Successful Life Insurance Plan
With the Successful Life Insurance Plan, you can open up a world of possibilities for your child and lead them onto a path of success.
How do you plan a brilliant future for your children? Successful Life Insurance Plan (the “Plan”) offers life protection and education savings. Besides, the sum assured will increase by 3 times on the policy anniversary immediately following your children’s 21st birthday. Let the Plan provide your children with the means to advance their studies, purchase a home, or set up a business.
Savings for a prosperous life
On the policy anniversary immediately following the insured’s 18th birthday, the Plan will provide a guaranteed cash coupon equal to 8% of the current sum assured as lucky money. The Plan will also provide a guaranteed cash coupon on each policy anniversary immediately following the respective ages between 18 and 21. For example, for insured who enrolls the Plan at age 0 to 4, the guaranteed cash coupon payable each time is 14% of the current sum assured, and the total amount will be up to 56% of the current sum assured, helping to finance your children’s education. You may refer to the guaranteed cash coupon table for the guaranteed cash coupon payable to the insured of other issue ages.
You can choose to withdraw1 the guaranteed cash coupon or leave it in the policy to earn interest2 until policy maturity.
Accumulate wealth through dividends
You will receive a non-guaranteed dividend2 at every policy anniversary while the policy is in force. You can opt to leave the non-guaranteed dividends in the policy to earn interest2 until policy maturity. Alternatively, you may withdraw1 that to achieve financial goals or use that to pay future premiums.
Automatic tripling of the sum assured
Simply pay the premium until the insured reaches age 21, the Plan will cover him/her until age 100. In addition, on the policy anniversary immediately following the insured’s 21st birthday and after the guaranteed cash coupon is paid, the sum assured of the Plan will be automatically tripled without the need to pay additional premiums.
Celebrating the policy maturity
On the policy anniversary immediately following the 100th birthday of the insured, a maturity benefit which is equal to the current sum assured, plus accumulated guaranteed cash coupons and interest2 (if any), accumulated non-guaranteed dividends and interest2 (if any), and less all indebtedness (if any), will be provided.
In case the insured passes away while the policy is in force, a death benefit will be provided, which is equal to the current sum assured or the guaranteed cash value at the date of death of the insured, whichever is higher; plus accumulated guaranteed cash coupons and interest2 (if any), accumulated non-guaranteed dividends and interest2 (if any), and less all indebtedness (if any).
Extra peace of mind with optional coverage
You can attach optional benefits, such as hospitalization, critical illness and accident benefits, to the Plan to supplement the coverage.
Successful Life Insurance Plan
|Issue age||15 days to age 11|
|Benefit term||To age 100 of the insured|
|Premium payment term3||To age 21 of the insured|
|Premium payment mode||Annual, semi-annual, quarterly, monthly4, annual and premium prepayment5|
|Policy currency||HKD or USD|
|Minimum sum assured||HKD80,000 or USD10,000|
- You may withdraw the guaranteed cash coupons and/or non-guaranteed dividends at any time without any charge, however, the policy value and death benefit will be affected in case of withdrawal.
- 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.
- 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 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 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 not guaranteed.