Life Insurance
Underwritten by: Hong Kong Life Insurance Limited
Appointed Insurance Agency: Chong Hing Bank Limited, CMB Wing Lung Bank Limited, OCBC Wing Hang Bank Limited and Shanghai Commercial Bank Limited

Your Lifelong Protection and Commitment

The Chinese proverb says: "Repair the house before it rains". Promising your beloved a comprehensive, safe protection and a wonderful life is vital to them.

Hong Kong Life cares your needs and cordially introduces a comprehensive whole life protection plan, Whole Life Protection Plus (the "Plan") to you and your family to relieve your family's heavy financial burden brought by misfortune.

Comprehensive Protection without Worries

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)1,2(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any) and Total and Permanent Disability Benefit3 already paid (if any) will be paid to the Policy Beneficiary. Also, the Plan provides Total and Permanent Disability Benefit3, Extra Accidental Death Benefit4 and Protect-Me-Again Option5 to give you and your family extra peace of mind.

Total and Permanent Disability Benefit3

If the Life Insured becomes totally and permanently disabled due to injury or sickness and loses his/ her working ability for 6 consecutive months or above, the following benefits will be paid:

    • Monthly Benefit

      An advance monthly cash payment which is equal to 1% of the Sum Assured of the Plan will be paid to a maximum period of 12 months. If the Life Insured is still totally and permanently disabled after the 12 months, a lump sum cash payment which is equal to the Sum Assured of the Plan less any benefit already paid will be payable to alleviate your financial difficulties.

    • Waiver of Premium Benefit

      During the payable period of Total and Permanent Disability Benefit and within the Premium Payment Term of the Basic Plan, the basic premium of the Plan will be waived to give you peace of mind.

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.

Besides, if the Life Insured is diagnosed to have Terminal Illness6 or Major Burns7, a lump sum cash payment which is equal to the Sum Assured of the Plan will be advanced provided that no benefit payment is made under Total and Permanent Disability Benefit for your immediate financial support. The Plan shall terminate automatically when the Total and Permanent Disability Benefit has been fully paid.

Extra Accidental Death Benefit4

If the Life Insured dies because of accident before the Policy Anniversary on or immediately following the Life Insured's 60th birthday, an extra cash payment which is equal to the Sum Assured of the Plan will be paid to the Policy Beneficiary to relieve the financial burden.

Protect-Me-Again Option5 for Extra Peace of Mind

Within 30 days after the first Total and Permanent Disability Benefit is paid, the Life Insured can apply for another permanent life plan as accepted by Hong Kong Life without evidence of insurability. The Sum Assured of the new plan is up to the Sum Assured of the Plan with a maximum limit of HKD8,000,000 or USD1,000,000 per Life Insured.

Enjoy Additional Return

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

In addition, Terminal Dividend (non-guaranteed)2 may be payable starting from the 10th Policy Anniversary when the Policy is surrendered by the Policyowner, the Life Insured dies or upon Policy Maturity, whichever is earlier.

Flexible Premium Payment Term for Your Better Budgeting

The Plan provides 2 choices of Premium Payment Term; you can choose to pay until aged 65 or 1008 of the Life Insured to suit your personal needs.

Fixed Premium for Your Better Planning

The premium rate will remain unchanged throughout the Premium Payment Term allowing you to have a better plan for your future.

Flexible Choice of Riders9 to Meet Your Needs

You may enhance your coverage by attaching different riders9 to the Policy including Term Life Benefit, Medical Benefit, Dread Disease Benefit, Accidental Benefit and Payor Benefit to fit your personal needs.

Premium Payment Term To aged 65* of the Life Insured To aged 100* of the Life Insured
Issue Age* Aged 0 (15 days after birth) to 45 Aged 0 (15 days after birth) to 80
Policy Currency HKD / USD
Benefit Term Until aged 100 of the Life Insured
Minimum Sum Assured HKD80,000 / USD10,000
Maximum Sum Assured Aged 0 (15 days after birth) to 70*: not applicable
Aged 71 to 80*: HKD1,200,000 / USD150,000
(Calculated based on the total Sum Assured in Hong Kong Life per Life Insured)
Premium Payment Mode Annual / Semi-annual / Quarterly / Monthly

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

  1. 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.
  2. 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 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. 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) 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 benefit payable. Hong Kong Life reserves the right to cancel the Benefit at any time by giving 30 days' notice in writing to the Policyowner. In case the Life Insured changes his occupation or job duty to one classified by Hong Kong Life as more hazardous than that stated in the application for or in subsequent endorsement, the Policyowner and/or the Life Insured shall immediately notify Hong Kong Life in writing. In case the occupation or job duty the Life Insured has changed to is one classified as non-insurable by Hong Kong Life, Hong Kong Life shall terminate the Benefit. Hong Kong Life shall not be liable for any claims arising after such change of occupation for which Hong Kong Life is not notified. For details of the Benefit, please refer to the policy document issued by Hong Kong Life.
  4. The Benefit is only applicable to the Life Insured of aged 55 or below at the time of Policy application. The indemnity of the Benefit should not exceed HKD 1,000,000 / USD 125,000 (applicable to the Life Insured of aged 0 to 16 at the time of Policy application) or HKD 3,200,000 / USD 400,000 (applicable to the Life Insured of aged 17 to 55 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) on the Policy Anniversary on or immediately following the Life Insured's 60th birthday. Hong Kong Life reserves the right to cancel the Benefit at any time by giving 30 days' notice in writing to the Policyowner. In case the Life Insured changes his occupation or job duty to one classified by Hong Kong Life as more hazardous than that stated in the application for or in subsequent endorsement, the Policyowner and/or the Life Insured shall immediately notify Hong Kong Life in writing. In case the occupation or job duty the Life Insured has changed to is one classified as non-insurable by Hong Kong Life, Hong Kong Life shall terminate the Benefit. Hong Kong Life shall not be liable for any claims arising after such change of occupation for which Hong Kong Life is not notified. For details of the Benefit, please refer to the policy document issued by Hong Kong Life.
  5. This option can only be exercised once and must be exercised within 30 days after the first Total and Permanent Disability Benefit is paid. The Premium of the new plan is calculated according to the Life Insured's attained age. This option is not applicable to the Life Insured who has received Total and Permanent Disability Benefit due to Terminal Illness or Major Burns.
  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. Major Burns means Third Degree Major Burns, i.e. damages of head not less than 8% of total body surface area or damages of body not less than 20% of total body surface area.
  8. The Policy will be terminated if the Policyowner cannot settle the premium payable 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.
  9. 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. engaging in or taking part in (a) driving or riding in any kind of race; (b) professional sports; (c) underwater activities involving the use of breathing apparatus; (d) flying or other aerial activity except as a fare-paying passenger in a commercial aircraft;
  6. Injury occurring while or because the Life Insured is affected by alcohol or any drug;
  7. poison, gas or fumes whether voluntarily or involuntarily taken;
  8. disease or infection (except infection which occurs through an accidental cut or wound), including infection with any Human Immunodeficiency Virus (HIV) and/or any HIV-related illness including Acquired Immunodeficiency Syndrome (AIDS) and/or any mutations, derivations or variations thereof;
  9. 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. engaging in or taking part in (a) driving or riding in any kind of race; (b) professional sports; (c) underwater activities involving the use of breathing apparatus; (d) flying or other aerial activity except as a fare-paying passenger in a commercial aircraft;
  6. Injury occurring while or because the Life Insured is affected by alcohol or any drug;
  7. poison, gas or fumes whether voluntarily or involuntarily taken;
  8. disease or infection (except infection which occurs through an accidental cut or wound), including infection with any Human Immunodeficiency Virus (HIV) and/or any HIV-related illness including Acquired Immunodeficiency Syndrome (AIDS) and/or any mutations, derivations or variations thereof;
  9. 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, the benefit value (calculated in HKD) of the Policy may be substantially decreased; if USD appreciates substantially against HKD, 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.