Wonderful Life Education Savings Plan

Wonderful Life Education Savings Plan

Product Summary

It is the dream of all parents to set their children on to a path of success. But how to ensure your children get the head start they need to prevail amongst the intense competition? A university education in a prestigious institution can be the first step to a successful future.

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Life Protection

Product Features

With Wonderful Life Education Savings Plan (the “Plan”), you can express your love for your children and provide them the means to paint a rosy future.

 Save for your child with ease

By paying 5 or 10 years of premiums, you can pave a brighter future for your child with ease.

 Build education reserve through cash coupons

The Plan will pay a guaranteed cash coupon1 on the policy anniversary immediately following the insured’s 18, 19, 20 and 21th birthdays. Each guaranteed cash coupon is equivalent to 30% of the sum assured, offering you ample means to support your child’s tertiary education. Alternatively, you may leave the guaranteed cash coupons in the policy to earn interest2.

 Flexible use of dividends

You will receive a non-guaranteed dividend2 on every policy anniversary while the policy is in force. You can choose to leave the non-guaranteed dividends in the policy to earn interest2. Alternatively, you may withdraw1 that or use that to pay future premiums.

 Accumulate wealth through guaranteed cash value

Starting from the 2nd policy anniversary, the Plan’s guaranteed cash value will grow over the policy years to help you accumulate wealth. You can apply for policy loan to borrow part of the 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.

 Allow your child to plan ahead

You can opt to convert the Plan to a designated new whole life insurance plan within 30 days after the policy maturity. The sum assured of the new plan will be up to 3 times of the sum assured of the Plan at policy maturity, allowing your child to plan ahead for the future.

 Life protection for your loved ones

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 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), and the accumulated non-guaranteed dividends2 and interest2 (if any), less all indebtedness (if any).

Product Details

Wonderful Life Education Savings Plan

Issue age 15 days to age 11
Benefit term To age 21 of the insured
Premium payment term3 5 years or 10 years
Premium payment mode Annual, semi-annual, quarterly, monthly4, annual and premium prepayment5
Policy currency HKD or USD
Minimum sum assured HKD50,000 or USD6,250


  1. You may withdraw the dividends and/or cash coupons at any time without any charge, however, the policy value and death benefit may be affected in case of withdrawal.
  2. 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 dividend 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.
  3. In addition to premiums, you have to pay a policy fee of HKD200/USD25 (subject to policy currency) per year during the premium payment term.
  4. 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.
  5. 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 premiums once only. The current interest rate of prepaid premium is 3% p.a. and this interest rate is not guaranteed.

Important Information

The above information is for reference only. The detailed terms, conditions and exclusions of the Plan are subject to the relevant policy contract.

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