SavourLife II Annuity Life Insurance Series
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- Barrie Garrett
- 6 years ago
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1 Page 1 SavourLife II Annuity Life Insurance Series Savour all the little things at retirement with less to worry about It's never too early - or too late - to start planning for the retirement of your dreams. Whether you're at the peak of your career, or about to take a midlife leap, it's all about your vision for the future - and how you plan to make it come true. That's why Hang Seng Insurance Company Limited ( Hang Seng Insurance ) specially designed the SavourLife II Annuity Life Insurance Plan (1) (henceforth SavourLife or the Plan ). It offers flexible premium payment schedules, income pay-out options and life protection, empowering you to make the most of your golden years and secure a worry-free future for your loved ones. I want more choices in how to manage my retirement funds. Mr Lee, aged 58, has just retired and received a lump sum retirement fund. The Flexibility to Manage Your Wealth Understanding your desire on better managing your savings, SavourLife provides you with the following flexible options: Payment Method (Payment Term) Method of Receiving Income Payout (Income Period (4) ) You can choose either: (i) Single Payment (2) ; or (ii) 3 Years Payment. You can choose to either: (i) Receive Monthly Income (3) after the 1 st or 3 rd Policy Anniversary, until the end of the Income Period (4) ; or (ii) Retain Monthly Income (3) in the policy and allow it to accumulate interest (5), and withdraw the accumulated amount at any time while the policy is in force. After withdrawing the accumulated Monthly Income (3), the value of the policy will be reduced accordingly. At any time during the Income Period (4), you may change your selected Monthly Income (3) withdrawal option, allowing you greater flexibility in managing your wealth. You have the flexibility to select the policy currency that fits your needs in HKD, USD or CNY (subject to availability) as your policy currency. I want to have a lifetime of income. Ms Chow, aged 55, now planning for retirement. Stable Returns for a Lifetime of Rewards During the Income Period (4), SavourLife will pay you Monthly Income (3) which is made up of a Monthly Guaranteed Income (3) and a Monthly Non-guaranteed Income (3) to provide you with secure returns. Alternatively, you may choose to retain your Monthly Income (3) in the policy for accumulating interest (5), and reaping potential upside returns over a period of time.
2 Page 2 I would like to share my savings with my offspring. Mr So, aged 65, retired with 3 grandchildren. A Legacy for Your Loved Ones SavourLife also assists you on your legacy planning for extending your love to your family. If the Life Insured has passed away before the commencement of Income Period (4) The beneficiary(ies) will get a Death Benefit, which equals to the greater of : (i) 101% of Total Premiums Paid for the Basic Plan as at the date of death of the Life Insured; or (ii) 101% of the Guaranteed Cash Value as at the date of death of the Life Insured Plus accumulated policy dividends (5) (if any) and its accumulated interests (5) (if any), less Indebtedness (if any). If the Life Insured has passed away during the Income Period (4) The beneficiary(ies) will get a Death Benefit in either of the following: Option 1: A lump-sum Death Benefit (policy terminates upon payment) equals to: (i) 101% of Total Premiums Paid for the Basic Plan as at the date of death of the Life Insured less any paid Monthly Guaranteed Income (3) (if any); or (ii) 101% of the Guaranteed Cash Value as at the date of death of the Life Insured (whichever is higher). plus accumulated Monthly Income (3) and its accumulated interests (5) (if any), plus Non-guaranteed Account Balance (6) (if any), less Indebtedness (if any). Option 2: Monthly payment until the end of the Policy Term (7) of: The unpaid Monthly Income (3) until the end of the chosen Income Period (4), less Indebtedness (if any). Meanwhile, any accumulated Monthly Income (3) (if any) and its non-guaranteed accumulated interests (5) (if any) during the lifetime of the Life Insured will be paid in a lump sum to the beneficiary(ies); the remaining Indebtedness (if any) will be deducted from the Non-guaranteed Account Balance (6).
3 Page 3 Extended Protection for Added Peace of Mind Accidental Death Benefit (8) If the Life Insured has passed away in an accident before the Insurance Age (9) of 80 while the policy is in force, in addition to the above Death Benefit, the beneficiary(ies) designated in the policy will receive an Accidental Death Benefit (8) equals to 30% of Total Premiums Paid for the Basic Plan. Terminal Illness Benefit (10) Unexpected can happen at any time. If the Life Insured is diagnosed with a Terminal Illness (10) by a registered doctor appointed by Hang Seng Insurance while the policy is in force and before the Life Insured's Insurance Age (9) of 80, you will get your plan s Death Benefit in advance to ease your financial burdens. Unemployment Benefit (11) If you become unemployed for at least 30 consecutive days before the Insurance Age (9) of 65 while the policy is in force, you can defer payment for your premiums up to 365 days from the due date of the first unpaid premium following commencement of unemployment. During this period, the Life Insured could still enjoy all benefits as specified in the policy. We are interested in applying for a life insurance plan with annuity, but at our age it d be great if we don t have to undergo medical examinations. Mr and Mrs Wong, both aged 70, retired for 10 years. Easy Application with Guaranteed Acceptance As long as you are eligible for applying the Plan, regardless of your underwriting history, occupation, health and financial status, you will not be required to undergo medical examination and acceptance is guaranteed (12).
4 Page 4 Case 1 Monthly Income for a Stable Retirement Policyholder and Life Insured: Mr Chan (Aged 58) Occupation: Head of Human Resources Family Status: Married with no children Mr Chan has worked hard for decades and is looking forward to spending a carefree retirement with his wife. To enable him achieve this dream, he has purchased SavourLife, choosing a 3-year premium payment term and with Hong Kong dollars as the policy currency. To ensure a stable income stream during his retirement, Mr Chan plans to receive the Monthly Income (3) in cash during the Income Period (4) starting from the 4 th Policy Year, which includes a Monthly Guaranteed Income (3) and a Monthly Non-guaranteed Income (3). Notes: i. The above example assumes that all premiums have been paid under the policy and the policy remains effective until maturity (i.e. the Life Insured reaches the Insurance Age (9) of 81), and that there is no Indebtedness under the policy. ii. If the policy is surrendered (13) after the cooling-off period, the surrender (13) value plus the total Monthly Income (3) withdrawn (if any) may be less than the premiums paid. For the projected surrender (13) value, please refer to the Illustration Summary of your chosen plan. iii. The above figures and content are based on the Illustration Summary of the Plan for the assumed scenario and may differ from the actual circumstances. The example is provided only for reference and should not be regarded as a substitute for professional advice. The actual coverage is subject to the terms and conditions of the policy. Customers should take into account their own actual circumstances and insurance needs and affordability before considering enrolling in this Plan. They are also advised to seek professional advice in relation thereto. Please refer to the policy for the exact terms, conditions and exclusions of this Plan. For details, please contact the staff of Hang Seng Bank.
5 Page 5 Case 2: Stable Growth for Potential Upside Returns Policyholder and Life Insured: Ms Cheung (Aged 65) Occupation: Retired Family status: Married with one child Ms Cheung wants to grow her savings by managing her retirement funds effectively so she can share them with her child. As she is confident about the medium and long-term potential of the Renminbi, she has enrolled in SavourLife with CNY as the policy currency and a 3-year premium payment term. In order to reap potential upside returns over time, Ms Cheung has decided to accumulate all Monthly Income (3) in the policy to earn non-guaranteed accumulated interest (5). Notes: i. The above example assumes that all premiums have been paid under the policy and the policy remains effective until maturity (i.e. the Life Insured reaches the Insurance Age (9) of 88), and that there is no Indebtedness under the policy. ii. The above example assumes that both the Policy Dividend (5) payable before the commencement of the Income Period (4) and the Monthly Income (3) payable during the Income Period (4) are accumulated in the policy to earn interest (5). iii. If the policy is surrendered (13) after the cooling-off period, the surrender (13) value plus the total Monthly Income (3) withdrawn (if any) may be less than the premiums paid. For the projected surrender (13) value, please refer to the Illustration Summary of your chosen plan. iv. The above figures and content are based on the Illustration Summary of the Plan for the assumed scenario and may differ from the actual circumstances. The example is provided only for reference and should not be regarded as a substitute for professional advice. The actual coverage is subject to the terms and conditions of the policy. Customers should take into account their own actual circumstances and insurance needs and affordability before considering enrolling in this Plan. They are also advised to seek professional advice in relation thereto. Please refer to the policy for the exact terms, conditions and exclusions of this Plan. For details, please contact the staff of Hang Seng Bank.
6 Page 6 SavourLife - Plan at-a-glance Payment Term Single Payment (2) 3 Years Payment Commencement of Monthly Income (3) After 1 st year After 1 st year After 3 rd year Income Period (4) 20 years (i.e. from the 2 nd to 21 st Policy Year) 20 years (i.e. from the 2 nd to 21 st Policy Year) 20 years (i.e. from the 4 th to 23 rd Policy Year) Policy Term 21 years 21 years 23 years Life Insured's Insurance Age (9) at enrollment Policy Currency years old HKD or CNY or USD Features of Premium 1. Single Payment (2), monthly payment or annual payment (Monthly payment does not apply to policy which the policy currency is CNY) 2. Uni-rate premium for the whole policy term irrespective of sex, age and smoking habit of the Life Insured as long as the Life Insured and Policyholder meet the Insurance Age (9) and other relevant requirements for enrollment. Minimum Premium Amount / Minimum Monthly Guaranteed Income (3) Minimum premium amount (varies according to plan selected): Monthly premium: HK$9,544.5 / US$1,134.5 Annual premium: HK$109,080.0 / US$12,965.8 / CNY69,456.0 Single premium (2) : HK$337,543.1 / US$40,833.1 / CNY208,239.0 Minimum Monthly Guaranteed Income (3) : HK$1,500 / US$187 / CNY1,000 Policy Dividend (5) Policy Dividend (5) is only payable annually before the commencement of Income Period (4) Monthly Income (3) Withdrawal Options Supplemental Benefits (No additional premium required) 1. Receive regular Monthly Income (3) until the end of the Income Period (4) 2. Retain Monthly Income (3) in the policy to accumulate interest (5) Accidental Death Benefit (8) Terminal Illness Benefit (10) Unemployment Benefit (11) Key Exclusions: Supplemental Benefit Accidental Death Benefit (8) If the death of the Life Insured results from any of the following, Hang Seng Insurance will not pay the Accidental Death Benefit (8) : (i) suicide or trying to commit suicide; (ii) wilful self-inflicted injury; (iii) engaging in hazardous sports, other than those stated in the application; (iv) taking or absorbing any drug, medicine, sedative or poison, except as prescribed by a Registered Doctor; (v) inhaling any gas or fumes, except accidentally in the course of duty; (vi) insanity or mental infirmity or mental disease; (vii) committing or trying to commit a criminal offence; (viii) war or any act incidental to war. Supplemental Benefit Terminal Illness Benefit (10) No Terminal Illness (10) Benefit will be paid for any illness resulting from, or caused or contributed by, any condition which existed before the Issue Date or Policy Date or effective date of last reinstatement of this Terminal Illness Benefit (10), whichever is the latest, in respect of the Life Insured and which presented sign or symptom of which the Policyholder or Life Insured was aware of or should reasonably have been aware of as of the Issue Date or Policy Date or effective date of last reinstatement, whichever is the latest, of this Terminal Illness Benefit (10). Supplemental Benefit Unemployment Benefit (11) If the Policyholder is Unemployed in any of the following circumstances, no Benefit can be claimed: (i) If any period of Unemployment does not qualify the Policyholder for payment of severance benefits under the Employment Ordinance of the Hong Kong Special Administrative Region; (ii) If the Unemployment commences within 2 months of the Policy Date or Issue Date or effective date of last reinstatement or ownership change date of the policy, whichever is the latest; (iii) Self-employed (Professional excepted); (iv) Working for a company or firm in which the Policyholder s relative has a financial interest; (v) Unemployment or prospect of Unemployment that the Policyholder knew of or should reasonably have known of on or before the Policy Date or Issue Date or ownership change date of the Policy, or effective date of last reinstatement, whichever is the latest; (vi) Misconduct or any action that contributes to or leads to be dismissed; or resigns, retires or takes voluntary redundancy; (vii) After the end of a contract, or a period of training or apprenticeship. The above are only the major exclusions, for details of the exclusions, please refer to the relevant policy provision.
7 Page 7 Remarks: (1) If you enroll in SavourLife II (RMB) Annuity Life Insurance Plan, as the currency of the Plan is Renminbi, all premium payable and policy benefits are recorded in Renminbi. Since the two-way exchange of Renminbi and Hong Kong dollar bears the risk of exchange rate fluctuation, you should consider exchange rate risk before making the decision to enroll in the Plan. If you pay the premium or receive policy benefits in Hong Kong dollars, Hang Seng Insurance will convert the relevant amount from Hong Kong dollars to Renminbi or from Renminbi to Hong Kong dollars at the market-based prevailing exchange rate on the date your premium is processed or your policy benefits are settled. The exchange rate applicable at the relevant time is determined by Hang Seng Insurance and would be varied from time to time. The Renminbi exchange rate can go up or down. If you select in 3 years payment and pay the premium in Hong Kong dollars, when the Renminbi appreciates against the Hong Kong dollars, the annual premium payable in Hong Kong dollars terms at the subsequent Policy Years would be higher than initial annual premium. If you settle the policy benefits in Hong Kong dollars and the Renminbi depreciates against the Hong Kong dollars when your policy benefits are settled in Hong Kong dollars, you could lose a substantial portion of your policy benefit value in Hong Kong dollar terms. (2) If Single Payment option is chosen, the Balance of Single Payment (if any) cannot be withdrawn unless the policy is surrendered (13). Please refer to Product risks of this brochure for Surrender risk details. (3) Monthly Income includes Monthly Guaranteed Income and Monthly Non-guaranteed Income. The Monthly Non-guaranteed Income is not guaranteed and is estimated based on the Non-guaranteed Account Balance (6) as at the commencement of the Income Period (4) plus any additional amounts determined by Hang Seng Insurance from time to time; and the actual amount paid can be higher or lower than the projected amount. The Monthly Income is payable to the Policyholder on each monthiversary during the Income Period (4), until the end of the Income Period (4). The Policyholder may choose to withdraw it in cash or accumulate it with interest (5). (4) Income Period refers to the period during which Monthly Income (3) is payable. The Income Period of SavourLife II (RMB) Annuity Life Insurance Plan is 20 years. (5) Policy dividends are paid only before the commencement of the Income Period (4). Policy dividends and accumulation interest rates used for calculation of policy dividends and Monthly Income (3) accumulations are not guaranteed. Please refer to Illustration Summary for the current dividend or accumulation interest rate. (6) Non-guaranteed Account Balance means the accumulated policy dividends (5) with non-guaranteed interest as at the commencement of the Income Period (4) plus any additional amounts determined by Hang Seng Insurance, less the total of any Monthly Non-guaranteed Income (3) paid. The Non-guaranteed Account Balance can only be withdrawn upon full surrender (13) of the policy or when the Death Benefit is paid in a lump sum in the event the Life Insured dies. (7) This Death Benefit payment instruction is only applicable after all premiums are paid up and Income Period (4) has commenced, and such instruction has to be accepted and recorded by Hang Seng Insurance while the Life Insured is alive. After deducting Indebtedness (if any), the beneficiary(ies) specified by the Policyholder can continue to receive the unpaid Monthly Income (3) every month upon the death of the Life Insured until the chosen Income Period (4) ends. Any Monthly Income (3) (if any) accumulated under the policy together with its nonguaranteed accumulated interest (5) (if any) less Indebtedness (if any) will be paid in a lump sum to the beneficiary(ies). The remaining Indebtedness (if any) will be deducted from the Non-guaranteed Account Balance (6). The Non-guaranteed Account Balance (6) in the policy shall continue to retain in the policy. This balance, together with any non-guaranteed amount as determined by Hang Seng Insurance from time to time, would be used for paying Monthly Non-guaranteed Income (3). At any time, the beneficiary(ies) cannot change the Death Benefit settlement option specified by the Policyholder (including request for policy surrender (13) ) while he/she is alive. (8) Accidental Death Benefit will be automatically terminated when (i) such Accidental Death Benefit is paid out, or (ii) the Policy Anniversary at which the Life Insured's Insurance Age (9) of 80, or (iii) on the date the policy of basic plan lapses, terminates, expires, becomes void, is surrender (13) or cancelled (whichever is the earliest). Please refer to the policy for the exceptions and full details and conditions. (9) Insurance Age means, at any date, the age of the Life Insured or Policyholder (if applicable) on the most recent birthday prior to the Policy Date plus the number of completed Policy Years. If the Life Insured's or Policyholder's (if applicable) birthday is on the Policy Date, it will be calculated based on the age on such Policy Date. (10)Terminal Illness means a medical condition that the Life Insured is certified by Hang Seng Insurance s appointed Registered Medical Practitioner to be reasonably expected to die within 6 months from the date of certification. Such medical condition and/or its signs or symptoms must first occur or commence more than 90 days following the Issue Date or effective date of last reinstatement of the policy (whichever is later). Terminal Illness Benefit will be automatically terminated when (i) such benefit is paid out, or (ii) the Policy Anniversary at which the Life Insured's Insurance Age (9) of 80, or (iii) on the date the policy of basic plan lapses, terminates, expires, becomes void, is surrender (13) or cancelled (whichever is the earliest). Please refer to the policy for the definition of Terminal Illness, exceptions and full details and conditions. (11) To be eligible to claim this benefit, the Policyholder should be unemployed for at least 30 consecutive days and be qualified for payment of severance benefits under the Employment Ordinance of the Hong Kong Special Administrative Region. Unemployment Benefit will be automatically terminated when (i) the Life Insured's Insurance Age (9) reaches 65, or (ii) the end of the payment term, or (iii) on the date the policy of basic plan lapses, terminates, expires, becomes void, is surrender (13) or cancelled (whichever is the earliest). Please refer to the policy for the exceptions and full details and conditions.
8 Page 8 (12)The maximum total premium amount for guaranteed acceptance (per Life Insured) may differ and is subject to the Insurance Age (9) of the Life Insured. Total premium amount refers to the total premium amount of the Plan and other life insurance plans determined by Hang Seng Insurance. For details of the underwriting requirements, please contact our Hang Seng Bank Limited ( Hang Seng Bank ) branch staff. This Plan is subject to the relevant requirements on nationality, and/or addresses of the Policyholder and/or Life Insured as determined by Hang Seng Insurance from time to time. Hang Seng Insurance reserves the right to accept or decline any applications for the Plan based on the information provided by the Life Insured and/or Policyholder during enrollment. (13) If it is a Single Payment (2) Policy and the policy is surrendered within the policy term, the Policyholder will receive a surrender value which is the sum of Guaranteed Cash Value, non-guaranteed accumulated dividends (5) (if any) and its accumulated non-guaranteed interest (if any), accumulated Monthly Income (3) (if any) and its accumulated non-guaranteed interest (5) (if any), Non-guaranteed Account Balance (6) (if any), guaranteed single payment (2) balance (if any) after deducting surrender charge and any Indebtedness (including policy loan) (if any). If payment term other than Single Payment (2) is used and the policy is surrendered within the policy term, the Policyholder will receive a surrender value which is the sum of Guaranteed Cash Value, non-guaranteed accumulated dividends (5) (if any) and its nonguaranteed accumulated interest (5) (if any), accumulated Monthly Income (3) (if any) and its accumulated non-guaranteed interest (5) (if any), Non-guaranteed Account Balance (6) (if any) after deducting any Indebtedness (including policy loan) (if any). If the Policyholder surrenders the policy after the expiry of the Cooling-off Period, the sum of the surrender value and the total amount of Monthly Income (3) withdrawn (if any) may be less than the Total Premium Paid, for details please refer to the Illustration Summary of your selected Plan. (14) Hang Seng Insurance reserves the right to stop applications of this Plan and reserves the right to accept or decline any applications for this Plan based on the information provided by the Life Insured and/or Policyholder during enrollment without prior notice. This Plan is subject to the relevant requirements on nationality, and/or addresses of the Policyholder and/or Life Insured as determined by Hang Seng Insurance from time to time. Hang Seng Insurance would refund the premiums paid (without any interests) in premium payment currency to unsuccessful applicant(s). Product risks Credit risk The benefits of this Plan are subject to the credit risk of Hang Seng Insurance. Policy benefits include Death Benefit, surrender (13) benefit and maturity benefit (if applicable) etc. The premium that you pay will become parts of Hang Seng Insurance s assets, and the life insurance plans of Hang Seng Insurance involve policy benefits such as Death Benefit, surrender (13) benefit and maturity benefit payable to the Policyholders or beneficiaries by Hang Seng Insurance. You should bear the credit risk associated with Hang Seng Insurance [i.e. the risk that Hang Seng Insurance may not be able to deliver its obligations bound by the policies (including the payment of policy benefits) due to financial difficulties]. Risk affecting Non-guaranteed benefit determination The scales for calculating dividends and the additional amounts to be credited to Non-guaranteed Account Balance (6) during the Income Period (4) are not guaranteed and are determined by Hang Seng Insurance from time to time. Whether dividends are payable and the size of the dividends to be paid depend on how well the performance of relevant participating policies with regard to investment returns on the assets supporting the policies under this Plan, as well as other factors including but not limited to claims, persistency experience, expenses, and the long term future performance outlook (both economic and non-economic factors). The key risk factors are further described below: Investment risk factors The investment performance of the assets supporting the policies is subject to various market risk factors including but not limited to: - Interest rate risks The risk that the interest earnings and the values of assets will be affected by the change of interest rate level and its outlook, and lead to investment loss. - Equity risk The risk that the prices and volatilities of equity type investments and alternative investments will change and lead to investment loss. - Credit risk The risk of investment losses due to the default or change in credit quality of issuers of debt securities or counterparties. - Currency risk The risk that the values of investments that are in other currencies different from the policy currency will be affected by the change of exchange rates. Claims factor The actual experience of mortality and morbidity is uncertain which may lead to a higher than expected claim or living benefit payment and result in worse performance. Persistency factor The actual experience of policy surrender (13) (full or partial) and policy lapse is uncertain, and therefore it has impacts on both the current performance and future return of the portfolio of the policies. Expense factor The actual amount of expenses incurred and apportioned to the group of policies may be higher than expected and impact the overall performance of the product. The expenses may include direct expenses which are specifically related to the group of policies, such as commission, underwriting, policy acquisition and maintenance expenses. It may also include indirect expenses such as general overhead costs which will be allocated to the group of policies.
9 Page 9 The Monthly Non-guaranteed Income (3) is determined based on the Non-guaranteed Account Balance (6) at the commencement of Income Period (4) plus any additional amounts to be determined and applied by Hang Seng Insurance from time to time. If you withdraw any accumulated policy dividends (5) before the commencement of Income Period (4), the amount of future Monthly Non-guaranteed Income (3) will be adjusted accordingly. The interests (5) earned on the accumulated policy dividends (5) and Monthly Income (3) are determined based on an interest rate which is not guaranteed and may be adjusted by Hang Seng Insurance at its discretion from time to time. Please refer to section Notes on Participating Policy for the detail. Risk from the delay of or missing the payment of premiums due You should pay the premium for the entire premium payment term when due. Any delay or missing of the payment of premiums due may lead to policy lapse, and the amount (if any) you get back may be significantly less than your premiums paid. Risks from surrender (13) If you surrender (13) the policy after the expiry of the cooling-off period, the surrender (13) proceeds to be received may be significantly less than the Total Premium Paid. Please refer to the illustration summary of this Plan for the projected surrender (13) values. All details regarding policy surrender (13) should be referred to the relevant policy provisions. Please be aware that if you choose the Single Payment (2) option rather than multiple payments of premium, additional surrender (13) charges will apply upon early surrender (13) of policy. For surrender (13) in full or partially, the Balance of Single Payment (2) will be paid after deduction of surrender (13) charge which is determined by Hang Seng Insurance. For details of surrender (13) charge and projected surrender (13) values, please refer to the illustration summary of the Plan you selected. Liquidity risk This policy is designed to be held for a long-term period. Should you have liquidity needs for any unexpected events, you may apply for policy loan or surrender (13) the policy in full or in part subject to the respective policy terms, however this may cause the policy to lapse or to be terminated earlier than the original policy term, and the amount (if any) you get back may be significantly less than the premiums paid. You may also apply for withdrawal of any amounts that are left within the policy to accumulate (excluding Non-guaranteed Account Balance (6) ) but the amount available for withdrawal is not guaranteed and the amount of Death Benefit and Cash Value will reduce accordingly subsequent to the withdrawal. Inflation risk Cost of living is likely to be higher in the future than it is today due to inflation, therefore you may receive less from the policy in real term in the future even if Hang Seng Insurance meets all of its contractual obligations. Policy currency risk By choosing the Plan denominated in currencies other than local currency, the investment performances and inherent risks of the underlying assets of the policy may be different if a different policy currency is selected. You are subject to exchange rate risks. Exchange rate fluctuates from time to time. Upon the currency conversion, you may suffer a loss of your benefit values and the subsequent premium payments (if any) may be higher than your initial premium payment as a result of the exchange rate fluctuations. Exchange controls imposed by the relevant authorities may also adversely affect the applicable exchange rate. If you enroll SavourLife II (RMB) Annuity Life Insurance Plan, you may elect to pay premiums and receive policy benefits in Renminbi or Hong Kong Dollar. However, Hang Seng Insurance reserves the right in determining the currency in which you pay or receive. Renminbi is currently not freely convertible and conversion of Renminbi may be subject to certain policy, regulatory requirements and/or restrictions (which are subject to changes from time to time without notice). The actual conversion arrangement will depend on the policy, regulatory requirements and/or restrictions prevailing at the relevant time. As Renminbi is currently not freely convertible and is subject to exchange controls by the Chinese government, Renminbi currency conversion is subject to availability and Hang Seng Insurance may not have sufficient Renminbi at the relevant time. You have considered the aforesaid exchange rate risk factors, conversion arrangement and the potential loss associated before applying for the Plan.
10 Page 10 Important notes Cooling-off period SavourLife II Annuity Life Insurance Plan and SavourLife II (RMB) Annuity Life Insurance Plan are insurance plans with saving elements and not any kind of bank deposit. Part of the premium is paid for the insurance and related costs. If you are not satisfied with your policy, you have the right to cancel it within the cooling-off period (that is, 21 days after the delivery of the policy or in 21 days after the issue of notice that informing you/your representative about the availability of the policy and expiry date of the cooling-off period, whichever is earlier), and obtain a refund of any premiums paid (if it is a single premium policy, the refund of premium paid will be adjusted by the amount by which the value of the investment for this Single Payment (2) has fallen at the time your cancellation letter is received by Hang Seng Insurance (if any).) A written notice signed by you should be received by Hang Seng Insurance Office at 18/F, Tower 1, HSBC Centre, 1 Sham Mong Road, Kowloon, Hong Kong within the cooling-off period. After the expiration of the cooling-off period, if you cancel the policy before the end of the term, the projected total Cash Value upon surrender (13) may be less than the total premium you have paid. Partial Surrender (13) (only applicable before Income Period (4) ) The policy can be partially surrendered (13) before the commencement of the Income Period (4) and if the Policyholder has made any partial withdrawals, the Net Cash Value of the policy will be decreased accordingly. This will reduce the Monthly Income (3) amount, the Death Benefit amount and the Cash Value upon surrender (13). Grace Period The Plan offers a Grace Period of 30 days for payment of any premium when due. If a premium is not paid by the end of the Grace Period and the Net Cash Value calculated as at the date immediately preceding the premium due date is greater than zero, the terms of Automatic Premium Loan will immediately take effect to pay the relevant unpaid premium. If the Net Cash Value is insufficient to cover the amount of the relevant unpaid premium, the policy will immediately lapse. Policy loan You may apply for a policy loan in respect of SavourLife before the commencement of Income Period (4). Loan interest will be applied and you will be advised of the rate of interest from time to time. Any policy loan and accrued loan interest may reduce the Cash Value, Death Benefit and Monthly Income (3) of the policy. When, at any time, the loan with accrued interest exceeds the Net Cash Value before Indebtedness, Hang Seng Insurance have the right to lapse the Policy. Policy loan may cause the policy to lapse or be terminated, please refer to the policy provision on its terms and conditions. Policy termination condition Hang Seng Insurance has the right to terminate your policy under any of the following circumstances, If you cannot make the premium payment by the end of a 30-day Grace Period and the Net Cash Value calculated as at the date immediately preceding the premium due date is equal to or less than zero, unless if the Automatic Premium Loan is sufficient to cover the amount of the relevant unpaid premium; The policy loan with accrued interest exceeds the Net Cash Value before Indebtedness; If Hang Seng Insurance reasonably consider that by continuing the policy or the relationship with you, Hang Seng Insurance may break any laws, or Hang Seng Insurance or a member of the HSBC Group, may be exposed to action censure from any authority. For details of the above, please refer to the relevant terms and conditions in the policy provision. Philosophy in deciding the dividends (5), investment policy and strategy. For details of the philosophy in deciding the dividends (5), investment policy and strategy, please refer to section Notes on Participating Policy. For the most updated information on dividends (5), investment policy and strategy, and the historical fulfilment ratios of this Plan, please refer to the Company website: Commission disclosure Hang Seng Insurance would provide Hang Seng Bank the relevant commission and performance bonus in accordance to the selling of this Plan. The existing sales staff remuneration policy employed by Hang Seng Bank would take into account various aspects of the staff performance but not solely on the sales amount.
11 Page 11 Dispute resolution Hang Seng Bank is an insurance agent authorized by Hang Seng Insurance Company Limited and the product is a product of Hang Seng Insurance Company Limited but not Hang Seng Bank ; and In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between Hang Seng Bank and you out of the selling process or processing of the related insurance product transaction, Hang Seng Bank will enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the insurance products should be resolved between Hang Seng Insurance Company Limited and you directly. SavourLife II Annuity Life Insurance Plan and SavourLife II (RMB) Annuity Life Insurance Plan are underwritten by Hang Seng Insurance Company Limited which is authorised & regulated by the Insurance Authority of the HKSAR. Customer Enquiry hangseng.com Tax Reporting and Financial Crime Hang Seng Insurance and other members of the HSBC Group have certain obligations to Hong Kong and foreign legal or regulatory bodies and government or tax authorities, and are bound by HSBC Group's requirements, regarding you and your policy and Hang Seng Insurance may from time to time request consent and information from you in relation to these obligations and requirements. There are consequences, which will be set out in your policy terms, if you fail to provide to Hang Seng Insurance consent or information that is requested from you or if you present a financial crime risk to a member of the HSBC Group. Such consequences include that Hang Seng Insurance may: take such actions as are necessary to enable it or a member of the HSBC Group to meet these obligations and requirements; be unable to provide new, or continue to provide all of the services to you; be required to withhold payments or benefits that would otherwise be due to you or your policy and permanently pay those over to tax authorities; and terminate your policy. The amount you get back from the policy in the event of benefits or payments withholding and/or policy termination by Hang Seng Insurance as mentioned above plus the total amount that you have received from the policy (if any) before policy termination may be less than the total amount of the premium(s) you have paid. Hang Seng Insurance recommends that you seek your own independent professional advice on your tax liabilities. This product brochure is issued by Hang Seng Insurance containing only a consolidated and summary description of this Plan and is for reference only. You should read this product brochure in conjunction with the respective product factsheet(s), Notes on Participating Policy and illustration and refer to the policy provisions for the detailed terms and conditions and charges of this Plan. Please refer to the relevant policy for exact terms, conditions and exclusions of this Plan, and the policy will be considered final. For details of this Plan and the policy terms, please contact any Hang Seng Bank branch. Hang Seng Insurance will provide a specimen copy of the policy provision upon request.
12 Page 12 Notes on Participating Policy Hang Seng Insurance issues participating policies, which are life insurance contracts providing both guaranteed and non-guaranteed benefits. The guaranteed benefits may include the following: 1) guaranteed death benefits, 2) guaranteed cash values, 3) guaranteed annuity payments and 4) guaranteed maturity values. The non-guaranteed benefits include policy dividends, which may be paid or varied at the discretion of Hang Seng Insurance. The policy dividend of this Plan, if any, is in form of annual dividend which is declared by the Hang Seng Insurance on an annual basis. Once declared, the amount of annual dividend for the year becomes vested and will be credited to your policy. The key feature of participating policies over other forms of insurance policies is that in addition to the guaranteed benefits receivable, policyholders will also benefit from additional dividend payments if the performance of relevant participating policies is better than that required to support the underlying guarantees. The better the performance, the greater the annual dividend payments, and, conversely, the worse the performance, the lower the annual dividend payments. Dividend Philosophy Annual dividend allows policyholders to participate in the financial performance of the life insurance operations. Whether annual dividend is payable and the size of the dividend which Hang Seng Insurance distributes or pays depend on the performance of relevant participating policies with regard to investment returns on the assets supporting the policies, as well as other factors including but not limited to claims, persistency, expenses, and the long term future performance outlook (both economic and non-economic factors). Performance of policies managed similarly are pooled together when deciding the amount of annual dividend to be paid. Please refer to section Product risks - Risk affecting Non-guaranteed benefit determination on the product brochure for the detail of key risk factors. Hang Seng Insurance conducts regular review on the level of annual dividend payable to policyholders. Both actual performance in the past and management's outlook of long-term future performance will be assessed against expected (assumptions underlying the prevailing dividend scale of us), if there are variances arisen, they will then be considered sharing with policyholders through the adjustment of annual dividend scales. If the performance over the long term is better than expected, then the annual dividend amount paid would increase. If performance is worse than expected, then annual dividend amount paid would decrease. When considering the adjustment of annual dividend scales, Hang Seng Insurance operates a smoothing philosophy, so the level of annual dividend will only be changed if the actual performance is significantly different from expected over a certain period of time or if management s expectation of long-term future performance changes. In order to achieve broad fairness between policyholders of participating products, Hang Seng Insurance will carefully consider the experiences of different groups of policies so that each group of policies will receive a fair return reflecting mostly its own performance. Hang Seng Insurance has also established a dedicated committee to review the fairness of treatment to policyholders and to provide independent advice on the management of the participating policies and the determination of dividend level. Investment Strategy Hang Seng Insurance operates an investment strategy with key objectives as follows: i. Ensure that we can meet the guaranteed benefits that we have committed to you; ii. Deliver to you competitive long-term returns through the non-guaranteed policy dividends; and iii. Abide by a pre-defined set of risk appetite. Participating Policy (Policy Currency: HKD / USD) The assets supporting the participating policies assets are carefully managed and monitored according to a predefined set of risk appetite. The asset portfolio predominantly consists of fixed income assets issued by government and corporate entities with good credit quality and long term prospects. Growth assets, including equity, property, hedge fund, private equity and etc. are managed on prudent basis and utilized in order to enhance investment performance in the long run. Subject to our investment strategy, derivatives may be used for hedging or efficient portfolio management. The asset portfolio is well diversified in different types of assets, and is invested in different geographical markets (mainly Asia, US and Europe) and industries. Investment for fixed income assets are mainly in HKD and USD to match the currency of the underlying policies while growth assets are invested in various currencies for diversification.
13 Page 13 Participating Policy (Policy Currency: CNY) The assets supporting the participating policies are carefully managed and monitored according to a predefined set of risk appetite. The asset portfolio predominantly consists of fixed income assets (including both onshore bonds in China Inter-bank Bond Market ( CIBM ) and offshore bonds in offshore ( CNH ) Renminbi market) and equities. Subject to our investment strategy, derivatives may be used for hedging or efficient portfolio management. However, investing in CNYdenominated assets is subject to applicable laws, regulations and guidelines issued by relevant regulatory authorities from time to time. Any change of the applicable laws, regulations and guidelines may lead to an update to the investment strategy and the associated investment performance may be affected. Target Asset Allocation The current long-term target strategy is to allocate assets attributed to this product as follows: Asset Type Allocation % Allocation % Participating Policy (Policy Currency: HKD/USD) Participating Policy (Policy Currency: CNY) Fixed Income 80%-100% 90%-100% Growth Assets 0%-20% 0%-20% There could be slight deviation from the above range due to market fluctuation. Actual allocations will take into consideration past investment performance of the assets supporting the policies, prevailing market conditions and future outlook, and the guaranteed and non-guaranteed benefits of the policies. As the performance of the growth assets investment plays an important role in determining the level of non-guaranteed benefits, under normal circumstances and free from any investment and operational constraints, it is expected that the allocation to growth assets will fall within the higher end of the range as specified, in order to optimize the chance of achieving the illustrated level of non-guaranteed benefits. The management and investment strategy of the asset portfolio may be subject to change depending on the market conditions and economic outlook, and we would inform policyholders should there be any material changes. Accumulation Interest Rate Policyholders can choose to accept their policy dividends, and/ or annuity payments either in cash or to leave them with Hang Seng Insurance to accumulate with interests (if applicable). The rates of interests are not guaranteed and will be determined by Hang Seng Insurance from time to time. The review on such accumulation interest rates will be conducted regularly with reference to the portfolio bond yields, prevailing market conditions, outlook on bond yields, and the likelihood of policyholders leaving their payment for accumulation. The policy in determining the policy dividends and accumulation interest rates may be reviewed and adjusted by Hang Seng Insurance from time to time. For more updated information, please visit You may also visit the above website to understand the historical fulfilment ratio of dividend distribution for reference purposes. However, the past performance or current performance of Hang Seng Insurance s business may not be a guide for future performances. 如你欲索取此計劃之中文版本產品冊子, 請聯絡 生銀行 之分行職員或致電 生保險 熱線 PPL979-R9 (08/17) (LT) PDF
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