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Current Location >> Personal Banking>> Insurance>> Life Insurance>> Universal Life Insurance

Life is full of uncertainty and risks. Universal Life Insurance protects your family in the event of your death.

 


    i.ULife Select Insurance Plan
    (The life insurance plan is underwritten by FWD Life Insurance Company (Bermuda) Limited.)

    Features

    • Promising potential within your reach

      Once the premium is received, it will be fully credited into your Policy Account to earn interest 1. Interest will be credited into your Policy Account at each Policy Anniversary to grow your Account Value 2.With the potentially attractive returns of the product, your financial target can be achieved easily.

    • Flexibility that suits your needs

      In addition to increasing your Account Value through Booster Contributions 3, you can Partially Surrender 4,5your accumulated Account Value to meet your personal needs. This offers you greater flexibility than traditional life insurance.

    • Complete control with fixed charges

      Fees related to the product are clearly stated and will remain unchanged, allowing your wealth management goals within your grasp.

        
    • Life protection for enhanced peace of mind

      105% of Account Value is offered as Death Benefit 6, strengthening your protection to give you extra peace of mind.

    • Simplified Application

      Application is simple 7, so you can start your savings plan now.

     

      Remarks:
       
      1. Crediting Interest Rate is not guaranteed and is subject to change during the term of the Policy. It may equal to Guaranteed Minimum Crediting Interest Rate in the most adverse situation. The current crediting interest rate declared by FWD Life Insurance Company (Bermuda) Limited (“FWD”) or crediting interest rate history shall in no way be interpreted as a projection or estimation of future return. For crediting interest rate history, investment strategy and philosophy in deciding crediting interest rate, please refer to Important Notes and Declarations point 5. The Guaranteed Minimum Crediting Interest Rate for the plan is 0% per annum.
      2. Account Value is the accumulation of premiums paid (Single Premium and Booster Contribution(s)) with crediting interest added (if any) less Policy Fee and Administration Charge being deducted on each Monthiversary, less Partial Surrender (if any) and Surrender Charge(s) (if any).
      3. A Booster Contribution is a lump sum contribution that can be contributed on or before the Policy Anniversary immediately preceding the 75th birthday of the Insured. The number of times and amount of Booster Contribution payable is subject to the minimum and maximum limit (if any) prescribed by FWD at its sole discretion from time to time. FWD reserves the right to refund, reject or limit the amount or frequency of Booster Contribution at any time at FWD’s sole discretion, and is not responsible for any loss (including but not limited to interest and deduction of value caused by exchange rate fluctuation) arising from or attributable to the above decisions. Early surrender of Booster Contribution will be subject to Surrender Charge (if any).
      4. Surrender Charge will apply if the Partial Surrender or policy termination except death of Insured occurs before 11th year from the date of the relevant Single Premium or Booster Contribution(s) is credited to Policy Account, relative to the time of Partial Surrender or Surrender. The number of times and amount of Partial Surrender payable is subject to the minimum and maximum limit (if any) prescribed by FWD at its sole discretion from time to time. No Partial Surrender request will be allowed if, once the Partial Surrender request is effected, the Account Value will reduce to a level below the Minimum Account Value prescribed by FWD at its sole discretion from time to time. FWD may defer payment of Partial Surrender or Surrender for a period of up to 6 months from the date of FWD’s receipt of the duly completed request. FWD shall not be liable for any loss incurred as a result of this deferral, including but not limited to interest and deduction of value caused by exchange rate fluctuation.
      5. Partial Surrender may reduce the policy benefits including death benefit.
      6. Upon the death of the Insured, FWD shall deduct from any amount payable under the Policy the amount of unpaid Policy Fee and Administration Charge for the whole of the then current year of insurance.
      7. FWD reserves the right to request for medical examination.

      More details about the i.ULife Select Insurance Plan, please refer to the Product Brochure.

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      Noble Fortune
      (The life insurance plan is underwritten by FWD Life Insurance Company (Bermuda) Limited.)

      Features

      • Fostering your fortune to its paramount

        Noble Fortune provides advantageous management conditions, enabling your assets to attain long-term steady growth. Crediting interest1 is credited to your Account Value2 annually to help foster its growth. Noble Fortune offers a Guaranteed Minimum Crediting Interest Rate at 2.30% per annum3, so that on top of being carefully safeguarded, your assets can grow steadily over time. During the ¬rest two Policy Years, if the crediting interest rate exceeds the Guaranteed Minimum Crediting Interest Rate, you can even enjoy an additional amount of 0.20% per annum interest.

      • Simplicity is an art form

        Noble Fortune allows you to build your fortune the simple way. Subject to the applicable rules, you determine the premium amount4,5,7 and make subsequent premiums. This enables you to increase your contributions whenever it suits you best, giving your wealth more growth potential.

      • Beauty is in the details

        Noble Fortune offers maximum feasibility; you can easily adjust your wealth management plan to suit your needs. You can choose to make Partial Surrenders8,9,10 from your Account Value or to surrender the Policy and retrieve your entire Surrender Benet10. You can also enjoy Free Partial Surrender Amount8,9,10 starting from the second Policy Year.

          
      • Preserving your family treasure for generations to enjoy

        Like celebrated masterpieces, your distinguished fortune should also be protected with extra care. In the unfortunate event of the death of the insured, a payment equivalent to the higher of your Account Value or Sum Insured less any free partial surrenders8,9,10 made in the 12 months prior to the date of death of the Insured will be paid to the designated beneciary as Death Benet11. Let Noble Fortune gives you the complete protection to care for your loved ones and your fortune for a total peace of mind.

       

        Remarks:
         
        1. Crediting Interest Rate is not guaranteed and is subject to change during the term of the Policy. It may equal to Guaranteed Minimum Crediting Interest Rate in the most adverse situation. The current crediting interest rate declared by FWD Life Insurance Company (Bermuda) Limited (“FWD”, “The Company”) or crediting interest rate history shall in no way be interpreted as a projection or estimation of future return. For crediting interest rate history, investment strategy and philosophy in deciding crediting interest rate, please refer to Important Notes and Declarations point 5. The Guaranteed Minimum Crediting Interest Rate for the product is 2.30% per annum.
        2. Account Value is the accumulation of total premium paid after deducting Premium Charge with crediting interest added (if any) less Administration Charge, Cost of Insurance, Partial Surrender(s) and the applicable Surrender Charge(s) (if any).
        3. In the first two Policy Years, if the crediting interest rate exceeds the Guaranteed Minimum Crediting Interest Rate, an additional amount of 0.20% per annum interest will accrue on the balance of the Account Value.
        4. At the Commencement Date and at the Policy Anniversary for each of the _rst four Policy Years, the total premium paid, less any Partial Surrender (and any Surrender Charge) taken since the inception of the Policy, must be no less than the total Minimum Required Premium for that respective Policy Year. If the total Minimum Required Premium for that respective Policy Year is not met, the Grace Period of 30 days will apply following the relevant Policy Anniversary. The Policy will be terminated6 at the end of Grace Period if the Policy Owner has not paid premium to meet the total Minimum Required Premium for that respective Policy Year within the Grace Period. FWD will pay the Policy Owner the Account Value (if any) less the Surrender Charge (if any).
        5. After the Policy is issued, any reduction of the Sum Insured, including a Partial Surrender in excess of the maximum Free Partial Surrender Amount, will not change the Minimum Required Premium.
        6. If the Policy is terminated due to the Account Value being less than zero, or the total Minimum Required Premium was not met, this Policy may be reinstated within one year from the date of the termination. Reinstatement is not applicable for a policy which is surrendered by the Policy Owner.
        7. FWD has the absolute discretion to determine the maximum and minimum amount of premiums and reserves the right to refund, reject or limit the amount of premium paid at any time and will not be responsible for any loss arising from or attributable to the decision to refund, reject or limit the amount of premium paid, including but not limited to any interest and deduction of value caused by exchange rate fluctuation
        8. The Free Partial Surrender Amount cannot be accumulated nor carried forward to subsequent Policy Years, and the maximum Free Partial Surrender Amount in any Policy Year will equal 10% of the Account Value as at the Policy Anniversary immediately preceding the Partial Surrender.
        9. After each Partial Surrender made in a particular Policy Year, the Free Partial Surrender Amount will be reduced in the same amount of each Partial Surrender, until the remaining Free Partial Surrender Amount equals zero. If a Partial Surrender(s) exceeds the remaining Free Partial Surrender Amount for that Policy Year,
        (i) the Surrender Charge, once approved by FWD, will be deducted from the Account Value and calculated based on the Partial Surrender(s) exceeds the remaining Free Partial Surrender Amount of each Policy Year.
        (ii) the Sum Insured will be reduced in the same amount as the reduction of the Account Value of the Policy in excess of the Free Partial Surrender Amount due to the deduction of the Partial Surrender amount and the Surrender Charge (if any) .
        10. FWD may defer payment of Partial Surrender or Surrender for a period of up to 6 months from the date of FWD’s receipt of the duly completed request. FWD shall not be liable for any loss incurred as a result of this deferral, including but not limited to interest and deduction of value caused by exchange rate fluctuation. Partial Surrender is also subject to FWD’s rule on maximum number of Partial Surrenders in each Policy Year, minimum and maximum amount to be withdrawn through a Partial Surrender, minimum Sum Insured after Partial Surrender and the minimum remaining Account Value as prescribed by FWD in its sole discretion from time to time.
        11. Upon the death of the Insured, FWD shall deduct from any amount payable under the Policy the amount of unpaid Cost of Insurance, Administration Charge (if any) and Premium Charge (if any) for the whole of the then current year of insurance.

        More details about the Noble Fortune, please refer to the Product Brochure.

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      For enquiries, please visit any of our outlets or call our customer services hotline.

       

      For more details about the products and services of FWD Life Insurance Company (Bermuda) Limited, please visit the official website of FWD Life Insurance Company (Bermuda) Limited (www.fwd.com.hk) or please click here and visit the "Product Service Area"*. *This link brings you to a third party website. The Bank assumes no liability or control for your use of these links.

       

      For more details about the products and services of China Life Insurance (Overseas) Company Limited, please visit the official website of China Life Insurance (Overseas) Company Limited (www.chinalife.com.hk).

       

      Note:

      1. All policy dividends, the interest rate of accumulated dividend and maturity dividend are non-guaranteed.
      2. "i.ULife Select Insurance Plan" and "Noble Fortune" are underwritten by FWD Life Insurance Company (Bermuda) Limited. FWD Life Insurance Company (Bermuda) Limited is solely responsible for all features, policy approval, coverage and benefit payment under the Plan. Bank of Communications (Hong Kong) Limited is an appointed insurance agent of FWD Life Insurance Company (Bermuda) Limited.
      3. The above information is for reference and indicates the key features of the insurance plan only. For the complete explanation of the terms and conditions and the exclusions of the insurance plan, please refer to the Policy Provisions. In the event of any discrepancy between the above information and the Policy Provisions, the Policy Provisions shall prevail.
      4. The above insurance plan is NOT equivalent to the saving deposit or time deposit of Bank of Communications (Hong Kong) Limited and is NOT protected deposit under the Deposit Protection Scheme in Hong Kong.
      5. The age of insured mentioned in "i.ULife Select Insurance Plan" and "Noble Fortune" refers to the age of the insured at the next birthday.

       

       

       

      Important Notice:

      Applicable to the insurance plan which is underwritten by FWD Life Insurance Company (Bermuda) Limited (“FWD”)

      • The insurance plan is a product of FWD but not Bank of Communications (Hong Kong) Limited (the “Bank”). All benefits payable under the insurance plan are subject to the credit risk of FWD.
      • Part of the premium pays for the insurance and the related costs. If you discontinue and/or surrender your policy in the early policy years or before the end of the policy term, the amount you get back may be considerably less than the total premium you have paid.
      • 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 the Bank and the customer out of the selling process or processing of the related transaction, the Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the product should be resolved between directly FWD and the customer.
      • FWD is authorized and regulated by Insurance Authority.
      • FWD reserves the right to accept or reject any Insurance Application.

      For details, please refer to Disclosure of Important Information to Life Insurance Customers.

       

      Applicable to the insurance plan which is underwritten by China Life Insurance (Overseas) Company Limited (“China Life (Overseas)”)

      • The insurance plan is a product of China Life (Overseas) but not Bank of Communications (Hong Kong) Limited (the “Bank”). All benefits payable under the insurance plan are subject to the credit risk of China Life (Overseas).
      • Part of the premium pays for the insurance and related costs. If you discontinues and /or surrender your policy in the early policy years or before the end of the policy term, the amount you get back may be considerably less than the total premium you have paid.
      • 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 the Bank and the customer out of the selling process or processing of the related transaction, the Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the product should be resolved between directly China Life (Overseas) and the customer.
      • China Life (Overseas) is authorized and regulated by Insurance Authority.
      • China Life (Overseas) reserves the right to accept or reject any Insurance Application.

      For details, please refer to Disclosure of Important Information to Life Insurance Customers.

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