Double Potential Returns
Flexible Financial Management
A flexible savings plan is crucial to achieving your goals! Ultimate Fortune Wealth Planner Series offers you potential long-term capital growth. You can also access your wealth flexibly to achieve your goals and enjoy an ideal life, or even pass on your wealth to the next generations with ease.
Double Potential Returns
Flexible Financial Management
Ultimate Fortune Wealth Planner Series including 2 options: Classic and Supreme. To meet your financial goals, you can choose Classic for a relatively high guaranteed return, or Supreme for a relatively higher non-guaranteed potential return.
The Plan is a participating insurance plan that offers you potential capital growth. Its policy value consists of 2 components: guaranteed cash value and non-guaranteed terminal dividend1.
Guaranteed cash value grows over the Policy years helping you accumulate wealth.
Terminal dividend is a one-off non-guaranteed bonus, which is payable from the 3rd Policy anniversary accordingly.
Flexible access to your wealth for matching your needs
To realise your financial goals, you can partially withdraw guaranteed cash value and non-guaranteed terminal dividend’s cash value through reducing basic amount2, while the Policy value will be reduced.
Alternatively, you can apply for policy loan to borrow part of guaranteed cash value when needed, while keeping the policy in force. Interest on policy loan will be charged at a rate determined by us from time to time.
Unlimited change of insured to pass on wealth across generations
We understand you wish to provide your loved ones with a secure financial future. This is why the Plan features the “change of insured option”3, allowing you to change the insured on or after the 1st policy anniversary for unlimited times while the insured is alive. The benefit term will be extended to age 138 of the new insured upon each change, giving your wealth more time to grow and pass on through generations.
The new insured must have insurable interest with the policyholder. The new insured must be aged between 15 days after birth and 80 and must not be older than the attained age of the current insured, whichever is lower. The new insured is also subject to the applicable terms and conditions determined by us from time to time.
Contingent insured to sustain insurance coverage
You can appoint and prioritise a maximum of 2 contingent insureds4, at a time while the insured is alive and the policy is in force. In case the insured passes away, we will arrange the contingent insured who is first in line to be the new insured according to relevant administrative procedures and orders for allowing the policy to continuously provide protection to you and your family.
The contingent insured must have insurable interest with the policyholder. The contingent insured must be aged between 15 days after birth and 80 and must not be older than the attained age of the current insured, whichever is lower. The contingent insured is also subject to the applicable terms and conditions determined by us from time to time.
Life protection provides peace of mind to your loved ones
Death BenefitIn case the insured passes away when the policy is in force and no contingent insured is assigned, we will pay the beneficiary a death benefit which is equal to the higher of:
The policy will be terminated after we pay the death benefit.
Accidental death benefitWhile the policy is in force, prior to the insured reaching age 66 and within the first 10 policy years from the policy effective date, if the insured suffers an injury caused by an accident, and dies from such injury within 180 days (both dates inclusive) from the date of such occurrence, provided that there is no contingent insured under this policy, the Plan will pay an extra accidental death benefit which is equal to the lower of:
Accidental death benefit payable under all the Plan and Ultimate Fortune Wealth Planner Series policies per insured is subject to aggregate claim limits of USD125,000.
Death benefit and accidental death benefit settlement option
While the insured is alive, you can choose how the death benefit and accidental death benefit (if any) is to be paid to safeguard your family’s financial future. You can choose to settle the benefits in a lump sum or by annual instalments with a fixed amount over a fixed payment term of 10 or 20 years.
For the instalment option, the remaining balance of death benefit and accidental death benefit (if any) will be deposited in the policy to accumulate interest until the end of the payment term. The interest will be calculated on an annual basis and it is non-guaranteed which will be determined by us from time to time. The accumulated interest will be paid together with the last instalment of death benefit and accidental death benefit (if applicable). If the beneficiary dies during the settlement period of the death benefit and accidental death benefit (if applicable), we will pay the remaining balance of the death benefit and accidental death benefit (if applicable) with interest (if any) in a lump sum payment to the estate of the deceased beneficiary.
If the death benefit at the date of the insured’s death is less than USD50,000, or the policyholder does not specify any settlement option, we will pay out the benefit amount to the beneficiary in a lump sum.
Enjoy “share happiness reward” with your loved ones
There are various occasions worth celebrating at different life stages. With this Plan, you will receive 0.5% of the basic amount as a “share happiness reward” so that you can celebrate special moments with your loved ones.
Starting from the policy anniversary upon the end of premium payment period while the policy is in force, you can apply for the “share happiness reward” if one of the following “Designated Events” occurs to the insured. The application should be submitted within 180 days from the date of the occurrence of the “Designated Events”:1) Graduating from a primary school/secondary school/university/higher education institution (Bachelor’s degree or above is required for university/ higher education institution);
You will need to submit specified forms and required supporting documents at your own cost to apply for the “share happiness reward”.
Each “Designated Event” is eligible for the “share happiness reward” only once for each policy, but you can apply for up to two “share happiness rewards” for each policy, in which each application must be separated by at least 1 year. You have to withdraw the “share happiness reward” immediately and cannot leave it in the policy.
Simplified underwriting procedures
To enable you to achieve your goals with ease, application of the Plan is easy. Simplified underwriting procedures are available and no medical examination is required.
|Issue age:||From 15 days after birth to age 80|
|Benefit term:||To age 138 of the latest insured|
|Premium payment term:||5 Years|
|Premium payment method:||Annual, semi-annual, quarterly, monthly or prepayment of annual premium5,6|
|Plan currency:||US Dollar|
|Minimum basic amount:||USD10,000|
|Maximum basic amount:||USD5,000,000|
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.
Target asset mix (%)
Bonds and other fixed income instruments
30% to 90%
Equity-type investment and other investments
10% to 70%
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.:
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 policy will be terminated if (a) the policy is lapsed or surrendered; or (b) the company has paid the policy maturity benefit; (c) the company has paid the death benefit in full, (d) the due premium has not been paid within 31 days after the premium due date, and the policy has no remaining guaranteed cash value, or (e) the indebtedness of the policy is equal to or exceeds the guaranteed cash value of the policy.
The information and descriptions contained herein are not intended to be complete descriptions of all terms, exclusions and conditions applicable to the products and services, but are provided solely for general informational purposes. For complete details please refer to the actual policy or the relevant product or services agreement.