Single Premium to Gain Potential Return

After paying a lump sum of Basic Premium², interest will be credited to the Account Value of the Policy at the end of each Policy Month on a monthly basis according to the Crediting Interest Rates determined by Hong Kong Life from time to time. 2 types of Crediting Interest Rates including Guaranteed Crediting Interest Rate³ and General Crediting Interest Rate⁴ are available. Account Value of the Policy will be calculated and accumulated according to the Crediting Interest Rates.

• Guaranteed Crediting Interest Rate³
  The Guaranteed Crediting Interest Rate will be applied to the Account Value of the Policy in the first 3 Policy Years from the Policy Date. The Guaranteed Crediting Interest Rate will be determined by Hong Kong Life on the Policy Date and is guaranteed in the first 3 Policy Years.

• General Crediting Interest Rate⁴
  Starting from the 4^th Policy Year and for the subsequent periods while the Policy is in force, the General Crediting Interest Rate will be applied to the Account Value of the Policy. The General Crediting Interest Rate is non-guaranteed and will be determined by Hong Kong Life from time to time. Thus, the non-guaranteed General Crediting Interest Rate can be zero at the worst case.

Special Bonus to Enhance Savings

Special Bonus will be credited to the Account Value of the Policy at the end of the 5^th Policy Year to enhance your savings. The amount of the Special Bonus is equal to 3.75% of the Account Value of the Policy before the Credited Interest is credited for such Policy Month as at the end of the 5^th Policy Year. The amount of the Special Bonus varies as it depends on the Account Value of the Policy and therefore the amount is not guaranteed.

Life Protection for Peace of Mind

If the Life Insured dies while the Policy is in force, the Death Benefit which is equal to 101% of the Account Value of the Policy will be paid to the Beneficiary.

However, no Surrender Value or Death Benefit will be payable when the Account Value of the Policy becomes zero or negative after deduction of relevant charges.

Flexible Wealth Management to Suit Your Needs

To add flexibility to your wealth management, the Plan specially offers Withdrawal⁵ arrangement. According to your own financial needs, you may make Withdrawal from the Account Value of the Policy at any time starting from the 1^st Policy Year. The Account Value of the Policy will be reduced accordingly upon Withdrawal. There would be a maximum limit of 4 times per Policy Year for executing Withdrawal⁵.

Regarding the details of the Withdrawal Charge, please refer to "Summary of Fees and Charges" and the Insurance Proposal.

Fixed Scale of Fees and Charges for Simple Management

The scale of fees and charges related to the Plan are clearly stated, and are fixed and guaranteed throughout the Benefit Term of the Policy, allowing you to enjoy simple wealth management. Regarding the details of the fees and charges, please refer to "Summary of Fees and Charges" and the Insurance Proposal.

Simple Application

Application procedure is simple and no medical examination is required.

Summary of Fees and Charges

1. This Policy is a non-participating Policy and does not involve in the divisible surplus of Hong Kong Life.
2. Basic Premium shall be the single premium, calculated based on the Principal Amount applied for, as shown on the Policy Schedule and must be paid before the Policy or any of its benefit becomes effective. Basic Premium less any applicable charges will be credited to the Account Value of the Policy. Regarding the details of applicable charges, please refer to "Summary of Fees and Charges" and the Insurance Proposal.
3. The Guaranteed Crediting Interest Rate actually applied to the Policy will be in accordance with the announcement of Hong Kong Life on the Policy Date. For terms and conditions of Crediting Interest Rates, please refer to the Insurance Proposal and policy document.
4. The General Crediting Interest Rate is declared by Hong Kong Life at its discretion based on actual investment performance. It may also be affected by other factors, including but not limited to, market conditions, investment outlook, expenses, persistency and claims experience. The General Crediting Interest Rate may change from time to time and past performance is not indicative of future performance. For terms and conditions of Crediting Interest Rates, please refer to the Insurance Proposal and policy document.
5. Withdrawal Charge would be charged on Withdrawal. Minimum requested withdrawal amount is HKD2,000 / USD250, while the maximum requested withdrawal amount is calculated as 85% of the Account Value of the Policy. Minimum Account Value of the Policy of HKD50,000 / USD6,250 should be maintained after Withdrawal is made. Hong Kong Life may adjust the related amount limits and maximum times of Withdrawal from time to time. Regarding the details of the Withdrawal Charge, please refer to "Summary of Fees and Charges" and the Insurance Proposal.

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

 

• Basic Plan

Risk

1. Exchange Rate Risk

You are subject to exchange rate risks for the Policy denominated in currencies other than the local currency. Exchange rates fluctuate from time to time. You may suffer a loss of your benefit values and the subsequent premium payments (if any) may be higher than your initial premium payment as a result of exchange rate fluctuations.

2. Liquidity Risk / Long Term Commitment

If you surrender the Policy in early years, you may have to pay the Surrender Charge and result in loss of premium paid.

3. Credit Risk of Issuer

The life insurance product 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 are subject to the credit risk of Hong Kong Life. In the worst case, you may lose all the premium paid and Account Value.

4. Non-Guaranteed Benefit

The Surrender Value or Death Benefit that will be paid upon Surrender or death of the Life Insured is non-guaranteed and subject to the prevailing Account Value of the Policy, which will be increased as Credited Interest earned and will be decreased as applicable fees and charges deducted. The Guaranteed Crediting Interest Rate is determined by Hong Kong Life on the Policy Date and is guaranteed during the first 3 Policy Years. The General Crediting Interest Rate is not guaranteed and is determined by Hong Kong Life from time to time at its sole discretion. Thus, the non-guaranteed General Crediting Interest Rate can be zero at the worst case.

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 Life Insured commits suicide, while sane or insane, within one (1) year from the Issue Date, the liability of Hong Kong Life shall be limited to a refund of all the premiums paid without interest less any amounts already drawn together with any applicable Withdrawal Charge arising from Withdrawal.

7. Incontestability

Hong Kong Life will rely on the information provided in the Application for assessment of the risk in determining the issuance of the Policy. Failure to disclose, or misrepresentation of, a material fact will allow Hong Kong Life to void the validity of the Policy from inception and deny the claim. In the absence of fraud and subject to the Misstatement provisions, the validity of the Policy shall not be contestable after it has been in force during the lifetime of the Life Insured for two (2) years from the Issue Date.

The liability of Hong Kong Life shall be limited to a refund of all the premiums paid without interest less any amounts already drawn together with any applicable Withdrawal Charge arising from Withdrawal should the Policy be voided by Hong Kong Life.

8. Automatic Termination

The Plan shall terminate automatically on occurrence of the earliest of the following:

1. upon death of the Life Insured; or
2. if and when the Policy matures or is surrendered; or
3. when the Account Value of the Policy becomes zero or negative after deduction of Relevant Charges.

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 directly 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, the period of 21 calendar days immediately following either the day of delivery of the Policy or the Cooling-off Notice to you or your nominated representative (whichever is the earlier)). After the expiration of the cooling-off period, if you cancel the Policy, the Surrender Value may be less than the Total Premiums Paid.

11. Fees and Charges

The fees and charges of the Plan are explicitly deducted from the premium or the Account Value of the Policy.

12. Policy Return

The policy return of the Plan depends on the fees and charges and Crediting Interest Rates declared by Hong Kong Life from time to time, the Account Value of the Policy may go down and even become zero or negative if the fees and charges are higher than the Credited Interest.

13. Surrender Value

Upon Surrender of the Policy of the Plan, the surrender amount payable to the Policyowner will be the Surrender Value. The Surrender Value equals to the Account Value of the Policy less any applicable Surrender Charge.

14. Withdrawal

Withdrawal of the Plan is subject to applicable Withdrawal Charge. The Account Value of the Policy will be reduced accordingly upon Withdrawal and may result in shorter benefit term of the Policy.

15. 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.

16. Dispute on Selling Process and Product

Chong Hing Bank Limited, CMB Wing Lung Bank Limited, OCBC Bank (Hong Kong) Limited and Shanghai Commercial Bank Limited (collectively "Appointed Licensed Insurance Agencies" and each individually "Appointed Licensed Insurance Agency") are the Appointed Licensed Insurance Agencies of Hong Kong Life, and the life insurance product is a product of Hong Kong Life but not the Appointed Licensed Insurance Agency. 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 Licensed Insurance Agency and the customer out of the selling process or processing of the related transaction, Appointed Licensed 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.