5-Year Pay Endowment 65 Series

To build up an adequate retirement reserve and ensure a steady income in the future, you should invest in a fit and proper retirement plan. Underwritten by China Life Insurance (Overseas) Company Limited (“China Life Overseas Company”), 5-Year Pay Endowment 65 Series comprises of 5-Year Pay Endowment 65 (Annuity Version) and 5-Year Pay Endowment 65 Series  (Annuity Version) (Simplified Edition) (“The Series” ) establishes retirement reserves, delivers guaranteed retirement income as well as providing life protection.

The Series offers guaranteed annuity income, it provides 20 years of annuity income after age 65 of the insured, helping you plan ahead. Non-guaranteed dividends are provided every year to enhance your returns. In addition, 5-Year Pay Endowment 65 offers life protection for total peace of mind.

Key Benefits:

5-year Premium Payment Period

Life Protection

Guaranteed Annuity Payment for up to 20 Years

Annual Dividend

No medical examination is required

5-year Premium Payment Period
By paying the Premium for 5 years1, you can enjoy protection up to the age of 84.

Life Protection
In the event of the death of the Insured during the Policy term, the Beneficiary may receive a death benefit equivalent to the following:

5-Year Pay Endowment 65 Series

(Annuity Version)

5-Year Pay Endowment 65 Series

(Annuity Version) (Simplified Edition)

  • Death before the age of 65: Sum Assured plus accumulated dividends with interest (if any), less any Indebtedness (if any);
  • Death after the age of 65: Cash Value plus accumulated dividends with interest (if any), plus accumulated guaranteed annuity payment with interest (if any), less Indebtedness (if any).
  • Death before the age of 65: 102% of the accumulated Premiums Due and Received or the Cash Value as at the date of the death of the Insured (whichever is higher); plus accumulated dividends with interest (if any); less all Indebtedness (if any).
  • Death at or after the age of 65: Cash Value plus accumulated dividends with interest (if any); plus accumulated guaranteed annuity payment with interest (if any); less all Indebtedness (if any).


Guaranteed Annuity Payment for up to 20 Years
Your guaranteed annuity payment will be distributed for 20 years starting from the first Policy Anniversary after you have reached the age of 65. The amount distributed will be HKD/USD/MOP66 per HKD/USD/MOP1,000 Sum Assured.

Annual Dividend
You can also receive the annual dividend (non-guaranteed) at every Policy Anniversary. You may withdraw the dividends (non-guaranteed) and guaranteed annuity payment, or choose to accumulate it into your Policy account2,3 (default option) to earn interest until maturity. The interest rate is not guaranteed and is subject to adjustment from time to time.

No medical examination is required
To simplify the application procedures, no medical examination is required for enrolment in 5-Year Pay Endowment 65 Series (Annuity Version) (Simplified Edition). You may start your retirement plan immediately.

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Product Brochure

Enrolment Terms

Issue Age From 15 days after birth to 55 years old
Policy Currency HKD or USD or MOP
Premium Payment Method Annual/biannual/quarterly/monthly/annual & prepayment of Premium4
Minimum Sum Assured HK$50,000 or US$6,250 or MOP50,000



1    If the required renewal Premium is paid by the Policyholder within the Grace Period, this Policy shall continue to be in force. For details of the provisions, please refer to the Policy provisions issued by China Life (Overseas). If the Policy is lapsed or surrendered, the Policy Cash Value received by the Policyholder may be less than the total amount of Premium paid.

2    lf the Policyholder chooses to withdraw any guaranteed annuity payment or annual dividends (non-guaranteed), the guaranteed annuity payment and  / or non-guaranteed annual dividends withdrawn will no longer be accumulated as part of the Policy Cash Value nor death benefit. Policy Cash Value and death benefit will be reduced accordingly.

3    The accumulation interest rate, annual dividends and interest are not guaranteed. The actual benefits and/or returns may be lower or higher than the estimates. China Life (Overseas) reserves the right to revise the annual dividends and rate of interest from time to time. The actual amount of annual dividends is subject to the overall performance of China Life (Overseas) participating business, including investment returns, operating expenses and claims, etc.


4    The interest rate of prepaid Premium is not guaranteed and determined by China Life (Overseas). If customers opt for the annual & prepayment of Premium option, they can withdraw the unused prepaid Premium (including interest, if any) at one time. China Life (Overseas) will charge a withdrawal fee of 2% of the withdrawal amount. The minimum charge will be HK$100 or US$12.5. Customers can withdraw the prepaid Premium once only.

Important Information

This product brochure is for reference only. Please refer to the Insurance Policy issued by China Life (Overseas) for the definitions of the capitalized terms, key exclusions & limitations, as well as all the terms and conditions of this product. Please refer to the Policy Document for the details. You are reminded to review all of the relevant product materials provided to you and to seek independent professional advice if necessary.


1.       The Series is underwritten by China Life (Overseas). 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.

2.       China Life (Overseas) is authorized and regulated by Office of the Commissioner of Insurance to carry on long term insurance business in the Hong Kong Special Administrative Region of the People's Republic of China.

3.       China Life (Overseas) reserves the right to decide at its sole discretion whether to accept or decline any application for the Series according to the information provided by the proposed Insured and/or the applicant at the time of application.

4.       The Series is an insurance product. Part of the premium is paid for the insurance and related costs. 

5.       In the event of discrepancies between the Chinese and English versions of this promotional material, the Chinese version shall prevail.

6.       This promotional material is for reference only and is intended to be distributed in Macau only and shall not be construed as an offer to sell or a solicitation of an offer or recommendation to buy or sale or provision of any insurance plans underwritten by China Life (Overseas) outside Macau.

7.       China Life (Overseas) reserves the right to revise, suspend or terminate the above Series, or alter the relevant terms and conditions at any time without prior notice. In case of disputes, the decision of China Life (Overseas) shall be final.

8.       China Life (Overseas) shall make the final decisions on the underwriting and claims. China Life (Overseas) 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.

9.       Dividend and/or Crediting Interest Philosophy

If 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 the China Life (Overseas)’ 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 – include 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.

10.   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 the impact to the policies when there is change in the investment strategy.


China Life (Overseas)’ current investment strategy on participating plans are as follows:

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 website www.chinalife.com.mo for Dividend history, Dividend and Crediting Interest Philosophy, Investment Philosophy, Policy and Strategy, as well as the fulfillment ratio of China Life (Overseas).


11.   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 Alameda Dr. Carlos D'Assumpcao No.263 22 Andar A,B,K-P,Edif. China Civil Plaza, Macau 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.

12.   Payout of Maturity Benefit
This is an endowment insurance plan. Its maturity benefit will be payable after the Policy Maturity Date and receipt of all necessary documents by China Life (Overseas). The actual processing time required will depend on the payment method to be selected by the customer. For details about the collection of maturity benefit, please refer to the website of China Life (Overseas) at www.chinalife.com.mo or call our Customer Service Hotline at (85
3) 2859 5519



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 Series 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.


The Policy currency of the Series offers HKD and USD and MOP. Currency exchange rate can go up and down. If the Policy currency is USD but calculated in HKD or MOP, the calculation is subject to the exchange rate. There is a risk that you could lose a substantial portion of total value of the policy or benefit if the Policy currency depreciates substantially against your local currency. China Life (Overseas) will base on the prevailing market-based exchange rate of that respective currency to the Policy currency and/or from the relevant sources at the time of processing such conversion, which will be subject to change from time to time. Such exchange rate may be different from the exchange rate offered by the Bank.


Inflation risk:

The cost of living in the future may be higher than expected due to the effects of inflation. Therefore, your projected benefits and/or returns of the Series may be insufficient to meet your future needs even if we fulfill all of our contractual terms and obligations.


Non-payment of Premium /Automatic Premium Loan risk:

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 China Life (Overseas) website www.chinalife.com.mo) to be declared by us from time to time. Interest accrued shall become a part of the Indebtedness. When the loan balance 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.


Key exclusions & limitations:

This leaflet is for reference only. Please refer to the Policy Provision for the exact terms and conditions, limitations such as incontestability clause and suicide clause and the full list of Policy exclusions (if any) and contact the Bank’s staff.


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 Series 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 Insured passes away, (b) you do not pay the Premium within 31 days of the due date and the Policy has no Cash Value, or (c) the outstanding loan amount exceeds the guaranteed Cash Value of the Policy.