Download Product Leaflet
Life Insurance
Underwritten by: Hong Kong Life Insurance Limited
Appointed Licensed Insurance Agency: Chong Hing Bank Limited

abundant income for harvest future

Monthly Harvest Savings Insurance Plan (the "Plan") helps you achieve different life goals, such as enjoying an ideal way of living or pursuing a dream. The Plan offers different Premium Payment Terms1. A Monthly Income (non-guaranteed)2 will be provided on any Policy Monthiversary starting from the 13th Policy Monthiversary (applicable to 2-year Premium Payment Term Policies) or the 49th Policy Monthiversary (applicable to 5-year Premium Payment Term Policies) until policy maturity. The Plan also provides Special Dividend (non-guaranteed)2 and Terminal Dividend (non-guaranteed)2 to help you accumulate wealth at ease and realize your dreams.

Plan Features
2 Choices of Premium Payment Term1 with 50 Years of Life Protection

The Plan provides 2 choices of Premium Payment Terms1, i.e. 2 years1 and 5 years1 with 50 years of life protection for the Life Insured.

Monthly Income till Policy Maturity

Starting from the 13th Policy Monthiversary (applicable to 2-year Premium Payment Term Policies) or the 49th Policy Monthiversary (applicable to 5-year Premium Payment Term Policies), Monthly Income (non-guaranteed)2 will be payable on any Policy Monthiversary until Policy Maturity. You can choose cash withdrawal or leave it with the Policy for interest accumulation2 to meet your personal needs.

Additional Return

Besides providing Guaranteed Cash Value, the Plan also distributes Special Dividend (non-guaranteed)2 at the end of the 10th, 20th, 30th, 40th and 50th Policy Years in the form of cash. You can choose cash withdrawal or leave it with the Policy for interest accumulation2 to meet your individual needs.

In addition, Terminal Dividend (non-guaranteed)2 may be payable at or after the end of the 4th Policy Year (applicable to 2-year Premium Payment Term Policies) or the 6th Policy Year (applicable to 5-year Premium Payment Term Policies) when the Policy is fully surrendered by the Policyowner, upon the death of the Life Insured (provided that there is no named and surviving Contingent Life Insured who will become the new Life Insured) or upon Policy Maturity, whichever is earlier.

When the Policy is partially surrendered3 by the Policyowner, Terminal Dividend (non-guaranteed)2 may be payable on or after the end of 4th Policy Year (applicable to 2- year Premium Payment Term Policies) or the 6th Policy Year (applicable to 5-year Premium Payment Term Policies). The payable amount is equal to the Terminal Dividend (non-guaranteed)2 attributable to the reduced portion of Principal Amount4. Terminal Dividend (non-guaranteed)2 will not accumulate in the Policy.

Contingent Life Insured6 and Contingent Policyowner7 Arrangement for Policy Continuum

During the lifetime of the Life Insured and while the Plan is in force, the Policyowner may designate a Contingent Life Insured6. In the event of the death of the Life Insured on or after the 1st Policy Anniversary, the Contingent Life Insured will become the new Life Insured. This sustains the Policy and avoids the possibility of Policy termination due to the unexpected death of the Life Insured.

Moreover, to safeguard wealth management planning, during the lifetime of the Life Insured and while the Plan is in force, Policyowner may designate a Contingent Policyowner7 so that the ownership of the Policy will be transferred to the Contingent Policyowner in the event of death of the Policyowner.

Life Protection for Peace of Mind

When the Life Insured dies and provided that there is no named and surviving Contingent Life Insured who will become the new Life Insured, the Total Death Benefit will be paid to the Beneficiary as below:

Total Death Benefit
100% of Total Premiums Paid8 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)2,9(if any) and Terminal Dividend (non-guaranteed)2(if any), less Indebtedness (if any)

In case of Partial Surrender3, the Principal Amount4 shall be reduced proportionally based on the percentage of Guaranteed Cash Value and Terminal Dividend (non-guaranteed)2(if any) being withdrawn for the Partial Surrender3. Upon the reduction of Principal Amount4, the Guaranteed Cash Value, Monthly Income (non-guaranteed)2 (if any), Special Dividend (non-guaranteed)2 (if any), Terminal Dividend (non-guaranteed)2 (if any), premium (if any) and Total Premiums Paid of the Plan shall be reduced proportionately. Total Death Benefit shall also be adjusted accordingly.

Flexible Death Benefit Settlement Options10

The Plan provides flexible Death Benefit Settlement Options10. Instead of receiving the Death Benefit in a lump sum payment, Policyowner can designate one of the following settlement options while the Plan is in force and the Life Insured is alive to settle the Death Benefit to the Beneficiary. If there is more than one Beneficiary named in the Policy, different settlement options can be specified for different Beneficiaries. For more flexibility of estate planning, the date to start the first installment payment can also be chosen.

    1. Installment Payments (Fixed Amount)
      Death Benefit will be paid in fixed amount at regular intervals (monthly, quarterly, semi-annually or annually), and the date of first installment payment can also be specified.
    2. Installment Payments (Fixed Period)
      Death Benefit will be paid in installments (monthly, quarterly, semi-annually or annually) for an agreed fixed payment period, and the date of first installment payment can also be specified.
    3. Partial Installment Payments (Fixed Amount)
      A designated percentage of Death Benefit will be paid in a lump sum. The unpaid balance of Death Benefit will be paid in fixed amount at regular intervals (monthly, quarterly, semi-annually or annually), and the date of first installment payment can also be specified.
    4. Partial Installment Payments (Fixed Period)
      A designated percentage of Death Benefit will be paid in a lump sum. The unpaid balance of Death Benefit to be paid in installments (monthly, quarterly, semi-annually or annually) for an agreed fixed payment period, and the date of first installment payment can also be specified.
    5. Partial Installment Payments until the Designated Age of the Beneficiary
      Death Benefit will be paid in fixed amount at regular intervals (monthly, quarterly, semi-annually or annually) before the Designated Age of the Beneficiary, and the date of first installment payment can also be specified. The unpaid balance of Death Benefit (if any) will be paid in a lump sum at the Designated Age of the Beneficiary.
    6. Increasing Installment Payments
      Death Benefit will be paid by increasing installments (monthly, quarterly, semi-annually or annually), and the date of first installment payment can also be specified. Death Benefit will be paid in a specified amount for the first installment. The subsequent installments will be increased by 3% each year starting from the second year until Death Benefit is fully settled.
Other Benefits
  • Advance Income Benefit11

While the Advance Income Benefit is in force and before the Life Insured attains the Age of 100, If the Life Insured (a) sustains an Injury and results in Accidental Dismemberment (including Loss of one member or more members, Paralysis or Permanent Bedridden) within 365 days from the date of Injury or (b) is confined as a resident in-patient in a Hospital for 14 or more consecutive days due to Injury or Sickness, Hong Kong Life will pay to the Policyowner an Advance Income Benefit11. Advance Income Benefit11 will be paid in one lump sum, the amount equals to the sum of any Monthly Income projected to be payable for each Policy Monthiversary within the Advance Benefit Period as at the claim approval date of Advance Income Benefit11. This provides immediate financial supporting to your family to cope with the medical and rehabilitation expenses. Upon the payment of the Advance Income Benefit11, the Monthly Income will then be suspended and will not be paid during the Advance Benefit Period and will become payable again after the end of the Advance Benefit Period unless the Plan matures. Advance Benefit Period means the period starting from the date of the 1st Policy Monthiversary immediately following the claim approval date of Advance Income Benefit11 and ending on (i) the 36th Policy Monthiversary following such claim approval date or (ii) the Maturity Date, whichever is earlier, subject to the "Advance Income Benefit" clause of the Plan. Advance Income Benefit11 can only be paid once under the Plan, and shall cease once paid.

    • Accidental Death Benefit12

The Plan provides Accidental Death Benefit12 for the first 5 Policy Years. Regardless of the presence of named and surviving Contingent Life Insured, 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 Beneficiary.

Fixed Premium for Your Better Planning

The premium will remain unchanged throughout the Premium Payment Term1, allowing you to have better planning for your future.

Simple Application

Application procedure is simple and no medical examination is required.

Basic Application Conditions
Premium Payment Term1 2 Years 5 Years
Issue Age* Age 0 (15 days after birth) to 75
Policy Currency HKD / USD
Benefit Term 50 Years
Minimum Principal Amount3 HKD80,000 / USD10,000 
Premium Payment Mode Annual

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

Case Sharing

Remarks
  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 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. Monthly Income, Special 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 Monthly Income, Special 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. If Partial Surrender is exercised in the Policy, the Principal Amount shall be reduced proportionally based on the percentage of Guaranteed Cash Value and Terminal Dividend (if any) being withdrawn for the Partial Surrender. Upon the reduction of Principal Amount, the Guaranteed Cash Value, Monthly Income (if any), Special Dividend (if any), Terminal Dividend (if any), premium (if any) and Total Premiums Paid of the Plan shall be reduced proportionately. Death Benefit, Maturity Benefit and Advance Income Benefit (if any) shall also be adjusted accordingly. Where applicable an Accidental Death Benefit is attached to the Plan, the coverage amount of such relevant benefit(s) shall also be adjusted proportionately. If Advance Income Benefit has been paid and the Policy is partially surrendered during the Deduction Period for Advance Income Benefit Paid, the Deduction Amount of Advance Income Benefit Paid attributable to the reduced portion of the Principal Amount will be deducted from the partial surrender value payable. After Partial Surrender, the Deduction Amount of Advance Income Benefit Paid will be determined according to the reduced Monthly Income. Partial Surrender is 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.
  4. Principal Amount is used to calculate Initial Premium, any subsequent premium, benefits and policy values (if any) of the respective Basic Plan and any Supplementary Benefit (if applicable). 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 any Supplementary Benefit (if applicable). The Principal Amount does not represent the amount of death benefit of the respective Basic Plan and any Supplementary Benefit (if applicable).
  5. 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. If change of one Life Insured option is elected, the Principal Amount, Guaranteed Cash Value, Monthly Income (if any), Special Dividend (if any), Terminal Dividend (if any), Policy Date, Maturity Date, premium, Premium Payment Term, Total Premiums Paid and Indebtedness (if any) will remain unchanged on the date of endorsement. If Advance Income Benefit has been paid before the change of Life Insured, the Advanced Benefit Period, Deduction Amount of Advanced Income Benefit and Deduction Period for Advanced Income Benefit Paid under the Policy will remain unchanged on the date of endorsement. Monthly Income in the Policy will continue to be suspended and will not be paid during the Advance Benefit Period. If change to two Life Insureds option is elected, the Principal Amount, Guaranteed Cash Value, Monthly Income (if any), Special Dividend (if any), Terminal Dividend (if any), premium, Total Premiums Paid and Indebtedness (if any) will be proportionally converted into the two new policies in accordance to the same portion as specified by the Policyowner. The Principal Amount of the new policies is subject to the minimum amount as determined by Hong Kong Life from time to time. The Policy Date, Maturity Date and Premium Payment Term of two new policies will be the same as the original Policy. If Advance Income Benefit has been paid before the change of Life Insured, the Advanced Benefit Period and Deduction Period for Advanced Income Benefit Paid under the Policy will remain unchanged while the Deduction Amount of Advanced Income Benefit Paid will be adjusted proportionally in accordance with the corresponding Monthly Income after converted on the Issue Date of the new policies. Monthly Income in the 2 new policies will continue to be suspended and will not be paid during the Advance Benefit Period. The Policy Year will remain unchanged after the change of Life Insured. At the time Hong Kong Life receives the written request, the proposed New Life Insured's age must fulfill the issue age requirement 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, all New Life Insured(s) and the Previous Life Insured must be alive on the date of endorsement or the Issue Date of the new policies (where applicable). All Supplementary Benefit(s) (if any) for the Previous Life Insured will be terminated automatically on the date of endorsement or the Issue Date of the new policies (where applicable) and no unearned premium shall be refunded. The relevant Supplementary Benefit(s) can be applied in respect of the New Life Insured(s) in the original Policy or new policies (where applicable) 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.
  6. Designation of Contingent Life Insured is subject to the terms and conditions, and the then administrative rules and requirements as determined by Hong Kong Life from time to time. Only one Contingent Life Insured can be designated at a time. The proposed Contingent Life Insured must fulfill the issue age requirement and must not be older than the Initial Life Insured at the time Hong Kong Life receives the written request, and evidence of insurability including the existence of insurable interest for the proposed Contingent Life Insured must be submitted. Upon the death of the Life Insured on or after the 1st Policy Anniversary while the Policy is in force, the actual change of Life Insured to the Contingent Life Insured shall be approved and becomes effective subject to Hong Kong Life's receipt of satisfactory proof of the Life Insured's death and any documents as requested, the relevant conditions and limitation, and the prevailing administrative rules and requirements of Hong Kong Life. All Supplementary Benefit(s) (if any) for the Life Insured will be terminated automatically upon the date of death of the Life Insured and no unearned premium shall be refunded. The relevant Supplementary Benefit(s) can be applied for by the Contingent 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 relevant form and the policy document issued by Hong Kong Life.
  7. Designation of Contingent Policyowner is subject to the terms and conditions and the then administrative rules and requirements as determined by Hong Kong Life from time to time. Only one Contingent Policyowner can be designated at a time, and evidence of insurability including the insurable interest for the Proposed Contingent Policyowner must be submitted. Upon the death of the Policyowner while the Policy is inforce, the actual transfer of ownership of this Policy to the Contingent Policyowner shall be approved and becomes effective subject to Hong Kong Life's receipt of satisfactory proof of the Policyowner's death and any documents as requested, the relevant conditions and limitation, and the prevailing administrative rules and requirements of Hong Kong Life. All Supplementary Benefit(s) (if any) for the Policyowner will be terminated automatically upon the date of death of the Policyowner and no unearned premium shall be refunded. The relevant Supplementary Benefit(s) can be applied for by the Contingent Policyowner, 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 relevant forms and policy document issued by Hong Kong Life.
  8. Total Premiums Paid means the total amount of due and payable premiums from the Policy Date up to the date of termination of the Plan, paid to the Plan and received by Hong Kong Life. Any payment in excess of such amount of due and payable premiums will not be included in the Total Premiums Paid. In case of Partial Surrender, the Total Premiums Paid under the Policy shall be adjusted and reduced proportionally as specified in the Partial Surrender provisions. The Total Premiums Paid does not include the amount in the Premium Deposit Account. In the event of the death of Life Insured, the amount in the Premium Deposit Account (if any) will be paid to the Beneficiary. If Policyowner requests to surrender, the amount in the Premium Deposit Account (if any) will be returned to the Policyowner.
  9. Accumulated Dividends and Interest means the aggregate of (1) the total amount of distributed Special Dividend and Monthly Income left with Hong Kong Life (if any); and (2) the total amount of interest accumulated on any distributed Special Dividend and Monthly Income left with Hong Kong Life.
  10. Death Benefit Settlement Options are only applicable in the event of the death of the Life Insured after the Premium Payment Term 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.
  11. Advance Income Benefit will only take effect, while the Plan is in force and the Life Insured is alive upon the latest occurrence of the following: (i) at the end of Premium Payment Term period from the Policy Date , or (ii) 1 year after the effective date for the Change of Life Insured pursuant to the "Designation of Contingent Life Insured" clause of the General Provisions or the "Change of Life Insured Option" clause of the Policy (if any), or (iii) 1 year after the date of any reinstatement (if any). Any Indebtedness on the Policy at the time of payment shall be deducted from the Advance Income Benefit otherwise payable under the Plan. For the avoidance of doubt, if the Advance Income Benefit has been paid and subsequently a change of Life Insured is exercised pursuant to the "Designation of Contingent Life Insured" clause of the General Provisions or the "Change of Life Insured Option" clause of the Policy, the Advanced Income Benefit shall not be applied and shall not be paid under the Policy or the new policy(ies) (where applicable). Upon the death of the Life Insured; or in the case of Partial Surrender, Full Surrender or termination of the policy ("Particular Event") occurs during the period from the claim approval date of Advance Income Benefit to the end of the Advance Benefit Period ("Deduction Period for Advance Income Benefit Paid"), the Deduction Amount of Advance Income Benefit Paid will be deducted from any benefit payable under the Plan, subject to the "Advance Income Benefit" clause. In case of a Partial Surrender, the Deduction Amount of Advance Income Benefit Paid attributable to the reduced portion of the Principal Amount will be deducted from the partial surrender value payable. In the event that the Policy is cancelled or terminated, Hong Kong Life reserves the right to claim the Deduction Amount of Advance Income Benefit Paid from the Policyowner. The Deduction Amount of Advance Income Benefit Paid means the portion amount of Advance Income Benefit paid for the period between the Policy Monthiversary immediately following the occurrence of Particular Event and the end of Advance Benefit Period, subject to the "Advance Income Benefit" clause of the Plan. No adjustment on the payment of Advance Income Benefit will be made if the amount of Monthly Income within Advance Benefit Period changes subsequent to the claim approval date of Advance Income Benefit. For the avoidance of doubt, Monthly Income will continue to be suspended and will not be paid during the Advanced Benefit Period. Pursuant to the "Designation of Contingent Life Insured" clause of the General Provisions or the "Change of Life Insured Option" clause of the Policy, in case of Change of Life Insured during the Deduction Period for Advance Income Benefit Paid, Monthly Income will continue to be suspended and will not be paid under the Policy or the new policy(ies) (where applicable) during the Advance Benefit Period. If any Particular Event occurs before the claim approval date of the Advance Income Benefit, the relevant benefit of the Particular Event should be payable in accordance with the corresponding provisions of the Policy prior to the payment of the Advanced Income Benefit (if applicable). Advance Income Benefit shall be automatically terminated when the Life Insured attains the Age 100. For detailed terms and conditions, please refer to the policy document issued by Hong Kong Life.
  12. The Accidental Death Benefit is only applicable to the Life Insured who is Hong Kong resident of age 65 or below at the time of Policy application. The indemnity of the Accidental Death Benefit should not exceed an aggregate maximum of HKD400,000 (or its equivalent in a currency other than HKD) in respect of all Hong Kong Life's policies covering the Life Insured for the Accidental Death Benefit. If the Life Insured is covered by more than one policy in Hong Kong Life and at least one of the policies is in Policy Currency other than HKD, the relevant benefit in policy(ies) in other Policy Currencies will be converted to HKD based on the exchange rate as at the date of calculating the aggregate maximum of indemnity.
  13. Amount of Maturity Benefit is equal to 100% of Guaranteed Cash Value, plus Accumulated Dividends and Interest (non-guaranteed) (if any) and Terminal Dividend (non-guaranteed) (if any), less Indebtedness (if any). Accumulated Dividends and Interest means the aggregate of (1) the total amount of distributed Special Dividend and Monthly Income left with Hong Kong Life (if any); and (2) the total amount of interest accumulated on any distributed Special Dividend and Monthly Income left with Hong Kong Life. Monthly Income, Special 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.
Exclusion of ADVANCE INCOME Benefit

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

  1. Pre-existing Condition;
  2. suicide or self-inflicted injuries while sane or insane;
  3. Injury or Sickness sustained whilst the Life Insured is under the influence of alcohol or drugs and treatment in connection with addiction to drugs or alcohol;
  4. hospital confinement for isolation, quarantine and/or medical surveillance purpose;
  5. Human Immunodeficiency Virus (HIV) infection and/or any HIV-related illness including AIDS and/or any mutations, derivations or variations thereof;
  6. Life Insured participated in illegal activity or attempted violation of the law.
Exclusion of Accidental Death Benefit

The Accidental Death 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.
 
Important Statements
  • 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 partially surrender or 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.

Investment returns include investment income and changes in asset value of the underlying investment. Performance of the investment return is affected by interest earnings and other market risk factors including, but not limited to, interest rate or credit spread movements, credit events, price fluctuations in invested assets, and foreign exchange fluctuations.

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 Initial Life Insured commits suicide, while sane or insane, within one (1) year from the Issue Date or the 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(s), if the New Life Insured commit suicide, while sane or insane, within one (1) year from the date of endorsement (in the case of one (1) New Life Insured), Issue Date of the new policies (in the case of two (2) New Life Insureds) (where applicable) or date of any reinstatement, whichever is the latest, the liability of Hong Kong Life shall be limited to (i)(a) a refund of the Total Premiums Paid for the Plan (without interest) or (i)(b) the Guaranteed Cash Value and Terminal Dividend (if any), whichever is greater, plus (ii) Accumulated Dividends and Interest (if any), less (iii)  Indebtedness (if any).

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 the 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(s), 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(s) for two (2) years from the date of endorsement (in the case of one (1) New Life Insured), Issue Date of the new policies (in the case of two (2) New Life Insureds) (where applicable) or date of any reinstatement, whichever is the latest, 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.

Automatic Termination

The Plan shall terminate automatically:

  1. upon the death of the Life Insured (provided that there is no named and surviving Contingent Life Insured who will become the new Life Insured pursuant to the "Designation of Contingent Life Insured" clause of the Plan); or
  2. if and when the Principal Amount of the Plan is allocated to Designated Policy(ies) pursuant to the "Designation of Contingent Life Insured" clause of the Plan; or
  3. if and when the Plan matures or is fully surrendered (including the full surrender triggered for the payment of Incapacity Benefit as specified in the Incapacity Benefit clause); or
  4. if and when the Indebtedness of the Policy equals to or exceeds the Guaranteed Cash Value; or
  5. upon the Change of Policy Currency as specified in Change of Policy Currency Option clause.

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 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.

Monthly Income and Dividends

Hong Kong Life determines the amount of divisible surplus that will be distributed in the form of Monthly Income and dividends. Monthly Income and 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 but not limited to investment returns and outlook, actual experience on claims (such as death and/or other covered benefits) and surrenders as well as the projected cost of providing such benefits, policy persistency rates, operation expenses and tax. Hence the amount of Monthly Income and dividends are not guaranteed and may be changed over time. The actual Monthly Income and dividends payable may be higher or lower than the expected amount at the time when the policies were issued. The withdrawal of Monthly Income and dividends will decrease the Total Surrender Value and Total Death Benefit of the Policy.

Investment returns include investment income and changes in asset value of the underlying investment. Performance of the investment return is affected by interest earnings and other market risk factors including, but not limited to, interest rate or credit spread movements, credit events, price fluctuations in invested assets, and foreign exchange fluctuations.

Partial Surrender

In case of Partial Surrender, the Guaranteed Cash Value and Terminal Dividend of the Policy will be decreased accordingly. This will also decrease the Principal Amount, Total Surrender Value, Total Death Benefit, Monthly Income, Special Dividend, premium, Total Premiums Paid and other benefits (if applicable) 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, 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 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.

  • Supplementary Benefit
Accidental Death Benefit

Exchange Rate Risk, Credit Risk of Issuer, Inflation Risk, Cooling-off Period and Dispute on Selling Process and Product in the above Basic Plan section and the below point(s) is/ are applicable to the Accidental Death Benefit:

Important Policy Provisions

1.  Automatic Termination

The Accidental Death Benefit shall terminate automatically:

    1. if and when the Accidental Death Benefit expires; or
    2. if and when the Basic Plan terminates.

Others

2.  Partial Surrender

In case of Partial Surrender, the indemnity of the Accidental Death Benefit (if applicable) will be decreased.

The above information is for reference and is applicable within Hong Kong only. Unless otherwise specified, the defined terms used in the above information should have the same meanings as given to them in the policy document. The information of the above information 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.