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

Creating Wealth to grow for Generations

To easily achieve your savings targets and plan for the affluent future for you and your family, it is indispensable for you to have a dependable wealth solution. Wealth Accelerator Whole Life Protection Plan (The "Plan") is a life protection plan which caters to long term savings target and aims to accumulate your capital with potentially higher returns. The Plan also offers the change of Life Insured option which enables you to transfer your accumulated wealth to your offspring to gain further growth till aged 130 of the Initial Life Insured.

Short Premium Payment Term1 with Extended Life Protection

The Plan provides 3 choices of Premium Payment Term1, i.e. 3 years1, 6 years1 and 12 years1, with whole life protection until aged 130 of the Life Insured.

Enjoy 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 2nd 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 starting from the 4th Policy Anniversary when the Policy is surrendered by the Policyowner, the Life Insured dies or upon Policy Maturity, whichever is earlier.

Flexible Chage of Life Insured3 to Spread the Wealth across Generations

While the Plan is in force and the Life Insured is alive, Policyowner may change the Life Insured according to your plan for unlimited times starting from the 1st Policy Anniversary3. The Guaranteed Cash Value, plus Accumulated Dividends and Interest (non-guaranteed)2,4 (if any) will continue to accumulate in the Policy till aged 130 of the Initial Life Insured. This enables sufficient time for wealth accumulation and spread the wealth across generations.

Life Protection for Peace of Mind

When the Life Insured dies when the Plan is in force, the Total Death Benefit will be paid to the Policy Beneficiary as below.

Policy Year Total Death Benefit

1-2

(excluding the 2nd Policy Anniversary)

100% of Total Premiums Paid less Indebtedness (if any).

3 -20

(including the 2nd Policy Anniversary but excluding the 20th Policy Anniversary)

105% of Total Premiums Paid OR 100% of Guaranteed Cash Value as at the date of death of the Life Insured (whichever is greater) plus Accumulated Dividends and Interest (non-guaranteed)2,4(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any).

21 and onwards

(including the 20th Policy Anniversary)
110% of Total Premiums Paid OR 100% of Guaranteed Cash Value as at the date of death of the Life Insured (whichever is greater) plus Accumulated Dividends and Interest (non-guaranteed)2,4(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any).
Flexible Death Benfit Settlement Options5

In addition, the Plan provides flexible Death Benefit Settlement Options5. 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..

Complimentary Additional Protection for Extra Peace of Mind
    • Accidental Death Benefit6

The Plan provides complimentary Accidental Death Benefit6 for the first 5 Policy Years. 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 Premium7

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.

    • Accidental Payor Benefit8

If the Policyowner dies due to accident or becomes totally and permanently disabled due to accident and loses his/her working ability before aged 60 or the Life Insured's 25th birthday (whichever is earlier) for 6 consecutive months or above, premiums payable of the Plan will be waived upon the death of the Policyowner or within the period of disability until the Life Insured attains aged 25 or the end of the Premium Payment Term of the Plan.

Flexible 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.

Flexible Choice of Riders9 to Meet Your Needs

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

Premium Payment Term1 3 Years1 6 Years1 12 Years1
Issue Age* 0 to 75 0 to 70 0 to 65
Policy Currency HKD / USD
Benefit Term Until aged 130 of the Initial Life Insured
Minimum Principal Amount10 HKD240,000 / USD30,000
Maximum Principal Amount10

HKD10,000,000 / USD1,250,000

(Per Life Insured per Plan)
Premium Payment Mode Annual / Semi-annual / Quarterly / Monthly

*  "Age 0" means 15 days after birth and "Age" means the Life Insured's age at his/ her last birthday.

Mr. Chan (aged 50), an entrepreneur, married and has a son, Leon (aged 20). He intends to prepare his retirement planning and hope to transfer his lifetime's accumulated capitals to offspring for prolonging his precious love and providing a hassle free life to offspring. Mr. Chan can consider to insure Wealth Accelerator Whole Life Protection Plan:

 

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

* Total Surrender Value is equal to 100% of Guaranteed Cash Value, plus Accumulated Dividends and Interest (non-guaranteed)2,4 (if any) and Terminal Dividend (non-guaranteed)2 (if any), less Indebtedness (if any).

  1. The Policy will be automatically 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, 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. Change of Life Insured is subject to the terms and conditions, and the then administrative rules as determined by Hong Kong Life from time to time. The Principal Amount, Guaranteed Cash Value, Accumulated Dividends and Interest (if any), Terminal Dividend (if any), Policy Date, Maturity Date, Premium Payment Term, Total Premiums Paid and Indebtedness (if any) will remain unchanged on the date of endorsement. At the time Hong Kong Life receive the written request, the proposed New Life Insured's Age must not be over 65 and must not be older than the Initial Life Insured. 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.
  4. 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.
  5. Death Benefit Settlement Options are 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.
  6. Accidental Death Benefit is only applicable to the Life Insured who is Hong Kong resident of aged 65 or below at the time of Policy application. 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.
  7. Accidental Waiver of Premium is only applicable to the Life Insured who is Hong Kong resident below aged 60 at the time of Policy application and within the Premium Payment Term of the Basic Plan, and the Life Insured and Policyowner of the Policy must be the same person. In no event shall the premium waived exceed an aggregate maximum of HKD80,000/ USD10,000 per calendar year in respect of the Policy and all other insurance policies issued by Hong Kong Life from time to time, whether or not still in force, covering the life of the Life Insured for the Benefit, and any other Accidental Waiver of Premium Benefit and Accidental Payor 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.
  8. Accidental Payor Benefit is only applicable to the Policyowner who is Hong Kong resident of aged 55 or below and the Life Insured is aged 17 or below at the time of Policy application 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 the Policy and all other insurance policies issued by Hong Kong Life from time to time, whether or not still in force, covering the life of the Policyowner for the Benefit, and any other Accidental Payor Benefit and Accidental Waiver of Premium 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 Policyowner's 60th birthday or the Life Insured's 25th birthday (whichever is earlier); 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.
  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.
  10. Principal Amount 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.

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. 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. 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. childbirth, pregnancy, miscarriage or abortion.

Risk

1. 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.

2. 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, loss of benefit amount and coverage 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, loss of benefit amount and coverage may be resulted.

3. Credit Risk of Issuer

The Plan 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 is subject to the credit risk of Hong Kong Life. In the worst case, you may lose all the premium paid and benefit amount.

4. Non-Guaranteed Elements

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.

5.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

6. Suicide

If the Initial 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.

Upon the change of the 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 paid premiums for the Plan (without interest) or (i)(b) the Guaranteed Cash Value as shown on the Policy Schedule, whichever is greater, plus (ii) Accumulated Dividends and Interest (if any) and (iii) Terminal Dividend (if any), less (iv) Indebtedness (if any).

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.

7. 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 Initial 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.

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) 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. 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.

8. 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 on the Policy Schedule; or
  5. if and when the Guaranteed Cash Value as shown on 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

9. 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).

10. 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.

11. 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. Past performance, current performance or dividend history is not an indicator of future performance of products, 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.

12. 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 up to an amount as determined by Hong Kong Life using the then applicable calculation method but in no event shall exceed the Guaranteed Cash Value as shown on the Policy Schedule less Indebtedness (if any). Hong Kong Life reserves the right to defer the granting of the Policy Loan for a period not exceeding six (6) months from the date of application for the loan.

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 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. Any interest unpaid when due shall be added to the existing loan amount and shall bear interest at the same rate.

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.

All or part of the Indebtedness of the Policy may be repaid at any time while the Policy is in force provided that the amount of each repayment shall not be less than the minimum amount as determined by Hong Kong Life from time to time.

Any Indebtedness on the Policy at the time of settlement shall be deducted from the amount otherwise payable under the Policy. The claim of Hong Kong Life for any Indebtedness shall be prior to the claim of any assignee or any other person.

Any Policy Loan and accrued loan interest may reduce the Total Surrender Value and the Total Death Benefit of the Policy.

13. Non-Protected Deposit

The Plan is not equivalent to, nor should it be treated as a substitute for, time deposit. It is not a bank savings plan with free life insurance coverage. The Plan is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.

14. 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 life 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.