This product brochure is for reference only. 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.
- Exclusion: Applicable to "special diseases", "critical illnesses", and Multiple Cancer benefit (if applicable) - any claims directly or indirectly caused by or resulting from the following conditions will not be covered:
- any Illness commences and manifests itself within 90 days from the Issue Date or any date of reinstatement, whichever is later (except by accident);
- congenital or pre-existing conditions when applying for the Policy from the Issue Date or any date of reinstatement, whichever is later (except by autism);
- the date of diagnosis of Early Thyroid or Prostate Cancer is earlier than the Insured’s 70 years old birthday.
- Infection of any disease caused by human immunodeficiency virus (HIV), including acquired Immunodeficiency Syndrome (AIDS) or AIDS-related complex (except number 2 and number 38 of Critical Illnesses);
- suicide or self-inflicted injuries (whether sane or not) which caused by the disease or surgery;
- drug-taking other than under the direction of a qualified medical practitioner, abuse of alcohol or the taking of poison;
Applicable to Accidental Death Benefit - any claims directly or indirectly caused by or resulting from the following conditions will not be covered:
- War, act of hostility (whether war declared or not), civil war, riots or any military actions;
- Rebellion, civil commotion, strike or activities of terrorism;
- 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);
- War, act of hostility (whether war declared or not), civil war, any military actions or riots, the Insured engaging in or taking part in military services;
- Entering, departing from, driving or flying on or being situated by any means in an aerial vehicle except as a fare-paying passenger of a scheduled flight of a scheduled route on a commercial aircraft of an airline.
- Self-inflicted injuries or suicide(whether sane or not)by the Insured no matter is violated to law;
- Childbirth, pregnancy, maternity or abortion, despite accidents caused by accelerated or generated;
- Accelerated or induced childbirth, miscarriage, pregnancy, or any complications even it is due to an accident;
- Inhaling poisonous gas except resulting from natural disaster; except the Insured inhaling from a fire accident;
- Participating in professional competitions of any sports which being paid;
- Participating in hunting, mountaineering, motor racing, horse racing, ice-skiing, skiing, scuba-diving, hang-gliding, parachuting, boxing or any other competitions;
- While the Insured is on duty as a professional driver and is entering, driving, operating, servicing, riding in or exiting any land vehicle or conveyance outside the territorial limits of Hong Kong and Macau;
- Assault, murder, riot, civil commotion, strikes or making an arrest while the Insured is employed as a full or part-time police officer, or cadet officer or is an officer or member of the Correctional Services Department;
- Assault, murder, riot, civil commotion or strikes while the Insured is employed as a fireman or is on duty as a fireman
In addition, the information stated herein 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.
- Limitation - When the policy is still in force, the Insured is diagnosed by a registered medical practitioner that suffers from more than one of the illnesses mentioned in the covered illnesses table, only one of the illnesses will be paid (whichever is greater), except for accidental death.
- Non-Payment of Premium / Automatic Premium Loan - You should pay Premiums 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 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, 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.
- 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/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:
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’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 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.
What are the key product risks?
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 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.
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).
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.
The Basic Plan shall immediately terminate:
- the Basic Plan lapses or is surrendered
- upon the Policy maturity date of the Basic Plan
- death of the Insured;
- after policy payment is due for 31 days, no premium payment is settled and no cash value is left in the policy
- policy loan is more than cash value; or
- claim payment for the "critical illness"
The Enhanced Plan shall immediately terminate:
- Policy termination terms follow point (a) to (f) of basic plan.
- claim payment for the "critical illness" (except cancer)
- After 100% of original Sum Assured of basic plan is paid for maximum 2 times, the policy will be terminated.
China Life (Overseas) has the absolute right and discretion to adjust the premium payable under the Policy. Factors leading to premium adjustment may include but are not limited to the experience in claims, policy surrender, investment return, and expenses incurred by and/or in relation to this product.
This product brochure is for reference only and contains descriptions of the key features of this product. For all the terms and conditions and exclusions of this product, please refer to the policy documents of this product. In the event of any ambiguity or inconsistency between the terms of this brochure and the policy documents, the Chinese version of the policy documents shall prevail.
This product brochure is for distribution in Macau only and shall not be construed as any provision of or offer to sell or solicitation to buy any insurance product outside Macau. China Life Insurance (Overseas) Company Limited ("China Life (Overseas)") does not provide or offer to sell any insurance product outside Macau. The above information is for reference only. The detailed terms, conditions and exclusions of the Plan are subject to the terms and conditions of the policy contract of the Plan. For a copy of the terms and conditions of the policy contract, please contact China Life (Overseas) for enquiry.
China Life Insurance (Overseas) Company Limited (incorporated in the People's Republic of China with limited liability)