Whole Life Insurance protects you at every stage of life

 

Plan Features

Multiple potential returns to accelerate wealth building

The Plan is a participating insurance plan that offers you potential capital growth. Its policy value consists of 3 components: guaranteed cash value, non-guaranteed terminal dividend1  and total amount of terminal dividend management account² (if any).

 

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 5th policy anniversary upon certain events.

Total amount of terminal dividend management account² is equivalent to locked-in terminal dividend and interest³ (if any) less withdrawal amount (if any).

 

Flexible access to your wealth for matching your needs

To realize your financial goals, you can partially withdraw the guaranteed cash value and terminal dividend1 (if any) through reducing the basic amount⁴, while the policy value will be reduced accordingly while the total amount of terminal dividend management account² (if any) will remain unchanged.

 

Alternatively, you can apply for policy loan from China Life (Overseas) to loan out part of the guaranteed cash value when needed, while keeping the policy in force. Interest on policy loan which is not guaranteed will be charged at a rate determined by China Life (Overseas) from time to time.

 

Terminal dividend management option² to help you lock in gains

To facilitate your financial need, you can choose to exercise terminal dividend management option² within 30 days starting from every policy anniversary (including the date of policy anniversary) to lock in gains from part of your terminal dividend (if any) starting from the 15^th policy anniversary and every policy anniversary thereafter so as to respond to market fluctuation. The terminal dividend which is applied to lock in will be transferred to the terminal dividend management account and will become locked-in terminal dividend. The locked-in terminal dividend will then be guaranteed and will accumulate with interest³ at non-guaranteed rate of 3.9% per annum (USD policy) or 3.45% per annum ( HKD policy). China Life (Overseas) reserves the right to revise the rate from time to time.

 

Unlimited change of insured⁵ to pass on wealth across generations

China Life (Overseas) understand you wish to provide your loved ones with a secure financial future. This is why the Plan features the “change of insured option” 5, 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 ⁶ to sustain insurance coverage

You can designate a maximum of 2 contingent insureds⁶ at a time while the insured is alive and the policy is in force. In case the insured passes away, China Life (Overseas) 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 paid of the Plan; or
2. sum of guaranteed cash value and non-guaranteed terminal dividend1 (if any) of the Plan at the date of death of the insured,

plus the total amount of terminal dividend management account² (if any), less all indebtedness (if any).

The prepaid premium balance and its interest⁸ (if any) will also be returned to the beneficiary without charge.

Where the insured does not survive the age of 180 days, the death benefit will be all premium paid.

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

 

Death benefit settlement option

While the insured is alive, you can choose how the death benefit 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, 20 or 30 years.

 

For the instalment option, the remaining balance of death benefit 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 China Life (Overseas) from time to time. The accumulated interest³ will be paid together with the last instalment of death benefit. If the beneficiary dies during the settlement period of the death benefit, China Life (Overseas) will pay the remaining balance of the death benefit 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 (USD policy) or HKD400,000 (HKD policy), or the policyholder does not specify any settlement option, China Life (Overseas) will pay out the benefit amount to the beneficiary in a lump sum.

 

Simplified underwriting

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

 

Notes :

1. Terminal dividend is a one-off dividend and is non-guaranteed. Amount of terminal dividend shown in proposal illustration is just an indicative figure. Declared terminal dividend is not perpetually attached to the policy. It may be reduced or increased at subsequent declarations. Its actual amount will only be determined when it becomes payable. The actual amount may be lower or higher than the projected figure. Under some circumstances, actual amount of terminal dividend may be zero. The amount of terminal dividend is affected by various factors including but not limited to the performance of the underlying investments, so the amount is relatively volatile and will move up and down over time. China Life (Overseas) reserves the right to revise the terminal dividend from time to time. Past record is not necessarily indicative of future result.

 

Starting from the 5^th policy anniversary, 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 terminal dividend of the Plan on the date of death of the insured is higher than 105% of the accumulated premium due and paid of the Plan);

                          (ii)when the policy is surrendered; or

                        (iii)when the policy reaches the policy maturity date.

There may be a delay when exercising terminal dividend management option at the time of market volatility. The actual amount of the locked-in terminal dividend will only be determined after the application has been processed successfully by China Life (Overseas). Upon the completion of transferring the terminal dividend to the terminal dividend management account by China Life (Overseas) as per application, the terminal dividend (if any) of the relevant policy year will be adjusted accordingly. The terminal dividend (if any) of subsequent policy years will be adjusted accordingly with adjustment percentage subject to sole discretion of China Life (Overseas). Locked-in terminal dividend will not be allowed to be reset or reversed to terminal dividend. Total amount of terminal dividend management account is equivalent to locked-in terminal dividend and interest (if any) less withdrawal amount (if any).

3.  The interest and interest rate are not guaranteed. The actual benefits and/or returns may be lower or higher than estimates. China Life (Overseas) reserves the right to revise the interest rates from time to time.

4.  “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.  

5.     Both 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, terminal dividend management option, total amount of terminal dividend management account (if any) and indebtedness (if any) will remain unchanged after the change of insured.

6.     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, terminal dividend management option, total amount of terminal dividend management account (if any) and indebtedness (if any) will remain unchanged.

7.  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.

8. 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 USD12.5 / HKD 100. You can withdraw the unused prepaid premiums once only. The interest rate of prepaid premium is 4% per annum and this interest rate is guaranteed.

 

More details about the Legend Rich Insurance Plan 2022 (5), please refer to the Product Brochure.

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Wealth ICON Supreme III Insurance Plan
(The life insurance plan is underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability).)

 

Plan Features

Capture potential growth on your savings with peace of mind

Wealth ICON Supreme III Insurance Plan is conceived to secure your assets with addition of medium-to-long-term growth opportunities. Offering comprehensive benefits - a guaranteed cash value, annual dividends* (non-guaranteed) and special bonus* (non-guaranteed), it will give you the versatility you need to expand on your financial achievement for your dreams or a fulfilling retirement. For details, please refer to the section of dividend / bonus information & investment strategy.

 

*The actual amount of annual dividend(if any) and special bonus(if any) may change anytime, with the values being higher or lower than those projected figure. Under some circumstances, the non-guaranteed benefits may be zero.

 

Convenience of one-time payment for a lifetime of potential returns

To help you plan your financial future at ease, you only need to pay premium at one go to address your needs of saving and life insurance protection. Your Plan starts off with a relatively high guaranteed cash value, and provides the potential to achieve higher returns in long run.

 

You decide how you withdraw

Once your wealth has grown to a level you’re satisfied with, you choose when and how you withdraw (Note 1) in a lump sum or regular instalments* based on your goals or needs.

Legacy for many lifetimes

If your goal is to leave a sizeable legacy for your kids and grandkids, just keep accumulating your wealth. You can change the insured after the end of the 1^st policy year for unlimited times, to leave an ongoing legacy.

 

Split your policy as you wish

With the policy-split option, you can split your policy into two or more policies starting from the 5th policy anniversary as a legacy planning solution.

 

Secure your wealth

From the 15^th policy year, you can convert part of the special bonus into annual dividends by exercising the special bonus lock-in option under your Plan which enables you to secure your wealth.

 

* The future benefits will be reduced if withdrawals are made. If you exercise withdrawal in early policy years, the amount withdrawn together with the policy values remained in the policy may be considerably less than the total amount of premiums you paid. For details, please refer to Note 1.

 

Notes:

 

1)      Cash withdrawal

Any amount withdrawn will be taken from the accumulated annual dividends and interest (if any). If there is not enough value in the accumulated annual dividends and interest (if any), the remaining withdrawal amount will be taken from the guaranteed cash value and special bonus (if any) as a partial surrender. Any partial surrender will reduce the notional amount. The single premium paid, subsequent guaranteed cash value, annual dividends (if any) and special bonus (if any) will be reduced on a proportional basis from the effective date of partial surrender, according to the reduction in notional amount. Surrender benefit and death benefit will be reduced accordingly. If cash withdrawal and special bonus lock-in option are exercised on the same day, the special bonus will first be converted as part of accumulated annual dividends. 

 

You can apply for the regular withdrawal service by written application from the 1st policy anniversary and while the policy is still in effect. When the application is approved, the selected withdrawal amount will be directly credited to the designated account of policy owner. The minimum monthly withdrawal amount is HK$1,000 / US$125 / RMB800, and the maximum annual withdrawal amount is 5% of the policy value, which may be determined in FWD’s sole discretion from time to time. If you exercise the regular withdrawal service in early policy years, the amount withdrawn together with the policy values remained in the policy may be considerably less than the total amount of premiums you paid. FWD will terminate the regular withdrawal service if the notional amount after the withdrawal would be below the minimum amount prescribed by FWD. For detailed termination conditions of regular withdrawal service, please refer to the policy provisions.

 

More details about the the Wealth ICON Supreme III Insurance Plan, please refer to the Product Brochure.