Promise Family Protector

Promise Family Protector

Product Summary

In view of your concern, Promise Family Protector (the “Plan”) provides life protection for which your family can receive financial support when in need, and also allows you to choose the settlement option of the benefits, helping you to safeguard their financial future. If the insured’s parent or spouse passes away as the policyholder or the beneficiary, we will waive the future premiums of the Plan to keep the protection in force for you and your family. In addition, the Plan offers various premium payment terms and different policy currencies, so that you can fulfill your promises to your loved ones with ease.

Promise Family Protector is an eligible life insurance plan under Policy Reverse Mortgage Programme, providing you with a new financial planning option to secure a stream of steady cash flow for a carefree retirement. For further information, please refer to The Hong Kong Mortgage Corporation Limited and Policy Reverse Mortgage Programme website.

Enjoy up to 15% premium discount on the first year’s premium upon successful enrollment! Click here for details.

Product Icons

Death benefit


Accidental death benefit


Premium waiver


Optional riders

Product Features

 Life protection providing peace of mind to your loved ones


Death benefit

If the insured unfortunately passes away while the policy is in force, we will pay the beneficiary a death benefit which is equal to 100% of the sum assured, plus non-guaranteed terminal dividend1 (if any), and less all the indebtedness (if any).

The policy will be terminated after we pay the death benefit.


Accidental death benefit

While the policy is in force, and prior to the policy anniversary that the insured reaches 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 the beneficiary an extra accidental death benefit which is equal to the lower of:

1)100% of the accumulated premium due and paid; or

2) HKD500,000 / USD62,500.

The total amount of accidental death benefit payable under all policies underwritten by the Company shall not exceed HKD1,000,000 / USD125,000, or equivalent amount in other currencies for the same insured.


Death benefit and accidental death benefit settlement option

While the insured is alive, you can choose how the death benefit and accidental death benefit (if any) are to be paid, as long as the settlement options of both benefits are the same. You can choose to settle the benefits in a lump sum or by instalments with a fixed amount annually 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 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 (if any) 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 amount of 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.


 Premium waiver for continuous protection

If the parent of an insured below age 18 or the spouse of an adult insured have been the policyholder or beneficiary of the Plan for 2 consecutive years, and unfortunately passes away during the premium payment term, we will waive the undue premiums of the Plan, continue to care for your family members, so that they can continue to enjoy protection. Eligibility for the “parental premium waiver benefit”2 or “spousal premium waiver benefit” 2 will only be effective if the insured’s parent or spouse is below age 50 on the policy effective date.

In case there is a change in your family status, you can reassign the insured’s parent or spouse who is below age 50 as the policyholder or beneficiary, “parental premium waiver benefit” or “spousal premium waiver benefit” will become effective again after 2 years from the effective date of the change.


 Combine savings elements to offering potential returns

“Promise Family Protector” is a participating plan, offering you comprehensive coverage and maturity benefit upon policy maturity, which is equivalent to guaranteed cash value and non-guaranteed terminal dividend1 (if any), less all indebtedness (if any), so that you can also enjoy potential wealth accumulation.


 Multiple premium payment options

You can choose a premium payment term of 5 years, 10 years, 15 years or 20 years3, or even annual and premium prepayment4, as well as a policy currency in HKD or USD, giving you financial flexibility. Moreover, the premium remains fixed throughout the premium payment term, easing your financial planning.


 24-hour worldwide emergency assistance service

If the insured is diagnosed with an illness or is injured in an accident outside the country of residence, he/she will access comprehensive coverage under the free 24-hour worldwide emergency assistance service5.


 Optional riders to meet your needs

InIn addition, you can choose to attach riders to the Plan, including medical, critical illness and accident, etc to further enhance the protection for your family and yourself.

Product Details

Enrollment Terms

Premium payment term and issue age

Premium payment term

Issue age

5 years 15 days to age 65
10 years 15 days to age 60
15 years 15 days to age 55
20 years 15 days to age 50

Benefit term

To age 100 of the insured

Premium payment mode

Annual, semi-annual, quarterly, monthly3, or annual and premium prepayment4

Policy currency


Minimum sum assured1

HKD80,000 / USD10,000

Maximum sum assured1

HKD50,000,000 / USD6,250,000


  1. Terminal dividend is a one-off dividend and is non-guaranteed. Amount of terminal dividend shown in proposal illustration is just an indicative figure. Declared terminal dividend is not perpetually attached to the policy. It may be reduced or increased at subsequent declarations. Its actual amount will only be determined when it becomes payable. The actual amount may be lower or higher than the projected figure. Under some circumstances, actual amount of terminal dividend may be zero. The amount of the terminal dividend is affected by various factors including but not limited to the performance of the underlying investments, so the amount is relatively volatile and will move up and down over time. China Life (Overseas) reserves the right to revise the terminal dividend from time to time. Past record is not necessarily indicative of future result. For more information, please refer to clause 5 and clause 6 under “Important information” and “Non-guaranteed benefit” risk.
    Starting from the 5th policy anniversary, the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:
      (i)when the death benefit is paid; or
      (ii)when the policy is surrendered; or
      (iii)when the policy reaches the policy maturity date.
  2. “Parental premium waiver benefit” refers to “premium waiver benefit for death of parents” under the Plan’s policy document while “spousal premium waiver benefit” refers to “premium waiver benefit for death of spouse” under the Plan’s policy document. The total amount of premium waived under “parental premium waiver benefit” and “spousal premium waiver benefit” of all policies underwritten by China Life (Overseas) shall not exceed HKD2,500,000 / USD312,500, or equivalent amount in other currencies for the same insured.
  3. 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.
  4. 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 1% p.a. and this interest rate is not guaranteed.
  5. 24-hour worldwide emergency assistance service is provided by third party service provider. We will not guarantee the service quality and 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.

Important Note

Policy Reverse Mortgage Programme (‘PRMP’) - Please note that Promise Family Protector is an eligible life insurance plan under PRMP, but it does not necessarily mean that your PRMP application will be approved. The eligibility of this product under the PRMP is based on the features of the product. Therefore, you and your life insurance policy are still required to meet all the eligibility requirements under PRMP before you apply for the policy reverse mortgage loan.

Any general information provided on PRMP by us is for your reference only, and you should not make any decisions based on such information alone. China Life (Overseas) shall not be responsible for the policyholder’s suitability and eligibility to apply for policy reverse mortgage. You should always seek for advice from professional bodies if you have any doubts. Please note that the information provided is subject to change including the eligibility criteria for PRMP. We do not take any responsibility to inform you about any changes and how they may affect you. The Policy Reverse Mortgage Programme is operated by HKMC Insurance Limited, a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited. For further information on PRMP, please refer to The Hong Kong Mortgage Corporation Limited website:

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.

Download Information

Read More


Enrollment Guidelines

Read More


Bonus Strategies

Read More


Insurance Glossary

Read More