Supreme Fortune Wealth Planner
Reliable wealth management is crucial for a prosperous future for yourself and your loved ones. With Supreme Fortune Wealth Planner (the “Plan”), you can enjoy potential long-term wealth growth with guaranteed cash value, non-guaranteed terminal dividend and the total amount of terminal dividend management account (if any). What’s more, you can access your wealth flexibly and pass a legacy to the future generations, planning ahead for the financial security for your beloved.
Enjoy up to 15% premium discount on the first year’s premium! Click here for details
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 3 components: guaranteed cash value, non-guaranteed terminal dividend1 and the total amount of terminal dividend management account2 (if any).
Guaranteed cash value grows over the policy years helping you accumulate wealth.
Terminal dividend1 is a one-off non-guaranteed dividend, which is payable from the 3rd policy anniversary upon certain events.
Total amount of terminal dividend management account2 is equivalent to locked-in terminal dividend and interest3 (if any) less withdrawal amount (if any).
Terminal dividend management option to help you lock in gains
To facilitate your financial need, you can choose to exercise terminal dividend management option2 within 30 days starting from every policy anniversary (including the date of policy anniversary) to lock in gains from part of your non-guaranteed terminal dividend starting from the 15th policy anniversary and every policy anniversary thereafter so as to respond to market fluctuation. The non-guaranteed terminal dividend which is applied to lock in will be transferred to the terminal dividend management account and will become locked-in terminal dividend. The locked-in terminal dividend will then be guaranteed and will accumulate with interest3 at a non-guaranteed rate. You may also withdraw it for extra liquidity.
The terminal dividend management option2 can only be exercised once every policy anniversary. The minimum percentage for each locked-in terminal dividend under the terminal dividend management option is 10% and the aggregate percentage limit for locked-in terminal dividend is 50%. Upon the completion of transferring the non-guaranteed terminal dividend to the terminal dividend management account by the Company as per application, the non-guaranteed terminal dividend of the relevant policy year will be reduced accordingly. The non-guaranteed terminal dividend of subsequent policy years will be reduced accordingly with adjustment percentage subject to sole discretion of the Company.
You can also submit request to the Company to withdraw part or all of the locked-in terminal dividend and interest3 (if any) from terminal dividend management account without surrendering the policy. The withdrawal amount is subject to minimum requirement set by the Company from time to time.
Flexible access to your wealth for matching your needs
To realize your financial goals, you can partially withdraw the guaranteed cash value and non-guaranteed terminal dividend1 through reducing the basic amount4. The policy value will be reduced accordingly while the total amount of terminal dividend management account (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.
Unlimited change of insured to 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 option”5, allowing you to change the insured on or after the 1st policy anniversary for unlimited times while the insured is alive. The benefit term of the policy will be extended to age 138 of the new insured upon each change, giving your wealth more time to grow and pass on through generations.
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 (applicable to 5-year premium payment term policy(ies)) or 15 days to 75 (applicable to 8-year premium payment term policy(ies)) 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.
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.
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 (applicable to 5-year premium payment term policy(ies)) or 15 days to 75 (applicable to 8-year premium payment term policy(ies)) 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.
Life protection provides peace of mind to your loved ones
Death benefit
In case the insured passes away when the policy is in force and no contingent insured is assigned, we will pay the beneficiary a death benefit which is equal to the higher of:
1. 105% of the accumulated premium due and paid of the Plan; or
2. sum of guaranteed cash value and non-guaranteed terminal dividend1 (if any) of the Plan at the date of death of the insured,
plus the total amount of terminal dividend management account (if any), less all indebtedness (if any).
The policy will be terminated after we pay the death benefit.
Accidental death benefit
While the policy is in force, prior to the policy anniversary that the insured reaches age 66 and within the first 15 policy years from the policy effective date, if the insured suffers an injury caused by an accident, and dies from such injury within 180 days (both dates inclusive) from the date of such occurrence, provided that there is no contingent insured under the policy, the Plan will pay the beneficiary an extra accidental death benefit which is equal to the lower of:
- 100% of the accumulated premium due and paid; or
- HKD500,000 / USD62,500.
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 paid, 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 instalments with a fixed amount annually over a fixed payment term of 10 or 20 years, helping you to safeguard your family’s financial future.
For the instalment 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 instalment 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.
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.
Premium holiday offers extra flexibility
In case of unexpected incident or immediate financial need, you can exercise a premium holiday7 of up to 3 years (applicable to 8-year premium payment term policy(ies)) or 2 years (applicable to 5-year premium payment term policy(ies)) starting from the 2nd policy anniversary to suspend premium payment while the policy will remain in force, subject to the applicable terms and conditions determined by us from time to time.
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 will access comprehensive coverage under the free 24-hour worldwide emergency assistance service8.
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.
Supreme Fortune Wealth Planner
| Premium payment term and issue age |
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| Benefit term | To age 138 of the latest insured | ||||||
| Premium payment mode | Annual, semi-annual, quarterly, monthly9, or annual and premium prepayment10 (applicable to 5-year premium payment term policy(ies) only) |
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| Policy currency | HKD / USD | ||||||
| Minimum basic amount4 | HKD64,000 / USD8,000 | ||||||
| Maximum basic amount4 | HKD32,000,000 / USD4,000,000 |
Notes:
- Terminal dividend is non-guaranteed and is a one-time dividend. It is not perpetually attached to the policy. The amount of the terminal dividend will be subject to adjustment when it is declared.
Terminal dividend may become zero in some circumstances. For more information, please refer to clause 5 and clause 6 under “Important information” and “Non-guaranteed benefit” risk.
Starting from the 3rd policy anniversary, the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:- when the death benefit is paid (only applicable if the sum of guaranteed cash value and the terminal dividend of the basic plan on the date of death of the insured is higher than 105% of the accumulated premium due and paid);
- when the policy is surrendered; or
- when the policy reaches the policy maturity date.
- The minimum percentage for each locked-in terminal dividend under the terminal dividend management option is 10% and the aggregate percentage limit for locked-in terminal dividend is 50%. The option will only be exercised provided that the application fulfills the application requirement and is confirmed by the Company. There is no limitation on the number of exercising this option and it is subject to change by the Company from time to time. But this option can only be exercised once every policy anniversary. The Company will only process this option once for each written request. Should this option be exercised again afterwards, written request must be resubmitted. No application will be accepted if there is any indebtedness (if any) during application. The amount of locked-in terminal dividend is guaranteed after exercising this option successfully. Once the application is approved by the Company, the terminal dividend which is applied to lock in will be transferred to the terminal dividend management account as soon as practicable and will become locked-in terminal dividend, which will accumulate with interest at a non-guaranteed rate. The Company reserves the right to revise the rate from time to time.
There may be a delay when exercising terminal dividend management option at the time of market volatility. The actual amount of the locked-in terminal dividend will only be determined after the application has been processed successfully by the Company. Upon the completion of transferring the terminal dividend to the terminal dividend management account by the Company as per application, the terminal dividend of the relevant policy year will be reduced accordingly. The terminal dividend of subsequent policy years will be reduced accordingly with adjustment percentage subject to sole discretion of the Company. Locked-in terminal dividend will not be allowed to be reset or reversed to terminal dividend. For details, please refer to the policy provision. - The interest is not guaranteed. The actual benefits and/or returns may be lower or higher than estimates. China Life (Overseas) reserves the right to revise the interest from time to time.
- “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.
- 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), terminal dividend management option, total amount of terminal dividend management account (if any), premium holiday (if any) and indebtedness (if any) will remain unchanged after the change of insured.
- Application for contingent insured is subject to the prevailing administrative rules of China Life (Overseas). After the primary contingent insured became the new insured, 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), terminal dividend management option, total amount of terminal dividend management account (if any), premium holiday (if any) and indebtedness (if any) will remain unchanged.
- Within 60 days to 90 days before the 2nd policy anniversary and before every policy anniversary thereafter, the policyholder can submit application to exercise premium holiday and suspend paying premiums for a specified period from the immediately subsequent policy anniversary. It is required to fulfill the below requirements: (a) premium holiday period for each application must be in multiples of 1 year; (b) the aggregate premium holiday period must not exceed 2 years (applicable 5-year premium payment term policy(ies)) or 3 years (applicable to 8-year premium payment term policy(ies)); (c) premium holiday is not applicable to any policy which is currently paying premium by annual and premium prepayment; and (d) the policy has no indebtedness at the time of application and during the period when the premium holiday is in effect. After the premium holiday, you should pay the required renewal premium within the grace period so that the policy shall continue to be in force. For more information, please refer to clause 4 under “Important Information”.
During the period which the premium holiday is in effect, the premium of the Plan will be suspended in the period(s) designated by the policyholder and the policy will remain in force. China Life (Overseas) will defer the premium due date and premium expiry date of the Plan according to the premium holiday period as designated by the policyholder. The policy date, policy maturity date and coverage cessation date of the Plan will also remain unchanged after exercising premium holiday. Terminal dividend is non-guaranteed and will be subject to adjustment during premium holiday period.
If no partial policy surrender is made during premium holiday period, the basic amount, guaranteed cash value and accumulated premium due and paid of the Plan will remain unchanged and equal the amount immediately before premium holiday takes effect. If partial policy surrender is made during premium holiday period , the basic amount, guaranteed cash value and accumulated premium due and paid of the Plan which equal the amount immediately before premium holiday takes effect shall be reduced proportionally.
In addition, all riders (if any) under the policy will be terminated on the effective date of the first premium holiday and there should be no riders can be further added to the policy during the period which the premium holiday is in effect. Partial policy surrender, change of insured and contingent insured are still applicable, whereas any policy loan will not be accepted in the policy when premium holiday is in effect.
If any benefits of the Plan is payable during the period which the premium holiday is effective, China Life (Overseas) will adjust the related policy values according to the corresponding changes mentioned above. - 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 premium paid.
- Annual and premium prepayment is applicable to 5-year premium payment term policy(ies) only. 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 2% of the withdrawal amount, at a minimum amount of HKD100/USD12.5. You can withdraw the unused prepaid premium once only. The interest rate of prepaid premium is 1% p.a. and the interest rate is not 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.
