Wealth Grower Guaranteed Annuity Plan
Wealth Grower Guaranteed Annuity Plan (the “Plan”), a life insurance plan with savings element, offers guaranteed annuity payments until age 100 of the insured, helping to realize your dreams with a stable income stream. In case a mishap occurs during the annuity payment period, the beneficiary1 can continue to receive the remaining guaranteed annuity payments. This way, your financial arrangement will not be affected, ensuring sufficient financial support for your family.
Stable income to fund your future plans
The Plan offers you a guaranteed annuity payment equal to 100% of the basic amount on every policy anniversary before policy maturity and at policy maturity. This way, even though you have already retired, you can continue to receive the amount until the insured reaches age 100, securing a stable income to fund your future plans. The number of guaranteed annuity payment is 100 minus the issue age of the insured.
In addition, you will receive a non-guaranteed dividend2 at every policy anniversary while the policy is in force.
You can opt to withdraw3 the guaranteed annuity payment and non-guaranteed dividend to achieve financial goals or leave them in the policy to earn interest2 for flexible financial arrangement.
"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 and relevant values of the policy, but is not applicable to the calculation of the death benefit. If the basic amount has been amended while the policy is in force, the said premium and relevant values of the policy will be adjusted accordingly.
Short payment terms for whole life coverage
The Plan covers the insured up to age 100 while you only need to pay the premium for 5 years. Alternatively, you can choose to prepay the premiums4 offering you better financial planning.
Life protection for legacy planning
During the premium payment term, if the insured passes away, the beneficiary will receive a death benefit equal to 101% of the accumulated premium due and paid (less the accumulated guaranteed annuity payments paid), or the guaranteed cash value at the date of death of the insured, whichever is higher; plus accumulated guaranteed annuity payments and interest2 (if any), and accumulated non-guaranteed dividends and interest2 (if any), and less all indebtedness (if any). The policy will be terminated thereafter.
In the event the insured passes away after the premium payment term, all the accumulated guaranteed annuity payments and interest2 (if any) and non-guaranteed dividends and interest2 (if any), and less all indebtedness (if any), will be paid to the beneficiary1 in a lump-sum. The remaining guaranteed annuity payments will continue to be paid to the beneficiary, helping to meet your family’s financial needs through your legacy. The number of guaranteed annuity payments that the beneficiary is eligible to receive is 100 minus the issue age of the insured and the number of guaranteed annuity payments which has been paid until the death of the beneficiary.
The remaining guaranteed annuity payments will continue be paid to the beneficiary during the annuity period as calculated above. In case the beneficiary passes away, the inheritor of the beneficiary will receive a lump sum of the accumulated premium due and paid less the accumulated guaranteed annuity payments paid, or the guaranteed cash value at the date of death of the beneficiary, whichever is higher; plus accumulated non-guaranteed dividends and interest2 (if any) and accumulated guaranteed annuity payments and interest2 (if any), and less all indebtedness (if any). The policy will be terminated thereafter.
24-hour worldwide emergency assistance service5
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.
Application is simple as no medical check-up is required.
Wealth Grower Guaranteed Annuity Plan
|Issue age||15 days to age 60|
|Benefit term||To age 100 of the insured|
|Premium payment term||5 years|
|Premium payment mode||Annual6, annual and premium prepayment4|
|Policy currency||HKD or USD|
|Maximum basic amount||HKD1,600,000 or USD200,000|
|Minimum basic amount||HKD10,000 or USD1,250|
- Only one beneficiary can be assigned in any time while the policy is in force.
- The dividends and interest are not guaranteed. The actual benefits and/or returns may be lower or higher than the 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.
- You may withdraw the guaranteed annuity payments 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.
- 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 3% p.a. and this interest rate is not guaranteed.
- 24-hour worldwide emergency assistance service is 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.
- 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.