EverTogether Savings Plan
A right financial plan can help you accelerate success and achieve a bright future with your loved ones. With just 2 years of premium payment, EverTogether Savings Plan (the “Plan”) will bring you multiple potential returns for long-term wealth growth. Moreover, you can pass your wealth down the generations and allocate your assets flexibly by splitting the policy to meet your financial needs, creating a worry-free future for your beloved.
Enjoy the below offers for successful enrollment during the promotion period!
Enjoy 2% premium discount on the first year’s premium! Click here for details
Enjoy guaranteed preferential interest rate of 5.5% p.a. for prepaid premium! Click here for details
Multiple Potential Returns
Policy Split Option
Unlimited Change of Insured
Contingent Insured
Flexible Financial Management
Multiple potential returns to accelerate wealth building
The Plan is a participating insurance plan that offers you potential capital growth. Its policy value consists of three components:
- Non-guaranteed dividends1 (if any) will be payable starting from the 5th policy anniversary and every policy anniversary thereafter, providing you with a stream of potential returns.
- You may leave the non-guaranteed dividends (if any) in the policy to accumulate interest1 or withdraw2 that to achieve different financial goals.
- Terminal dividend3 is a one-off non-guaranteed dividend, which is payable from the 6th policy anniversary upon certain events.
- Guaranteed cash value grows over the policy years, helping you accumulate wealth.
Split your policy and pass it to your loved ones
You can distribute your wealth in the way you choose by exercising the hassle-free “policy split option”4, which allows you to divide your policy into multiple policies as you wish, whether you desire to pass your wealth to your next generation or prepare funds for your retirement.
Starting from the 5th policy anniversary, you may exercise the policy split option at any time to split the original policy into two or more new policies according to the designated percentages. Once the policy split is completed, you may also apply for change of insured5 to continue to accumulate your legacy and enjoy greater flexibility on wealth allocation.
Unlimited change of insured and pass on wealth across generations
We understand you wish to provide your loved ones with a secure financial future. This is why the Plan features the “change of insured” option5. Starting from the 1st policy anniversary, you can change the insured for unlimited times while the insured is alive, giving your wealth more time to grow. Together with the change of policyholder, you can pass the policy down through generations.
Contingent insured to sustain insurance coverage
You can appoint and prioritize a maximum of 2 contingent insureds6 at a time while the insured is alive and the policy is in force. In case the insured unfortunately passes away, we will arrange the contingent insured who is first in line to be the new insured according to relevant administrative procedures and orders. The policy will continue to be effective and the policy value will keep growing. Together with the change of policyholder, you can pass on a legacy to future generations.
Life protection and settlement options
In case the insured unfortunately passes away while the policy is in force and there is no contingent insured under the policy, we will pay the beneficiary a death benefit which is equal to the higher of:
- 101% of accumulated premium due and paid of the basic plan at the date of death of the insured; or
- sum of guaranteed cash value and non-guaranteed terminal dividend3 (if any) of the basic plan at the date of death of the insured
+ accumulated non-guaranteed dividends (if any) and interest1 (if any);
─ all indebtedness (if any).
The policy will be terminated after we pay the death benefit.
While the insured is alive, you can choose how the death benefit is to be paid. You can choose to settle the benefit in a lump sum or by instalments7 with a fixed amount in cash annually over a fixed payment term of 10, 20 or 30 years, helping you to safeguard your family’s financial future.
Flexible access to your wealth
To realize your financial goals, you can partially withdraw the guaranteed cash value and non-guaranteed terminal dividend3 (if any) through reducing the basic amount8. The policy value and death benefit will be reduced accordingly while the accumulated non-guaranteed dividends (if any) and interest1 (if any) will remain unchanged.
Alternatively, you can apply for policy loan to borrow part of the guaranteed cash value when needed, while keeping the policy in force. Interest on policy loan which is not guaranteed will be charged at a rate determined by us from time to time.
Full surrender settlement option
Financial needs vary at different stages of life. You may exercise full policy surrender when needed and the Plan will provide a surrender value. You can choose to receive such payment11 in a lump sum9 or by instalments10 to enjoy greater financial flexibility and cater to your specific needs.
For the instalment option, while the policy is in force, you can apply to exercise the “annuity conversion option” starting from the policy anniversary when the insured reaches age 65 and every policy anniversary thereafter to convert the guaranteed cash value, accumulated non-guaranteed dividends (if any) and interest1 (if any) and non-guaranteed terminal dividend3 (if any), less all unpaid premiums (if any) and indebtedness (if any) to annuity. Such application should be received by the Company 30 days before the relevant policy anniversary. The amount mentioned above will be transferred to the annuity conversion account and become total annuity amount. The annuity can be paid out by annual instalments over a payment term of 10 or 20 years, giving you a stable stream of retirement income.
24-hour worldwide emergency assistance service
If the insured is diagnosed with an illness or is injured in an accident outside the country of residence, he/she can access comprehensive coverage under the free 24-hour worldwide emergency assistance service12.
Simplified underwriting
To enable you to achieve your goals with ease, application of the Plan is easy. Simplified underwriting procedures are available and no medical examination is required.
EverTogether Savings Plan
| Issue age | 15 days to age 80 | ||
| Benefit term | Whole life | ||
| Premium payment term | 2 years | ||
| Premium payment mode13 | Annual / Annual and premium prepayment14 | ||
| Policy currency | HKD/USD | ||
| Issue age | |||
| 15 days to age 60 | Age 61 to 75 | Age 76 to 80 | |
| Minimum basic amount8 | HKD64,000 / USD8,000 | ||
| Maximum basic amount8 | HKD80,000,000/USD10,000,000 | HKD40,000,000/USD5,000,000 | HKD3,000,000/USD375,000 |
Notes:
- Dividends (if any) will be payable while the policy is in force and the insured still survives. The dividends and interest are not guaranteed. The actual benefits and/or returns may be lower or higher than estimates. China Life (Overseas) reserves the right to revise these from time to time. The actual amount of dividends is subject to the overall performance of China Life (Overseas)’s participating businesses, including investment returns and claims, etc.
- You may withdraw the dividends at any time without any charge, however, the policy value and death benefit will be affected in case of withdrawal of dividends.
- Terminal dividend is a one-off dividend and is non-guaranteed. Amount of terminal dividend shown in proposal illustration is just an indicative figure. Declared terminal dividend is not perpetually attached to the policy. It may be reduced or increased at subsequent declarations. Its actual amount will only be determined when it becomes payable. The actual amount may be lower or higher than the projected figure. Under some circumstances, actual amount of terminal dividend may be zero. The amount of the terminal dividend is affected by various factors including but not limited to the performance of the underlying investments, so the amount is relatively volatile and will move up and down over time. China Life (Overseas) reserves the right to revise the terminal dividend from time to time. Past record is not necessarily indicative of future result. For more information, please refer to clause 5 and clause 6 of the product brochure under “Important information” and “Non-guaranteed benefit” risk.
Starting from the 6th policy anniversary, the terminal dividend shall be paid upon the occurrence of the earlier of the following conditions:
(i)when the Company pays the death benefit (only applicable if the sum of guaranteed cash value and terminal dividend (if any) of the basic plan at the date of death of the insured is higher than 101% of accumulated premium due and paid of the basic plan); or
(ii)when the policy is surrendered by the policyholder. - There is no limitation on the number of split policies for exercising the “policy split option”. For the policy year in which the policy split option is exercised under the policy, the policyholder cannot apply policy split option for the split policy(ies) in the same policy year. Application for exercising the policy split option is also subject to the following:
(i)the basic amount of each split policy must not be less than the minimum basic amount of the basic plan determined by the Company at the time;
(ii)the sum of split percentage of all split policies equals to 100%;
(iii)there is no premium due and unpaid or indebtedness under the policy (if applicable);
(iv)there is no claim pending for approval under the policy; and
(v)no change, cancellation, withdrawal or termination by the policyholder will be allowed once the application is submitted to the Company for exercising the policy split option.
Upon the Company’s approval of the application for exercising the policy split option, the following will apply:
(i)the policy split option will be effective provided that the application is approved by the Company with remarks duly signed by the Company’s authorized signatory(ies) or endorsements. The effective date of policy split option will be the date of the Company’s approval for such application (according to the Company’s records);
(ii)the policy will be terminated immediately and the split policies will take effect immediately when the policy split option is effective;
(iii)the policy year, policy date, policy effective date and the latest date of reinstatement (if any) of each split policy will be the same as the policy year, policy date, policy effective date and the latest date of reinstatement (if any) of the policy as of the policy split option effective date;
(iv)the policyholder, insured and beneficiary(ies) (with the respective designated percentage) of the split policies will be the same as the policyholder, insured and beneficiary(ies) (with the respective designated percentage) of the policy as of the policy split option effective date;
(v)the settlement option of death benefit, contingent insured(s) and sequence of contingent insured(s) of the split policies will be the same as the settlement option of death benefit, contingent insured(s) and sequence of contingent insured(s) of the policy as of the policy split option effective date;
(vi)cooling-off period will not be applicable to the split policies;
(vii)all rider(s) under the policy (if any) will be terminated immediately on the policy split option effective date;
(viii)the basic amount, guaranteed cash value, accumulated dividends (if any) with interest (if any) and terminal dividend (if any) of the basic plan as of the policy split option effective date will be allocated to each split policy according to the corresponding split percentage;
(ix)the dividend (if any) of each split policy after the policy split option effective date will be calculated according to the basic amount of each split policy;
(x)the accumulated premium due and paid of the policy as of the policy split option effective date will be allocated to each split policy according to the corresponding split percentage;
(xi)similar policy split option will also be applicable to each split policy starting from the policy year immediately after the policy year in which the policy split option becomes effective; and
(xii)unless otherwise specified above, all benefits, terms and conditions of each split policy will be the same as those of the policy. - When the Company receives the written application for the “change of insured”, the age of the new insured shall meet the following requirements:
(a) If the new insured’s attained age exceeds the first insured’s attained age, the attained age of the new insured shall not exceed: (i) age 65; or (ii) the attained age of the first insured of the policy plus 10 years (whichever is lower);
(b) If the new insured’s attained age is equal to or below the first insured’s attained age, the attained age of the new insured shall not exceed age 80.
The Company must be satisfied with the insurable interest between the new insured and the policyholder. Both the current insured and the new insured must be alive at the time of applying for the change of insured. Such request must fulfill the related administration procedure of the Company. The policy’s basic amount, guaranteed cash value, policy date, policy year, premium expiry date, the latest date of reinstatement of the policy (if any), accumulated premium due and paid, death benefit, settlement option of death benefit, dividend (if any), accumulated dividends (if any) with interest (if any), terminal dividend (if any), policy split option (if any), annuity conversion option and indebtedness (if any) will not be changed due to the change of insured. - When the Company receives the written request for “designating the contingent insured”, the age of the contingent insured(s) shall meet the following requirements:
(a) If the contingent insured(s)’ attained age (on an individual basis if more than 1 contingent insured) exceeds the first insured’s attained age, the attained age of the contingent insured(s) shall not exceed: (i) age 65; or (ii) the attained age of the first insured of the policy plus 10 years (whichever is lower); and
(b) If the contingent insured(s)’ attained age (on an individual basis if more than 1 contingent insured) is equal to or below the first insured’s attained age, the attained age of the contingent insured(s) shall not exceed age 80.
The Company must be satisfied with the insurable interest between the contingent insured(s) and the policyholder. Such request must fulfill the related administration procedure of the Company. The policy’s basic amount, guaranteed cash value, policy date, policy year, premium expiry date, the latest date of reinstatement of the policy (if any), accumulated premium due and paid, death benefit, settlement option of death benefit, dividend (if any), accumulated dividends (if any) with interest (if any), terminal dividend (if any), policy split option (if any), annuity conversion option and indebtedness (if any) will not change after the contingent insured becomes the insured. - For the instalment option, the remaining balance of death benefit will be deposited in the policy to accumulate interest (if any) until the end of the payment term. The interest will be calculated on an annual basis and it is non-guaranteed which will be determined by us from time to time. The accumulated interest (if any) will be paid together with the last instalment of death benefit. If the beneficiary(ies) dies at any time before the Company has fully paid the death benefit, the Company shall pay the remaining balance of the death benefit with accumulated interest (if any) in a lump sum payment to the respective personal representative for the estate of the deceased beneficiary(ies) (in accordance with their entitlement, where applicable). The policy shall terminate when the death benefit is paid in full.
If the total amount of death benefit at the date of the insured’s death is less than HKD400,000/USD50,000, or the policyholder has not confirmed any settlement option of death benefit before the date of death of the insured, we will pay out the benefit amount to the beneficiary in a lump sum. - “Basic amount” means the amount shown on the policy information page or endorsement as the “basic amount”. The basic amount is used to calculate the premium and relevant values of the policy, but is not applicable to the calculation of the death benefit. If the basic amount has been amended while the policy is in force, the said premium and relevant values of the policy will be adjusted accordingly.
- For the lump sum option, the policy will be terminated after the surrender value is paid in full.
- For the instalment option (i.e. exercising “annuity conversion option”), once the application for annuity conversion option is approved by the Company, the relevant amount will be transferred to the annuity conversion account as soon as practicable and will become total annuity amount, while the remaining policy deposit (if any) will be paid as a lump sum payment to the policyholder. The actual amount to be converted will only be determined after the application has been approved by the Company. No change, cancellation, withdrawal or termination will be allowed once policyholder submits the application for exercising the option. The total annuity amount cannot be restored or reversed to policy value.
After exercising the annuity conversion option and on the date of the Company approving such application, the Company shall only be responsible for the payment under such option and any other provision of the policy shall no longer be applicable. The remaining balance of annuity will be deposited in the policy to accumulate interest until the end of the payment term. The interest will be calculated on an annual basis and it is non-guaranteed which will be determined by us from time to time. The accumulated interest (if any) will be paid together with the last annuity payment. The policyholder can withdraw the value of annuity conversion account in full once as a lump sum payment during the annuity period. In the event the policyholder (as the annuitant) is a natural person and dies during the annuity period, we will pay the value of annuity conversion account in a lump sum to the personal representative for the estate of the deceased policyholder. The policy shall terminate when the surrender value is paid in full.
If the amount mentioned above is less than HKD400,000/USD50,000, or you have not selected any settlement option, you will receive the relevant amount in a lump sum. - The amount you will receive for policy surrender may be less than the total amount of premiums paid regardless of the settlement option selected.
- 24-hour worldwide emergency assistance service is provided by third party service provider and is not part of the policy. We will not guarantee the service quality and shall not be liable for any matter in connection with the services. China Life (Overseas) reserves the right to amend the terms and conditions thereof and to terminate the service from time to time without prior notice.
- If the required renewal premium is paid by you within the grace period, the policy shall continue to be in force. For details, please refer to the policy provisions issued by China Life (Overseas). If the policy is lapsed or surrendered early, the policy cash value received by you may be considerably less than the total amount of the premiums paid.
- If you choose the annual and premium prepayment option, you can withdraw the unused prepaid premium (including interest, if any) at one time. China Life (Overseas) will charge 3% of the withdrawal amount, at a minimum amount of HKD200/USD25. You can withdraw the unused prepaid premiums once only. The interest rate of prepaid premium is 5.5% p.a. and this interest rate is guaranteed.
Important Information
Important Information:
The information above is for reference only. Please refer to the Policy documents for the complete definitions of the capitalised terms, as well as all the terms and conditions of this product. You are reminded to review all of the relevant product materials provided to you and to seek independent professional advice if necessary.
- The Policy is underwritten by China Life Insurance (Overseas) Company Limited (“China Life (Overseas)” or "us / we / our"). China Life (Overseas) is responsible for the features, underwriting and benefit payments under the Policy. You should fully understand all of the risks involved in this product and consider whether this product is affordable and suitable to you before making your application.
- China Life (Overseas) shall make the final decisions on the underwriting and claims. We shall rely on your submitted information to assess whether to accept or decline your application, and shall refund any Premium paid without interest for declined cases.
- Exclusions - The Accidental Death Benefit under this Policy shall not cover any claims if the Insured is involved in any of the following activities or the consequences directly or indirectly caused by any of the following events occur in respect of the Insured: (a) war, act of hostility (whether war declared or not), civil war, revolution or any military actions; (b) rebellion, civil commotion, strike or activities of terrorism; (c) contamination resulting from nuclear weapons, ionizing radiation, nuclear fuel or waste produced from the combustion of nuclear fuel (the said nuclear combustion shall include any self-sustaining process of nuclear fission); (d) during war, act of hostility (whether war declared or not), any military actions or repression of rebellion, the Insured is engaging in or taking part in military services; (e) directly or indirectly caused by the Insured engaging in aviation, except as a passenger on an aircraft of a commercial airline on a scheduled route; (f) self-inflicted injuries or suicide (whether sane or not) by or attempted by the Insured (whether felony or not); (g) childbirth, pregnancy, miscarriage or abortion, even if it is accelerated or induced by an Accident ; (h) surgery operated on the Insured and induced by disease, infected disease or incident that is not caused by an Accident ; (i) taking of poison or inhaling poisonous gas or poisonous mist (whether voluntary or not); except Accidental inhaling by the Insured in a fire ; (j) the Insured as a professional athlete participating in sports or earning income or remuneration through the sports; (k) participating in hunting, mountaineering, motor racing, horse racing, ice-skiing, skiing, scuba-diving, parachuting, hang-gliding, boxing or any other competitions or performances; (l) while the Insured is on duty as a professional driver and is entering, driving, operating, servicing, riding in or departing from any land vehicle or conveyance outside the territorial limits of Hong Kong and Macau; (m) the Insured is assaulted or murdered during rebellion, civil commotion, strikes or when making an arrest while the Insured is employed as a full-time or part-time police officer or cadet officer, or is an officer or a member of the Correctional Services Department; or (n) the Insured is assaulted or murdered during rebellion, civil commotion or strikes while the Insured is employed as a fireman, or is on duty as a fireman and is engaging in firefighting or activities for protecting people and property in a fire.
In addition, the information stated in this product brochure is for reference only. Please refer to the General Provisions for the exact terms and conditions and limitations such as incontestability, suicide and fraud etc. or all exclusions.
- Non-Payment of Premium / Automatic Premium Loan - You should pay Premium(s) on time according to the selected Premium payment schedule. If the due Premium remains unpaid upon the expiry of the Grace Period, an Automatic Premium Loan will be taken out against the Policy to settle the unpaid Premium automatically. All Policy Loans are interest-bearing and calculated at a rate (as stated on our corporate website www.chinalife.com.hk) to be declared by us from time to time. Interest accrued shall become a part of the Indebtedness. When the loan balance is equal to or exceeds the guaranteed Cash Value of the basic plan of the Policy, the Policy will be lapsed and you will lose the related insurance coverage and suffer a financial loss. Under these circumstances, the Surrender Value of the Policy will be deducted to repay the outstanding loan balance (including interest), and the remaining value will be refunded to you.
- Dividend and/or Crediting Interest Philosophy - This is a participating and/or providing interest on accumulation insurance plan. Premiums received from the policies will be invested to a variety of assets according to China Life (Overseas)’s investment strategy. The surplus from the invested assets will be shared with Policyholder through declared dividends and/or interest rate on accumulation in accordance with the relevant clause in the benefit provision. China Life (Overseas) will ensure a fair sharing of profits among different groups of policyholders and also between policyholders and China Life (Overseas). China Life (Overseas) will review and determine the dividend and/or interest rate on accumulation at least once a year, the current projection on dividend and/or interest rate on accumulation are not guaranteed and subject to change with the entire performance of the relevant policies and the factor including but not limited to the investment returns, operating expense, claims experience, commission, persistency, past experience and future prospect. In addition, China Life (Overseas) will consider both past and future outlooks of all factors including but not limited to:
Claims – including the costs of providing death benefit as well as other benefits under the product(s).
Investment return – including the interest income, dividend income, outlook of interest rates and any changes in the market value of the product’s backing asset.
Expenses – including both direct expenses (e.g. commissions, underwriting, issue and premium collection expenses) and indirect expenses (e.g. general overhead expenses) related to the product.
Persistency – including policy lapse and partial surrender experience.
Note: The dividend or interest rate history is not an indicator of the future performance of this product.
- Investment Philosophy, Policy and Strategy - China Life (Overseas) aims to strive for minimizing volatility of the investment return and provides stable return as our investment philosophy. Assets are mainly invested in bonds and other fixed income instruments, such as government and corporate bonds and other fixed income instruments to support the guaranteed financial obligation. To enhance the performance of the investment portfolio, China Life (Overseas) invests in equity-type investments and other investment instruments such as mutual funds and direct / indirect investment in properties or commercial institutions.
The investment portfolio will be diversified across different geographic regions and /or industries. Investment strategy will be subject to change depending on the market conditions and the economic outlook. China Life (Overseas) will inform Policyholder the relevant changes in dividend and/or interest rate on accumulation and the impact to the policies when there is change in the investment strategy.
China Life (Overseas)’s current investment strategy on participating and/or providing interest on accumulation plans are as follow:
Please refer to China Life (Overseas) Company’s website www.chinalife.com.hk/products/dividendandinvestment for dividend history, Dividend and/or Crediting Interest Philosophy, Investment Philosophy, Policy and Strategy, as well as the fulfillment ratio of China Life (Overseas).Asset type Target Asset Mix (%) Bonds and other fixed income instruments 50% to 90% Equity-type investment and other investments 10% to 50%
- Cooling-off Right - You have the right to cancel the Policy within the Cooling-off Period and obtain a refund of any Premiums paid by giving written notice to us provided that you have not made any claims under the Policy. Such notice must be signed by you and submitted to China Life (Overseas) at 22/F, CLI Building, 313 Hennessy Road, Wan Chai, Hong Kong within 21 days after the delivery of the Policy or issue of a Notice to you or your representative informing you that the Policy is available, whichever is earlier.
| What are the key product risks? | |
|---|---|
| Credit risk: | This product is a life insurance Policy issued by China Life (Overseas). Any Premium paid will become part of our assets and our financial strength will affect our ability to meet our contractual obligations to you under the Policy. Therefore this product is subject to our credit risk. |
| Early surrender risk: | The savings component of the Plan is subject to risks and possible losses. Should you surrender the Policy early, you may receive an amount considerably less than the total amount of Premiums paid. |
| Exchange rate and Currency risks: | Any Policy with foreign currencies involves risks, such as potential changes in political or economic conditions that may substantially affect the price or liquidity of a currency. The fluctuations in exchange rates may also cause financial losses to you during currency conversions. You should consider the potential currency and exchange rate risks before deciding which Policy currency you should take. |
| Inflation risk: | The cost of living in the future may be higher than expected due to the effects of inflation. Therefore, your current planned benefits and/or returns may be insufficient to meet your future needs even if we fulfill all of our contractual terms and obligations. |
| Liquidity and Withdrawal risk: | You are obliged to hold the Policy and pay the Premium for the designated period of time. If you terminate the Policy prior to the Policy Maturity Date, you will suffer a financial loss. In case you make partial withdrawals from the Policy, your account value, death benefit and other Policy values will be reduced, and you may need to pay the relevant handling fee or charges (if any). |
| Non-guaranteed Benefit: | This Plan consists of non-guaranteed benefits and/or returns. The actual amounts of benefits and/or returns in the future may be different from the benefits and/or returns which project on the product materials. The product materials are for illustrative purposes only. |
| Policy Termination: | The Policy will be terminated if (a) the Policy is lapsed or surrendered; or (b) the Company has paid the Policy Maturity Benefit; (c) the Company has paid the death benefit, (d) the due Premium has not been paid within 31 days after the Premium Due Date, and the Policy has no remaining guaranteed Cash Value, or (e) the Indebtedness of the Policy is equal to or exceeds the guaranteed Cash Value of the Policy. |
Disclaimer:
The information and descriptions contained herein are not intended to be complete descriptions of all terms, exclusions and conditions applicable to the products and services, but are provided solely for general informational purposes. For complete details please refer to the actual policy or the relevant product or services agreement.
