Savvy Life Lady Protection Plan
To live a life of confidence and health, you require sufficient financial backup and comprehensive medical cover. Savvy Life Lady Protection Plan (the “Plan”) provides critical illnesses benefit and female diseases benefit as well as extra benefits. Even with the unfortunate diagnosis of any of the covered illnesses, you will receive a lump-sum payment to relieve your financial pressure, allowing you to focus on your recovery.
Critical illness benefit
The Plan covers 63 critical illnesses including cancer and stroke. If the insured is diagnosed with any of the covered critical illnesses, an amount equal to 100% of the current sum assured (i.e. any adjustment of the sum assured is reflected and the claim payment (if any) made under the Plan and its rider (if any) is reduced) will be provided. The Plan will be terminated thereafter.
Please refer to the policy documents for the definition of the covered critical illnesses.
Female disease benefit
The Plan provides you with a variety of coverage to suit your needs at different life stages. If the insured is diagnosed as suffering from the below carcinoma-in-situ, lupus nephritis or complications of pregnancy; or the fetus or infant of the insured is diagnosed with the below death of fetus and infant or congenital anomalies of infant, the Plan will provide female disease benefit, which is equivalent to 20% of the current sum assured. The female disease benefit is subject to a maximum amount of HKD240,000/USD30,000 for each insured.
Meanwhile, if the insured is covered under the Plan and its rider(s) and same plans underwritten by China Life (Overseas), the total claim payments payable for the female disease benefit will also be subject to this maximum limit. Female disease benefit will be terminated once the accumulated benefit payout(s) reaches this maximum limit.
For the waiting period and definition of the above benefits, please refer to the policy documents.
If the female disease benefit is paid for carcinoma-in-situ and lupus nephritis, the sum assured of the Plan will be reduced after the claim is paid. For the female disease benefit paid for complications of pregnancy, death of fetus and infant or congenital anomalies of infant, the sum assured of the Plan will remain unchanged after the claim is paid.
Long-term savings and protection in one plan
(1) Cash coupons and non-guaranteed dividends1
On the 9th and 18th policy anniversary, you will receive cash coupons equivalent to 10% of the current sum assured to spend as you wish. In addition, you will receive a non-guaranteed dividend1 (if any) at every policy anniversary while the policy is in force. You can opt to leave the cash coupons and/or non-guaranteed dividends (if any) in the policy to earn interest1 until policy maturity, or withdraw2 them or use them to pay future premiums (if applicable).
(2) Maturity benefit
With just 18 years of premium payment, you will enjoy protection until age 100 of the insured. At policy maturity, you will receive a maturity benefit which is equal to 100% of the current sum assured, plus the accumulated cash coupons and interest1 (if any) and accumulated non-guaranteed dividends (if any) and interest1 (if any), and less all indebtedness (if any). The Plan will be terminated thereafter.
(3) Life protection
If the insured passes away while the policy is in force, the beneficiary will receive a death benefit which is equal to 100% of the current sum assured, plus the accumulated cash coupons and interest1 (if any) and accumulated non-guaranteed dividends (if any) and interest1 (if any), and less all indebtedness (if any).
(1) Newborn infant bonus3
New baby brings joys to our lives. To celebrate the birth of your children, the Plan will provide a newborn infant bonus equal to 1.5% and 0.5% of the current sum assured on the respective birth of the insured’s first and second child.
(2) Female medical check-ups benefit4
Starting from the 3rd policy anniversary, the insured will be entitled to a biennial female medical check-up free of charge.
(3) Inflation indexation option
For better protection against inflation, the sum assured of the Plan may increase annually for up to 15 times before the insured attains his/her 60th birthday at an annual indexation rate determined by China Life (Overseas) where evidence of insurability is not required. Upon the increase of the sum assured, the premium, cash value and cash coupon(s) will be calculated with reference to the latest sum assured. The cumulative addition to the sum assured cannot exceed the initial sum assured. In addition, this option will be terminated if you do not exercise it for 2 consecutive years.
(4) Waiver of premium benefit rider
Before the insured attains his/her 60th birthday, if the insured is totally and permanently disabled5, and thus is unable to work for 180 days or more as a result of sickness or accident, the premiums undue of the Plan will be waived while the policy remains effective.
(5) 24-hour worldwide emergency assistance service4
If the insured is diagnosed with an illness or is injured in an accident outside the country of residence, he/she can access comprehensive coverage under the free 24-hour worldwide emergency assistance service.
(6) Additional protection
To boost your protection, you may enroll in designated rider(s), such as accident, hospitalization and term life insurance, to fit your personal needs.
Savvy Life Lady Protection Plan
|Plan type||Critical illness plan|
|Issue age||Age 16 to 60|
|Benefit term||To age 100 of the insured|
|Premium payment term6||18 years|
|Premium payment mode||Annual, semi-annual, quarterly, monthly7, annual and premium prepayment8|
|Minimum sum assured||Below age 45: HKD120,000/USD15,000
Age 45 or above: HKD80,000/USD10,000
- 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 dividends 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 cash coupons and/or dividends at any time without any charge, however, the policy value, critical illnesses benefit and death benefit will be affected in case of withdrawal.
- Each insured will only be entitled to 2 newborn infant bonus, and this benefit is only applicable to the infant of the insured who is born after 300 days from the policy effective date or the last date of reinstatement of the policy (whichever is later) while the policy is in force. The newborn infant bonus will be provided only after China Life (Overseas) has received the proof of birth of the newborn infant within 60 days from the date of birth of the infant.
- Female medical check-up benefit and 24-hour worldwide emergency assistance service are provided by third party service provider. We 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.
- Totally and permanently disabled or total and permanently disability means the complete inability of the insured to engage in or continue to work for reward in any occupation, business or employment for a continuous period of at least 180 days as a result of sickness or an external and obvious accident event provided it is certificated by a registered medical practitioner recognized by the government. Please refer to relevant terms for the definition of “total disabled or total disability” in other special circumstances. Please refer to the “waiver of premium benefit rider” for the detailed terms and conditions of coverage and exclusions.
- 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 the prepaid premium is not guaranteed.
You have the right to purchase the medical insurance product as a standalone plan instead of bundling with other type(s) of insurance product.