Life Insurance
Underwritten by: Hong Kong Life Insurance Limited
Appointed Insurance Agency: CMB Wing Lung Bank Limited and Shanghai Commercial Bank Limited

Monthly Income for Blissful Retirement

You work hard in pursuit of excellent quality of life for you and your family when you are young. Do you want to maintain good living standard after retirement? A sagacious person like you would certainly start your retirement planning as early as possible. Retire-at-Ease Annuity Plan (The "Plan") is definitely your retirement solution. Through regular payment to accumulate your retirement fund steadily when you are young, you can then fully enjoy your blissful retirement life with a sustainable cash flow on a monthly basis.

Flexible Premium Payment Term1 and Accumulation Period

The Plan provides 2 options of Premium Payment Term1 , i.e. 6 years1 and 12 years1 . You can also choose the Accumulation Period, i.e. to aged 65 of the Life Insured or to aged 70 of the Life Insured to suit your retirement plan.

Monthly Income2 Brings You with No Worries

No matter which option of Premium Payment Term1 and Accumulation Period you have chosen, the Income Period of the Plan (i.e. starting from the Policy Anniversary immediately following the Life Insured's 65th or 70th birthday) can last until aged 100 of the Life Insured to provide you extra peace of mind. You may decide the specific amount of Guaranteed Monthly Income payable during the Income Period at the time of application to fit your personal needs. Besides, the Plan may provide extra Non-guaranteed Monthly Income3 to enhance the potential return of the Policy. You can choose cash withdrawal of the Guaranteed Monthly Income and Non-guaranteed Monthly Income3 every month or leaving them with the Policy for interest accumulation4. If accumulation with interest4 at the Policy is chosen, you may withdraw them anytime or upon Policy Maturity according to your personal needs.

Guaranteed Bonus for More Flexibility

By the commencement of the Income Period, a lump sum of Guaranteed Bonus will be paid for you to start your joyful retirement. You may choose cash withdrawal or leaving it with the Policy for interest accumulation4.

  Retire-at-Ease 65 Retire-at-Ease 70
Guaranteed Bonus Guaranteed Monthly Income x 6 Guaranteed Monthly Income x 12
Additional Return to Accelerate your Success

During the Income Period, Annual Dividend (non-guaranteed)5 may be distributed annually and its full amount will be left with the Policy for interest accumulation5. The total amount of distributed Annual Dividend left with Hong Kong Life and its accumulated interest (non-guaranteed)5 will then be used to pay for the Non-guaranteed Monthly Income3.

In addition, Terminal Dividend (non-guaranteed)5 may be payable starting from as early as the 7th Policy Anniversary when the Policy is surrendered by the Policyowner or the death of the Life Insured, whichever is earlier. Terminal Dividend (non-guaranteed)5 will be distributed from different Policy Anniversary according to the Premium Payment Term1 of the Plan as below:

Premium Payment Term1 Policy Anniversary
6 Years From 7th Policy Anniversary
12 Years From 10th Policy Anniversary
Life Protection and Flexible Settlement Option for Peace of Mind

If the Life Insured dies while the Plan is in force, the Total Death Benefit will be paid to the Policy Beneficiary.

Total Death Benefit
125% of Total Premiums Paid (subject to the maximum limit of 100% of Total Premiums Paid plus HKD100,000/USD12,500) less any distributed Guaranteed Bonus and distributed Guaranteed Monthly Income
or
100% of Guaranteed Cash Value as at the date of death of the Life Insured
(whichever is greater)
plus Accumulated Guaranteed Bonus (if any),
Accumulated Guaranteed Monthly Income (if any),
Accumulated Dividends and Interest (non-guaranteed)5,6 (if any) and
Terminal Dividend (non-guaranteed)5(if any),
less Indebtedness (if any).

In addition, the Plan provides flexible Death Benefit Settlement Options7. Instead of receiving the Death Benefit in a lump sum payment, Policyowner can designate other settlement options including Installment Payments (Fixed Amount) or Installment Payments (Fixed Period) while the Plan is in force and the Life Insured is alive to settle the Death Benefit to the Policy Beneficiary.

Additional Protection against Uncertainties
  • Accidental Death Benefit8
    The Plan provides complimentary Accidental Death Benefit8 for the first Policy Year. If the Life Insured dies because of accident, an extra benefit equals to 30% of the first year premium of the Plan will be paid to the Policy Beneficiary.
  • Accidental Waiver of Premium9
    The Plan also offers you complimentary Accidental Waiver of Premium9. If the Life Insured becomes totally and permanently disabled due to accident and loses his/her working ability before aged 60 for 6 consecutive months or above, premiums payable of the Plan will be waived within the period of disability.
Fixed Premium for Your Better Planning

The premium rate will remain unchanged throughout the Premium Payment Term1 allowing you to have a better plan for your future.

Simple Application

Application procedure is simple and no medical examination is required.

  Retire-at-Ease 65
(6-Year Pay)
Retire-at-Ease 70
(6-Year Pay)
Retire-at-Ease 65
(12-Year Pay)
Retire-at-Ease 70
(12-Year Pay)
Premium Payment Term1 6 Years 12 Years
Issue Age* Aged 0 (15 days after birth) to 54 Aged 0 (15 days after birth) to 48
Policy Currency HKD / USD
Benefit Term Until aged 100 of the Life Insured
Minimum Guaranteed Monthly Income HKD1,600 / USD200
Maximum Total Premiums Paid HKD20,000,000 / USD2,500,000
(Per Life Insured per Plan)
Premium Payment Mode Annual / Semi-annual / Quarterly / Monthly

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

How does Retire-at-Ease Annuity Plan provide you a blissful retirement?
Policyowner and Life Insured: Alan (Age 30)
Occupation: Engineer
Family Status: Newlywed
Current Family Monthly Income: HKD90,000
Expected Retirement Age: Age 65

Alan realizes that Hong Kong people are having longer lifespan and the risk of longevity should not be neglected. He wants to start his retirement planning as early as possible in order to have a fruitful retirement life and avoid becoming the family burden. He then insures for Retire-at-Ease 65. With regular premium payments at his young age, his retirement reserve is accumulated during the Accumulation Period. Upon commencement of the Income Period (i.e. starting from the Policy Anniversary immediately following his 65th birthday), monthly income will be distributed by the Plan. The sustainable cash flow ensures him a worry-free retirement life.

Assume that cash withdrawal is chosen for Guaranteed Bonus and Monthly Income Option:

The above example is for reference only. Please refer to the Insurance Proposal of the Plan for actual premium and more details.

^ Monthly Income includes Guaranteed Monthly Income and Non-guaranteed Monthly Income. Non-guaranteed Monthly Income, 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.

  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. Monthly Income includes Guaranteed Monthly Income and Non-guaranteed Monthly Income.
  3. Non-guaranteed Monthly Income is 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 it from time to time.
  4. The annual interest accumulation rate is 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 it from time to time.
  5. 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.
  6. Accumulated Dividends and Interest means the aggregate of (1) the total amount of distributed Non-guaranteed Monthly Income and Annual Dividend left with Hong Kong Life (if any); and (2) the total amount of interest accumulated on any distributed Guaranteed Bonus, Guaranteed Monthly Income, Non-guaranteed Monthly Income and Annual Dividend left with Hong Kong Life.
  7. Only applicable in the event of the death of the Life Insured after the Premium Payment Period 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.
  8. The Benefit is only applicable to the Life Insured who is Hong Kong resident. The indemnity of the Benefit should not exceed an aggregate maximum of HKD400,000/USD50,000 in respect of all Hong Kong Life's policies covering the Life Insured for the Benefit. The Benefit shall terminate automatically: (1) if and when the Benefit expires; or (2) if and when the Basic Plan terminates. For details of the Benefit, please refer to the policy document issued by Hong Kong Life.
  9. The Benefit is only applicable to the Life Insured who is Hong Kong resident and within the Premium Payment Term of the Basic Plan. In no event shall the premium waived exceed an aggregate maximum of HKD80,000/USD10,000 per calendar year in respect of all policies issued by Hong Kong Life covering the Life Insured for the Benefit. 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.

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

  1. suicide or 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. accident 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. 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 or is surrendered; 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 in the Policy Schedule; or
  5. if and when the Guaranteed Cash Value as shown in the Policy Schedule less Indebtedness (if any) is less than the premium required to maintain the Policy up to the next premium due date as specified in the Automatic Premium Loan provisions.

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 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.

Withdrawal of Cash Payments

The withdrawal of cash payments (including but not limited to guaranteed cash coupon (if any) and monthly incomes (if any) etc.) 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 in 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.

No Policy Loan is allowed on or after the date of commencement of the Income Period.

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.