“On Your Mind”

Insurance Plan

“On Your Mind” Insurance Plan (“On Your Mind”) makes a revolutionary breakthrough in traditional life insurance. In addition to the protection for your beloved family members, you can also choose to withdraw insurance protection amount as annuity in advance for your retirement needs with the first-in-market^a built-in Policy Reverse Mortgage Function. You can plan your ideal life flexibly!

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3 First-in-market
Superiorities

“Policy Reverse Mortgage”
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Case Example

“On Your Mind”
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“On Your Mind” Insurance Plan

3 First-in-market^a Superiorities

Built-in Policy Reverse Mortgage Function helps you to plan a fruitful life

The built-in one-stop Policy Reverse Mortgage Function of “On Your Mind” allows you to withdraw the Death Benefit as annuity after designated period for a better planning of your retirement life. You only need to submit the designated application form to us, the procedure is simple and easy. You can learn more through “On Your Mind” Calculator.

Pre-Retirement

Protect your beloved family members by planning for their future living expenses in case of misfortune

A Plan to Meet

Your Needs Before & After

Post-Retirement

Thinking out of the box, you can withdraw insurance protection amount as annuity to arrange a fruitful retirement life for yourself and your partner

Severe Dementia Benefit^b supports you through the time of adversity

If the Insured is diagnosed with Severe Dementia^b unfortunately, a full amount of the Death Benefit will be paid in advance on a lump sum basis to the Owner. If it happens within the first 20 policy years, an additional amount of up to 50% of the sum insured will be paid in advance on a lump sum basis to the Owner as Extra Death Benefit^c.

Flexible Death Benefit Settlement Option which tailors the most suitable arrangement for your family members

The Owner can flexibly choose either a lump sum payment or installment payments in advance, benefit will be paid in different ways to different Beneficiaries in the unfortunate event of the Insured’s death. The settlement arrangement can be tailored to each Beneficiary that best suits their future needs.

You can choose from these available Death Benefit Settlement Options:

A lump sum payment

Regular installment payment

Increasing installment payment

Lump sum + installment payment

For the above details and other product features, please refer to the product brochure of “On Your Mind”.

“Policy Reverse Mortgage”

Q&A

What are the eligibility criteria?

How to receive annuity flexibly?

What are the differences between “Policy Reverse Mortgage Loan” and “policy loan” or “partial surrender”?

How to calculate the charges?

Any points to note?

Case Example^*

Johnny

Age 35 / Teacher / Non-smoking
Married with a son (Age 3)

“On Your Mind”
Insurance Plan

(Smart Version)

“On Your Mind”
Insurance Plan

(Supreme Version)

Sara

Age 45 / Accountant / Non-smoking
Single and supporting her parents (Age around 70)

“On Your Mind” Calculator

“On Your Mind” Insurance Plan (Smart Version)¹

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Gender

Issue age

Smoking status

Premium payment period

Need to exercise Policy Reverse Mortgage Function to receive annuity?

USD

HKD

USD

15,000

Sum insured

Annual premium⁴

USD 15,000

USD 1,000,000

Result of calculation

Annual premium⁴

USD

	The aggregate amount of Death Benefit^5,7	Surrender payment⁶
The Insured attains the age of 65
The Insured attains the age of 80
The Insured attains the age of 100

Remarks of Calculator:

1. Guaranteed Death Benefit will be decreased from 100% of the sum insured by 6% each year after the designated date, until reaching 70% of the sum insured. Please refer to the product brochure of “On Your Mind” Insurance Plan for more details.
2. Guaranteed Death Benefit maintains 100% of the sum insured for the whole policy term. Please refer to the product brochure of “On Your Mind” Insurance Plan for more details.
3. According to the “Hong Kong Protection Gap (Mortality) Study” published by the Insurance Authority in 2019, 5.4 times the average annual salary of working population in 2017 is used to interpret protection gap. To make calculation easier, we will round off the figures and 5 times the annual salary is generally used as a reference for calculating the life insurance coverage.
4. Large size discount for the whole premium payment period has been deducted from annual premium and premium levy is not included. The premium mode is annual.
5. The aggregate amount of Death Benefit includes guaranteed Death Benefit, Extra Death Benefit (if any), the face value of non-guaranteed reversionary bonus (if any) and the face value of non-guaranteed terminal bonus (if any) at the end of the relevant policy year.
6. Surrender payment includes guaranteed cash value, the cash value of non-guaranteed reversionary bonus (if any) and the cash value of non-guaranteed terminal bonus (if any) at the end of the relevant policy year.
7. Extra Death Benefit is only applicable within the first 20 policy years.
8. We assume the Owner does not exercise any options, including but not limited to Policy Reverse Mortgage Function, Insurability Privilege, partial surrender etc., and without any indebtedness. No cash value of accumulated non-guaranteed reversionary bonuses (if any) and cash value of non-guaranteed terminal bonus (if any) have ever been withdrawn by the Owner and assuming no claims or amount (including Annuity Payment) has ever been paid by the Company before the Insured’s death.
9. Reversionary bonus and terminal bonus which have not yet been announced are not guaranteed and may be greater or lesser than the previously announced amount based on a number of factors, including but not limited to investment returns and market volatility. The projected non-guaranteed benefits are based on the Company's dividend / bonus scales determined under current assumed investment return and are not guaranteed. The actual amount payable may change from time to time with the values being higher or lower than those illustrated.
10. The result of calculation is based on the exchange rate of USD 1 = HKD 8. We will round off the figures to the nearest integer, which may result in a deviation after totalling.
11. The above result of calculation and information is for your reference only, the actual amount (including but not limited to sum insured, annual premium, the aggregate amount of Death Benefit, surrender payment etc.) is subject to individual circumstances and maybe be different from the above calculated amount. The above result of calculation and information does not constitute financial, investment or taxation advice or advice of whatsoever kind. You shall seek professional advice from your independent advisors if you find it necessary. The result of calculation shown here may be different from the result of the application, surrender and claims. Please note that the terms and conditions of the relevant product, including but not limited to the coverage and exclusion clause, are subject to the policy provision. In case of any disputes, FTLife Insurance Company Limited reserves the rights to make the final and conclusive decision.

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Remarks:

a. “First-in-market” item is concluded based on the same type of product (life insurance plan with calculation of Death Benefit according to sum insured) of major life insurance companies in Hong Kong as of 10 September 2020.

b. Severe Dementia means the Insured is diagnosed by a doctor as suffering from an illness caused by Alzheimer's Disease or other Dementia, and has fulfilled the prescribed conditions. The Plan will be terminated once the Severe Dementia Benefit is paid.

c. “On Your Mind” will provide Extra Death Benefit equals to the designated percentage of the sum insured. The designated percentage of the sum insured is 50% in the first 11 policy years, and such percentage will be decreased by 5% at each subsequent policy year (i.e. from the 12^th to the 21^st policy year).

d. It is concluded based on the interest rate of policy loan and Policy Reverse Mortgage Loan of FTLife as of 10 September 2020. This rate is not guaranteed and will be determined by the Company from time to time.

e. The Company is currently referencing the prevailing Prime Rate published by the Hongkong and Shanghai Banking Corporation Limited and such designated bank may be changed from time to time by the Company without any notice to the Owner.

f. The aggregate amount of the Policy Reverse Mortgage Loan includes accumulated Annuity Payment received, Policy Reverse Mortgage Loan Interest, annual mortgage charges, loan charges and all interest receivable under these charges less repayment (if any).

g. This rate is determined according to various factors including but not limited to the ratio of total amount of Annuity Payment over total premiums paid (exclude extra premium loading (if any)), the Insured’s attained age when the first Annuity Payment is paid, annuity period etc). This is the current rate which is for reference only and is not guaranteed. Actual rate will be determined, fixed and guaranteed at the time the Policy Reverse Mortgage Loan is obtained. If the Insured dies or is diagnosed with Severe Dementia / Terminal Illness during the Annual Mortgage Charge Period, we will refund 50% of the aggregate amount of annual mortgage charges paid to the Owner.

h. The above product features are subject to the product terms and conditions, please refer to the product brochure and policy provision of “On Your Mind” for more details.

The above information is for reference only and shall not be constituted as an offer, invitation to sell and a recommendation of whatsoever kind to any person or groups as the basis for any insurance contracts (or investment or other decision). For terms and conditions of “On Your Mind, please refer to the policy provision for details, and obtain professional advice before making a decision.

The above summary, result of calculation and information is intended to be issued in Hong Kong only and shall not be construed as an offer to sell, or solicitation to buy or provision of any product of FTLife Insurance Company Limited outside Hong Kong to any person. FTLife Insurance Company Limited hereby declares that it has no intention to offer to sell, to solicit to buy or to provide any of its product in any jurisdiction other than Hong Kong in which such offer to sell or solicitation to buy or provision of any product of FTLife Insurance Company Limited is illegal under the laws of that jurisdiction. In case of any disputes, FTLife Insurance Company Limited reserves the rights to make the final and conclusive decision.

The above product information does not contain the full terms of “On Your Mind” and the full terms can be found in the policy document.
The above plan may be purchased as a standalone plan without bundling with other type(s) of insurance product.