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Endowment Insurance helps you to reach target saving.

Face to uncertainty economic environment, how can you gain higher return on your fund to fulfill the dream of your family and yourself? Bank of Communications introduces you various Endowment Insurance plans which can help you to reach your target saving.




 



Reach Insurance Plan
(The life insurance plan is underwritten by China Life Insurance (Overseas) Company Limited.)

 

Plan Features

 

Multiple potential returns to accelerate wealth building

The Plan is a participating insurance plan that offers you potential capital growth. Its policy value consists of 3 components: guaranteed cash value, non-guaranteed terminal dividend1 (if any) and total amount of terminal dividend management account2(if any).

 

Guaranteed cash value grows over the policy years helping you accumulate wealth.

Terminal dividend1 is a one-off non-guaranteed dividend, which is payable from the 6th policy anniversary upon certain events.

Total amount of terminal dividend management account2 is equivalent to locked-in terminal dividend and interest3 (if any) less withdrawal amount (if any).

 

*The actual amount of terminal dividend may change anytime, with the values being higher or lower than those illustrated. Under some circumstances, the non-guaranteed benefits may be zero.

 

5 years premium payment term with life protection for 38 years

By paying 5 years’ premium, you can enjoy life protection of the insured for 38 years. You can choose annual and premium prepayment mode4 to prepay the premiums to enhance your return, with a guaranteed interest rate of 2% per annum.

 

Flexible access to your wealth for matching your needs

To realize your financial goals, you can partially withdraw the guaranteed cash value and non-guaranteed terminal dividend1 (if any) through reducing the basic amount5, the policy value will be reduced accordingly while the total amount of terminal dividend management account2 (if any) will remain unchanged.

 

Alternatively, you can apply for policy loan (only applicable to HKD and USD policies) to borrow part of the guaranteed cash value when needed, while keeping the policy in force. Interest on policy loan will be charged at a rate which is not guaranteed and determined by China Life (Overseas) from time to time.

 

Terminal dividend management option to help you lock in gains

To facilitate your financial need, you can choose to apply in order to exercise terminal dividend management option2 within 30 days starting from every policy anniversary (including the date of policy anniversary) to lock in gains from part of your non-guaranteed terminal dividend (if any) starting from the 15th policy anniversary and every policy anniversary thereafter so as to respond to market fluctuation. The non-guaranteed terminal dividend which is applied to lock in will be transferred to the terminal dividend management account and will become locked-in terminal dividend. The locked-in terminal dividend will then be guaranteed and will accumulate with interest3 at a non-guaranteed rate. You may also withdraw it for extra liquidity.

 

Life protection provides peace of mind to your loved ones

A.  Death benefit

In case the insured passes away when the policy is in force, we will pay the beneficiary a death benefit which is equal to the higher of:

1)  105% of the accumulated premium due and paid of the Plan; or

2)  sum of guaranteed cash value and non-guaranteed terminal dividend1 (if any) of the Plan at the date of death of the insured,

plus the total amount of terminal dividend management account2 (if any), less all indebtedness (if any).

 

The prepaid premium balance and its interest (if any) will also be returned to the beneficiary without any fee.

The policy will be terminated after we pay the death benefit.

 

B.  Accidental death benefit

While the policy is in force, prior to the policy anniversary that the insured reaches age 66 and within the first 10 policy years from the policy effective date, if the insured suffers an injury caused by an accident, and dies from such injury within 180 days (both dates inclusive) from the date of such occurrence, the Plan will pay the beneficiary an extra accidental death benefit which is equal to the lower of:

1) 100% of the accumulated premium due and paid; or

2) HKD500,000 (for HKD policy) / USD62,500 (for USD policy)/ CNY400,000 (for CNY policy).

 

The total amount of accidental death benefit payable under all policies underwritten by China Life (Overseas) shall not exceed HKD1,000,000(for HKD policy) / USD125,000 (for USD policy) / CNY800,000 (for CNY policy),or equivalent amount in other currencies for the same insured.

 

C.  Death benefit and accidental death benefit settlement option

While the insured is alive, you can choose how the death benefit and accidental death benefit (if any) are to be paid, as long as the payment options of both benefits are the same. You can choose to settle the benefits in a lump sum or by instalments with a fixed amount annually over a fixed payment term of 10, 20 or 30 years, helping you to safeguard your family’s financial future.

 

For the instalment option, the remaining balance of death benefit and accidental death benefit (if any) will be deposited in the policy to accumulate interest until the end of the payment term. The interest will be calculated on an annual basis and it is non-guaranteed which will be determined by China Life (Overseas) from time to time. The accumulated interest (if any) will be paid together with the last instalment of death benefit and accidental death benefit (if any). If the beneficiary dies during the settlement period of the death benefit and accidental death benefit (if any), China Life (Overseas) will pay the remaining balance of the death benefit and accidental death benefit (if any) with interest (if any) in a lump sum payment to the estate of the deceased beneficiary.

 

If the death benefit at the date of the insured’s death is less than HKD400,000 (for HKD policy) / USD50,000(for USD policy) / CNY320,000 (for CNY policy), or the policyholder does not specify any settlement option, China Life (Overseas)will pay out the benefit amount to the beneficiary in a lump sum.

 

Simplified underwriting

To enable you to achieve your goals with ease, application of the Plan is easy. Simplified underwriting procedures are available. 

 

Notes :

 

1.  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.

    Starting from the 6th policy anniversary, the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:

     (i) when the death benefit is paid (only applicable if the sum of guaranteed cash value and the terminal dividend of the Plan on the date of death of the insured is higher than 105% of the accumulated premium due and paid of the Plan);

     (ii) when the policy is surrendered; or

     (iii) when the policy reaches the policy maturity date.

2.  The minimum percentage for each locked-in terminal dividend under the terminal dividend management option is 10% and the aggregate percentage limit for locked-in terminal dividend is 50%. The option will only be exercised provided that the application fulfills the application requirement and is confirmed by China Life (Overseas). There is no limitation on the number of exercising this option and the aggregate percentage limit for locked-in terminal dividend is subject to change by China Life (Overseas) from time to time. But this option can only be exercised once every policy year. China Life (Overseas) will only process this option once for each written request. Should this option be exercised again afterwards, written request must be resubmitted. No application will be accepted if there is any indebtedness (if any) during application. The amount of locked-in terminal dividend is guaranteed after exercising this option successfully. Once the application is approved by China Life (Overseas), the terminal dividend which is applied to lock in will be transferred to the terminal dividend management account as soon as practicable and will become locked-in terminal dividend, which will accumulate with interest at a non-guaranteed rate.  China Life (Overseas) reserves the right to revise the rate from time to time.

    There may be a delay when exercising terminal dividend management option at the time of market volatility. The actual amount of the locked-in terminal dividend will only be determined after the application has been processed successfully by China Life (Overseas). Upon the completion of transferring the terminal dividend to the terminal dividend management account by China Life (Overseas) as per application, the terminal dividend (if any) of the relevant policy year will be reduced accordingly. The terminal dividend (if any) of subsequent policy years will be reduced accordingly with adjustment percentage subject to sole discretion of China Life (Overseas). Locked-in terminal dividend will not be allowed to be reset or reversed to terminal dividend. For details, please refer to the policy provisions.

3.  The interest is not guaranteed. The actual benefits and/or returns may be lower or higher than estimates. China Life (Overseas) reserves the right to revise the interest from time to time.

4.  If you choose the annual and premium prepayment option, you can withdraw the unused prepaid premium (including interest, if any) at one time. China Life (Overseas) will charge 3% of the withdrawal amount, at a minimum amount of HKD200/USD25/CNY160. You can withdraw the unused prepaid premium once only. The interest rate of prepaid premium is 2% p.a. and this interest rate is guaranteed.

5.  “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. 

6.  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 premiums paid.

7.  Total surrender value includes guaranteed cash value, terminal dividend (if any) and total amount of terminal dividend management account (if any), less all indebtedness (if any).

 

More details about the Reach Insurance Plan, please refer to the Product Brochure.

 

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3-Year RMB Insurance Plan
(The life insurance plan is underwritten by China Life Insurance (Overseas) Company Limited.)

 

Plan Features

 

Renminbi policy

The Plan is denominated in Renminbi and its premiums and policy benefits are settled in Renminbi. You may choose to pay premiums and receive the policy benefits in Renminbi or Hong Kong dollars, which offers flexibility on your financial arrangement*.

 

* You may choose to pay premiums and receive policy benefits in Hong Kong dollar, which must be settled at the prevailing exchange rate of Renminbi to Hong Kong dollar (vice versa) determined by China Life (Overseas).

 

Guaranteed maturity benefit

The benefit term of the Plan is 3 years. The maturity benefit is guaranteed and equivalent to the 100% of the basic amount1 less all indebtedness (if any) upon policy maturity*. This will help you to realize your financial plans by means of the stable returns.

 

* The Plan is a non-participating life insurance plan and therefore dividends are not available to the Plan.

 

Life protection

In the unfortunate event of the death of the insured whilst the policy is in force, a death benefit2 is payable to the beneficiary. The amount is equivalent to:

1)  101% of the accumulated premiums due and received at the date of death of the insured, or the guaranteed cash value3 at the date of death of the insured, whichever is higher; less

2)  any indebtedness (if any).

 

The prepaid premium balance and its interest (if any) will also be returned to the beneficiary without charge.

 

The policy will be terminated when death benefit is paid.

 

2-year premium payment term4

The premium payment term of the Plan is only 2 years. In addition to the annual mode, you can prepay the premium5 of the second year upon policy application with a guaranteed interest rate of 3.0% per annum.

 

Simplified underwriting

Application for the Plan is easy with simplified underwriting procedures and no medical examination is required.

 

Notes:

 

  1. "Basic amount” means the amount shown on the policy information page or endorsement as the “basic amount”. The “basic amount” is used to calculate 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 guaranteed cash value will be adjusted accordingly.
  2. In the unfortunate event of the death of the insured, the prepaid premium balance will be refunded with interest (if any) without charge.
  3. Guaranteed cash value is equal to basic amount when the policy matures.
  4. 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.
  5. If you choose the annual and premium prepayment option, you can withdraw the unused prepaid premium (including interest, if any) at one time. China Life (Overseas) will charge 3% of the withdrawal amount, at a minimum amount of CNY200. You can withdraw the unused premium once only. The interest rate of prepaid premium is 3.0% p.a. and this interest rate is guaranteed.

 

More details about the 3-Year RMB Insurance Plan, please refer to the Product Brochure.

 

 

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5-Year RMB Insurance Plan
(The life insurance plan is underwritten by China Life Insurance (Overseas) Company Limited.)


Plan Features

 

Renminbi policy

The Plan is denominated in Renminbi and its premiums and policy benefits are settled in Renminbi. You may choose to pay premiums and receive the policy benefits in Renminbi or Hong Kong dollar which offers flexibility on your financial arrangement*.

 

* You may choose to pay premiums and receive policy benefits in Hong Kong dollar, which must be settled at the prevailing exchange rate of Renminbi to Hong Kong dollar (vice versa) determined by China Life (Overseas).

 

Maturity benefit

The Plan matures in 5 years. The maturity benefit is equivalent to the 100% of the basic amount1 and non-guaranteed dividend* (if any)2 less all indebtedness (if any) upon policy maturity. This will help you to realize your financial plans by means of the stable returns.

 

*The actual amount of non-guaranteed dividend may change anytime, with the values being higher or lower than those illustrated. Under some circumstances, the non-guaranteed benefits may be zero.

 

Dividend provides potential return

The Plan offers better potential return. When the policy matures, you may receive non-guaranteed dividend2, helping you to seize better opportunity to reach your savings goal.

 

Life protection

In the unfortunate event of the death of the insured whilst the policy is in force, a death benefit3 is payable to the beneficiary. The amount is equivalent to:

3) 101% of the accumulated premiums due and paid at the date of death of the insured , or the guaranteed cash value4 at the date of death of the insured, whichever is higher; less

4) any indebtedness (if any).

 

The prepaid premium balance and its interest (if any) will also be returned to the beneficiary without charge.

 

The policy will be terminated when death benefit is paid.

 

2-year premium payment term

The premium payment term5 of the Plan is only 2 years. In addition to the annual mode, you can prepay the premium6 of the second year upon policy application with a guaranteed interest rate of 3.0% per annum.

 

Simplified underwriting

Application for the Plan is easy with simplified underwriting procedures and no medical underwriting is required.

 

 

Notes:

 

  1. "Basic amount” means the amount shown on the policy information page or endorsement as the “basic amount”. The “basic amount” is used to calculate 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 this policy is in force, the said premium, guaranteed cash value and dividend (if any) will be adjusted accordingly.
  2. While the policy is in force, China Life (Overseas)will pay dividend (if any) upon policy maturity. The dividends are not guaranteed. The actual benefits and / or returns may be lower or higher than the estimates. China Life (Overseas) reserves the right to revise the amount of dividend from time to time. The actual amount of dividend is subject to the overall performance of the participating businesses of China Life (Overseas), including investment returns, operational expenses and claims, etc.
  3. In the unfortunate event of the death of the insured, the prepaid premium balance will be refunded with interest (if any) without charge.
  4. Guaranteed cash value is equal to basic amount when the policy matures.
  5. 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.
  6. If you choose the annual and premium prepayment option, you can withdraw the unused prepaid premium (including interest, if any) at one time. China Life (Overseas) will charge 3% of the withdrawal amount at minimum amount of CNY200. You can withdraw the unused premiums once only. The balance of prepaid premium will be accumulated at a guaranteed interest rate of 3% per annum. The interest will be calculated on compounding basis at each policy anniversary year.

 

More details about the 5-Year RMB Insurance Plan, please refer to the Product Brochure.

 

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(Incorporated in Bermuda with limited liability), please visit the official website of FWD Life Insurance Company (Bermuda) Limited(Incorporated in Bermuda with limited liability) (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, special bonus, the interest rate of accumulated dividend and maturity dividend are non-guaranteed.
  2. "Reach Insurance Plan","3-Year RMB Insurance Plan" and "5-Year RMB Insurance Plan" are underwritten by China Life Insurance (Overseas) Co. Ltd. China Life Insurance (Overseas) Co. Ltd 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 China Life Insurance (Overseas) Co. Ltd.
  3. The above information is for reference and indicates the key features of the insurance plan only, this promotional material should read in conjunction with the relevant product brochure(s). You should not purchase this product solely on the basis of this promotional material. For full policy terms and conditions, exclusions and risk disclosures of the relevant insurance plan, please refer to relevant product brochure and policy provision.
  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.

 

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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