Lifelong Partner‧Golden Age Deferred Annuity Insurance Plan
As longer life expectancy has lengthened retirement periods, you need to plan early for your golden years to continue to live your best life in retirement. Lifelong Partner‧Golden Age Deferred Annuity Insurance Plan (the “Plan”) helps you plan early to build a retirement reserve. You will enjoy a stable stream of monthly annuity for a worry-free retirement. The Plan also provides comprehensive assistance services for different life stages to accommodate your various living and retirement needs.
Enjoy 15% premium discount on the first year's premium! Click here for details
Enjoy monthly annuity income until age 1001
By paying 10 years of premiums, you can build a reserve for a steady monthly income stream upon retirement. While the policy is in force and the insured is alive, the Plan will provide a monthly annuity income to you starting from the first policy anniversary which the insured reaches age 65 (or the succeeding business day if such day is not a business day) and on every policy monthiversary thereafter (or the succeeding business day if such day is not a business day) until the policy maturity date or the date of death of the insured (whichever is earlier).
Monthly annuity for a fruitful retirement
The Plan’s monthly annuity income consists of 2 components:
● Guaranteed monthly annuity income – the amount is fixed during the annuity income period, giving stable returns for better retirement planning.
● Non-guaranteed monthly annuity income2 – the amount is non-guaranteed which provides you with potential extra return to boost up your retirement reserve.
Self-selected annuity payout option3 for matching your needs
You can opt to accumulate the monthly annuity income (including the guaranteed monthly annuity income and non-guaranteed monthly annuity income2(if any)) in the policy to earn interest2, and cash out the accumulated monthly annuity income and interest2 (if any) at any time to suit your needs. Alternatively, you can withdraw the monthly annuity income immediately as cash payment to cover daily expenses. If you would change the payout option of monthly annuity income, you can simply complete a dedicated form and no fee will be applied. If you did not choose any payout option before the commencement of monthly annuity income payment, we will accumulate the monthly annuity income in the policy to earn interest2,3.
Maturity benefit to support your retirement needs
Upon policy maturity, the Plan will provide a maturity benefit, which is equivalent to accumulated guaranteed monthly annuity income and accumulated non-guaranteed monthly annuity income2 (if any) and interest2 (if any), plus non-guaranteed terminal dividend4 (if any), less all indebtedness (if any). The policy will be terminated after the maturity benefit is paid.
Life protection for your loved ones
Death benefit
In the unfortunate event that the insured passes away while the policy is in force, the beneficiary will receive a death benefit which is equivalent to the higher of:
(i) 101% of accumulated premium due and paid (will be pro rated if basic amount has been amended) of the basic plan, less total amount of guaranteed monthly annuity income paid (if any) at the date of death of the insured; or
(ii) the guaranteed cash value of the basic plan at the date of death of the insured;
+ accumulated guaranteed monthly annuity income and non-guaranteed monthly annuity income2 (if any) and interest2 (if any);
+ non-guaranteed terminal dividend4 (if any); and
─ all indebtedness (if any).
The policy will be terminated after we pay the death benefit in full.
Flexible death benefit settlement options
The Plan offers flexible death benefit settlement options to help you safeguard your family’s financial future. While the insured is alive, you can choose to pay the beneficiary the death benefit in the form of a lump sum, instalments, or even a mix of both, according to any one of the following options.
| Option 1： | Lump sum payment. |
| Option 25： | Death benefit will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. |
| Option 35： | A designated percentage of death benefit (which must be 5% or above) will be paid in a lump sum as the first instalment. After paying the first instalment, the remaining balance will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. |
| Option 45： | Death benefit will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. After paying the instalments, a designated percentage of death benefit (which must be 5% or above) will be paid in a lump sum as the last instalment of death benefit. |
| Option 55： | Death benefit will be paid at annual or monthly intervals over your selected payment term of 10, 20, 30, 40 or 50 years. The instalment amount will increase 5% annually until the total amount of death benefit has been paid. |
Contingent policyholder to sustain insurance coverage
In addition, you can designate a contingent policyholder6 while the policy is in force. In the unfortunate event of the death of the policyholder, upon receipt of relevant application, we will arrange the contingent policyholder to be the new policyholder and continue to exercise the rights under the policy.
24-hour worldwide emergency assistance service
If the insured is diagnosed with an illness or is injured in an accident outside the country of residence, he/she can access comprehensive coverage under the free 24-hour worldwide emergency assistance service7.
Assistance services for different life stages
The Plan features a series of assistance services7 tailored to different stages of life. By providing a diverse range of services, discounts and privileges spanning retirement, health and lifestyle, we support our customers’ retirement planning, empowering them to step into a brilliant second half of life with ease.
Simplified underwriting procedure
The Plan offers you simplified underwriting with no medical examination required which makes application easier and more convenient.
Lifelong Partner‧Golden Age Deferred Annuity Insurance Plan
| Premium payment term and issue age | Premium payment term | Issue age | ||||
| 10 years | Age 18 to 55 | |||||
| Benefit term | To age 100 of the insured | |||||
| Annuity income start age and annuity income period | Annuity income start age | Annuity income period | ||||
| Age 65 | Until the policy maturity date or the date of death of the insured (whichever is earlier) | |||||
| Premium payment mode8 | Annual, semi-annual, quarterly or monthly | |||||
| Policy currency and minimum premium | Policy currency | Premium payment term | Annual | Semi-annual | Quarterly | Monthly |
| HKD | 10 years | 18,000 | 9,180 | 4,680 | 1,566 | |
| USD | 10 years | 2,250 | 1,147.5 | 585 | 195.75 | |
| Minimum basic amount9 | HKD180,000 / USD22,500 | |||||
| Maximum basic amount9 | HKD80,000,000 / USD10,000,000 | |||||
Notes:
- The Company reserves the right to require satisfactory survival proof of the insured from time to time. The proof shall be provided at the policyholder’s own expense. The Company reserves the right to suspend the payment of any monthly annuity income until survival proof of the insured has been submitted to and accepted by the Company to its satisfaction. No interest will accrue on the suspended monthly annuity income.
- The non-guaranteed monthly annuity income and interest are not guaranteed and may become zero in some circumstances. The actual benefits and/or returns may be lower or higher than estimates and China Life (Overseas) reserves the right to revise the non-guaranteed monthly annuity income and/or interest from time to time.
- If no payout option is selected upon the application of the policy by the policyholder, China Life (Overseas) will deposit the monthly annuity income with the Company to accumulate to earn interest, until written notification is received from the policyholder.
- Terminal dividend is a one-off dividend and is non-guaranteed. Amount of terminal dividend shown in proposal illustration is just an indicative figure. Declared terminal dividend is not perpetually attached to the policy. It may be reduced or increased at subsequent declarations. Its actual amount will only be determined when it becomes payable. The actual amount may be lower or higher than the projected figure. Under some circumstances, actual amount of terminal dividend may be zero. The amount of the terminal dividend is affected by various factors including but not limited to the performance of the underlying investments, so the amount is relatively volatile and will move up and down over time. China Life (Overseas) reserves the right to revise the terminal dividend from time to time. Past record is not necessarily indicative of future result. For more information, please refer to clause 5 and clause 6 under “Important information” and “Non-guaranteed benefit” risk of the product brochure of the Plan.
Starting from the 3rd policy anniversary, the terminal dividend (if any) shall be paid upon the earliest occurrence of the following situations:
(a) when the Company pays the death benefit; or
(b) when the policy is partially surrendered; or
(c) when the policy reaches the policy maturity date; or
(d) when the policy is terminated for any reason other than the Company pays the death benefit.
- For the instalment option (i.e. options 2 to 5), starting from the payment date of the first instalment until the total amount of death benefit have been paid, interest (if any) will be accrued monthly on the remaining balance of death benefit at a rate to be determined by the Company at its sole discretion from time to time. The accumulated interest (if any) will be paid together with the last instalment of death benefit. If any of the beneficiary(ies) dies any time before the Company has fully paid the death benefit, the Company shall pay the remaining balance of the death benefit he/she is entitled to with accumulated interest (if any) in a lump sum payment to the personal representative for the estate of the deceased beneficiary(ies). In cases where any beneficiary(ies) survive the other beneficiary(ies), the settlement option of death benefit designated by the policyholder in relation to the surviving beneficiary(ies) shall remain in force and continue to apply by the Company to pay the death benefit to such surviving beneficiary(ies).The policy shall terminate when the death benefit is paid in full.
(i) If the total amount of death benefit at the date of death of the insured is less than HKD400,000/USD50,000; or (ii) the annualized amount of instalment(s) of death benefit is less than HKD20,000/USD2,500 (applicable to options 2 to 5); or (iii) the policyholder does not specify any settlement option; or (iv) any of the beneficiary(ies) of the policy is not a natural person; or (v) any policy assignment or change of policyholder, we will apply option 1 and pay out the benefit amount to the beneficiary in a lump sum. - When the Company receives the application for “contingent policyholder”, the application shall meet the following requirements:
(i) the contingent policyholder is a natural person;
(ii) the attained age of the contingent policyholder shall be age 18 or above at the time of application;
(iii) the Company is satisfied with the insurable interest between the contingent policyholder and the insured; and
(iv) the application fulfills the related administrative rules and procedure of the Company.
If the Company is unable to arrange that contingent policyholder to be the policyholder of the policy due to any reasons, the ownership of the policy will vest in the estate of the deceased policyholder. Once the Company arranges the transfer of ownership of the policy to the estate of the deceased policyholder, the contingent policyholder shall then cease to have any right or interest in respect of the policy under any circumstances. - The relevant services are provided by a third party service provider and is not part of the policy. China Life (Overseas) will not make any representation, warranty or undertaking with regards to the service quality and shall not be responsible for any matter arising out of or in connection with the services provided by the service provider. China Life (Overseas) reserves the right at its sole discretion, including but not limited to (a) change the scope of services; (b) change the service provider; and/or (c) cease to provide such services, without any prior notice.
- If the required renewal premium is paid by you within the grace period, the policy shall continue to be in force. For details, please refer to the policy provisions issued by China Life (Overseas). If the policy is lapsed or surrendered early, the policy cash value received by you may be considerably less than the total amount of the premium paid.
- “Basic amount” means the amount shown on the policy information page or endorsement as the “basic amount”. The basic amount is used to calculate the premium and relevant values of the policy, but is not applicable to the calculation of the death benefit. If the basic amount has been amended while the policy is in force, the said premium and relevant values of the policy will be adjusted accordingly.
Important Information
Important Information:
The information above 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.
- Exclusions - The Accidental Death Benefit under this Policy shall not cover any claims if the Insured is involved in any of the following activities or the consequences directly or indirectly caused by any of the following events occur in respect of the Insured: (a) war, act of hostility (whether war declared or not), civil war, revolution or any military actions; (b) rebellion, civil commotion, strike or activities of terrorism; (c) 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); (d) during war, act of hostility (whether war declared or not), any military actions or repression of rebellion, the Insured is engaging in or taking part in military services; (e) directly or indirectly caused by the Insured engaging in aviation, except as a passenger on an aircraft of a commercial airline on a scheduled route; (f) self-inflicted injuries or suicide (whether sane or not) by or attempted by the Insured (whether felony or not); (g) childbirth, pregnancy, miscarriage or abortion, even if it is accelerated or induced by an Accident ; (h) surgery operated on the Insured and induced by disease, infected disease or incident that is not caused by an Accident ; (i) taking of poison or inhaling poisonous gas or poisonous mist (whether voluntary or not); except Accidental inhaling by the Insured in a fire ; (j) the Insured as a professional athlete participating in sports or earning income or remuneration through the sports; (k) participating in hunting, mountaineering, motor racing, horse racing, ice-skiing, skiing, scuba-diving, parachuting, hang-gliding, boxing or any other competitions or performances; (l) while the Insured is on duty as a professional driver and is entering, driving, operating, servicing, riding in or departing from any land vehicle or conveyance outside the territorial limits of Hong Kong and Macau; (m) the Insured is assaulted or murdered during rebellion, civil commotion, strikes or when making an arrest while the Insured is employed as a full-time or part-time police officer or cadet officer, or is an officer or a member of the Correctional Services Department; or (n) the Insured is assaulted or murdered during rebellion, civil commotion or strikes while the Insured is employed as a fireman, or is on duty as a fireman and is engaging in firefighting or activities for protecting people and property in a fire.
In addition, the information stated in this product brochure 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.
- Non-Payment of Premium / Automatic Premium Loan - You should pay Premium(s) 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 is equal to or 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 – including 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:
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).Asset type Target Asset Mix (%) Bonds and other fixed income instruments 50% to 90% Equity-type investment and other investments 10% to 50%
- 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 22/F, CLI Building, 313 Hennessy Road, Wan Chai, Hong Kong 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? | |
|---|---|
| Credit risk: | 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. |
| Inflation risk: | 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). |
| Non-guaranteed Benefit: | 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. |
| Policy Termination: | 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, (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. |
Disclaimer:
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.
