MyTreasure Insurance Plan (Supreme)
With regular guaranteed cash coupons, MyTreasure Insurance Plan (Supreme) (the “Plan”) offers you a stable stream of income regardless of economy so that you can accomplish various financial goals. The Plan also provides you with long-term wealth accumulation potential through non-guaranteed dividends and terminal dividend. In addition, you can also pass a legacy to the future generations to plan for a prosperous future for your loved ones.
Guaranteed cash coupons during the first 25 policy years
To provide you with stable return as early as possible, the guaranteed cash coupons of the Plan will be distributed at the beginning of each policy year. That means you will start to enjoy guaranteed cash coupons right after the Plan is in force. The coupons are payable until the beginning of the 25th policy year.
|Premium payment term||Guaranteed cash coupons (percentage of the basic amount1)|
In addition, you can receive an additional cash coupon which is equal to 3.0% (applicable to 5-year premium payment term policy(ies)) or 2.5% (applicable to 10-year premium payment term policy(ies)) of the basic amount1 at the beginning of the 25th policy year.
You may leave the guaranteed cash coupons in the policy to accumulate interest2, or withdraw3 that, or use that to pay future premiums.
Dividends payable starting from the 25th policy anniversary
Non-guaranteed dividends2(if any) will be payable every year from the 25th policy anniversary onwards, allowing you to accumulate wealth continuously. You may leave the non-guaranteed dividends in the policy to accumulate interest2 or withdraw3 the money as you wish.
Bolster your returns with terminal dividend
Depending on premium payment term and policy currency, the Plan will provide terminal dividend4 (if any) from the 10th policy anniversary the earliest, which helps to further boost up the potential return.
Maturity benefit helps preserve your capital
When the insured reaches age 138, the Plan will provide a maturity benefit which is equivalent to the guaranteed cash value plus accumulated guaranteed cash coupons and interest (if any), accumulated non-guaranteed dividends and interest (if any), and terminal dividend (if any), less all indebtedness (if any). The policy will be terminated thereafter.
Unlimited change of insured to pass on wealth across generations
The Plan gives your wealth more time to grow and pass on through generations. It allows you to change the insured at any time after the policyholder has paid out all the premium in the 5th policy year (applicable to 5-year premium payment term policy(ies)) or the 10th policy year (applicable to 10-year premium payment term policy(ies)) for unlimited times while the insured is alive. The benefit term will be extended to age 138 of the new insured5 upon each change.
Life protection provides peace of mind to your loved ones
If the insured passes away while the policy is in force, we will pay the beneficiary a death benefit which is equivalent to:
101% of the accumulated premium due and paid after deducting guaranteed cash coupons paid, or the guaranteed cash value of the basic plan at the date of death of the insured, whichever is higher;
+ accumulated guaranteed cash coupons and interest (if any);
+ accumulated non-guaranteed dividends and interest (if any);
+ terminal dividend (if any);
- all indebtedness (if any).
B.Accidental death benefit
The Plan provides accidental death benefit to the beneficiary. In the event the insured unfortunately dies from an accidental injury, the beneficiary will receive an additional coverage.
Prior to the insured reaches age 66 and within the first 10 policy years from the policy effective date, if the insured suffers from accidental injury caused by an accident, and dies from the accidental injury within 180 days (both dates inclusive) from the date of the occurrence of the accidental injury, the Company will pay to the beneficiary 100% of the basic amount1 or HKD500,000/USD62,500, whichever is lower, in addition to the death benefit. This policy shall then terminate.
If the insured is covered under other policies issued by the Company, the total amount payable by the Company for the death of insured due to accident shall not exceed HKD1,000,000/USD125,000.
C.Death benefit and accidental death benefit settlement option
While the insured is alive, he or she can choose how the death benefit and accidental death benefit (if any) is to be paid6 to safeguard his or her family’s financial future. The benefits can be settled in a lump sum or by annual instalments with a fixed amount over a fixed payment term of 10 or 20 years.
If the death benefit at the date of the insured’s death is less than HKD400,000/ USD50,000, or the policyholder does not specify any settlement option, we will pay out the benefit amount to the beneficiary in a lump sum.
To enable you to achieve your goal with ease, the Plan offers simplified underwriting procedures of which no medical examination is required.
Premium payment term and issue age
Premium payment term
|5 years||15 days to age 80|
|10 years||15 days to age 75|
To age 138 of the latest insured
Premium payment mode
|Annual7; or annual and premium prepayment8 (applicable to 5-year premium payment term)|
HKD or USD
Minimum basic amount1
HKD80,000 or USD10,000
Maximum basic amount1
HKD40,000,000 or USD5,000,000
- “Basic amount” means the amount shown on the policy information page or endorsement as the “basic amount”. The “basic amount” is used to calculate premium, guaranteed cash value, accidental death benefit (if any), cash coupons, dividends (if any) and terminal dividend (if any), but it is not applicable to the calculation of the death benefit. If the basic amount has been amended while this policy is in force, the said premium, guaranteed cash value, accidental death benefit (if any), cash coupons, dividends (if any) and terminal dividend (if any) will be adjusted accordingly.
- The dividends and interest are not guaranteed. The actual benefits and/or returns may be lower or higher than the 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.
- You may withdraw the cash coupons and/or dividends at any time without any charge, however, the policy value and death benefit will be affected in case of withdrawal of cash coupons and/or dividends.
- 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 10th policy anniversary (applicable to 5-year premium payment term policy(ies) denominated in HKD & USD and 10-year premium payment term policy(ies) denominated in USD) or the 11th policy anniversary (applicable to 10-year premium payment term policy(ies) denominated in HKD), the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:
a)when the death benefit is paid;
b)when the policy is surrendered; or
c)when the policy reaches the policy maturity date.
- The new insured must have insurable interest with the policyholder. The new insured must be aged between 15 days after birth and 80 (applicable to 5-year premium payment term policy(ies)) or 75 (applicable to 10-year premium payment term policy(ies)) and must not be older than the attained age of the current insured, whichever is lower. The new insured is also subject to the applicable terms and conditions determined by us from time to time. Both current insured and new insured should be alive during the application for change of insured, which is subject to the prevailing administrative rules of China Life (Overseas). The basic amount, cash value, policy date, policy year, premium expiry date, accumulated premium due and paid, death benefit, accidental death benefit, cash coupons (if any), accumulated cash coupons with interest (if any), dividends (if any), accumulated dividends (if any) with interest (if any) and policy indebtedness (if any) will remain unchanged after the change of insured.
- For the instalment option, the remaining balance of death benefit and accidental death benefit (if any) will be deposited in the policy to accumulate interest until the end of the payment term. The interest will be calculated on an annual basis and it is non-guaranteed which will be determined by us from time to time. The accumulated interest will be paid together with the last instalment of death benefit and accidental death benefit (if any). If the beneficiary dies during the settlement period of the death benefit and accidental death benefit (if any), we will pay the remaining balance of the death benefit and accidental death benefit (if any) with interest (if any) in a lump sum payment to the estate of the deceased beneficiary.
- 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.
- 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 3% of the withdrawal amount, at a minimum amount of HKD200/USD25. You can withdraw the unused premiums once only. The interest rate of prepaid premium is 2% p.a. and this interest rate is guaranteed.