Life Insurance
Underwritten by: Hong Kong Life Insurance Limited
Appointed Insurance Agency: Chong Hing Bank Limited

Smart Choice Turns Your Dream Real

Stepping forward and achieving personal target in life is everyone's great concern. Smart Plus Savings Protection Plan (The "Plan") not only features different benefit terms, but also includes Waiver of Premium Benefit and Terminal Illness Benefit to help you achieve savings target and receive comprehensive protection.

Saving Insurance Plan with Short Premium Payment Term

With 3 choices of Benefit Term, 10-year (5-year premium payment), 10-year (8-year premium payment), 15-year (12-year premium payment) and 20-year (15-year premium payment)1, you can choose the Sum Assured and Benefit Term based on your savings target and protection need. You will receive the cash payment which is equal to the Sum Assured, plus Accumulated Dividends and Interest (non-guaranteed)2,3(if any), less Indebtedness (if any) upon Policy Maturity to achieve your saving target.

Annual Dividend2 Providing Extra Return

Annual Dividend (non-guaranteed)2 may be distributed annually in terms of cash. You can choose cash withdrawal, leaving it with the Policy for interest accumulation2 or premium reduction to meet your personal needs.

Life Protection for Peace of Mind

If the Life Insured dies while the Plan is in force, the Total Death Benefit which is equal to the Sum Assured, plus Accumulated Dividends and Interest (non-guaranteed)2,3 (if any), less Indebtedness (if any) will be paid to the Policy Beneficiary. Life protection continues even when the Premium Payment Term ends to give you extra peace of mind.

Waiver of Premium Benefit4 to Secure Your Target

To secure your financial target, the Plan offers Waiver of Premium Benefit4. If the Life Insured becomes totally and permanently disabled due to injury or sickness and loses his/ her working ability before aged 60 for 6 consecutive months or above, premium of the Basic Plan will be waived within the period of disability until the end of the Premium Payment Term of the Basic Plan.

During the continuance of Total and Permanent Disability,

  1. no change in the Basic Plan or the mode of payment of premiums may be made; and
  2. subject to the then applicable rules of Hong Kong Life, any Supplementary Benefits attached to the Basic Plan shall terminate automatically.
Terminal Illness Benefit5 to Provide Financial Assistance

If the Life Insured is diagnosed to have Terminal Illness6 a lump sum cash payment which is equal to the Sum Assured of the Plan will be advanced to provide immediate financial assistance. The Plan shall terminate automatically when the Terminal Illness Benefit has been paid.

Flexible Choice of Rider7 to Meet Your Needs

You may enhance your coverage by attaching different riders7 to the Policy including Term Life Benefit, Medical Benefit, Accidental Benefit and Payor Benefit to fit your personal needs.

  Smart Plus 10 Smart Plus 15 Smart Plus 20
Premium Payment Term 5 Years 8 Years 12 Years 15 Years
Issue Age* Aged 0 (15 days after birth) to 70 Aged 0 (15 days after birth) to 65
Policy Currency HKD / USD
Benefit Term 10 Years 15 Years 20 Years
Minimum Sum Assured HKD100,000 / USD12,500
Premium Payment Mode Annual / Semi-annual / Quarterly / Monthly

* Age means age of the Life Insured at the last birthday

  1. The Policy will be terminated if the Policyowner cannot settle the premium payment before the end of the Grace Period during the Premium Payment Term, subject to the Automatic Premium Loan, Non-forfeiture Option and other relevant provisions of the Policy. For detailed terms and conditions, please refer to the policy document issued by Hong Kong Life. If the Policy is terminated before the Policy Maturity, the Total Surrender Value (if applicable) received by the Policyowner may be less than the Total Premiums Paid.
  2. Annual Dividend and the annual interest accumulation rate are not guaranteed and may be changed from time to time. Past performance is not indicative of future performance. The actual amount received may be higher or lower than the estimated amount. 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.
  3. 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.
  4. The Benefit is only applicable to the Life Insured of aged 55 or below at the time of Policy application and within the Premium Payment Term of the Basic Plan. The Benefit shall terminate automatically: (1) if and when the Benefit expires; or (2) if and when the Basic Plan terminates; or (3) on the Policy Anniversary on or immediately following the Life Insured's 60th birthday; or (4) on the occurrence of any claim under the Benefit which Hong Kong Life has admitted as payable. For details of the Benefit, please refer to the policy document issued by Hong Kong Life.
  5. The Benefit is only applicable to the Life Insured of aged 55 or below at the time of Policy application. The Benefit shall terminate automatically: (1) if and when the Benefit expires; or (2) if and when the Basic Plan terminates; or (3) if and when the Sum Assured under the Benefit has been paid; or (4) on the Policy Anniversary on or immediately following the Life Insured's 60th birthday. For details of the Benefit, please refer to the policy document issued by Hong Kong Life.
  6. Death of the Life Insured is highly probable within 12 months as a result of an illness and must be confirmed by Hong Kong Life's appointed medical officer.
  7. Application for riders must comply with the issue age requirement of the riders and are subject to normal underwriting procedures. Riders can be applied together with the Plan or at each Policy Anniversary. Riders will be terminated simultaneously when the Plan is terminated. For details of riders, please refer to the policy document issued by Hong Kong Life.

The Benefit shall not cover any claims caused directly or indirectly, wholly or partly, by any one of the following occurrences:

  1. self-inflicted injuries while sane or insane;
  2. war whether declared or undeclared or any act thereof, invasion, civil commotion, riots or any warlike operations;
  3. service in the armed forces in time of declared or undeclared war or while under orders for warlike operations or restoration of public order;
  4. violation or attempted violation of the law or resisting arrest or participation in any brawl or affray;
  5. childbirth, pregnancy, miscarriage or abortion.

The Benefit shall not cover any claims caused directly or indirectly, wholly or partly, by any one of the following occurrences:

  1. self-inflicted injuries while sane or insane;
  2. war whether declared or undeclared or any act thereof, invasion, civil commotion, riots or any warlike operations;
  3. service in the armed forces in time of declared or undeclared war or while under orders for warlike operations or restoration of public order;
  4. violation or attempted violation of the law or resisting arrest or participation in any brawl or affray;
  5. childbirth, pregnancy, miscarriage or abortion.

Risk

Exchange Rate Risk

If the Policy Value and premium of the Plan are calculated in USD, all benefit amount will be presented in USD. If the benefit amount is received in terms of HKD, it is subject to the exchange rate between USD and HKD as determined by Hong Kong Life at the time of payment. Due to the potential fluctuation of the exchange rate, if USD depreciates substantially against HKD, there is a risk that you may lose a substantial portion of the benefit value (calculated in HKD) of your Policy; if USD appreciates substantially against HKD, there is a risk that the premium (calculated in HKD) of the Policy may be substantially increased.

Liquidity Risk / Long Term Commitment

The Plan is designed to be held until the Maturity / Expiry Date. If you terminate the Policy prior to the Maturity / Expiry Date, 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 Plan is issued and underwritten by Hong Kong Life. Your Policy is 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.

This clause shall not apply to any Supplementary Benefit granting disability, accident or hospital benefits attached to the Policy unless stated otherwise in the contrary.

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 date of any reinstatement, whichever is later. Premiums paid will not be refunded should the Policy be voided by Hong Kong Life.

This clause shall not apply to any Supplementary Benefit granting disability, accident or hospital benefits attached to the Policy unless stated otherwise in the contrary.

Automatic Termination

The Plan shall terminate automatically:

  1. upon the death of the Life Insured; or
  2. if and when the Plan matures, is surrendered or converted to Reduced Paid-Up Insurance or Extended Term Insurance; or
  3. if and when a premium remains unpaid at the end of the Grace Period as specified in the General Provisions unless Automatic Premium Loan applies; or
  4. if and when the Indebtedness of the Policy equals to or exceeds the Guaranteed Cash Value as shown on the Policy Schedule.

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).

Policy Fee

Part of the premium of the Plan pays for the Policy Fee, the current annual Policy Fee is HKD240 / USD30.

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 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, 21 days after the delivery of the Policy or issue of the Cooling-off Right Notice (informing you/your representative about the availability of the Policy and Expiry Date of the cooling-off period), whichever is the earlier). After the expiration of the cooling-off period, if you cancel the Policy before the end of the term, 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.

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 as shown on the Policy Schedule, 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 Wing Hang Bank Limited and Shanghai Commercial Bank Limited (collectively "Appointed Insurance Agencies" and each individually "Appointed Insurance Agency") are the Appointed Insurance Agencies of Hong Kong Life, and the insurance product is a product of Hong Kong Life but not the Appointed 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 Insurance Agency and the customer out of the selling process or processing of the related transaction, Appointed 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. For terms and conditions, please refer to 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.