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

Limited Offer

  • RMB Policy with choices of RMB or HKD settlement1
  • 2-year Premium Payment Term2 for 6-year life protection3
  • Guaranteed return is equal to 117.40%4 of the Total Premiums Paid (calculated in RMB)
  • Flexible premium payment arrangement5
  • First year free Accidental Death Benefit6 up to RMB400,000
  • Simple application and no medical examination is required
Example

Important: Below is a summary illustration of the Total Surrender Value and Total Death Benefit of the Policy and in no way affects the terms and conditions stated in the policy document.

Assuming the Principal Amount7 is RMB100,000

End of Policy Year
Total Premiums Paid
(RMB)
Total Surrender Value8
(RMB)
Total Death Benefit
(RMB)
1 50,000 35,000 50,000
2 100,000 80,000 102,000
3 100,000 85,000 102,000
4 100,000 90,000 102,000
5 100,000 100,000 102,000
6 100,000 117,400 117,400

The above example is for reference only. Please refer to the Insurance Proposal of Prime Saver 8 (the "Plan") for actual premium and more details.

Premium Payment Term 2 Years
Issue Age* Aged 0 (15 days after birth) to 80
Policy Currency RMB
Benefit Term 6 Years
Minimum Principal Amount7 RMB40,000
Maximum Principal Amount7 Aged 0 to 70* RMB8,000,000 (Per Life Insured per Plan)
Aged 71 to 75* RMB1,000,000
Aged 76 to 80* RMB500,000
Premium Payment Mode Annual

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

  1. The Policy Value and premium of the Plan are calculated in RMB. Customers can choose the settlement of the premium, Total Surrender Value and Total Death Benefit in RMB or HKD. If settlement of HKD is chosen, the conversion amount depends on the prevailing exchange rate which may change from time to time as determined by Hong Kong Life.
  2. 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 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.
  3. When the Plan is in force, during the 1st Policy Year, the Total Death Benefit is equal to 100% of the Total Premiums Paid. From the 2nd Policy Year to Policy Maturity, the Total Death Benefit is equal to 102% of the Total Premiums Paid or 100% of Guaranteed Cash Value as at the date of death of the Life Insured (whichever is greater). The Total Premiums Paid does not include the amount in the Premium Deposit Account.
  4. Upon the Policy Maturity, the guaranteed return is equal to 117.40% of the Total Premiums Paid (calculated in RMB). Assume the annual premium of the  second year is paid to the Premium Deposit Account in advance when paying the first year premium and the discount of the second year premium is 3.5%, the guaranteed return is equal to 119.49% of the Total Premiums Paid (calculated in RMB) upon the Policy Maturity.
  5. When paying the first year premium, the second year annual premium may be deposited in advance into the Premium Deposit Account at the same time with the first year premium payment in order to be eligible for 3.5% second year's premium discount. The exchange rate will be locked as at the date of deposit. The amount in the Premium Deposit Account will be debited automatically to pay premium on the premium due date of the 2nd Policy Year. No interest will be credited and no partial or full withdrawal is allowed for the amount in the Premium Deposit Account.
  6. The indemnity of the Benefit equals to 10% of Principal Amount of the Plan and should not exceed an aggregate maximum of RMB400,000 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.
  7. It is used to calculate Initial Premium, any subsequent premium, benefits and policy values (if any) of the respective Basic Plan and/or any Supplementary Benefit. Any subsequent change of the Principal Amount will result in corresponding change in premium, benefits and policy values (if any) of the respective Basic Plan and/or any Supplementary Benefit. The Principal Amount does not represent the amount of death benefit of the respective Basic Plan and/or any Supplementary Benefit.
  8. If the Policyowner surrenders his/her Policy prior to the Maturity Date for Total Surrender Value, which shall be equal to 100% of the Guaranteed Cash Value at that time, subject to the terms and conditions as determined by Hong Kong Life from time to time. The amount of Total Surrender Value may be less than the Total Premiums Paid. For the details on the calculation of the amount of Total Surrender Value and the relevant terms and conditions, please refer to the policy document.

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. 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 RMB, all benefit amount will be presented in RMB. If the benefit amount is received in terms of HKD, it is subject to the exchange rate between RMB and HKD as determined by Hong Kong Life at the time of payment. Due to the potential fluctuation of the exchange rate, if RMB depreciates substantially against HKD, the benefit value (calculated in HKD) of the Policy may be substantially decreased; if RMB appreciates substantially against HKD, the premium (calculated in HKD) of the Policy may be substantially increased.

Currency Risk

RMB is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to the rules, guidelines, regulations and conditions from the banks and/or Relevant Authorities from time to time. The actual conversion arrangement will depend on the restrictions prevailing at the relevant time.

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.

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.

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.

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.