UP TO 128 YEARS OLD OF THE NEW INSUREDIssue Age
AGED 15 DAYS - 75 YEARSYou can buy this from
YOUR FINANCIAL CONSULTANT
In addition to the increases of guaranteed cash value over the years, “RewardPro” Insurance Plan distributes annual dividend1 annually starting from the 2nd policy anniversary. To meet your financial needs, you can either withdraw it immediately, leave it in the policy to accumulate interest over time or to pay for future premiums. To further boost your wealth, terminal dividend1 will be offered when the policy is surrendered, partially surrendered, reaches its maturity, in the unfortunate event of the death of the insured (please refer to At-a-Glance Table for details of Death Benefit), or when you exercise terminal dividend lock in option4.
1) Unlimited changes of Insured and protection of new insured up to age 1282
After the 1st policy anniversary, you may change the insured for unlimited times2. The coverage period will be adjusted to the 128th birthday of the new insured. Policy value would have sufficient time for wealth accumulation and can be passed on to the next generations infinitely.
2) Policy Continuation Option (to the Beneficiary)3
Apart from unlimited changes of Insured2, the plan specially provides “Policy Continuation Option”3. While the Insured is alive and the policy is in force, the Policy Owner can assign a Beneficiary and upon the death of the Insured, the Beneficiary will become the new Policy Owner (if applicable) and the new Insured. Even if the Insured accidentally passes away, the policy can still be passed on to the next generations. The coverage period will also be adjusted to age 128 of the new Insured.
To protect your wealth against market volatility, you can choose to apply for one of the following terminal dividend lock in options4 to convert and accumulate your terminal dividend1 in the form of annual dividends1 or withdraw it in times of need. The converted terminal dividend1 will become guaranteed and bring you a stable return. Terminal dividend1 which has been converted into annual dividends1 can also earn interest.
1) Automatic Lock In Option4
Starting from the policy anniversary on or immediately following the insured reaching the retirement age selected by you (must be age 55 or above) or the 15th policy anniversary (whichever is later) and thereafter, we will automatically convert terminal dividend1 into annual dividend1 on each policy anniversary, such amount is determined by taking 8% of total premiums paid9, until the balance of terminal dividends1 falls to an amount equal to 30% of total premiums paid9 after conversion.
2) Manual Lock In Option4
Starting from the 15th policy anniversary, you can apply to convert part of the terminal dividend1 on your choice into annual dividend1 on your designated policy anniversary (ies). 10% or above of terminal dividend1 can be converted each time, up to a total of 60%, while a 3-year or above interval between each conversion is required.
This plan offers premium holiday5 of up to 2 years to provide you with flexibility for your wealth management (please refer to At-a-Glance Table for details of premium holiday). You can apply for a premium holiday5 on or after the 3rd policy anniversary as long as there is no prepaid premium and indebtedness. The premium payment of the next policy anniversary will be suspended and you do not need to worry about the immediate termination of policy. During the premium holiday5, the annual dividends1 will not be distributed, but the units and guaranteed cash value will remain unchanged; the distributed accumulated annual dividends and interest1 (if any) will continue to earn interest1 (if any) during the premium holiday5.
Accidents or diseases are unforeseeable. Under the following circumstances, we will pay the future premiums of the basic plan to help you out in difficult times.
1) If the insured is 18 years old or above6, and is the policyowner at the same time, and diagnosed with total permanent disability10 before the age of 75, he or she will entitle for the “Waiver of Premium Benefit”6. We will pay the future premium of the basic plan for you, up to USD 350,000 until premium end date that is set at the time of policy issuance. It ensures your wealth accumulation will not be affected (please refer to At-a-Glance Table for details of maximum total amount of premium waived).
2) If the insured is 17 years old or below6, and the policyowner (including contingent policyowner11) dies or is diagnosed with total permanent disability10 before the age of 75, he or she will entitle for the “Payor Benefit”6, and we will pay the future premiums of the basic plan for you, up to USD 350,000 until premium end date that is set at the time of policy issuance to safeguard your child’s future (please refer to At-a-Glance Table for details of maximum total amount of premium waived).
In the unfortunate event of the death of the insured, we will pay a death benefit of 105% of total premiums paid9, plus accumulated annual dividends and interest1 (if any) for your peace of mind (please refer to At-a-Glance Table for details of Death Benefit).
1) Settlement option for death benefits7
While the insured is still alive and the policy is in force, the policyowner can choose one of the following options regarding payment to the beneficiary of death benefit for their future in the unfortunate event of the insured’s death:
i) A lump sum payment; or
ii) Regular payments7 – monthly, semi-annually or annually over 10, 20 or 30 years; or
iii) A lump sum payment for part of the death benefit and the remaining will be paid on a regular basis7.
For benefit to be paid to the beneficiary(ies) at regular intervals, the remaining of death benefit (after deduction of a lump sum payment of a certain percentage of the death benefit is paid out, if applicable) must be equal to or more than USD 50,000. The amount of death benefit which is yet to be paid under the death benefit settlement option can also earn interest12.
2) Full surrender8
Once the policy has been in force for 5 years, and if the policyowner fully surrender the policy, he or she can choose to receive a lump sum payment or receiving surrender payment8 at regular intervals. This option is only available if the surrender payment is equal to or more than USD 50,000. The amount of surrender payment that is yet to be paid can enjoy an interest12.
“RewardPro” Insurance Plan offers a 5-year premium payment period and you may choose to pay by lump sum payment, thereby enjoying the benefit of paying up the plan at a lower cost. Interest will also be earned on the prepaid premium13.
The application process of basic plan is simple, and no medical check-up is required, this allows you to accumulate wealth with ease.
Once enrolled in the “RewardPro” Insurance Plan, you will have access to free 24-hour worldwide emergency assistance for immediate support wherever you may be. The maximum benefit (per incident) reaches up to USD 1,000,000, including services of emergency evacuation or repatriation and delivery of mortal remains. For details, please refer to related documents.
- Annual dividend, terminal dividend and interest from accumulated annual dividend are not guaranteed. However, once distributed, the amount of the annual dividend and the accumulated interest will become guaranteed. 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 of 2 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.
- Changing the insured is subject to the prevailing administrative rules. It will not affect the units, policy values and policy year, and maturity date will be changed to the date of policy anniversary on the 128th birthday of the new Insured or the immediately following policy anniversary (whenever is applicable). The new insured must be aged between 15 days and 65 years of age (last birthday) and must not be elder than the initial insured by 10 years or more. The change of Insured must be endorsed by the Policy Owner, proposed new Insured and Assignee (if any). Both the new Insured and the current Insured must be alive and the policy is in force at the time the Insured is changed, and Policy Owner must submit satisfactory proof of evidence of insurability for the proposed new Insured. We shall cease to provide any coverage for the initial Insured or the prior Insured on our record (when applicable and as the case may be) as from the Insured-Change Effective Date. Following the change of the insured, all riders (if any) of the previous insured will be terminated. Riders attached to this policy can be re-attached after the change of insured, however, the premium and approval should be subject to rider application at that time. Please refer to the policy provisions for details of changing the Insured.
- Upon the death of Insured, if the Policyowner (still alive) and the Insured is different person, the Beneficiary will become the new insured. If the Policyowner and the Insured is the same person or the Policyowner died, upon the death of Insured, the Beneficiary will become the new Policyowner and new insured of the policy, subject to the prevailing administrative rules of the Company. After this option has been exercised, all policy values and policy year will remain unchanged. The policy value may be equal to or lower than death benefit before this option has been exercised. However, any rider(s) attached to this basic plan will be terminated at the same time. Rider(s) attached to this basic plan can be re-attached after Policy Continuation Option has been exercised. However, it will be subject to our approval and the premium rate at the time of such request. This option is not available for the policy with payment(s) of all or partial death benefit on a regular basis being selected. Please refer to the policy provisions for details of Policy Continuation Option.
- You can apply changes between options for unlimited times before exercising the "Terminal Dividend Lock In Options". Once the option has been exercised, no change can be made. The actual amount of converted terminal dividend through “Manual Lock In Option” will be determined after the application is approved. The amount may be lesser or higher than the amount shown at the time when you submit your application. After the conversion of terminal dividend, your future terminal dividend will be reduced accordingly. All terminal dividend not yet be converted can be higher or lower or reduced to zero. While the “Automatic Lock In Option” is in force, the option will be immediately suspended upon partial surrender, and you have to submit a request to resume the option.
- The length of a premium holiday for each application should be a multiple of 1 year until it reaches the maximum limit. Premium holiday is only applicable to the basic plan and will be effective on the next policy anniversary, but all riders attached to the policy will be terminated at the same time. Riders attached to this policy can be re-attached after premium holiday, however, the premium and approval should be subject to rider application at that time. During the premium holiday, you do not need to pay premiums for the basic plan, the units and guaranteed cash value will remain unchanged during the period, provided that you have not partially surrendered during the premium holiday. Terminal dividend is non-guaranteed. During the premium holiday, we will not distribute any annual dividends, but the accumulated annual dividends and interest (if any) will continue to accumulate with interest at a rate of 4.25% (this interest rate is not guaranteed and will be adjusted from time to time) per annum. Please refer to the policy provisions for details of premium holiday.
- There are 2 types of premium waivers:
- If the policyowner opts for the beneficiary to receive “a lump sum payment for part of the death benefit, and the remaining will be paid on a regular basis”, the lump sum amount should equal to or greater than 5% of the death benefit. However, interest on unpaid death benefit is not guaranteed, therefore interest may be less than expected and the actual payout period may be shorter than the selected period. Only lump sum death benefit is applicable if an assignment is made. If the beneficiary(ies) die(s) while receiving the regular death benefit payments, the remaining amount will be paid to the beneficiary(ies)’ estate. If no beneficiary(ies) survives the insured and the policyowner is still alive, the death benefit will be paid to the policyowner in accordance with the death benefit settlement option. Policyowner may also request to receive the death benefit in lump sum. If the policyowner dies while receiving the regular death benefit payment, the remaining death benefit will be paid in a lump sum to the policyowner’s estate. This option is not available for the policy with Policy Continuation Option being selected. Please refer to the policy provisions for details of Death Benefit Settlement Option.
- Upon full surrender, the policyowner may choose to receive surrender payment in a fixed amount on a regular basis. However, interest on unpaid surrender payment is not guaranteed, therefore interest may be less than expected and the actual payout period may be shorter than the selected period. If the policyowner dies while receiving the regular death benefit payments, the remaining surrender payment will be paid in lump sum to the policyowner’s estate.
- Total premiums paid refers to the total amount of premium(s) due and paid for the basic plan. For policy with premium prepayment, the premium prepayment in premium deposit account will not be calculated in the total premiums paid. If you have partially surrendered the policy, total premiums paid will be reduced proportionally.
- Total permanent disability refers to any of the following that results from an illness or injury: (i) the total and irrecoverable loss of sight of both eyes; or (ii) the complete and permanent paralysis of two limbs or actual severance at or above wrist or ankle of two limbs; or (iii) total and irrecoverable loss of the sight of one eye and either the complete and permanent paralysis of one limb or actual severance at or above wrist or ankle.
- Contingent policyowner refers to the person who is appointed by the policyowner on our company’s application or on our designated form and is approved as contingent policyowner by our company. Please refer to policy documents for details about the contingent policyowner.
- The current interest rate offered is 2% p.a., but it is not guaranteed.
- The premium prepayment option is only applicable to policy with annual premium payment mode. The prepaid premium will be credited to your premium deposit account and accumulate at the prevailing interest rate offered at that time (The current interest rate offered is 2% per annum, but it is not guaranteed). You can withdraw the full amount of the prepaid premiums from the premium deposit account. However, any interest credited will be forfeited. If the amount of the premium deposit account is not sufficient to pay the premium due to a decrease in interest rate, the policyowner is required to make up the relevant premium difference. Otherwise, the policy will be terminated or subject to an automatic premium loan. If the insured passes away, the premium deposit account balance (if any) will be payable to the policyowner without any charge.
- Worldwide Emergency Assistance Services are provided by International SOS Assistance (HK) Ltd. We reserve the right to change the terms and conditions of “Worldwide Emergency Assistance Service” and assumes no responsibility of the services provided by the third party service provider.
(a) “Waiver of Premium Benefit” is applicable to the latest Insured whose age at policy issuance or the change of the Insured is between 18 and 60 and is the Policy Owner at the same time, and is diagnosed with total permanent disability before the age of 75.
(b) “Payor Benefit” is applicable to the latest Insured whose age at policy issuance or the change of the Insured is at the age 17 or below; the latest Policy Owner (including contingent Policy Owner) whose age at policy issuance or the change of the Policy Owner (including contingent Policy Owner) is at the age of 60 or below, and dies or is diagnosed with total permanent disability before the age of 75.
After the waived premium of the basic plan reaches the maximum total amount of premium waived (per Insured) and/ or on the waiver of premium end date (i.e. the premium end date that is set at the time of policy issuance), the Policy Owner should pay the remaining premium; otherwise, the automatic premium loan will be applied, or the policy will be terminated. Except the residual premiums stated above, if premiums falling due in the relevant Waiver of Premium Benefit Period are paid before we approve a claim of this benefit, such premiums will be fully refunded (with no interest). If the incident is resulted from accident, immediate protection will be given. If a person dies or is diagnosed with total permanent disability due to illness, a 2-year waiting period is required. Please refer to the policy provisions for details of “Waiver of Premium Benefit” and “Payor Benefit”.
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.