The Choice 5-Year Life Insurance Plan (Online Version) Limited Offer (1)

Transcription

1 The Choice 5-Year Life Insurance Plan (Online Version) Limited Offer (1) Get started today for a guaranteed return on maturity in 5 years The Choice 5-Year Life Insurance Plan ( The Choice 5-Year or the Plan ) is a life insurance product and not a bank deposit. This product is underwritten by Hang Seng Insurnce Company Limited ( Hang Seng Insurance ). Saving for your future takes hard work and dedication. Hang Seng Insurance understands your needs for future savings and thus designed The Choice 5-Year, providing you with guaranteed returns and life protection to help you transform the hard work of today into the rewards of tomorrow. Achieving Your Goal at Ease with Guaranteed Return at Maturity The Choice 5-Year provides you with a short policy term of 5 years. Upon maturity of the policy, you will receive a lump-sum payment of Guaranteed Cash Value to help you achieve your financial goals with greater ease. Example (Annual payment option) Payment Term : 2 years Annual Premium : HKD 179,999.9 Total Premium amount : HKD 359,999.8 Guaranteed Cash Value at maturity after the 5 th Policy Year : HKD 398,821 Guaranteed Cash Value at maturity divided by Total Premium paid : % End of Policy Year Guaranteed Cash Value (HKD) Total Premium paid (HKD) 1 107, , , , , ,821 Remarks: (i) The figures and percentages in the above examples, which are for reference only, are rounded and the actual figures may vary due to the rounding logic. For the actual Cash Value at Maturity, Death Benefit amount and other details, please refer to the Illustration Summary of your chosen insurance plan and the Policy Provisions. (ii) The above example assumes that the Policyholder has paid the annual premium payable in full. (iii) The Guaranteed Cash Value and Total Cash Value mentioned above can only be withdrawn upon surrender (7) at the end of the relevant policy year or at maturity. Life Protection for Extra Assurance In the unfortunate event of the death of the Life Insured during the Insurance Age (3) and while the Policy is in force, the beneficiary(ies) will receive a lump-sum payment of Death Benefit equals to 101% of the Total Premium paid for the Basic Plan as at the date of the death of the Life Insured or 101% of Guaranteed Cash Value (whichever is greater), less indebtedness (if any). P. 1

2 Free Extended Coverage for Added Peace of Mind In addition to the Death Benefit, The Choice 5-Year offers you the following free extended benefits: Accidental Death Benefit (4) In the unfortunate event of the accidental death of the Life Insured during the Insurance Age (3) and while the Policy is in force, in addition to the above Death Benefit, the beneficiary(ies) will receive the Accidental Death Benefit (4), which equals to 30% of the Total Premium paid under the Basic Plan less indebtedness (if any). Unemployment Benefit (5) If you are unemployed for at least 30 consecutive days in the unfortunate event of dismissal by reason of redundancy before the Insurance Age (3) of 65 while the Policy is in force, you can apply for temporary suspension of payment of the premium due to a maximum of 365 days from the first premium payment due date after unemployment. Throughout this period, the Life Insured can still enjoy all the benefits as specified in the policy. Terminal Illness Benefit (6) In the unfortunate event that the Life Insured is diagnosed with a Terminal Illness while the Policy is in force and before the Life Insured s Insurance Age (3) of 65, you will receive an advance payment equals to the Death Benefit of the Basic Plan as emergency cash to ease your financial burden. Enjoy Protection at Ease with Simple Application (1) Enrolment in The Choice 5-Year is simple. Provided that the Total Premium amount per Life Insured does not exceed maximum limit (2), and the Life Insured and/or Policyholder meet the criteria for the Insurance Age (3) during enrolment, and comply with other relevant application requirements of the Plan, medical examination is not required and acceptance is guaranteed. Plan at-a-glance Life Insured s Insurance Age (3) at Enrolment Eligibility Premium Payment Term and Mode Policy Term Policy Currency Payment Method Features of Premium Payment Mode Age Bank account holders of Hang Seng Bank Limited ( Hang Seng Bank ) and tax resident of Hong Kong who hold a valid HKID card subject to certain eligibility restrictions on address in USA, Japan and People s Republic of China Premium Payment Term of 2 years, you can choose from monthly payment or annual payment options 5 years HKD Direct Transfer (from Hang Seng Bank Account) ; or Credit Card (Using Hang Seng Bank Credit Card) If the Life Insured and/or Policyholder meet the criteria for the Insurance Age (3), and comply with other relevant application requirements of the Plan, uni-rate applies regardless of Insurance Age (3), sex or smoking habit of the Life Insured Annual Payment Mode Key Exclusions HKD 35,999.9 / HKD 59,999.8 / HKD 120,000.1 / HKD 179,999.9 Monthly Payment Mode Supplemental Benefit Accidental Death Benefit (4) HKD 3,000 / HKD 5,000 / HKD 10,000 / HKD 15,000 If the death of the Life Insured is resulted from any of the following, Hang Seng Insurance will not pay the Accidental Death Benefit (4) : (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, accidentally or otherwise, 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. P. 2

3 Supplemental Benefit Unemployment Benefit (5) If the Policyholder is unemployed due to any of the following circumstances, no Benefit can be claimed: (i) If any period of Unemployment does not qualify for payment of severance benefits under the Employment Ordinance of the Hong Kong Special Administrative Region; (ii) The Unemployment commences within 2 months of the Policy Date or Issue Date 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 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, whichever is the latest; (vi) Misconduct or any action that contributes to or leads to be dismissed, or resign, retire or take voluntary redundancy; (vii) After the end of the contract, or a period of training or apprenticeship. Supplemental Benefit Terminal Illness Benefit (6) No Terminal Illness Benefit (6) will be paid for any illness resulting from, or caused or contributed by, any condition which existed before the Issue Date or Policy Date of the Terminal Illness Benefit (6), whichever is later, 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 of the Terminal Illness Benefit (6), whichever is later. The above are only the major exclusions, for details of the exclusions, please refer to the relevant policy provision. Notes: 1. Hang Seng Insurance reserves the right to stop accepting applications of the Plan 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 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 enrolment. Hang Seng Insurance would refund the premiums paid (without any interests) in the premium payment currency to any unsuccessful applicant. 2. The maximum total premium (per Life Insured), which includes the amounts payable for the Plan and the designated life insurance plans of Hang Seng Insurance, may vary, subject to the Insurance Age (3) of the Life Insured. Please contact Customer Enquiry hotline for the underwriting criteria. 3. 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. 4. Accidental Death Benefit will be automatically terminated when (i) Death Benefit is paid out, or (ii) the date the Policy lapses, terminates, expires, becomes void, is surrendered (7) or cancelled, or (iii) the Policy Anniversary at which the Life Insured s Insurance Age (3) is 80 (whichever is the earliest). Please refer to the Supplemental Benefit of Accidental Death Benefit for full details on exclusions and the policy provision shall be final. 5. Unemployment Benefit is only applicable to individuals who hold a valid Hong Kong Identity Card. 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. This Benefit comes into force 2 months after the Issue Date or Policy Date (whichever is later), and shall remain in force until (i) the date the Policy lapses, terminates, expires, becomes void, is surrendered (7) or cancelled, or (ii) the end of the premium payment term, or (iii) the Policy Anniversary at which the Life Insured s Insurance Age (3) is 65 (whichever is the earliest). Please refer to the Supplemental Benefit of Unemployment Benefit for full details on exclusions and the policy provision shall be final. 6. 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 Policy Date (whichever is later). Terminal Illness Benefit will be automatically terminated when (i) such Benefit is paid out, (ii) on the date the Policy lapses, terminates, expires, becomes void, is surrendered (7) or cancelled, or (iii) the Policy Anniversary at which the Life Insured s Insurance Age (3) is 65 (whichever is the earliest). When the Policyholder receives the Terminal Illness Benefit, the Basic Plan policy will terminate. Please refer to the Supplemental Benefit of Terminal Illness Benefit for the definition of terminal illness and full details on exclusions and the policy provision shall be final. 7. If the policy is surrendered within the policy term, the Policyholder will receive a surrender value which is the Guaranteed Cash Value less unpaid premium (if any). If the Policyholder surrenders the policy after the expiry of the Cooling-off Period and anytime after the policy is effective, the surrender value may be less than the total premiums paid. For details please refer to the Illustration Summary. Product risks Credit risk The benefits of the Plan are subject to the credit risk of Hang Seng Insurance. Policy benefits include Death Benefit, surrender (7) benefit and maturity benefit (if applicable) etc. The premium that you pay will become part of Hang Seng Insurance s assets, and the life insurance plans of Hang Seng Insurance involve policy benefits such as Death Benefit, surrender (7) 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). P. 3

4 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. Risk from surrender (7) If you surrender (7) the policy after the expiry of the cooling-off period, the surrender (7) proceeds to be received may be significantly less than the Total Premium paid. Please refer to the Illustration Summary of the Plan for the projected surrender (7) values. All details regarding policy surrender (7) should be referred to the relevant policy provisions. 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 surrender (7) the policy in full or in part subject to the respective policy provisions, however the amount (if any) you get back may be significantly less than the premiums paid. 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. Important Notes Cooling-off period The Choice 5-Year is a life insurance plan with a savings element and not any kind of bank deposit. Part of the premium pays for the insurance and related costs. If you are not satisfied with your policy, you have a right to cancel it within the cooling-off period (that is, 21 days after the delivery of the policy or issue of a notice (informing you/your representative about the availability of the policy and expiry date of the coolingoff period), whichever is earlier) and obtain a refund of any premiums and levy paid. 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 (7) may be less than the total premium you have paid. Partial surrender (7) The Policy can be partially surrendered (7) during the policy term, the Guaranteed Cash Value will be reduced accordingly. This will reduce the Death Benefit and the cash value upon surrender (7). 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, the policy will be immediately lapsed with effect as the due date of the first unpaid premium. 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 If Hang Seng Insurance reasonably considers 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 authorities. For details of the above, please refer to the relevant terms and conditions in the policy provision. Commission disclosure Hang Seng Insurance would provide Hang Seng Bank with 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 will take into account various aspects of the staff performance but not solely on the sales amount. P. 4

5 Dispute Resolution a) Hang Seng Bank is an insurance agent authorised by Hang Seng Insurance Company Limited and the product is a product of Hang Seng Insurance Company Limited but not Hang Seng Bank ; and b) 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. The Choice 5-Year is underwritten by Hang Seng Insurance Company Limited, which is authorised and regulated by the Insurance Authority of the HKSAR. Hang Seng Bank is an insurance agent authorised by Hang Seng Insurance Company Limited. 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), 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 visit related Product page, hangseng.com/endowment-plan. Hang Seng Insurance will provide a specimen copy of the policy provision upon request. INSLIFE_TCENPB_DIG 01/19 (HH) P. 5