WHOLE LIFEIssue age
AGED 15 DAYS - 70 YEARSYou can buy this from
YOUR FINANCIAL CONSULTANT
"Joyful Life" Insurance Plan is designed for people aged between 15 days to 70 years and provides whole life protection until the age of 100. You can get yourself and family protected and live life without worry.
In the unfortunate event of death of the insured, a death benefit equals to the sum insured plus accumulated annual dividend and terminal dividend1 minus all outstanding loan balance (if any) and any unpaid balance of premiums due for the full policy year will be paid.
Flexible Premium Payment Periods – Choose a flexible premium payment period of 10, 15 or 20 years to suit your personal financial arrangements.
Premium Prepayment Options - For policies with 10-year premium payment period and annual premium payment mode, you may choose the premium prepayment option as short as 1-year or 5-year3, and enjoy the benefit of paying up the plan earlier at a lower cost as interest3 will be earned from the prepayment amount.
Premium Discount - Enjoy a special premium discount for designated sum insured that applies throughout the entire premium payment period. This allows you to manage your finance with ease.
In addition to the Guaranteed Cash Value, "Joyful Life" Insurance Plan will pay you the Annual Dividend1. You can choose to withdraw dividend in cash, or accumulate interest1 by keeping the dividend in your policy. “Joyful Life” Insurance Plan will also pay the Terminal Dividend1 at policy surrender, at policy maturity or in the unfortunate event of death of the insured, so you can obtain life protection coverage while enjoy steady returns to meet your financial goals. The amount of dividend is determined by a number of factors.
The Guaranteed Cash Value, Accumulated Annual Dividend1 and Terminal Dividend1 can be withdrawn while the policy remains in force2, serving as a repository of easily accessible funds if unexpected needs arise.
Enjoy extra protection coverage by adding a range of optional benefits to suit particular needs of you and your family. You can do this at the time of application or at any time thereafter. These optional benefits include medical, hospitalization, critical illness, accident and term insurance.
You may consider applying for a policy loan while still keeping the policy in force. The amount of the loan will be subject to our discretion. The policy may be subject to an automatic premium loan if there is any non-payment of premiums. Whenever the automatic premium loan is applicable, we will automatically advance the premium due as a loan.
Any policy loan and automatic premium loan on this policy will bear interest at a rate determined by the company and the company has the right to change the interest rate from time to time. You may refer to Policy Loan form or Automatic Premium Loan Notice for current interest rate.
The policy will automatically be terminated if at any time the loan balance with interest equals or exceeds the sum of cash value and any accumulated annual dividends under the policy. If the policy is terminated automatically, the policy will become valueless and you will lose your insurance protection under the policy.
- Annual Dividend, Terminal Dividend and interest from Annual Dividend are not guaranteed. However, once declared, the declared amount of the Annual Dividend and the accumulated interest will be credited to the policy. An Annual Dividend may be payable at the sole discretion of the Company on each Policy Anniversary after this policy has been in force for a minimum number of policy years and provided that all premiums due have been paid up to each relevant Policy Anniversary. The amount of Terminal Dividend in each declaration may be greater or lesser than the previous amount based on a number of factors, including but not limited to investment returns and general market volatility.
- Accumulated Annual Dividend (if any) can be withdrawn at any time without affecting the sum insured. Guaranteed Cash Value and Terminal Dividend can be withdrawn by means of reduction of sum insured while meeting the minimum sum insured requirement of US$10,000. Please note that the sum insured cannot be increased once it has been reduced. The subsequent Guaranteed Cash Value, Annual Dividend, Terminal Dividend and Total Death Benefit will be adjusted accordingly based on the reduced sum insured.
- Prepaid premium will be credited to your premium deposit account. The amount in premium deposit account will be accumulated at the interest rate offered at that time (the current interest rate offered is 2% per annum but it is not guaranteed). Early withdrawal and refund of prepaid premium is not allowed. Policy owner should pay for the outstanding amount in case the balance in premium deposit account is insufficient to settle the premium.
The above product summary is for reference only. Please refer to the policy provision for the terms and conditions.
If you are interested in this product, please contact your insurance consultant.