surrendered or matured.

If the Plan is taken out as a basic plan, all attached rider(s) will be terminated simultaneously if the policy is surrendered. In case the Plan terminates within the policy year, no premium will be refunded, no matter any claim is made in that policy year.
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 5 years). 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.

Levy collected by the Insurance Authority has been imposed on relevant policy at the applicable rate. For further information, please visit www.chinalife.com.hk/customer-service/useful-information/premium-levy or contact: (852)39995519 or visit Insurance Authority’s website www.ia.org.hk/en/levy.

This product brochure is for reference only and contains descriptions of the key features of this product. For all the terms and conditions of this product, please refer to the policy documents of this product.

This product brochure is for distribution in Hong Kong only and shall not be construed as any provision of or offer to sell or solicitation to buy any insurance product outside Hong Kong. China Life Insurance (Overseas) Company Limited ("China Life (Overseas)") does not provide or offer to sell any insurance product outside Hong Kong. The above information is for reference only. The detailed terms, conditions and exclusions of the Plan are subject to the terms and conditions of the policy contract of the Plan. For a copy of the terms and conditions of the policy contract, please contact China Life (Overseas) for enquiry.

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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