Comprehensive Mortgage Protection without Worries

With the Premium Payment Term¹ and Benefit Term from 5 years¹ to 30 years¹, you can choose the Benefit Term based on your mortgage term, and the Sum Assured is determined based on your outstanding mortgage loan amount. If the Life Insured dies while the Plan is in force, the Total Death Benefit which is equal to the Sum Assured at such Policy Year will be paid to the Policy Beneficiary for the mortgage loan reimbursement to relieve the financial difficulties. The Benefit is determined by Sum Assured, Benefit Term and pre-determined interest rate and it will decrease once annually on every Policy Anniversary. The 3 pre-determined interest rates of the Plan are 8%, 10% and 12%, for your flexible arrangement and a comprehensive protection at a low premium.

Waiver of Instalment Benefit²

The Plan offers Waiver of Instalment Benefit². If the Life Insured becomes totally and permanently disabled due to injury or sickness and loses his/ her working ability before age 65 for 6 consecutive months or above, monthly benefit will be paid by Hong Kong Life from the 7^th month until the Life Insured recovers subject to a maximum of 12 months and the maximum monthly benefit is HKD 50,000 or USD 6,250. If the Life Insured remains disabled after the monthly benefit has been paid for the said 12 months, a lump sum cash payment which is equal to the Sum Assured at such Policy Year will be paid to the Policyowner in which no previous claim payment will be deducted. The Plan shall terminate automatically should the Sum Assured at such Policy Year be fully paid.

Fixed Premium for Your Better Planning

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

Sustainable Life Protection in the event of Early Full Redemption

The life protection offered by the Plan will not be affected in the event of early full redemption of the property. It will be sustainable provided that regular premium is continuously paid.

Joint Life Application to Enjoy Premium Discount

10% discount on premium is offered to Joint Life Application.

* 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. 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. The Waiver of Instalment Benefit is only applicable to the Life Insured of age 60 or below at the time of policy application.

The Waiver of Instalment 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. 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.

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.

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 expires; or
3. if and when a premium remains unpaid at the end of the Grace Period as specified in the General Provisions.

Others

Insurance Costs

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.

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.

• Supplementary Benefit

Waiver of Instalment (Free)

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 Waiver of Instalment:

Important Policy Provisions

Automatic Termination

The Waiver of Instalment shall terminate automatically:

1. if and when the Waiver of Instalment expires; or
2. if and when the Basic Plan terminates; or
3. on the Policy Anniversary on or immediately following the Life Insured's sixty-fifth (65^th) birthday; or
4. on the occurrence of any claim under the Waiver of Instalment which Hong Kong Life has admitted as payable.