TotalGuard Critical Illness Multiple Protector Series/Self-selected Plan/Treasured Version
Critical illnesses often occur suddenly, and sometimes repeatedly. A comprehensive plan that provides protection against multiple critical illnesses can help navigate through every stage of life.
TotalGuard Critical Illness Multiple Protector Series (the "Plan") includes TotalGuard Critical Illness Multiple Protector, TotalGuard Critical Illness Multiple Protector (SS)(“Self-selected Plan”) and TotalGuard Critical Illness Multiple Protector–Treasured Version /TotalGuard Critical Illness Multiple Protector(SS) - Treasured Version (“Treasured Version”). It is a participating insurance plan that offers protection against 194 types of illnesses, including chronic diseases, for example, three highs urban illnesses (“three highs”) - hypertension, hyperlipidaemia, and diabetes.
The Plan provides continuous support for critical illnesses and special diseases - up to 8 claims for critical illnesses and life protection, with a total coverage up to 980% of the original sum insured for the Self-selected Plan, allowing you to manage medical expenses easily. Self-selected Plan offers the option to select three critical illnesses for extra protection, allowing for a customized plan tailored to individual needs.
In addition, Treasured Version provides coverage for expectant mother during pregnancy and newborn babies, giving coverage to newborn babies right after birth until 100 years old.
Enjoy the below offer for successful enrollment during the promotion period!
Enjoy 8% premium discount on the first year’s premium! Click here for details
Comprehensive protection at different stages of critical illnesses
The Plan provides coverage for up to 194 covered illnesses that span critical illnesses, special diseases and chronic diseases. It also provides protection for Intensive Care Unit (ICU) stays, protecting your health comprehensively from various aspects.
Protection against critical illnesses
If the insured is unfortunately diagnosed with any covered critical illnesses, including cancer, heart attack and stroke, we will pay “critical illness benefit”4, which is equivalent to the sum of 100% of the original sum assured and face value of terminal dividend1 (if any), less any amount paid for “special disease benefit” and/or “chronic disease benefit”. At the same time, we will waive the remaining premiums3 of your Plan to release your financial pressure.
In the unfortunate death of the insured, we will pay the beneficiary a “death benefit”4 which is equivalent to the sum of 100% of original sum assured and the face value of terminal dividend1 (if any), less any amount paid for special disease benefit and/or chronic disease benefit. The Plan will then be terminated.
Extra benefit2 for enhanced protection
If the insured is diagnosed with any covered critical illnesses for the first time or passes away before the policy anniversary which the insured is 66 years old, we will pay an extra benefit amount of 80% of the original sum assured, offering you and your family with additional protection.
Advance payment for special diseases
If the insured is unfortunately diagnosed with any of the covered special diseases, we will pay 20% of the original sum assured in advance as “special disease benefit”5,6 to reduce the financial burden of being ill.
Each special disease can be claimed once only, while carcinoma-in-situ7 can be claimed up to 2 times.
Protection for Intensive Care
Regardless of any illnesses or accidents, in the event of a worsening condition, there is a chance of being admitted to the intensive care unit and requiring invasive life support treatment. The Plan covers intensive care under “special disease benefit” and “critical illness benefit”:
ICU stay with invasive life support:
● For 72 or more consecutive hours - 20% of the original sum assured in advance8
● For 120 or more consecutive hours and undergoes a designated complex surgery - 100% of the original sum assured
Advance payment for three highs
“Three highs” chronic diseases refer to hypertension, hyperlipidaemia, and diabetes, which are common urban diseases among the Hong Kong people. If not treated early, these chronic diseases may develop into critical illnesses, posing health risks.
The Plan provides “chronic disease benefit”5,9 for three highs, starting from the 15th policy anniversary or the policy anniversary which the insured is 65 years old (whichever is later), if the insured is diagnosed with a chronic disease, we will pay 10% of original sum assured in advance.
For the details of the covered critical illnesses, special diseases and chronic diseases, please refer to the “Covered Illnesses Table”.
Up to 8 claims in total for critical illness benefit and multiple critical illness benefit10
Cancer, heart attack and stroke have high recurrence rates, this is why the Plan provides protection against multiple critical illnesses. If the insured is diagnosed with covered critical illness before the policy anniversary which the insured is 88 years old, we will provide “multiple critical illness benefit” so that you can receive treatment worry-free.
The maximum number of claims is 7 times under multiple critical illness benefit, combined with the critical illness benefit, providing 8 claims in total. The maximum number of claims for each critical illness is as follows:
● Cancer - 5 times
● Heart attack and/or stroke - 3 times
● Alzheimer’s disease - 1 time
● Other critical illnesses(except terminal illness, loss of independent existence, total and permanent disability and intensive care with complex surgery) - 1 time
● Terminal illness, loss of independent existence , total and permanent disability and intensive care with complex surgery - 1 time (Only payable under critical illness benefit)
Multiple critical illness benefit is subject to waiting period requirements, please refer to remarks 10 for details.
Multiple protection with total protection up to 980% of the original sum assured
Total protection is up to 880% of the original sum assured for TotalGuard Critical Illness Multiple Protector and TotalGuard Critical Illness Multiple Protector–Treasured Version, while total protection for the Self-selected Plan is up to 980% of the original sum assured.
| 100% Critical illness benefit |
+ | 80% Extra benefit |
+ | 700% Multiple critical illness benefit |
+ | 100% Self-selected critical illness benefit (applicable to Self-selected Plan only) |
Self-selected Plan
A) Self-selected critical illness benefit11 for enhanced coverage
Your critical illness protection needs are unique. The “self-selected critical illness benefit” allows you to personalize your protection by choosing 3 out of 6 critical illnesses for which you will receive enhanced protection for covered illnesses, to accommodate your own protection needs.
The 6 specified critical illnesses include cancer, Parkinson’s disease, multiple sclerosis, stroke, Alzheimer's disease and cardiomyopathy. You can choose 3 of these upon enrollment, if the insured is diagnosed with any of the chosen critical illnesses before the policy anniversary which the insured reaches 80 years old, we will pay an extra 100% of the original sum assured in addition to the critical illness benefit or multiple critical illness benefit payout.
The self-selected critical illness benefit is payable once only.
B) Continuous cancer support benefit12 to ease financial burden
To enhance the continuous support for cancer treatment and compensate for the loss of income during the treatment period, if the insured opts for the Self-selected Plan and has received the critical illness benefit or the multiple critical illness benefit due to cancer before the policy anniversary which the insured is 88 years old, we will pay out “continuous cancer support benefit”.
We will pay the continuous cancer support benefit in advance, which is equal to 1.5% of the original sum assured every month for up to 36 months or until the next claim of the multiple critical illness benefit (whichever is earlier). Any subsequent claims in relation to multiple critical illness benefit will be reduced by the amount paid for the immediate preceding continuous cancer support benefit. During the claim period, the insured shall submit proof every six months starting from the date of diagnosis.
The maximum number of claims of continuous cancer support benefit is 4 times, totaling up to 216% of the original sum assured.
Treasured Version - pregnancy and infant protection to safeguard loved ones
Expectant mother can take out the Treasured Version as early as her 22nd week of pregnancy, it safeguards against unfortunate events during pregnancy, while newborn baby can also receive a range of protections immediately, including coverage for undetected congenital critical illnesses.
(i) Pregnancy stage – the expectant mother as the insured:
In the unfortunate event of passing away of the expectant mother and the foetus, a miscarriage, a termination of pregnancy or a stillbirth,“pregnancy compassionate benefit”13 which is equal to 105% of accumulated premium paid will be paid out, less any indebtedness. The Plan will then terminate.
(ii) Infant protection benefit14 –after the birth and where the insured is the newborn baby:
● Coverage for critical illnesses or special diseases: including critical illnesses related to congenital critical illnesses remain undetected upon policy issuance.
- within 90 days after birth, 20% of the original sum assured payable for the claim submitted for such critical illness or special disease
- after 90 days after birth, 100% of the original sum assured payable for the claim submitted for such critical illness or special disease
● Death benefit:
- within 180 days after birth, 20% of the death benefit and extra benefit
- after 180 days after birth, 100% of the death benefit and extra benefit
Savings elements for offering potential returns
The Plan offers you comprehensive critical illness coverage and death benefit, as well as potential returns with guaranteed cash value and non-guaranteed terminal dividend1, so that you can enjoy both protection and wealth accumulation.
TotalGuard Critical Illness Multiple Protector
TotalGuard Critical Illness Multiple Protector (SS)
TotalGuard Critical Illness Multiple Protector–Treasured Version
TotalGuard Critical Illness Multiple Protector(SS) - Treasured Version
| Premium payment term15 and issue age |
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| Benefit term | Up to age 100 of the insured (Please refer to “Benefit Schedule” for the benefit term of the respective protection.) • Chronic disease benefit: Starting from the 15th policy anniversary or age 65 (whichever is later) to age 100 • Specified critical illness benefit or specified special disease benefit: Up to age 18 of the insured • Multiple critical illness benefit: Up to age 88 of the insured • Self-selected critical illness benefit: Up to age 80 of the insured • Continuous cancer support benefit: Up to age 88 of the insured • Pregnancy compassionate benefit: Before the live birth of a child • Extra benefit: Up to age 66 of the insured • Premium waiver benefit for death of parents: Up to age 18 of the insured |
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| Premium payment mode16 | Annual17, semi-annual, quarterly, monthly, annual and premium prepayment18 (applicable to 10 years’ premium payment term) | |||||||||||||
| Policy currency | HKD/USD | |||||||||||||
| Minimum sum assured | HKD120,000/USD15,000 |
Notes :
- Non-guaranteed terminal dividend is a one-off dividend. It is not perpetually attached to the Plan and is non-guaranteed. Starting from the 5th policy anniversary, terminal dividend (if any) shall be paid upon the occurrence of the earliest of the following conditions:
(i)when the Company pays the “death benefit”;
(ii)when the original sum assured payable paid by the Company for “critical illness benefit”, “special disease benefit” and/or “chronic disease benefit” has reached 100% of the original sum assured of the Plan;
(iii)when the Plan is surrendered by the policyholder; or
(iv)when the Plan reaches the policy maturity date.
The amount of the cash value and face value of terminal dividend may be increased or decreased when it is declared in future, the amount of cash value of terminal dividend shall be equal to or less than the face value of terminal dividend. The face value of terminal dividend (if any) will be payable when the Company pays the “death benefit” or the original sum assured payable paid by the Company for “critical illness benefit”, “special disease benefit” and/or “chronic disease benefit” has reached 100% of the original sum assured of this Plan. The Company will pay the cash value of terminal dividend (if any) upon the Plan is surrendered or the policy maturity date. Under certain circumstances, the terminal dividend may be zero. - The Company will pay the “extra benefit” to the beneficiary(ies) (for situations of paying “death benefit”) or the policyholder (for situations of paying “critical illness benefit”), which is equal to 80% of original sum assured of the Plan.
- The original sum assured payable for “critical illness benefit”, “special disease benefit” and/or “chronic disease benefit” has reached 100% of the original sum assured of the Plan, the remaining premium will be waived.
- When the Company pays out “critical illness benefit” or “death benefit”, any original sum assured payable paid for “special disease benefit” and/or “chronic disease benefit”, and any indebtedness will be deducted.
- “Special disease benefit” and “chronic disease benefit” are advance payments. The current sum assured of the Plan shall be reduced by the original sum assured payable paid by the Company for the “special disease benefit” (if any) and/or “chronic disease benefit” (if any), and the premiums and guaranteed cash value of the Plan shall also be reduced proportionally, but the terminal dividend (if any) will not be affected. For any “critical illness benefit” or “death benefit” that is payable under the Plan, any original sum assured payable paid for the “special disease benefit” and/or “chronic disease benefit” (if any)shall be reduced from the benefit payable.
The maximum original sum assured payable of advance payments under the Plan is 100% of original sum assured of the Plan. If the total original sum assured payable of advance payments reaches 100% of the original sum assured of the Plan, the Company will pay the face value of non-guaranteed terminal dividend (if any) at the same time and waive the remaining premium of the Plan. For the avoidance of doubt, the total original sum assured payable of “special disease benefit” and “chronic disease benefit” payable shall not exceed 100% of the original sum assured of this Plan. - The maximum number of claims payable to each special disease is 1 time, except that the maximum number of claims payable to carcinoma-in-situ is 2 times. In the event where the claim is for the same special disease, the original sum assured payable for “special disease benefit” shall be capped at USD50,000 (USD policy) / HKD400,000 (HKD policy) or amount equivalent in other currencies for each insured. For the avoidance of doubt, if the insured is covered under other policies issued by the Company, the total original sum assured payable by the Company for the same special disease under the Plan or under other policies issued by the Company shall not exceed the capped amount as stated above in this paragraph.
- The maximum number of claims payable to carcinoma-in-situ is 2 times. For the carcinoma-in-situ, a second claim is payable only if the carcinoma-in-situ is in an organ different from that organ where the first claim of carcinoma-in-situ has been paid. If the relevant organ has both a left and a right component (such as, but not limited to, the lungs or breasts), the left side and right side of the organ shall be considered as the same organ.
- If the insured stays in an Intensive Care Unit which is outside of Hong Kong and Macau, the “special disease benefit” payable shall be equal to 10% of the original sum assured of the Plan. For the avoidance of doubt, if the stay in intensive care unit takes place in PRC, the “special disease benefit” shall be payable, which is equal to 10% of the original sum assured of the Plan, only if the stay is in a Tertiary Grade A Hospital designated by National Health Commission of the PRC.
- The maximum number of claims payable under “chronic disease benefit” is 1 time, and the maximum original sum assured payable is 10% of original sum assured of the Plan. In the event where the claim is for the same chronic disease, the original sum assured payable for “chronic disease benefit” shall be capped at USD25,000 (USD policy) / HKD200,000 (HKD policy) or amount equivalent in other currencies for each insured. For the avoidance of doubt, if the insured is covered under other policies issued by the Company, the total original sum assured payable by the Company for the same chronic disease under the Plan or under other policies issued by the Company shall not exceed capped amount as stated above in this paragraph.
- The maximum original sum assured payable to “multiple critical illness benefit” is 700% of original sum assured of the Plan. The total original sum assured payable of critical illness benefit, multiple critical illness benefit and continuous cancer support benefit (if applicable) payable for cancer shall not exceed 500% of the original sum assured of the Plan. If the total original sum assured payable of critical illness benefit, multiple critical illness benefit and continuous cancer support benefit (if applicable) paid for cancer exceeds 500% of original sum assured of the Plan, the amount in excess will not be paid. Except for cancer, heart attack or stroke, the Company shall be liable for 1 claim of critical illness benefit or multiple critical illness benefit for each critical illness.
After “critical illness benefit” has been paid by the Company, any subsequent “multiple critical illness benefit” to be paid by the Company shall be subject to the following conditions:
(a)the insured is still alive after 14 days from the date of diagnosis;
(b)subsequent critical illness is not terminal illness, loss of independent existence, total and permanent disability or intensive care with complex surgery;
(c)at least a period of 1 year is required between the date of diagnosis of the immediate previous illness and the subsequent critical illness (both dates inclusive);
(d)if the subsequent critical illness is a new cancer which is caused by a different malignant cell origin from the previous cancer as confirmed by a specialist, at least a period of 1 year is required between the date of diagnosis of such new cancer and the previous cancer (both dates inclusive);
(e)if the subsequent critical illness is a recurrent, metastatic or continuous cancer which, as confirmed by a specialist, is continuation from the previous cancer, at least a period of 3 years are required between the date of diagnosis of such cancer and the immediate previous cancer (both dates inclusive). For the continuous cancer, the insured is also required to have received or have been receiving active treatment by a specialist during the course of this period as stated above;
(f)if the subsequent critical illness is a continuous cancer of previous cancer which is located in the prostate (“previous prostate cancer”) and the date of diagnosis of such critical illness occurs after the policy anniversary which the insured reaches 70 years old, the following requirements must be fulfilled:
(i)the Company has paid the “critical illness benefit” or “multiple critical illness benefit” for previous prostate cancer under the Plan;
(ii)such critical illness is a continuous cancer of previous prostate cancer, with no complete remission occurred; and
(iii)the insured has received or has been receiving active treatment by a specialist, and the active treatment must be performed during the period between the dates of diagnosis of the previous prostate cancer and such critical illness (both dates inclusive) ;
(g)if the subsequent critical illness is a heart attack which, as confirmed by a specialist with supporting evidence certifying that it is a new and separate heart attack from previous illness which is a heart attack, at least 1 year is required between the date of diagnosis of the 2 heart attacks stated above (both dates inclusive); and
(h)if the subsequent critical illness is a stroke which, as confirmed by a specialist with supporting evidence certifying that it is a new and separate stroke from previous illness which is a stroke, at least 1 year is required between the date of diagnosis of the 2 strokes stated above (both dates inclusive). - When applying for the Plan, on written notice acceptable by the Company or filling in the Company’s prescribed form, the policyholder may select 3 diseases of the 6 specified critical illnesses below as covered diseases in relation to this “self-selected critical illness benefit covered diseases” Once selected, and the Plan becomes effective, the policyholder cannot amend the self-selected critical illness benefit covered diseases. Such specified critical illnesses under this benefit shall cover:
(i) Cancer;
(ii)Parkinson’s Disease;
(iii)Multiple Sclerosis;
(iv)Stroke;
(v)Alzheimer’s Disease; or
(vi)Cardiomyopathy.
While the Plan is in force, if the insured is diagnosed by a registered medical practitioner as suffering from the self-selected critical illness benefit covered disease before the policy anniversary which the insured reaches 80 years old, the Company will pay the self-selected critical illness benefit to the policyholder, which is equal to 100% of the original sum assured of the Plan, in addition to critical illness benefit or multiple critical illness benefit (as the case may be), subject to the Company’s verification that such covered disease is covered under the Plan. The self-selected critical illness benefit is payable once only. If the self-selected critical illness benefit is payable in additional to multiple critical illness benefit, the insured is required to survive after 14 days from the date of diagnosis. - While the Plan is in force, if the “critical illness benefit” or the “multiple critical illness benefit” have been paid due to cancer before the policy anniversary which the insured reaches 88 years old , and the insured is still alive after 14 days from the date of diagnosis, upon the payment the “critical illness benefit”, the “multiple critical illness benefit” and/or the “self-selected critical illness benefit” (if applicable) in relation to such cancer, starting from the date of diagnosis, the Company will pay the “continuous cancer support benefit” for such cancer in advance to the policyholder, which is equal to 1.5% of original sum assured of the basic plan every month, less any indebtedness for a continuous 36 months, or until payment of “multiple critical illness benefit”, whichever is earlier (“each continuous cancer support benefit”). During the period of each continuous cancer support benefit, the insured shall submit proof (to the satisfactory of the Company) every 6 months, starting from the date of diagnosis that the insured has received or have been receiving active treatment by a specialist. Such proof shall be (i) dated within the 6th month of aforementioned period; and (ii) submitted to the Company no later than 30 days from such proof. Any subsequent claims in relation to a critical illness for payment of “multiple critical illness benefit” shall be reduced by the amount which the Company has paid for the immediate preceding “continuous cancer support benefit”. If the policy has been terminated for whatever reason during the payment period or the required proof is not received by the Company with the specified time stated above, such “continuous cancer support benefit” shall terminate immediately and any remaining benefit will not be payable.
The “continuous cancer support benefit” shall terminate upon the occurrence of the following conditions (whichever is the earliest):
(i)the original sum assured payable paid by the Company for “critical illness benefit”, “multiple critical illness benefit” and/or “continuous cancer support benefit” for cancer has reached 500% of the original sum assured of the Plan;
(ii)the original sum assured payable paid by the Company for “critical illness benefit”, “multiple critical illness benefit” and “continuous cancer support benefit” has reached 800% of the original sum assured of the Plan;
(iii)if the Company has paid 4 times for the “continuous cancer support benefit”;or
(iv)the policy anniversary which the insured reaches 88 years old. - While the Plan is in force, where the insured is the expectant mother on the issue date or the policy effective date of the Plan (whichever is later), such expectant mother will be covered under “pregnancy compassionate benefit” only in the Plan. If an expectant mother who is the insured:
(i)dies prior to live birth of a child and there is no surviving child insured under the Plan;
(ii)undergoes a miscarriage or termination of pregnancy; or
(iii)suffers a stillbirth,
the Company will pay the “pregnancy compassionate benefit” to the beneficiary(ies) (applicable to the situation of above (i)) or the policyholder (applicable to the situation of above (ii) or (iii)), which is equal to 105% of accumulated premium due and paid of the Plan, less any indebtedness. The Plan shall then terminate. In the case of a single foetal loss of a twin pregnancy of the expectant mother, the Company shall pay the “pregnancy compassionate benefit” from either 1 of the 2 policies of TotalGuard Critical Illness Multiple Protector– Treasured Version / TotalGuard Critical Illness Multiple Protector(SS) - Treasured Version with identical sum assured concurrently applied at the date of application. - Following the live birth of a child under the Plan, policyholder provides proof of such live birth to the Company on or before 45 days prior to the first policy anniversary. Upon receipt of such proof of live birth, the Company will issue an endorsement in relation to the change of the insured of the Plan from the expectant mother to the child. In the event that the Company does not receive such proof of live birth on or before 45 days prior to the 1st policy anniversary, the Plan shall then terminate at such policy anniversary. The Plan cannot be reinstated and premiums will not be refunded.
After the live birth of a child and where the insured in such child, if the insured is diagnosed by a registered medical practitioner as suffering from critical illnesses or special diseases within 90 days following the issue date or the date of live birth of a child (whichever is later) and the claim is submitted for such critical illness or special disease under the Plan, the “special disease benefit”, “critical illness benefit”, “extra benefit”, “self-selected critical illness benefit” (if applicable) and the first claim of “continuous cancer support benefit” (if applicable) payable by the Company shall be reduced to 20% of the original sum assured payable , which shall satisfy the Company’s liability for the payment of the relevant benefit in benefit provisions.
Notwithstanding Clause 23 of the general provisions, any “death benefit” and “extra benefit” payable under the Plan shall be reduced to 20% of the original sum assured payable where the insured does not survive the age of 180 days.
Original sum assured payable refers to the amount payable at the percentage of “death benefit”, “chronic disease benefit”, “special disease benefit”, “critical illness benefit”, “extra benefit”, “multiple critical illness benefit”, “self-selected critical illness benefit” (if applicable) or “continuous cancer support benefit” (if applicable). - In addition to premiums, you have to pay policy fee of HKD200/USD25 (subject to policy currency) per year during the premium payment term.
- 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.
- The premium payment mode of the first policy year of Treasured Version must be annual mode.
- 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 not guaranteed.
Important Information:
You have the right to purchase the medical insurance product as a standalone plan instead of bundling with other type(s) of insurance product.
Disclaimer
Important Information:
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, riot, 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, claims experience, 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.
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 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:
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Asset type |
Target asset mix (%) |
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Bonds and other fixed income instruments |
30% to 90% |
|
Equity-type investment and other investments |
10% to 70% |
Please refer to China Life (Overseas)’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.
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.:
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 in full, (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.
