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Ultimate Fortune Wealth Planner Series

Ultimate Fortune Wealth Planner Series

Product Summary

A flexible savings plan is crucial to achieving your goals! Ultimate Fortune Wealth Planner Series offers you potential long-term capital growth. You can also access your wealth flexibly to achieve your goals and enjoy an ideal life, or even pass on your wealth to the next generations with ease.

Enjoy up to 5% premium discount on the first year’s premium upon successful enrolment!

Product Icons
 

Double Potential Returns

 

Flexible Financial Management

 

Maturity Amount

 

Guaranteed Issue

 

Life Protection

Product Features
 

Ultimate Fortune Wealth Planner Series including 2 options: Classic and Supreme. To meet your financial goals, you can choose Classic for a relatively high guaranteed return, or Supreme for a relatively higher non-guaranteed potential return.

 

 Plan Features

The Plan is a participating insurance plan that offers you potential capital growth. Its policy value consists of 2 components: guaranteed cash value and non-guaranteed terminal dividend1.

Guaranteed cash value grows over the Policy years helping you accumulate wealth.

Terminal dividend is a one-off non-guaranteed bonus, which is payable from the 3rd Policy anniversary accordingly.

 

 Flexible access to your wealth for matching your needs

To realise your financial goals, you can partially withdraw guaranteed cash value and non-guaranteed terminal dividend’s cash value through reducing basic amount2, while the Policy value will be reduced.

Alternatively, you can apply for policy loan to borrow part of guaranteed cash value when needed, while keeping the policy in force. Interest on policy loan will be charged at a rate determined by us from time to time.

 

 Unlimited change of insured to pass on wealth across generations

We understand you wish to provide your loved ones with a secure financial future. This is why the Plan features the “change of insured option”3, allowing you to change the insured on or after the 1st policy anniversary for unlimited times while the insured is alive. The benefit term will be extended to age 138 of the new insured upon each change, giving your wealth more time to grow and pass on through generations.

The new insured must have insurable interest with the policyholder. The new insured must be aged between 15 days after birth and 80 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.

 

 Contingent insured to sustain insurance coverage

You can appoint and prioritise a maximum of 2 contingent insureds4, at a time while the insured is alive and the policy is in force. In case the insured passes away, we will arrange the contingent insured who is first in line to be the new insured according to relevant administrative procedures and orders for allowing the policy to continuously provide protection to you and your family.

The contingent insured must have insurable interest with the policyholder. The contingent insured must be aged between 15 days after birth and 80 and must not be older than the attained age of the current insured, whichever is lower. The contingent insured is also subject to the applicable terms and conditions determined by us from time to time.

 

 Life protection provides peace of mind to your loved ones

Death Benefit

In case the insured passes away when the policy is in force and no contingent insured is assigned, we will pay the beneficiary a death benefit which is equal to the higher of:
1) 105% of the accumulated premium due and received; or
2) sum of guaranteed cash value of the basic plan and face value of terminal dividend (if any) at the date of death of the insured, less all indebtedness (if any).

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

 

Accidental death benefit

While the policy is in force, prior to the insured reaching 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, provided that there is no contingent insured under this policy, the Plan will pay an extra accidental death benefit which is equal to the lower of:
1) 100% of the accumulated premium due and received; or
2) USD62,500.

Accidental death benefit payable under all the Plan and Ultimate Fortune Wealth Planner Series policies per insured is subject to aggregate claim limits of USD125,000.

 

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) is to be paid to safeguard your family’s financial future. You can choose to settle the benefits in a lump sum or by annual instalments with a fixed amount over a fixed payment term of 10 or 20 years.

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 applicable). If the beneficiary dies during the settlement period of the death benefit and accidental death benefit (if applicable), we will pay the remaining balance of the death benefit and accidental death benefit (if applicable) with interest (if any) in a lump sum payment to the estate of the deceased beneficiary.

If the death benefit at the date of the insured’s death is less than 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.

 

 

 Enjoy “share happiness reward” with your loved ones

There are various occasions worth celebrating at different life stages. With this Plan, you will receive 0.5% of the basic amount as a “share happiness reward” so that you can celebrate special moments with your loved ones.

Starting from the policy anniversary upon the end of premium payment period while the policy is in force, you can apply for the “share happiness reward” if one of the following “Designated Events” occurs to the insured. The application should be submitted within 180 days from the date of the occurrence of the “Designated Events”:

1) Graduating from a primary school/secondary school/university/higher education institution (Bachelor’s degree or above is required for university/ higher education institution);
2) Getting married;
3) Having a natural child or natural grandchild;
4) Purchasing a residential property; or
5) Turning 65 years old.

You will need to submit specified forms and required supporting documents at your own cost to apply for the “share happiness reward”.

Each “Designated Event” is eligible for the “share happiness reward” only once for each policy, but you can apply for up to two “share happiness rewards” for each policy, in which each application must be separated by at least 1 year. You have to withdraw the “share happiness reward” immediately and cannot leave it in the policy.

 

 Worldwide Emergency Assistance Service

If the insured is diagnosed with an illness or is injured in an accident outside Hong Kong, he/she will access comprehensive coverage under the free 24-hour Worldwide Emergency Assistance Service5.

 

 Simplified underwriting procedures

To enable you to achieve your goals with ease, application of the Plan is easy. Simplified underwriting procedures are available and no medical examination is required.

 

 

Product Details

Ultimate Fortune Wealth Planner Series

Issue age: From 15 days after birth to age 80
Benefit term: To age 138 of the latest insured
Premium payment term: 5 Years
Premium payment method: Annual, semi-annual, quarterly, monthly or prepayment of annual premium6,7
Plan currency: US Dollar
Minimum basic amount: USD10,000
Maximum basic amount: USD5,000,000

Notes:

  1. 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. The cash value of the terminal dividend will be equal to or less than its face value.
    Cash value of terminal dividend (if any) is payable upon policy surrender or policy maturity while face value of terminal dividend (if any) is payable upon the death of the insured. The payment amount due to policy surrender will be lower than other cases and will be determined by China Life (Overseas). 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 3rd 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 (only applicable if the sum of guaranteed cash value and the face value of terminal dividend of basic amount on the date of death of the insured is higher than 105% of the accumulated premium due and received); (ii) when the policy is surrendered; or (iii) when the policy reaches the policy maturity date.
  2. “Basic amount” means the amount shown on the policy Information page or endorsement as the “basic amount”. The “basic amount” is used to calculate the premium, guaranteed cash value, accidental death benefit (if any), terminal dividend (if any) and “share happiness reward”, but is not applicable to the calculation of the death benefit. If the basic amount has been amended while the policy is in force, premium, guaranteed cash value, accidental death benefit (if any), terminal dividend (if any) and “share happiness reward” will be adjusted accordingly.
  3. Both of the 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 received, death benefit, accidental death benefit, “share happiness reward” and policy indebtness (if any) will remain unchanged after the change of insured.
  4. Application for contingent insured is subject to the prevailing administrative rules of China Life (Overseas). After the primary contingent insured became the new insured, the policy's basic amount, guaranteed cash value, policy date, policy year, policy maturity date, accumulated premium due and received , death benefit, accidental death protection, "share happiness reward" and indebtedness (if any) will remain unchanged.
  5. 24-hour worldwide emergency assistance service is provided by Inter Partner Assistance Hong Kong Limited. The provision of services is subject to the terms and conditions of the Inter Partner Assistance Hong Kong Limited. China Life (Overseas) reserves the right to amend the terms and conditions thereof from time to time without prior notice.
  6. If the required renewal premium is paid by the policyholder within the grace period, the policy shall continue to be in force. For details of the provisions, please refer to the policy provisions issued by China Life (Overseas). If the policy is lapsed or surrendered, the policy cash value received by the policyholder may be considerably less than the total amount of the premium paid.
  7. If you opt for the annual & prepay premium option, you can withdraw the unused prepaid premium (including interest, if any) and China Life (Overseas) will charge 2% of the withdrawal amount as a withdrawal fee. The minimum fee will be USD12.5. You can withdraw the unused prepaid premium once only. The interest rate of prepayment of premium is not guaranteed.

Product Important

Disclaimer

Important Information:

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 policy 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 policy. You should fully understand all of the risks involved in this product and consider whether this product 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 paid without interest for declined cases.
  3. Exclusions - The accidental death benefit under this policy shall not cover any claims if the insured is involved in any of the following activities or the consequences directly or indirectly caused by any of the following events occur in respect of the insured: (a) war, act of hostility (whether war declared or not), civil war, revolution or any military actions; (b) rebellion, civil commotion, riot, strike or activities of terrorism; (c) contamination resulting from nuclear weapons, ionizing radiation, nuclear fuel or waste produced from the combustion of nuclear fuel (the said nuclear combustion shall include any self-sustaining process of nuclear fission); (d) during war, act of hostility (whether war declared or not), any military actions or repression of rebellion, the insured is engaging in or taking part in military services; (e) directly or indirectly caused by the insured engaging in aviation, except as a passenger on an aircraft of a commercial airline on a scheduled route; (f) self-inflicted injuries or suicide (whether sane or not) by or attempted by the insured (whether felony or not); (g) childbirth, pregnancy, miscarriage or abortion, even if it is accelerated or induced by an accident ; (h) surgery operated on the insured and induced by disease, infected disease or incident that is not caused by an accident ; (i) taking of poison or inhaling poisonous gas or poisonous mist (whether voluntary or not); except accidental inhaling by the insured in a fire ; (j) the insured as a professional athlete participating in sports or earning income or remuneration through the sports; (k) participating in hunting, mountaineering, motor racing, horse racing, ice-skiing, skiing, scuba-diving, parachuting, hang-gliding, boxing or any other competitions or performances; (l) while the Insured is on duty as a professional driver and is entering, driving, operating, servicing, riding in or departing from any land vehicle or conveyance outside the territorial limits of Hong Kong and Macau; (m) the insured is assaulted or murdered during rebellion, civil commotion, strikes or when making an arrest while the Insured is employed as a full-time or part-time police officer or cadet officer, or is an officer or a member of the Correctional Services Department; or (n) the Insured is assaulted or murdered during rebellion, civil commotion or strikes while the Insured is employed as a fireman, or is on duty as a fireman and is engaging in firefighting or activities for protecting people and property in a fire.
    In addition, the information stated in this product brochure 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. or all exclusions.
  4. Non-payment of premium / automatic premium loan - You should pay premium(s) on time according to the selected premium payment schedule. If the due premium remains unpaid upon the expiry of the grace period, an automatic premium loan will be taken out against the policy to settle the unpaid premium automatically. All policy loans are interest-bearing and calculated at a rate (as stated on our corporate website www.chinalife.com.hk) to be declared by us from time to time. Interest accrued shall become a part of the indebtedness. When the loan balance is equal to or exceeds the guaranteed cash value of the basic plan of the policy, the policy will be lapsed and you will lose the related insurance coverage and suffer a financial loss. Under these circumstances, the surrender value of the policy will be deducted to repay the outstanding loan balance (including interest), and the remaining value will be refunded to you.
  5. Dividend and / or Crediting Interest Philosophy - This is a participating and/or providing interest on accumulation insurance plan. Premiums received from the policies will be invested to a variety of assets according to China Life (Overseas)’s investment strategy. The surplus from the invested assets will be shared with policyholder through declared dividends and/or interest rate on accumulation in accordance with the relevant clause in the benefit provision. China Life (Overseas) will ensure a fair sharing of profits among different groups of Policyholders and also between Policyholders and China Life (Overseas). China Life (Overseas) will review and determine the dividend and / or interest rate on accumulation at least once a year, the current projection on dividend and/or interest rate on accumulation are not guaranteed and subject to change with the entire performance of the relevant policies and the factor including but not limited to the investment returns, claims experience, persistency, past experience and future prospect. In addition, China Life (Overseas) will consider both past and future outlooks of all factors including but not limited to:

    Claims – including the costs of providing death benefit as well as other benefits under the product(s).

    Investment return – including the interest income, dividend income, outlook of interest rates and any changes in the market value of the product’s backing asset.

    Persistency – including Policy lapse and partial surrender experience.

    Note: The dividend or interest rate history is not an indicator of the future performance of this product.
  6. Investment philosophy, policy and strategy - China Life (Overseas) aims to strive for minimizing volatility of the investment return and provides stable return as our investment philosophy. Assets are invested in bonds and other fixed income instruments, such as government and corporate bonds and other fixed income instruments to support the guaranteed financial obligation. To enhance the performance of the investment portfolio, China Life (Overseas) invests in equity-type investments and other investment instruments such as mutual funds and direct / indirect investment in properties or commercial institutions.

    The investment portfolio will be diversified across different geographic regions and / or industries. Investment strategy will be subject to change depending on the market conditions and the economic outlook. China Life (Overseas) will inform Policyholder the relevant changes in dividend and/or interest rate on accumulation and the impact to the policies when there is change in the investment strategy. 

    China Life (Overseas)’s current investment strategy on participating and / or providing interest on accumulation plans are as follow:

Asset type

Target asset mix (%)

Bonds and other fixed income instruments

30% to 90%

Equity-type investment and other investments

10% to 70%


Please refer to China Life (Overseas)’s website www.chinalife.com.hk/products/dividendandinvestment for dividend history, dividend and / or crediting interest philosophy, investment philosophy, policy and strategy, as well as the fulfillment ratio of China Life (Overseas).
  • Cooling-off right - You have the right to cancel the policy within the cooling-off period and obtain a refund of any premiums 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.

 

 

 

What are the key product risks?

Credit risk:

This product 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.:

The savings component of the Plan is subject to risks and possible losses. Should you surrender the policy early, you may receive an amount considerably less than the total amount of premiums paid.

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 may be insufficient to meet your future needs even if we fulfill all of our contractual terms and obligations.

Liquidity and withdrawal risk:

You are obliged to hold the policy and pay the Premium for the designated period of time. If you terminate the policy prior to the policy maturity date, you will suffer a financial loss. In case you make partial withdrawals from the Policy, your account value, death benefit and other Policy values will be reduced, and you may need to pay the relevant handling fee or charges (if any).

Non-guaranteed benefit:

This Plan consists of non-guaranteed benefits and/or returns. The actual amounts of benefits and/or returns in the future may be different from the benefits and/or returns which project on the product materials. The product materials are for illustrative purposes only.

Policy Termination:

The policy will be terminated if (a) the policy is lapsed or surrendered; or (b) the company has paid the policy maturity benefit; (c) the company has paid the death benefit in full, (d) the due premium has not been paid within 31 days after the premium due date, and the policy has no remaining guaranteed cash value, or (e) the indebtedness of the policy is equal to or exceeds the guaranteed cash value of the policy.

 

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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