Ultimate Fortune Wealth Planner Series
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.
Double potential returns to accelerate wealth building
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 dividend1 is a one-off non-guaranteed dividend, which is payable from the 3rd policy anniversary.
Flexible access to your wealth for matching your needs
To realize your financial goals, you can partially withdraw guaranteed cash value and cash value of non-guaranteed terminal dividend1 through reducing basic amount2, while the policy value will be reduced accordingly.
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 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 prioritize a maximum of 2 contingent insureds4 at a time while the insured is alive and the policy is in force. In case the insured unfortunately 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. At the point of application, the contingent insured must be aged between 15 days 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
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 paid; or
2) sum of guaranteed cash value and face value of non-guaranteed terminal dividend1 (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 the 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 paid; or
Accidental death benefit payable under all 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) are 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 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 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 term 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 to us 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 the country of residence, he/she will access comprehensive coverage under the free 24-hour worldwide emergency assistance service5.
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.
Ultimate Fortune Wealth Planner Series
|Issue age||15 days to age 80|
|Benefit term||To age 138 of the latest insured|
|Premium payment term||5 years|
|Premium payment mode||Annual, semi-annual, quarterly, monthly6, annual and premium prepayment7|
|Minimum basic amount2||USD10,000|
|Maximum basic amount2||USD5,000,000|
- 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:
- when the death benefit is paid (only applicable if the sum of guaranteed cash value and the face value of terminal dividend of basic plan on the date of death of the insured is higher than 105% of the accumulated premium due and paid);
- when the policy is surrendered; or
- when the policy reaches the policy maturity date.
- “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.
- 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 policy’s basic amount, cash value, policy date, policy year, premium expiry date, accumulated premium due and paid, death benefit, accidental death benefit, “share happiness reward” and policy indebtedness (if any) will remain unchanged after the change of insured.
- 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, cash value, policy date, policy year, premium expiry date, accumulated premium due and paid , death benefit, accidental death benefit, "share happiness reward" and indebtedness (if any) will remain unchanged.
- 24-hour worldwide emergency assistance service is provided by a third party service provider. China Life (Overseas) 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.
- If the required renewal premium is paid by you 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 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 USD12.50. You can withdraw the unused prepaid premium once only. The interest rate of prepayment of premium is 1% p.a. and this interest rate is not guaranteed.