Grand Fortune Whole Life Protection Plan
Underwritten by: Hong Kong Life Insurance Limited
Appointed Licensed Insurance Agency: Chong Hing Bank Limited, CMB Wing Lung Bank Limited, OCBC Bank (Hong Kong) Limited and Shanghai Commercial Bank Limited
Grand Fortune Whole Life Protection Plan (Lite)
Underwritten by: Hong Kong Life Insurance Limited
Appointed Licensed Insurance Agency: OCBC Bank (Hong Kong) Limited and Shanghai Commercial Bank Limited
Policy Reverse Mortgage Programme – Eligible Life Insurance Plan
Fulfilling Life with Grand Fortune 
With continuous effort over the years, you have created abundant wealth that you wish to preserve and pass on to your future generations. Grand Fortune Whole Life Protection Series# (the "Plan") not only facilitates you to manage your asset with peace of mind, but also grows your wealth steadily, allowing you to build a solid financial foundation for your beloved ones and future generations to flourish their life.
# Grand Fortune Whole Life Protection Series includes Grand Fortune Whole Life Protection Plan and Grand Fortune Whole Life Protection Plan (Lite)
Single Premium Simple Management
Simply pay a lump sum of premium and you can start your financial planning with whole life protection. The Plan offers two types of benefit class to cater for your different needs on premium budget, protection and savings.
Two Types of Underwriting Option
Grand Fortune Whole Life Protection Plan (Lite) specially offers simplified underwriting option. You only need to answer simple health questions with no medical examination required for application.
Besides, you can also apply for Grand Fortune Whole Life Protection Plan through full underwriting method to enjoy better life protection with lower premiums1.
Double Dividends Additional Return
The Plan not only provides Guaranteed Cash Value, Annual Dividend (non-guaranteed)2 may also be distributed annually in terms of cash starting from the 1st Policy Anniversary. You can choose cash withdrawal or leaving it with the Policy for interest accumulation2 to meet your personal needs.
In addition, Terminal Dividend (non-guaranteed)2 may be payable at or after the end of 3rd Policy Year when the Policy is fully surrendered by the Policyowner or upon the death of the Life Insured, whichever is earlier.
When the Policy is partially surrendered by the Policyowner, Terminal Dividend (non-guaranteed)2 may be payable at or after the end of 3rd Policy Year. The payable amount is equal to the Terminal Dividend (non-guaranteed)2 attributable to the reduced portion of Sum Assured. Terminal Dividend (non-guaranteed)2 will not accumulate in the Policy.
Flexible Wealth Management to Plan for the Future
The Policyowner may make a one-off or regular withdrawal from the cash value of the Policy (including the Guaranteed Cash Value (if any), Accumulated Dividends and Interest (non-guaranteed)2,3(if any) and Terminal Dividend (non-guaranteed)2(if any)) according to his/ her needs in order to fulfill the dreams like children's education and fruitful retirement, etc. However, the future cash value of the Policy will be reduced accordingly.
After the Policy has acquired a Guaranteed Cash Value, the Policyowner can opt for Partial Surrender4 to withdraw the Guaranteed Cash Value and Terminal Dividend (non-guaranteed)2(if any) attributable to the reduced portion of Sum Assured of the Policy.
Two Types of Benefit Class to Match Your Life Planning
Grand Fortune Whole Life Protection Plan and Grand Fortune Whole Life Protection Plan (Lite) offer two types of benefit class for you to choose according to your financial planning and protection needs. When the Life Insured dies, the Total Death Benefit will be paid to the Beneficiary as below:
| Grand Fortune Whole Life Protection Plan | ||
|---|---|---|
| Benefit Class | Feature | Total Death Benefit |
| Grand Fortune Whole Life Protection Plan – 100 | Full underwriting and protection oriented | 100% of Sum Assured, plus Accumulated Dividends and Interest (non-guaranteed)2,3(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any). |
| Grand Fortune Whole Life Protection Plan – 50 |
|
100% of Total Premiums Paid or applicable percentage of Sum Assured stated in the below Schedule of Death Benefit (whichever is greater), plus Accumulated Dividends and Interest (non-guaranteed)2,3(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any). |
Schedule of Death Benefit:
(applicable to Grand Fortune Whole Life Protection Plan – 50)
| The Life Insured's death occurs: | Percentage of Sum Assured |
| At or before the end of the 15th Policy Year | 100% |
| Within the 16th Policy Year | 95% |
| Within the 17th Policy Year | 90% |
| Within the 18th Policy Year | 85% |
| Within the 19th Policy Year | 80% |
| Within the 20th Policy Year | 75% |
| Within the 21st Policy Year | 70% |
| Within the 22nd Policy Year | 65% |
| Within the 23rd Policy Year | 60% |
| Within the 24th Policy Year | 55% |
| Within the 25th Policy Year and thereafter | 50% |
| Grand Fortune Whole Life Protection Plan (Lite) | |||
|---|---|---|---|
| Benefit Class | Feature | Total Death Benefit | |
| Grand Fortune Whole Life Protection Plan (Lite) – 100 | Simplified underwriting and protection oriented | Applicable to the Life Insured with issue age 18-55 |
Policy Year 1-2: From Policy Year 3: 100% of Sum Assured, plus Accumulated Dividends and Interest (non-guaranteed)2,3(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any). |
| Applicable to the Life Insured with issue age 56-60 |
Policy Year 1-4:
From Policy Year 5: 100% of Sum Assured, plus Accumulated Dividends and Interest (non-guaranteed)2,3(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any). |
||
| Grand Fortune Whole Life Protection Plan (Lite) – 50 |
|
Applicable to the Life Insured with issue age 18-55 |
Policy Year 1-2: 100% of Total Premiums Paid, plus Accumulated Dividends and Interest (non-guaranteed)2,3(if any), less Indebtedness (if any).
From Policy Year 3: 100% of Total Premiums Paid or applicable percentage of Sum Assured stated in the below Schedule of Death Benefit (whichever is greater), plus Accumulated Dividends and Interest (non-guaranteed)2,3(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any). |
|
Applicable to the Life Insured with issue age 56-60 |
Policy Year 1-4: 100% of Total Premiums Paid, plus Accumulated Dividends and Interest (non-guaranteed)2,3(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any).
From Policy Year 5: 100% of Total Premiums Paid or applicable percentage of Sum Assured stated in the below Schedule of Death Benefit (whichever is greater), plus Accumulated Dividends and Interest (non-guaranteed)2,3(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any). |
||
Schedule of Death Benefit:
(applicable to Grand Fortune Whole Life Protection Plan (Lite) – 50)
| The Life Insured's death occurs: | Percentage of Sum Assured |
|
From the 3rd Policy Year till the 15th Policy Year From the 5th Policy Year till the 15th Policy Year |
100% |
| Within the 16th Policy Year | 95% |
| Within the 17th Policy Year | 90% |
| Within the 18th Policy Year | 85% |
| Within the 19th Policy Year | 80% |
| Within the 20th Policy Year | 75% |
| Within the 21st Policy Year | 70% |
| Within the 22nd Policy Year | 65% |
| Within the 23rd Policy Year | 60% |
| Within the 24th Policy Year | 55% |
| Within the 25th Policy Year and thereafter | 50% |
In case of Partial Surrender, the Sum Assured shall be reduced proportionally based on the percentage of Guaranteed Cash Value and Terminal Dividend (non-guaranteed)2(if any) being withdrawn for the Partial Surrender. Upon the reduction of Sum Assured, the Total Premiums Paid, Guaranteed Cash Value, Annual Dividend (non-guaranteed)2(if any) and Terminal Dividend(non-guaranteed)2(if any) of this Plan shall be reduced proportionately. Total Death Benefit shall also be adjusted accordingly.
Change of Life Insured5 (Only applicable to corporate customers)
Keyman insurance is applicable to company for business continuity planning. While the Plan is in force and the Life Insured is alive, corporate business entity Policyowner may change the Life Insured at any time after the 1st Policy Anniversary.
Flexible Death Settlement Options6
The Plan provides flexible Death Benefit Settlement Options6. Instead of receiving the Death Benefit in a lump sum payment, Policyowner can designate one of the following settlement options while the Plan is in force and the Life Insured is alive to settle the Death Benefit to the Beneficiary.
- Installment Payments (Fixed Amount)
Death Benefit will be paid in fixed amount at regular intervals (monthly, quarterly, semi-annually or annually). - Installment Payments (Fixed Period)
Death Benefit will be paid in installments (monthly, quarterly, semi-annually or annually) for an agreed fixed payment period. - Partial Installment Payments (Fixed Amount)
A designated percentage of Death Benefit will be paid in a lump sum. The unpaid balance of Death Benefit will be paid in fixed amount at regular intervals (monthly, quarterly, semi-annually or annually). - Partial Installment Payments (Fixed Period)
A designated percentage of Death Benefit will be paid in a lump sum. The unpaid balance of Death Benefit to be paid in installments (monthly, quarterly, semi-annually or annually) for an agreed fixed payment period. - Partial Installment Payments until the Designated Age of the Beneficiary
Death Benefit will be paid in fixed amount at regular intervals (monthly, quarterly, semi-annually or annually) before the Designated Age of the Beneficiary. The unpaid balance of Death Benefit (if any) will be paid in a lump sum at the Designated Age of the Beneficiary. - Increasing Installment Payments
Death Benefit will be paid by increasing installments (monthly, quarterly, semi-annually or annually). Death Benefit will be paid in a specified amount for the first installment. The subsequent installments will be increased by 3% each year starting from the second year until Death Benefit is fully settled.
Additional Item
The Policyowner can enjoy one of the following allowances7 of up to HKD8,000/USD1,000 after the expiry of cooling off period and during the first 3 Policy Year while the Policy is in force.
- Tax or Legal Advisory Allowance for Legacy Planning7
- Health Check-up Allowance7
| Grand Fortune Whole Life Protection Plan | Grand Fortune Whole Life Protection Plan (Lite) | |
| Underwriting Method | Full underwriting | Simplified underwriting |
| Premium Payment Term | Single Premium | |
| Issue Age* | Age 0 (15 days after birth) to 75 | Age 18 to 60 |
| Policy Currency | USD | |
| Benefit Term | Whole Life | |
| Minimum Sum Assured | USD500,000 | |
| Maximum Sum Assured | Subject to underwriting result |
Applicable to the Life Insured with issue age 18-55: USD3,000,000 Applicable to the Life Insured with issue age 56-60: USD1,000,000 |
* Age means age of the Life Insured at the last birthday
- Under the circumstance of the same Life Insured with same Sum Assured, the premium, policy value and Total Death Benefit of Grand Fortune Whole Life Protection Plan and Grand Fortune Whole Life Protection Plan (Lite) are different. For details of premiums, policy values and Total Death Benefit, please refer to the Insurance Proposal.
- Annual Dividend, the annual interest accumulation rate and Terminal Dividend are not guaranteed and may be changed from time to time. Past performance is not indicative of future performance. The actual amount payable may be higher or lower than those illustrated in the Insurance Proposal. Hong Kong Life reserves the right to change them from time to time. The Annual Dividend and/or interest withdrawn will no longer be accumulated as part of the Total Surrender Value and the Total Death Benefit of the Policy. The Total Surrender Value and the Total Death Benefit of the Policy will be reduced accordingly.
- Accumulated Dividends and Interest means the aggregate of (1) the total amount of distributed Annual Dividend left with Hong Kong Life (if any); and (2) the total amount of interest accumulated on any distributed Annual Dividend left with Hong Kong Life.
- If Partial Surrender is exercised in the Policy, the Sum Assured shall be reduced proportionally based on the percentage of Guaranteed Cash Value and Terminal Dividend (if any) being withdrawn for the Partial Surrender. Upon the reduction of Sum Assured, the Total Premiums Paid, Guaranteed Cash Value, Annual Dividend (if any) and Terminal Dividend (if any) of the Plan shall be reduced proportionately. Total Death Benefit shall also be adjusted accordingly. Partial Surrender is subject to the terms and conditions, and the then administrative rules as determined by Hong Kong Life from time to time. For detailed terms and conditions, please refer to the policy document issued by Hong Kong Life.
- Change of Life Insured is only applicable if the Policyowner is a corporate business entity where the policy is set up in relation to a business succession and planning strategy and it is subject to the terms and conditions, and the then underwriting and administrative rules as determined by Hong Kong Life from time to time. A change of Life Insured may trigger consequential adjustments in the Sum Assured, Guaranteed Cash Value, Annual Dividend (if any), Terminal Dividend (if any), and Total Premiums Paid, subject to the then underwriting and administrative rules as determined by Hong Kong Life at its absolute discretion. Death Benefit shall also be adjusted accordingly. The adjusted Sum Assured must meet the minimum and maximum Sum Assured requirements as determined by Hong Kong Life from time to time. The Policy Year will remain unchanged after the change of Life Insured, the Death Benefit by Policy Year will continue to apply (applicable to Grand Fortune Whole Life Protection Plan – 50, Grand Fortune Whole Life Protection Plan (Lite) – 100 and Grand Fortune Whole Life Protection Plan (Lite) – 50). At the time Hong Kong Life receive the written request, the proposed New Life Insured's age must not be over 75 (applicable to Grand Fortune Whole Life Protection Plan) or 60 (applicable to Grand Fortune Whole Life Protection Plan (Lite)). Also, evidence of insurability including the insurable interest for the proposed New Life Insured shall be submitted. In addition, the New Life Insured and the Previous Life Insured must be alive on the date of endorsement. All Supplementary Benefit(s) (if any) for the Previous Life Insured will be terminated automatically on the date of endorsement and no unearned premium shall be refunded. The relevant Supplementary Benefit(s) can be applied in respect of the New Life Insured subject to the underwriting rules and requirements as determined by Hong Kong Life from time to time. For detailed terms and conditions, please refer to the policy document issued by Hong Kong Life.
- Death Benefit Settlement Options are only applicable in the event of the death of the Life Insured after the Premium Payment Term and all premiums due have been paid, and subject to the terms and conditions, and the then administrative rules as determined by Hong Kong Life from time to time. For detailed terms and conditions, please refer to the policy document issued by Hong Kong Life.
- This item is only payable once either for (i) one time of professional consultation service on Policyowner's tax or legacy planning provided by a legal firm or an accounting firm practicing in Hong Kong or (ii) one time of health check-up received by Policyowner from a qualified service provider in Hong Kong. The amount of this allowance is up to HKD5,000 / USD625 (applicable to the Policy with Total Premiums Paid of below USD500,000 while the policy is issued) or HKD8,000 / USD1,000 (applicable to the Policy with Total Premiums Paid of USD500,000 or above while the policy is issued). Tax or Legal Advisory Allowance for Legacy Planning / Health Check-up Allowance is included in the Plan but not part of the coverage. The availability of this item is not guaranteed. The details of this item will be provided along with the policy document. Hong Kong Life reserves the right to cancel or amend the said item at its sole discretion. Hong Kong Life reserves the right of final decision in case of any dispute.
Please note that the Plan is an eligible life insurance plan under PRMP, but it does not necessarily mean that your PRMP application will be approved. The eligibility of the Plan under the PRMP is based on the features of the product. Therefore, you and your life insurance policy are still required to meet all the eligibility requirements under PRMP before you apply for the policy reverse mortgage loan.
The general information provided on PRMP is for your reference only, and you should not make any decisions based on such information alone. You should always seek for advice from professional bodies if you have any doubts. Please note that the information provided is subject to change including the eligibility criteria for PRMP. Hong Kong Life does not take any responsibility to inform you about any changes and how they may affect you. The Policy Reverse Mortgage Programme is operated by HKMC Insurance Limited, a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited. For further information, please refer to The Hong Kong Mortgage Corporation Limited website: www.hkmc.com.hk.
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Basic Plan
Risk
Exchange Rate Risk
You are subject to exchange rate risks for the Policy denominated in currencies other than the local currency. Exchange rates fluctuate from time to time. You may suffer a loss of your benefit values and the subsequent premium payments (if any) may be higher than your initial premium payment as a result of exchange rate fluctuations.
Liquidity Risk / Long Term Commitment
If you partially surrender or terminate the Policy in early years, a loss of the premium paid may be resulted.
The premium of the Plan should be paid in full for the whole payment term. If you discontinue the payment, the Policy may lapse and a loss of the premium paid may be resulted.
Credit Risk of Issuer
The life insurance product is issued and underwritten by Hong Kong Life. The premium to be paid by you would become part of the assets of Hong Kong Life and that you and your Policy are subject to the credit risk of Hong Kong Life. In the worst case, you may lose all the premium paid and benefit amount.
Market Risk
The amount of dividends (if any) of the Plan depends principally on the factors including investment returns, claim payments, policy persistency rates, operation expenses and tax; while the annual interest accumulation rate principally depends on the factors including investment performance and market conditions. Hence the amount of dividends (if any) and annual interest accumulation rate are not guaranteed and may be changed over time. The actual dividends payable and annual interest accumulation rate may be higher or lower than the expected amount and value at the time when the Policy was issued.
Inflation Risk
When reviewing the values shown in the Insurance Proposal, please note that the cost of living in the future is likely to be higher than it is today due to inflation.
Important Policy Provisions
Suicide
If the Life Insured commits suicide, while sane or insane, within one (1) year from the Issue Date or date of any reinstatement, whichever is later, the liability of Hong Kong Life shall be limited to a refund of paid premiums to the Beneficiary without interest less any existing Indebtedness. In the case of reinstatement, such refund of premium shall be calculated from the date of reinstatement.
(Only applicable to corporate customers)
Upon the change of Life Insured, if the New Life Insured commits suicide, while sane or insane, within one (1) year from the date of endorsement or date of any reinstatement, whichever is later, the liability of Hong Kong Life shall be limited to (i)(a) a refund of the Total Premiums Paid for the Plan (without interest) or (i)(b) the Guaranteed Cash Value and Terminal Dividend (if any), whichever is greater, plus (ii) Accumulated Dividends and Interest (if any), less (iii) Indebtedness (if any).
Incontestability
The validity of the Policy shall not be contestable except for (i) the non-payment of premiums, (ii) fraud or (iii) misstatement of age and/or sex as specified in the Misstatement of Age and/or Sex provisions, after it has been in force during the lifetime of the Life Insured for two (2) years from the Issue Date or the date of any reinstatement, whichever is later. Premiums paid will not be refunded should the Policy be voided by Hong Kong Life.
(Only applicable to corporate customers)
Upon the change of the Life Insured, Hong Kong Life shall not contest the validity of the Policy after the change has been in force during the lifetime of the New Life Insured for two (2) years from the date of endorsement or date of any reinstatement, whichever is later, except for (i) fraud or (ii) misstatement of Age and/or sex as specified in the "Misstatement of Age and/or Sex" clause of the General Provisions of the Policy. Premiums paid will not be refunded should the Policy be voided by Hong Kong Life.
Automatic Termination
The Plan shall terminate automatically:
- upon the death of the Life Insured; or
- if and when the Plan is fully surrendered; or
- if and when the Indebtedness of the Policy equals to or exceeds the Guaranteed Cash Value.
Others
Insurance Costs
The Plan is an insurance plan with a savings element. Part of the premium pays for the insurance and related costs (if any).
Cooling-off Period
If you are not satisfied with your Policy, you have a right to cancel it within the cooling-off period and obtain a refund of any premium(s) and levy(ies) paid (in the original payment currency) to Hong Kong Life without any interest. A written notice signed by you should be received directly by Hong Kong Life Insurance Limited at 15/F Cosco Tower, 183 Queen's Road Central, Hong Kong within the cooling-off period (that is, the period of 21 calendar days immediately following either the day of delivery of the Policy or the Cooling-off Notice to you or your nominated representative (whichever is the earlier)). After the expiration of the cooling-off period, if you cancel the Policy, the projected Total Surrender Value (if applicable) may be less than the Total Premiums Paid.
Dividends
Hong Kong Life determines the amount of divisible surplus that will be distributed in the form of dividends. Dividends will be determined and distributed according to the Policy's terms and conditions and in compliance with the relevant legislative and regulatory requirements as well as relevant actuarial standards, whereas Terminal Dividend is available for certain types of policies and payable at the termination of the policies.
The amount of divisible surplus depends principally on the factors including investment returns, claim payments, policy persistency rates, operation expenses and tax. Hence the amount of dividends is not guaranteed and may be changed over time. The actual dividends payable may be higher or lower than the expected amount at the time when the policies were issued. The withdrawal of dividends will decrease the Total Surrender Value and Total Death Benefit of the Policy.
Partial Surrender
In case of Partial Surrender, the Guaranteed Cash Value and Terminal Dividend of the Policy will be decreased accordingly. This will also decrease the Sum Assured, Total Surrender Value, Total Death Benefit, Annual Dividend and other benefits (if applicable) of the Policy.
Policy Loan
After the Plan has acquired a Guaranteed Cash Value and while the Policy is in force, the Policyowner may, upon the sole security and satisfactory assignment of the Policy to Hong Kong Life, apply for a Policy Loan from the Plan. Any loan on the Policy shall bear interest at a rate declared by Hong Kong Life from time to time. Interest on the loan shall accrue and compound daily from the date of loan. The Policy Loan Interest Rate is not guaranteed and will be changed from time to time. The loan and the interest accrued thereon shall constitute Indebtedness against the Policy. Interest shall be due on each Policy Anniversary subsequent to the date of loan. In the event that the Indebtedness of the Policy equals to or exceeds the Guaranteed Cash Value, the Policy will terminate. Any Policy Loan and accrued loan interest may reduce the Total Surrender Value and Total Death Benefit of the Policy.
Non-Protected Deposit
The Plan is not equivalent to, nor should it be treated as a substitute for, time deposit. The Plan is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.
Dispute on Selling Process and Product
Chong Hing Bank Limited, CMB Wing Lung Bank Limited, OCBC Bank (Hong Kong) Limited and Shanghai Commercial Bank Limited (collectively "Appointed Licensed Insurance Agencies" and each individually "Appointed Licensed Insurance Agency") are the Appointed Licensed Insurance Agency of Hong Kong Life, and the life insurance product is a product of Hong Kong Life but not the Appointed Licensed Insurance Agencies. In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between the Appointed Licensed Insurance Agency and the customer out of the selling process or processing of the related transaction, Appointed Licensed Insurance Agency is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the life insurance product should be resolved between Hong Kong Life and the customer directly.
The above information is for reference and is applicable within Hong Kong only. Unless otherwise specified, the defined terms used in the above information should have the same meanings as given to them in the policy document. If there is any conflict between the above information and the policy document, the latter shall prevail. The copy of the policy document is available upon request. Before applying for the insurance plan, you may refer to the contents and terms of the policy document. You may also seek independent and professional advice before making any decision.