Enjoyable Life Income Plan
Enjoyable Life Income Plan (the “Plan”) helps you prepare for a comfortable and enjoyable future. The Plan provides a stable stream of income with guaranteed cash coupons. It also offers long-term wealth growth potential through non-guaranteed dividends and terminal dividend. Moreover, you can pass on your legacy from generation to generation, building financial security for your beloved family. The flexible benefit settlement options under the Plan can also cater to your specific financial needs.
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Secure steady stream of income with guaranteed cash coupons
Starting from the 1st policy anniversary, the Plan will provide a guaranteed basic cash coupon every year up to the 30th policy anniversary. Besides, you will receive a guaranteed additional cash coupon on the 10th, 20th and 30th policy anniversaries. The steady stream of income can help you achieve different financial goals.
| Policy anniversary | Guaranteed basic cash coupon (% of the basic amount1) | Guaranteed additional cash coupon (% of the basic amount1) |
| 1st to 9th | 1.25% | - |
| 10th | 1.25% | 2.5% |
| 11th to 19th | 1.25% | - |
| 20th | 1.25% | 2.5% |
| 21st to 29th | 1.25% | - |
| 30th | 1.25% | 2.5% |
You may leave the guaranteed cash coupons in the policy to accumulate interest2, or withdraw3 that, or use that to pay future premiums.
Double potential returns for wealth accumulation
To grow your wealth further, non-guaranteed dividends2 (if any) will be payable every year from the 1st policy anniversary onwards. You may leave the non-guaranteed dividends (if any) in the policy to accumulate interest2 or withdraw3 that as you wish. In addition, the Plan will provide terminal dividend4 (if any) from the 9th policy anniversary, which helps to further boost up the potential return.
Maturity benefit helps boost your capital
When the insured reaches age 138, the Plan will provide a maturity benefit which is equivalent to the guaranteed cash value plus accumulated guaranteed cash coupons and interest2 (if any), accumulated non-guaranteed dividends and interest2 (if any), and terminal dividend4 (if any), less all indebtedness (if any). The policy will be terminated thereafter.
Unlimited change of insured to pass on wealth across generations
The Plan gives your wealth more time to grow and pass on through generations. It allows you to change the insured for unlimited times at any time starting from the 1st policy anniversary and while the insured is alive. The benefit term will be extended to age 138 of the new insured5 upon each change.
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 for allowing the policy to continuously provide protection to you and your family.
Life protection provides peace of mind to your loved ones
A.Life protection
If the insured passes away while the policy is in force, provided that there is no appointed contingent insured6 under the Plan, we will pay the beneficiary a death benefit which is equivalent to:
101% of the accumulated premium due and paid after deducting the guaranteed cash coupons paid, or the guaranteed cash value of the basic plan at the date of death of the insured, whichever is higher;
+ accumulated guaranteed cash coupons and interest2 (if any);
+ accumulated non-guaranteed dividends and interest2 (if any);
+ terminal dividend4 (if any);
─ all indebtedness (if any).
B.Accidental death benefit
The Plan also provides accidental death benefit to the beneficiary. In the event the insured unfortunately dies from an accidental injury, the beneficiary will receive an additional coverage. Prior to the insured reaches age 66 and within the first 10 policy years from the policy effective date, if the insured suffers from accidental injury caused by an accident, and dies from the accidental injury within 180 days from the date of the occurrence of the accidental injury (both dates inclusive), provided that there is no appointed contingent insured6 under the Plan, the Company will pay to the beneficiary 100% of the basic amount1 or HKD500,000/USD62,500, whichever is lower, in addition to the death benefit. This policy shall then terminate.
If the insured is covered under other policies issued by the Company, the total amount payable by the Company for the death of insured due to accident shall not exceed HKD1,000,000/USD125,000.
C.Death benefit and accidental death benefit settlement option
While the insured is alive, you can choose how the death benefit and accidental death benefit (if any) are to be paid7, as long as the payment options of both benefits are the same. You can choose to settle the benefits in a lump sum or by annual installments with a fixed amount over a fixed payment term of 10 or 20 years, helping you to safeguard his or her family’s financial future.
If the death benefit at the date of the insured’s death is less than HKD400,000/USD50,000, or the policyholder does not specify any settlement option, we will pay out the benefit amount to the beneficiary in a lump sum.
Flexible full surrender settlement options
You may exercise full policy surrender according to your financial condition. The Plan will provide a surrender value, less all unpaid premiums (if any) and indebtedness (if any). You can choose to receive such payment10 in a lump sum8 or by installments9 to enjoy greater financial flexibility.
For the installment option, while the policy is in force, you can choose to exercise the “annuity conversion option” 30 days before the policy anniversary that the insured reaches age 65 and every policy anniversary thereafter to convert the guaranteed cash value, accumulated guaranteed cash coupons and interest2 (if any), accumulated non-guaranteed dividends and interest2 (if any) and terminal dividend4 (if any), less all unpaid premiums (if any) and indebtedness (if any) to annuity. The amount mentioned above will be transferred to the “annuity conversion account” and become total annuity amount. The annuity income can be paid out in cash by annual installments over a fixed 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 service11.
Simplified underwriting
To enable you to achieve your goal with ease, the Plan offers simplified underwriting procedures of which no medical examination is required.
Enjoyable Life Income Plan
| Issue age | 15 days to age 80 |
| Benefit term | To age 138 of the latest insured |
| Premium payment term | 5 years |
| Premium payment mode | Annual, semi-annual, quarterly, monthly12, or annual and premium prepayment13 |
| Policy currency | HKD / USD |
| Minimum basic amount1 | HKD80,000 / USD10,000 |
| Maximum basic amount1 | HKD40,000,000 / USD5,000,000 |
Notes:
- “Basic amount” means the amount shown on the policy information page or endorsement as the “basic amount”. The “basic amount” is used to calculate 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.
- 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 cash coupons and/or dividends at any time without any charge, however, the policy value and death benefit will be affected in case of withdrawal of cash coupons and/or 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 under “Important information” and “Non-guaranteed benefit” risk.
Starting from the 9th policy anniversary, the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:- when the death benefit is paid; or
- when the policy is surrendered; or
- when the policy reaches the policy maturity date.
- The new insured must have insurable interest which is satisfactory to the Company with the policyholder. The new insured must be aged between 15 days and 80, and must not be older than the attained age of the current insured, whichever is lower. The new insured is also subject to the applicable terms and conditions determined by us from time to time. Both current insured and new insured should be alive during the application for change of insured, which is subject to the prevailing administrative rules of China Life (Overseas). The policy’s basic amount, cash value, policy date, policy year, premium expiry date, accumulated premium due and paid, death benefit, accidental death benefit (if any), guaranteed cash coupons (if any), accumulated guaranteed cash coupons and interest (if any), non-guaranteed dividend (if any), accumulated non-guaranteed dividends and interest (if any), annuity conversion option and indebtedness (if any) will not be changed as a result of the change of insured.
- The contingent insured must have insurable interest which is satisfactory to the Company with the policyholder. At the point of application, the contingent insured must be aged between 15 days and 80, and must not be older than the attained age of the current insured, whichever is lower. The contingent insured is also subject to the applicable terms and conditions determined by us from time to time. Application for contingent insured is subject to the prevailing administrative rules of China Life (Overseas). The policy’s basic amount, cash value, policy date, policy year, premium expiry date, accumulated premium due and paid, death benefit, accidental death benefit (if any), guaranteed cash coupons (if any), accumulated guaranteed cash coupons and interest (if any), non-guaranteed dividend (if any), accumulated non-guaranteed dividends and interest (if any), annuity conversion option and indebtedness (if any) will not be changed as a result of the contingent insured becoming the insured.
- For the installment option, the remaining balance of death benefit and accidental death benefit (if any) 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 installment of death benefit and accidental death benefit (if any). If the beneficiary dies during the settlement period of the death benefit and accidental death benefit (if any), we will pay the remaining balance of the death benefit and accidental death benefit (if any) with interest (if any) in a lump sum payment to the estate of the deceased beneficiary. The policy will be terminated thereafter.
- For the lump sum option, the policy will be terminated after the surrender value is paid in full.
- For the installment option, the guaranteed cash value, guaranteed cash coupons (if any), accumulated guaranteed cash coupons and interest (if any), non-guaranteed dividends (if any), accumulated non-guaranteed dividends and interest (if any), non-guaranteed terminal dividend (if any), maturity benefit, death benefit, accidental death benefit (if any), change of insured, contingent insured and 24-hour worldwide emergency assistance service will become inapplicable immediately. 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 installment of annuity. If the policyholder (as the annuitant) dies during the annuity income period, we will pay the remaining balance of the annuity with interest (if any) in a lump sum payment to the estate of the deceased policyholder. The policy will be terminated thereafter.
- 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. We 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 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 premiums once only. The interest rate of prepaid premium is 2% p.a. and this interest rate is guaranteed.
Important Information
This product brochure 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 - any claims directly or indirectly caused by or resulting from the following conditions will not be covered: (1) any illness suffered within ninety (90) days from the Policy Effective Date or the last date of reinstatement of this Policy, whichever is later (not applicable to any claims caused by an Accident); (2) any congenital or pre-existing conditions before the Policy Effective Date or the last date of reinstatement of this Policy, whichever is later (not applicable to Autism); (3) if the Insured is diagnosed as suffering from Prostate Cancer, the Insured is aged over seventy (70) on the date of diagnosis of Prostate Cancer; (4) any illness caused by Human Immunodeficiency Virus (HIV), including Acquired Immunodeficiency Syndrome (AIDS) and/or any mutations, derivations or variations (not applicable to items 55 “AIDS / HIV due to Blood Transfusion” and 56 “Occupationally Acquired AIDS / HIV” under the definition of "Critical Illnesses"); (5) any illness or surgery caused by self-inflicted injuries or suicide, whether sane or not (not applicable for the death benefit); or (6) taking of drugs (except medicine prescribed by a Registered Medical Practitioner), abuse of alcohol or taking of poison.
In addition, the information stated herein 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. - Limitation - If the Insured is diagnosed by a registered medical practitioner that suffers from more than one of the illnesses mentioned in the Covered Illnesses Table while the Policy is in force, only one of the illnesses will be paid, whichever is higher.
- 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:
Asset Type Target Asset Mix (%) Bonds and other fixed income instruments 50% to 90% Equity-type investment and other investments 10% to 50% 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).
- 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.
- Terminal Dividend is distributed together with the Death Benefit, or the first Critical Illness Benefit payment, or upon Policy surrender, or Policy maturity, whichever is earlier. If any of the aforementioned occurs during the Policy period, China Life (Overseas) will distribute the Terminal Dividend at the preceding Policy Anniversary.
- The Second Medical Opinion and the NAVIGATOR are provided by third-party supplier(s), MediGuide International LLC, appointed by China Life (Overseas). China Life (Overseas) is not the service provider, and is not liable for the service quality provided. China Life (Overseas) reserves the right to amend the terms and conditions thereof from time to time without prior notice.
- 24-hour Worldwide Emergency Assistance Service is provided by Inter Partner Assistance Hong Kong Limited. The provision of services is subject to the terms and conditions of the Inter Partner Assistance Hong Kong Limited. China Life (Overseas) reserves the right to amend the terms and conditions thereof from time to time without prior notice.
- The Self-Select Critical Illness Benefit, Multiple Cancer Benefit, Critical Illness Benefit, Multiple Critical Illness Benefit and Special Disease Benefit will be paid to the Insured who is still alive. If the Insured is aged below 18, the benefit will be paid to the Policyholder.
| 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 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 has lapsed or is surrendered; (b) the Policy maturity benefit is paid; (c) the death benefit is paid; (d) the Policy has paid the Multiple Critical Illness Benefit for four (4) times (applicable to Basic Plan) or the Policy has paid the Multiple Critical Illness Benefit for four (4) times and has paid the Multiple Cancer Benefit (if effective) for two (2) times (applicable to SS Plan) ; (e) 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 (f) the Indebtedness of this Policy is equal to or exceeds the guaranteed Cash Value of this Policy. |
| Premium adjustment and renewal | China Life (Overseas) has the absolute right and discretion to adjust the renewal premium payable under the Policy at the end of each Coverage Period (that is every year). Factors leading to premium adjustment may include but are not limited to the experience in claims, policy surrender, investment return, and expenses incurred by and/or in relation to this product. |
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.
