Short Premium Payment Term¹ with Whole Life Protection

There is always increasing risk for Dread Disease as we age, a dread disease protection plan which offers protection until age 100 of the Life Insured helps you to live a joyful life. The Premium Payment Term¹ of the Plan is 10 years¹ only which eliminates your worry about long term payment.

Automatic Protection Upgrade to Meet your Needs

In order to meet the growing needs for elderly protection, the Sum Assured of the Plan will be increased by 30% automatically starting from the Policy Anniversary immediately following the Life Insured's 85^th birthday. Even if the Dread Disease Benefit has been claimed (applicable to Angioplasty and Carcinoma in Situ only), the Sum Assured will also be increased by 30% automatically.

Comprehensive Dread Disease Protection without Worries

If the Life Insured is diagnosed with any of the following Dread Diseases by a Physician, a cash payment² which is equal to the percentage of Eligible Sum Assured³ as shown in the below Schedule of Dread Disease Benefit, plus Accumulated Dividends and Interest (non-guaranteed)^4,5 (if any), less Indebtedness (if any) will be paid.

Schedule of Dread Disease Benefit:

Extra Juvenile Dread Disease Protection

We understand that parents would provide a comprehensive safeguard for children. In order to extend the coverage of protection, the Plan provides 3 extra juvenile Dread Diseases protection.

Apart from the above 45 Dread Diseases, if the Life Insured is diagnosed with any of the following juvenile Dread Diseases by a Physician before aged 18, a cash payment² which is equal to 100% of the Sum Assured will be paid.

Extra Juvenile Dread Diseases include:

Life Protection for Peace of Mind

Apart from Dread Disease protection, the Plan also offers whole life protection. If the Life Insured dies while the Plan is in force, the Total Death Benefit which is equal to the Eligible Sum Assured³ less Dread Disease Benefit already paid and/or payable (if any), plus Accumulated Dividends and Interest (non-guaranteed)^4,5(if any) and Terminal Dividend (non-guaranteed)⁵(if any), less Indebtedness (if any) will be paid to the Policy Beneficiary.

Additional Return

Annual Dividend (non-guaranteed)⁵ may be distributed annually in term of cash. You can choose cash withdrawal, leaving it with the Policy for interest accumulation⁵ or premium reduction to meet your personal needs.

In addition, Terminal Dividend (non-guaranteed)⁵ may be payable starting from the 10^th Policy Anniversary when the Policy is surrendered by the Policyowner, the Life Insured dies or upon Policy Maturity, whichever is the earliest.

Simple Application⁸

Application procedure is simple and no medical examination is required.

Flexible Choice of Supplementary Benefits⁹ to Meet Your Needs

You may enhance your coverage by attaching different Supplementary Benefits⁹ to the Policy including Payor Benefit and Waiver of Premium Benefit to fit your personal needs.

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

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. Any Dread Disease Benefit already paid and/ or payable shall be deducted. The cash payment should be payable in the event of the Life Insured's survival of 30 days following the Diagnosis of Dread Disease.
3. Eligible Sum Assured means the amount equal to 100% of the Sum Assured before the Policy Anniversary on or immediately following the Life Insured's 85^th birthday; Eligible Sum Assured means the amount equal to 130% of the Sum Assured on or after the Policy Anniversary on or immediately following the Life Insured's 85^th birthday.
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. 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 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.
6. In no event shall the aggregate amount of the benefit already paid and/ or payable for such Dread Disease exceed HKD200,000 or USD25,000 in respect of all policies covering the Life Insured in Hong Kong Life.
7. Protection is valid before age 66 of the Life Insured.
8. Applicable to the Life Insured of age 50 or below at the time of Policy application and the Sum Assured not exceeding HKD2,000,000 or USD250,000 (per Life Insured). In addition, this is not applicable to the Life Insured of Mainland China.
9. Application for Supplementary Benefits must comply with the issue age requirement of the Supplementary Benefits and are subject to normal underwriting procedures. Supplementary Benefits can be applied together with the Plan or at each Policy Anniversary. Supplementary Benefits will be terminated simultaneously when the Plan is terminated. For details of Supplementary Benefits, please refer to the policy document issued by Hong Kong Life.

1. If the Life Insured is diagnosed as suffering from any two or more of the Dread Diseases, only the larger of the corresponding benefits or, if they are equal, only one benefit is payable.
2. Premiums shall continue to be payable without any reduction if the Dread Disease Benefit already paid and/or payable is less than 100% of the Eligible Sum Assured of the Plan.
3. Any Indebtedness on the Policy shall be deducted from the benefit payable under the Policy.
4. The Dread Disease Benefit shall not be paid more than once for each Dread Disease.
5. In no event shall the total benefit payable under the Death Benefit, Maturity Benefit and Dread Disease Benefit exceed the Eligible Sum Assured for the Plan.

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

1. the symptoms of Dread Disease first occurred prior to the Issue Date of the Plan, or within 90 days following the Issue Date, date of endorsement or the date of any reinstatement of the Plan, whichever is later;
2. Acquired Immunodeficiency Syndrome (AIDS), AIDS related complex or infection by Human Immunodeficiency Virus (HIV), other than those acquired through blood transfusion or medical profession;
3. suicide or self-inflicted injuries while sane or insane;
4. war whether declared or undeclared or any act thereof, invasion, civil commotion, riots or any warlike operations;
5. service in the armed forces in time of declared or undeclared war or while under orders for warlike operations or restoration of public order;
6. violation or attempted violation of the law or resisting arrest or participation in any brawl or affray;
7. 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;
8. intoxication by alcohol, narcotics or drugs.

• 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 future medical costs/ cost of living in the future is likely to be higher than it is today due to inflation.

Important Policy Provisions

Non-guaranteed Premium

The premium is not guaranteed and Hong Kong Life reserves the right to adjust it on a risk class basis.

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. the Eligible Sum Assured has been fully paid; or
3. if and when the Plan matures, is surrendered or converted to Extended Term Insurance; or
4. 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
5. if and when the Indebtedness of the Policy equals to or exceeds the Adjusted Guaranteed Cash Value.

Others

Premium Adjustment

Hong Kong Life has the right to review and adjust the Plan's premium rates for particular risk classes on Policy Anniversary, but not for any individual customer. Hong Kong Life may adjust premium rates because of several factors, such as Hong Kong Life's claims and persistency experience, historical performance and the future outlook of investment returns, and expenses directly related to and indirect expenses allocated to the Plan.

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.

Cancellation

After the cooling-off period, the Policyowner can request cancellation of the Policy by giving thirty (30) days prior written notice to Hong Kong Life.

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.

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 Adjusted Guaranteed Cash Value, the Policy will terminate. Any Policy Loan and accrued loan interest may reduce the Total Surrender Value and the Total Death Benefit of the Policy.

The Adjusted Guaranteed Cash Value is calculated as the Guaranteed Cash Value as shown on the Policy Schedule multiplied by one minus the ratio of the Dread Disease Benefit already paid and/or payable to the Eligible Sum Assured.

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 Agency 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.

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• Premium Schedule
• Forms Download and Claims Procedures