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

Caring parents would like their children to flourish and possess prosperous future; they also concern much about the quality of education their children receive. To ensure your kids receive quality education, a comprehensive savings protection plan is indispensable. In addition, you should tie in with the Government's education policy when preparing the education fund for your kids. No. 1 Kid Savings Protection Plan (The "Plan") is designed to tie in with the "334" academic structure and provides your kids with adequate education funds to continue their studies.

Guaranteed Cash Coupon to match with New Academic Structure

The Plan starts to offer Guaranteed Cash Coupon1 which is equal to 5% of the Sum Assured annually as early as the Life Insured enters secondary school at age 15 to 17. When the Life Insured enters university at age 18 to 21, the annual Guaranteed Cash Coupon1 will increase tremendously to 20% of the Sum Assured which can be used to pay for different education or overseas education expenses flexibly.

Guaranteed Cash Bonus for Academic Achievements

When the Life Insured reaches age 18, Guaranteed Cash Bonus1 which is equal to 1% of the Sum Assured, will be distributed to celebrate his/her new life in university. When the Life Insured reaches age 21, an additional Guaranteed Cash Bonus1 which is equal to 5% of the Sum Assured, will be paid to celebrate his/her graduation.

Life Insured's Age No. of Distribution Guaranteed Cash Coupon1
(% of Sum Assured)
Guaranteed Cash Bonus1
(% of Sum Assured)
15 to 17 Once every year, a total of 3 times 5% every year, a total of 15% ---
18 Once 20% 1%
19 to 20 Once every year, a total of 2 times 20% every year, a total of 40% ---
21 Once 20% 5%

The sum of Guaranteed Cash Coupon and Guaranteed Cash Bonus is equal to 101% of the Sum Assured.

Annual Dividend2 Providing Extra Return

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

Life Protection for Peace of Mind

Apart from savings, the Plan also provides life coverage until the Life Insured reaches age 21. If the Life Insured dies while the Plan is in force, the Total Death Benefit which is equal to the Sum Assured, plus Accumulated Guaranteed Cash Coupon3 (if any), Accumulated Guaranteed Cash Bonus3 (if any) and Accumulated Dividends and Interest (non-guaranteed)2,4(if any), less Indebtedness (if any) will be paid to the Policy Beneficiary. The Sum Assured will not be reduced even if the Guaranteed Cash Coupon and Guaranteed Cash Bonus have been distributed.

Payor Benefit5 – Achieve Your Target as Expected

Payor Benefit5 is attached to the Plan to further secure the Life Insured's savings and protection. If the Policyowner dies or becomes totally and permanently disabled due to injury or sickness and loses his/ her working ability before aged 60 for 6 consecutive months or above, premium payable of the Basic Plan will be waived upon the death of the Policyowner or within the period of disability.

No change in the Basic Plan or in the mode of payment of premiums may be made while premiums of Basic Plan are being waived under the Payor Benefit.

Fixed Premium with Choices of Premium Payment Term6

The Plan offers Premium Payment Term6 as short as 5 years6 or until the Life Insured reaches age 176. The premium will remain unchanged throughout the Premium Payment Term6 allowing you to have a better plan for your future.

Guaranteed Convertibility to Suit Your Needs

When the Life Insured reaches age 21 and upon the Policy Maturity, the Plan can be converted to a whole life plan. The Sum Assured can be up to 3 times of the Plan provided that it does not exceed the amount of HKD 3,000,000 or USD 375,000.

Simple Application

Application procedure is simple and no medical examination is required.

Premium Payment Term6 5 Years Until aged 17 of the Life Insured
Issue Age* Age 0 (from 15 days after birth) to 10
Policy Currency HKD / USD
Benefit Term Until age 21 of the Life Insured
Minimum Sum Assured HKD80,000 / USD10,000
Maximum Sum Assured HKD2,000,000 / USD250,000
Premium Payment Mode Annual / Semi-annual / Quarterly / Monthly

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

  1. Cash withdrawal or leaving them with the Policy for interest accumulation can be chosen for Guaranteed Cash Coupon and Guaranteed Cash Bonus. If leaving them with the Policy for interest accumulation is chosen, 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 payable may be higher or lower than those illustrated in the Insurance Proposal. Hong Kong Life reserves the right to change it from time to time. The Guaranteed Cash Coupon and Guaranteed Cash Bonus 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.
  2. 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 payable may be higher or lower than those illustrated in the Insurance Proposal. 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 Guaranteed Cash Coupon and Guaranteed Cash Bonus 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.
  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, Guaranteed Cash Coupon and Guaranteed Cash Bonus left with Hong Kong Life.
  5. The Payor Benefit is only applicable to the Policyowner of age 18 to 55 at the time of Policy Application.
  6. 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.

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

  1. any Total and Permanent Disability as a result of any pre-existing condition or illness the symptoms of which first occurred prior to the Issue Date, date of endorsement or date of any reinstatement of the Payor Benefit, whichever is later;
  2. self-inflicted injuries while sane or insane;
  3. war whether declared or undeclared or any act thereof, invasion, civil commotion, riots or any warlike operations;
  4. service in the armed forces in time of declared or undeclared war or while under orders for warlike operations or restoration of public order;
  5. violation or attempted violation of the law or resisting arrest or participation in any brawl or affray;
  6. childbirth, pregnancy, miscarriage or abortion.
  • Basic Plan

Risk

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.

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 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 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.

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.

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 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 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.

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 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 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 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 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.

The above information is for reference and is applicable within Hong Kong only. The information of this product leaflet does not contain the full terms of the policy document. For full 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.