Wealth Up Savings Insurance Plan - Client Promotion Incentive

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

"Fortune Evergrow 2022" Client Promotion Incentive - Wealth Up Savings Insurance Plan Details

Premium Discount Incentive for Eligible Life Insurance Plan
Promotion Period: From now till to 30 September 2022 (Application Signing and Submission Date) (Both Dates Inclusive)

First Year Premium Discount Incentive

With successful applications submitted within the Promotion Period2 for the Eligible Life Insurance Plan of Hong Kong Life Insurance Limited ("Hong Kong Life") as specified below, subject to the conditions of relevant Incentive (as defined below), including (i) the requirements on First Year Premium, and (ii) the policy being successfully issued, clients may enjoy the First Year Premium Discount of Basic Plan13 as specified below.

Incentive Table (I)
Eligible Life Insurance Plan First Year Premium14 First Year Premium Discount of Basic Plan13
  HKD USD  
  • Wealth Up Savings Insurance Plan
250,000 – 1,499,999 31,250 – 187,499 4%
1,500,000 – 2,999,999 187,500 – 374,999 5%
3,000,000 or above 375,000 or above 6%

 

 

Premium Prepayment Discount Incentive

In addition to the First Year Premium Discount Incentive abovementioned, clients will be entitled to the Premium Prepayment Discount of Basic Plan in the second policy year as specified below, given that client pays the first year premium and the second year premium in full at the time of application, and the policy being successfully issued.

Incentive Table (II)
Eligible Life Insurance Plan Policy Currency Premium Prepayment Discount of Basic Plan in the second policy year
  • Wealth Up Savings Insurance Plan
HKD 3%
USD 4%

 

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 documents for the full terms and conditions of the Eligible Life Insurance Plan(s), and the product leaflets 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 documents. Client should also seek independent and professional advice before making any decision.

Terms and Conditions of "Fortune Evergrow 2022" Client Promotion Incentive - Wealth Up Savings Insurance Plan 

          General Terms and Conditions:

  1. "Fortune Evergrow 2022" Client Promotion Incentive - Wealth Up 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").

  2. The Promotion Period of the Incentive is from now to 30 September 2022 (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 can be enjoyed in conjunction with "ISM Branch Roadshow Incentive 2022" and/or "Fabulous" Premium Discount Voucher, "Topmost" Premium Discount Voucher or "Wow Offer" Premium Discount Privilege but not any other incentive(s) offered by Hong Kong Life. However, only one premium discount voucher could be used for each policy.
  5. The Incentive is not applicable to policies withdrawn during the cooling-off period. In such case, clients would receive a refund of any 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. The premium discount amount can only be used for paying the premium of Eligible Life Insurance Plan in the Incentive Tables.
  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 of the Eligible Life Insurance Plan 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 is applicable to the premium of the Basic Plan of the Eligible Life Insurance Plan only and does not apply to any riders thereof.
  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 First Year Premium Discount on the Basic Plan of the Incentive 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 (premium after deducting the premium discount amount) when they submit the applications. 
  17. In case of any conversion of the Eligible Life Insurance Plan to non-Eligible Life Insurance Plans, changes made to the amount of Principal Amount/Sum Assured (if applicable) or any changes made by Clients in the first policy year, which results in the premium discount of the Incentive being lower than the discount before the conversion or the relevant Incentive requirement being no longer applicable, Hong Kong Life reserves the right to disqualify such client's entitlement to the Incentive and to seek compensation for the amount of the Incentive already granted to such client.

    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 will be entitled to the Premium Prepayment Discount of Basic Plan in the second policy year as shown in the Incentive Table (II), given that client must pay the first year premium and the second year premium of the Eligible Life Insurance Plan in full at the time of application, subject to 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 conversion of the Eligible Life Insurance Plan to non-Eligible Life Insurance Plans or any changes made by clients in any policy year, which results in the relevant Incentive requirement being no longer applicable, Hong Kong Life reserves the right to disqualify such client's entitlement to the Incentive and to seek compensation for the amount of the Incentive already granted to such client.
  21. 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.
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 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.

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