When paying the first year premium, the second year premium and levy (if any) may be deposited in advance into the Premium Deposit Account at the same time. No interest will be credited and no partial or full withdrawal is allowed for the amount in the Premium Deposit Account. For the avoidance of doubt, the Premium Deposit Account is not equivalent to the Bank's saving account. Any premium prepaid to Hong Kong Life pursuant to this promotion is not protected deposit and is not protected by the Deposit Protection Scheme under the Deposit Protection Scheme Ordinance (Cap 581) of Hong Kong.

The above example assumes no Policy Loan, no partial surrender, no withdrawal of Policy Value and all premiums have been paid when due during the benefit term. The above example is for reference only. Please refer to the Insurance Proposal of the Eligible Life Insurance Plan for actual premium and more details.

Please refer to relevant product page of the respective insurance plan for the Appointed Licensed Insurance Agency. Please refer to the policy document for the full terms and conditions of the Eligible Life Insurance Plan(s), and the product leaflet of Hong Kong Life's life insurance plans for product information. Before applying for any life insurance plan, client should carefully read and understand the contents and terms of the policy document. Client should also seek independent and professional advice before making any decision.

Terms and Conditions of "Power Pro Rewards 2024" Client Promotion Incentive - Wealth Up (Premier) Savings Insurance Plan 

          General Terms and Conditions:

1. "Power Pro Rewards 2024" Client Promotion Incentive - Wealth Up (Premier) Savings Insurance Plan (the "Incentive") consists of First Year Premium Discount and Premium Prepayment Discount of Basic Plan of relevant Eligible Life Insurance Plan of Hong Kong Life Insurance Limited ("Hong Kong Life"), and the Complimentary Health Service.

2. The Promotion Period of the Incentive is from 2 July to 30 September 2024 (both dates inclusive) ("Promotion Period").
3. To be eligible for the Incentive, the application signing date and submission date of the application for any of the Eligible Life Insurance Plans must fall within the Promotion Period.
4. Unless otherwise stated, the Incentive cannot be enjoyed in conjunction with any other incentive(s) offered by Hong Kong Life.
5. The Incentive is not applicable to policies withdrawn during the cooling-off period. In such case, clients would receive a refund of the premium(s) (net premium after deduction of premium discount amount) and levy(ies) paid (in the original payment currency) to Hong Kong Life, without any interest.
6. The Incentive cannot be redeemed for cash or exchanged for other gifts and will not be applicable to any policy conversions nor to the premium on renewal of the existing policy. 
7. Hong Kong Life reserves the right to change or terminate the Incentive and amend any terms and conditions of the Incentive at any time without giving prior notice to Clients or reason therefor. For the avoidance of doubt, the Incentive applicable to the eligible policy issued prior to such variation, suspension or termination of the Incentive will remain unaffected.
8. Clients should refer to the Product section of Hong Kong Life website, the policy, proposal, product leaflet and any other relevant documents of Hong Kong Life's life insurance plans for relevant product information, contents, terms and conditions. This promotion describes the details of the Incentive only; it does not refer to any coverage, exclusions, risk disclosure, contents nor terms and conditions of the Eligible Life Insurance Plan(s). Clients should read, fully understand and accept the coverage, exclusions, risk disclosure, contents, terms and conditions of the policies and proposals before applying for any Eligible Life Insurance Plan(s) inclusive of the Incentive.
9. This Incentive and its relevant terms and conditions are applicable within the Hong Kong Special Administrative Region only and governed by the law of Hong Kong.
10. If there is any discrepancy or inconsistency between the English version and the Chinese version of this promotion, the English version shall prevail.
11. Hong Kong Life reserves the right of final decision in case of any dispute.
    
    Specific Terms and Conditions of First Year Premium Discount Incentive:
12. Subject to the General Terms and Conditions and these Specific Terms and Conditions herein, clients who fulfill all of the following requirements will be entitled to the First Year Premium Discount of Basic Plan ("First Year Premium Discount") as shown in the Incentive Table (I): (i) the First Year Premium of Basic Plan being not less than the respective amounts as set out in the Incentive Table (I) (as the case maybe); and (ii) the policy being successfully issued.
13. The First Year Premium Discount does not apply to any riders.
14. If the First Year Premium is not an integer, such figure will be rounded off to the nearest integer for the purpose of calculating the amount of First Year Premium Discount that clients can enjoy.
15. The amount of the First Year Premium Discount will be calculated in the currency under which the Eligible Life Insurance Plan is denominated.
16. Clients can pay the net initial premium (i.e. the premium after deducting the premium discount amount) when they submit the applications. 
17. In case of any changes made by clients in the first policy year, which results in the requirement for the First Year Premium Discount not being fulfilled, Hong Kong Life reserves the right to disqualify such client's entitlement to the First Year Premium Discount and such client agrees to reimburse Hong Kong Life for the amount of the First Year Premium Discount already granted to such client upon request.
    
    Specific Terms and Conditions of Premium Prepayment Discount Incentive:
18. Subject to the General Terms and Conditions and these Specific Terms and Conditions herein, clients who fulfill all of the following requirements will be entitled to the corresponding Premium Prepayment Discount of Basic Plan as shown in the Incentive Table (II) ("Premium Prepayment Discount") in the second policy year: (i) the application of Wealth Up (Premier) Savings Insurance Plan is submitted successfully during the Promotion Period; (ii) the first year premium and the second year premium of the Wealth Up (Premier) Savings Insurance Plan being paid in full at the time of application; and (iii) the policy being successfully issued.
19. The second year premium must be paid together with the initial premium and levy (if any).
20. In case of any changes made by clients in any policy year, which results in the requirements for the Premium Prepayment Discount not being fulfilled, Hong Kong Life reserves the right to disqualify such client's entitlement to the Premium Prepayment Discount and such client agrees to reimburse Hong Kong Life for the amount of the Premium Prepayment Discount already granted to such client upon request.
21. To be eligible for the Premium Prepayment Discount, when paying the first year premium, the second year premium and levy (if any) may be deposited in advance into the Premium Deposit Account at the same time. No interest will be credited and no partial or full withdrawal is allowed for the amount in the Premium Deposit Account. If there are any changes on the amount of the levy which is collected by the Insurance Authority due to any legal or regulatory changes or any other reasons, Hong Kong Life will refund the excess amount of the prepaid levy or recover any outstanding amount from the policyowner as the case maybe.
22. The prepaid premium is subject to the Premium Deposit Account ("PDA") Operation Rules. Please refer to the Operation Rules stipulated in the PDA Application Form for further details.
23. For the avoidance of doubt, the Premium Deposit Account is not equivalent to the Bank's saving account. Any premium prepaid to Hong Kong Life pursuant to this promotion is not protected deposit and is not protected by the Deposit Protection Scheme under the Deposit Protection Scheme Ordinance (Cap 581) of Hong Kong.
    
    Specific Terms and Conditions of Complimentary Health Service:
24. Subject to the General Terms and Conditions and these Specific Terms and Conditions herein, clients who submit an application for any specified Eligible Life Insurance Plan(s) in Incentive Table (I) within the Promotion Period and fulfill the requirement on First Year Premium as specified in Incentive Table (III), and given the policy being successfully issued, will be entitled to one of the complimentary health services ("the Service") as listed in Incentive Table (III).
25. If the clients submit more than one application for the Eligible Life Insurance Plan with the same life insured, only the policy of the Eligible Insurance Plan with the earliest issue date would be entitled to the Service once.
26. To be entitled to the Service, the policy of the Eligible Life Insurance Plan must be successfully issued by 31 October 2024.
27. In case of any changes made by client in the first policy year, which results in the requirements of the Service not being fulfilled, Hong Kong Life reserves the right to disqualify such client's entitlement to the Service and seek compensation for the Service granted to such client.
28. The Service includes Health Check-up and Chinese medicine service provided by Quality HealthCare Medical Services Limited ("the Service Provider"). Relevant redemption details of the Service can be referred to the redemption letter which will be issued with the policy document after the policy being successfully issued. The redemption letter would not be re-issued if lost, stolen or damaged.
29. The redemption letter is transferable. In any event, the redemption letter cannot be used as cash, redeemed for cash or other services or gifts.
30. The original redemption letter must be presented at the time of redemption of the Service for verification purpose and the Service must be redeemed at the specific location and within the redemption period. Unused redemption letter after the redemption period will be void.
31. The Service is not part of the product features of the Eligible Life Insurance Plan.
32. The Service Provider reserves the right to change, suspend, cancel or terminate the Service at any time without prior notice. If the Service is changed, suspended, cancelled or terminated for any reason(s), Hong Kong Life shall have the full and absolute right to replace it with alternative services or gifts without giving prior notice to clients.
33. The Service is provided by the Service Provider. Hong Kong Life and Appointed Licensed Insurance Agencies are not the Service Provider of the Service. Hong Kong Life and Appointed Licensed Insurance Agencies gives no representation, warranty and guarantee of whatsoever nature (whether express or implied) to any person on or in connection with the Service and shall have no liability relating to any aspect of the Service, including but not limited to service quality or test results or consultation service provided by the Service Provider and/or collection and use of the Service users personal data by the Service Provider. Should there be any dispute or complaint or claim (if any) with regards to the Service, clients should make such demand or complaint or claim directly to the Service Provider.
34. The use of the Service is subject to the terms and conditions stipulated by the Service Provider. Hong Kong Life and Appointed Licensed Insurance Agencies shall not assume any responsibility whatsoever (i) in relation to the terms and conditions and any other relevant matters relating to the Service, and (ii) in the event that the Service Provider suspends, changes, cancels or terminates the use of the Service for any reason, or refuses to honor the redemption letter.
35. Hong Kong Life and Appointed Licensed Insurance Agencies will have no legal liability or responsibility for any loss or damage including but not limited to property damage or personal injury, howsoever directly or indirectly arising from or in respect of any use of the Service.

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 Eligible Life Insurance Plan depends principally on the factors including investment returns, claim payments, policy persistency rates, operation expenses and tax. Hence the amount of dividends (if any) is not guaranteed and may be changed over time. The actual dividends payable 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.

Non-Protected Deposit

The Eligible Life Insurance Plan is not equivalent to, nor should it be treated as a substitute for, time deposit. The Eligible Life Insurance 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, 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 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.

For enquiry about the Life Insurance Plan, please call our Customer Services Hotline at 2290 2882.