Term Series Protect your loved ones at an economical premium Term Insurance
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Term Series You work hard to fulfill your dreams and goals, but have you ever stopped and thought about what would happen to your family should the worst happen? An untimely death could leave a family financially in debt and children s prospects uncertain. We listen to you and understand your worries. That s why we have specially designed a series of term assurance plans at a highly affordable premium to meet your needs at different stages of life. Term Series highlights $ Protect your loved ones against mishaps Gain the most protection from your premium dollar Easily convert your policy with guaranteed insurability Enjoy flexibility with a wide range of premium options Widen your safety net with optional benefits 3
The benefits $ Protect your loved ones against mishaps It s not hard to imagine how difficult life could be if a family lost its income suddenly. With our Term Series, a lump sum benefit will be payable should the person covered by the policy (the life assured ) pass away, so that you can rest assured that your loved ones will not suffer an immediate financial burden in such an unfortunate event. Gain the most protection from your premium dollar If you are looking for a low-cost protection without burdening your finances, our Term Series is the right choice. These plans provide you and your family with adequate coverage for a lower premium outlay than whole life insurance. You can also use them to supplement your existing insurance plans when you need more insurance protection. 3 Widen your safety net with optional benefits You can attach a wide range of optional benefits to these plans for additional protection. Underwriting is required before issuing optional benefits, while some age restrictions may also apply. Alternatively, you may add any of our Term Series plans to your existing basic insurance policy. Three choices to suit your needs To cater for your various insurance needs, we provide you with three different term assurance plans which can be issued as either a basic plan or a supplementary benefit: PRUterm Available to ages between 16 and 65 (ANB). The premium will remain constant throughout the premium term. Easily convert your policy with guaranteed insurability Your insurance needs will change at different stages of life. In case you would like to adjust your coverage, you have an option to convert your policy into a new life insurance policy with cash value before you reach age 66 (age next birthday [ANB]), without the need to prove your health. Enjoy flexibility with a wide range of premium options You are provided with a variety of premium terms to select from, which allow you to tailor your premium payments to your own plan. Protection will be continued as long as you have paid the premium on time. 5-Year Renewable & Convertible Term Available to ages between 16 and 60 (ANB). The premium 1 is adjusted every 5 years according to the life assured s current attained age with automatic renewal guaranteed. Yearly Renewable & Convertible Term Available to ages between 16 and 70 (ANB). The premium 1 is adjusted every year according to the life assured s current attained age with automatic renewal guaranteed. 4 Remark 1 The premium is not guaranteed. The premium rates applicable upon any renewal will be those prevailing at the time of renewal.
More about Term Series Plan type Basic plan or supplementary benefit Premium term/benefit term/issue age/ Currency option PRUTerm Premium term/ Issue age (ANB) Currency option Benefit term 10 years 16 65 HKD/USD 15 years 16 60 HKD/USD 20 years 16 55 HKD/USD 25 years 16 50 HKD/USD 30 years 16 45 HKD/USD Until age 55 (ANB) 16 45 HKD/USD Until age 60 (ANB) 16 50 HKD/USD Until age 65 (ANB) 16 55 HKD/USD 5-Year Renewable & Convertible Term Premium term/ Issue age (ANB) Currency option Benefit term Until 75 (ANB) 16-60 USD only (applicable when the plan is a basic plan) Premium structure/plan renewal Premium structure Plan renewal PRUTerm Level throughout the premium term N/A 5-Year Renewable & Convertible Term Adjusted every 5 years Automatic renewal guaranteed every 5 years Yearly Renewable & Convertible Term Adjusted every year Automatic renewal guaranteed every year Termination of these plans We will terminate these plans when the first of these happens: death of the life assured; or you fail to pay your premium within one calendar month from its due date; or the basic plans to which these plans are attached terminate (applicable if these plans are supplementary benefits); or the basic plans have been converted to a reduced-paid up policy (applicable to supplementary benefits); or the plans reach their end of benefit terms; or the plans have been fully converted into a new life insurance policy. USD/HKD (applicable when the plan is a rider) Yearly Renewable & Convertible Term Premium term/ Issue age (ANB) Currency option Benefit term Until 75 (ANB) 16-70 HKD/USD 5
Key risks How our credit risk may affect your policy? The guaranteed cash value (if applicable) and insurance benefit of your plan are subject to our credit risk. If we become insolvent, you may lose the value of your policy and its coverage. How currency exchange rate risk affects your return? Foreign currency exchange rates may fluctuate. As a result, you may incur a substantial loss when you choose to convert your benefits to other currencies. Additionally, the conversion of your benefits to other currencies is subject to applicable exchange restrictions applicable at the time when the benefits are paid. You have the sole responsibility to decide if you want to convert your benefits to other currencies. How inflation affects the value of your plan? We expect the cost of living to rise in the future because of inflation. That means the insurance you take out today will not have the same buying power in the future, even if the plan offers increasing benefit intended to offset inflation. What happens if you do not pay your premiums? You should only apply for this product if you intend to pay all of its premiums. If you miss any of your premium payments, we may terminate your policy and you would lose the policy s coverage. Why may your premiums be adjusted? Applicable to 5-Year Renewable & Convertible Term only We have the right to review and adjust the plan s premium rates for particular risk classes on every 5th policy anniversary, but not for any individual customer. We may adjust premium rates because of several factors, such as our claims and persistency experience. Applicable to Yearly Renewable & Convertible Term only We have the right to review and adjust the plan s premium rates for particular risk classes on each policy anniversary, but not for any individual customer. We may adjust premium rates because of several factors, such as our claims and persistency experience. 6
Important information Cancellation right A customer who has bought the life insurance plans has a right to cancel the policy within the cooling-off period and obtain a refund of any premium(s) paid less any withdrawals. Provided that no claim has been made, the customer may cancel the policy by giving written notice to us within 21 days after: (1) the delivery of the policy or (2) the issuance of a notice (informing the availability of the policy and expiry date of the cooling-off period) to the customer/his/her representative, whichever is earlier. The premium will be refunded in the currency of premium payment at the time of application for this policy. If the currency of premium payment is not the same as the plan currency, the refundable premium amount in plan currency under this policy will be converted to the currency of premium payment at the prevailing currency exchange rate as determined by us in our absolute discretion from time to time upon payment. After the cooling-off period expires, if a customer cancels the policy before the end of benefit term, the actual cash value (if applicable) may be substantially less than the total amount of premiums paid. 7
Need more details? Get in touch Please contact your consultant or call our Customer Service Hotline at 2281 1333 for more details. Notes PRUterm, 5-Year Renewable & Convertible Term and Yearly Renewable & Convertible Term are underwritten by Prudential Hong Kong Limited ( Prudential ). This brochure is for reference only. It does not represent a contract between Prudential and anyone else. You should read carefully the risk disclosures and key exclusions (if any) contained in this product brochure. For further details and the terms and conditions of this plan, please ask Prudential for a sample of the policy document. Prudential has the right to accept or decline any application based on the information provided by the policyholder and/or life assured in the application. Please cross your cheque and make it payable to Prudential Hong Kong Limited. This brochure is for distribution in Hong Kong only. It is not an offer to sell or solicitation to buy or provide any insurance product outside Hong Kong. Prudential does not offer or sell any insurance product in any jurisdictions outside Hong Kong where such offering or sale of the insurance product is illegal under the laws of such jurisdictions. 8
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Prudential Hong Kong Limited (A member of Prudential plc group) 8/F, Prudential Tower The Gateway, Harbour City, 21 Canton Road Tsim Sha Tsui, Kowloon, Hong Kong Customer Service Hotline: 2281 1333 Corporate Website www.prudential.com.hk MKTX/QB0183E (06/17) 12