Remarks:

  1. In respect of any application for exercising the Policy Split Option, the Company shall have the absolute right and discretion to: (i) determine whether to accept any application for exercising the Policy Split Option; and (ii) impose any requirements and conditions for any such acceptance. You may apply for change of ownership, or Change of Life Insured6 of Split Policies when applying for Policy Split Option, subject to the terms in policy provisions. All Supplementary Benefit(s) attached to the Basic Plan, if still in-force, will be transferred to the Split Policies. Exercising the Policy Split Option may affect the coverage under the Supplementary Benefit(s) and please refer to the provisions of the Supplementary Benefit(s). A written notice will be issued to the existing Policyholder and the Policyholders of the Split Policies, revised Policy Schedules, policy provision, the Supplementary Benefit provisions (if any), any Policy Endorsements and illustration of Split Policies will also be issued to the Policyholders of the Split Policies. Any existing selected Death Benefit Settlement Option, any existing designation of Beneficiary(ies), Contingent Owner3, Interim Policyholder3, Contingent Insured5, Regular Withdrawal Recipient and Mental Incapacity Benefit7 Recipient, and Designated Percentage of Mental Incapacity Benefit7 of the Policy will not be carried over to the Split Policies automatically.
  2. Any Regular Withdrawal Option request is subject to the following two requirements: (i) a minimum amount of reduction of Policy Amount13 per transaction; and (ii) a minimum amount of the Policy Amount13 after such transaction, both the minimum amount requirements are determined by the Company from time to time at our absolute discretion. You may designate or change the Regular Withdrawal Recipient by giving us a written request in our specified form prescribed by us. The exercise of the Regular Withdrawal Option and the designation or change of the Regular Withdrawal Recipient can only be made while the Policyholder, Regular Withdrawal Recipient and the Life Insured are alive. A written notice with the revised Policy Schedule will be issued to the Policyholder upon the Regular Withdrawal Option has taken effect. Upon receiving the request to exercise the Policy Split Option1, Policy Value Management Option, or partial surrender14, or upon the change of ownership of the Policy, exercise of the Regular Withdrawal Option instruction of the Policy will be suspended and the existing designation of Regular Withdrawal Recipient on our record will be automatically revoked. You have to submit to us a new written request for exercising the Regular Withdrawal Option after transfer of ownership, Policy Split Option1, Policy Value Management Option or partial surrender14 has taken effect.
  3. Our acceptance of any designation of Contingent Owner and Interim Policyholder (if applicable) will be at our absolute discretion and shall be subject to any prevailing rules and terms and conditions as we shall determine from time to time. Once accepted and recorded, the designation of Contingent Owner and Interim Policyholder (if appliable) will take effect as of the date you sign the request, subject to any payment we have made or action we have taken before recording the designation. A written notice will be issued to the Policyholder upon designation of Contingent Owner and Interim Policyholder (if applicable) of the Policy has taken effect.

    Where the Policyholder dies while the Policy is in force and the Life Insured is still alive or there is a designated Contingent Insured5 on our record, and if there is also a designated Contingent Owner and a designated Interim Policyholder (if applicable) on our record, we shall determine the new Policyholder according to the following:
    1. If the Contingent Owner is at the Insurance Age4 of 18 or above as at the date of death of the Policyholder, the Contingent Owner shall become the new Policyholder.
    2. If the Contingent Owner is under the Insurance Age4 of 18 as at the date of death of the Policyholder and after the Payment Cessation Date or the 1st Policy Anniversary (whichever is later), the Interim Policyholder will become the new Policyholder but shall only have the administrative right to update personal information of Interim Policyholder and Contingent Owner. The Interim Policyholder is not entitled to exercise any options or rights under the Policy. The Interim Policyholder will cease to be the Policyholder when the Contingent Owner reaches the Insurance Age4 of 18 and becomes the new Policyholder.
    3. After the Interim Policyholder becomes the new Policyholder and before the Contingent Owner becomes the new Policyholder, in the event that (1) the Interim Policyholder dies; or (2) the Interim Policyholder goes bankrupt; or (3) we determine the Interim Policyholder is otherwise no longer able to take the policy ownership at our sole discretion, the Contingent Owner shall become the new Policyholder.
    4. If the Contingent Owner is under the Insurance Age4 of 18 as at the date of death of the Policyholder and the Policy is not fully paid, the ownership of the Policy shall vest in the Policyholder’s estate.

    Once the Contingent Owner becomes the Policyholder, the Contingent Owner shall assume all the obligations and be entitled to exercise all the rights belonging to the Policyholder under the Policy. A written notice with the Policy Schedule will be issued to the new Policyholder upon change of ownership of the Policy has taken effect. A transfer of ownership will automatically revoke any existing Death Benefit Settlement Option, any existing designation of Beneficiary(ies), Contingent Owner, Interim Policyholder, Regular Withdrawal Recipient, Mental Incapacity Benefit7 Recipient, and Designated Percentage of Mental Incapacity Benefit7. The Regular Withdrawal Option2 instruction will also be suspended. Change of ownership may affect the coverage under the Supplementary Benefit(s) and please refer to the provisions of the Supplementary Benefit(s).
  4. Insurance Age means, at any date, the age of the Life Insured or the Policyholder (where applicable) on the last birthday prior to (or on the birthday the same day as) the Policy Date or the relevant Policy Anniversary.
  5. Our acceptance of any designation of Contingent Insured will be entirely at our absolute discretion and shall be subject to (i) satisfactory proof of the insurability of the Contingent Insured; (ii) the Contingent Insured meeting the prevailing age requirement; (iii) the Policyholder and Contingent Owner3 (if any) having adequate insurable interest* in the Contingent Insured; (iv) a Contingent Insured below the Insurance Age4 of 18 can only be designated if you designate a Contingent Owner3 at the same time or there is an existing Contingent Owner3 on our record; and (v) any other requirements as determined by us from time to time. Once accepted and recorded, the Company will issue a written notice to record the designation of Contingent Insured. The designation of Contingent Insured will take effect as of the date stated in the written notice.

    While the Policy is in force, if the Life Insured dies after the 1st Policy Anniversary and there is a designated Contingent Insured on our record, you may exercise the Contingent Insured Option by submitting to us a written request in a form as prescribed by us within 180 Days from the date of death of the Life Insured. The Contingent Insured shall become the new Life Insured subject to (i) proof of death of the latest Life Insured as in the Company’s record; (ii) satisfactory proof of the insurability of the Contingent Insured; (iii) the Policyholder having adequate insurable interest* in the Contingent Insured; (iv) payment of all overdue premiums with interest (if any) since the due date of the first unpaid premium; and (v) any other requirements as determined by us from time to time. We reserve the right not to effect the Change of Life Insured6 at our absolute discretion. The Company will issue a Policy Endorsement and a revised Policy Schedule to effect the Change of Life Insured6. If there is a Contingent Insured on our record, premium is payable after the Life Insured dies.

    * General acceptance relationships with adequate insurable interest include spouse, children with Insurance Age4 below 18 and their parents / legal guardian, grandchildren with Insurance Age4 below 18 and their grandparents (subject to relevant documents and proof to establish the insurable interest).
  6. Our acceptance of any Change of Life Insured request will be entirely at our absolute discretion and shall be subject to (i) satisfactory proof at the insurability of the new Life Insured; (ii) the new Life Insured meeting the prevailing age requirement; (iii) the Policyholder having adequate insurable interest* in the new Life Insured; and (iv) any other requirements as determined by us from time to time. The Company will issue a Policy Endorsement and a revised Policy Schedule to effect the Change of Life Insured. Upon Change of Life Insured, Total Premiums Paid11, Policy Date, Payment Cessation Date, Policy Currency15, Policy Amount13, Guaranteed Cash Value, Special Dividend (if any), Death Benefit, Policy Value Management Balance (if any) and Indebtedness (if any) remain the same. Change of Life Insured may affect the coverage under the Supplementary Benefit(s) and please refer to the provisions of the Supplementary Benefit(s). Any Contingent Insured5, Mental Incapacity Benefit7 Recipient and Designated Percentage of Mental Incapacity Benefit7 on our record will be automatically revoked upon Change of Life Insured.

    * General acceptance relationships with adequate insurable interest include spouse, children with Insurance Age4 below 18 and their parents / legal guardian, grandchildren with Insurance Age4 below 18 and their grandparents (subject to relevant documents and proof to establish the insurable interest).
  7. If the Life Insured is diagnosed as a Mentally Incapacitated Person while the Policy is in force, we will pay the Mental Incapacity Benefit which equals to Designated Percentage of Mental Incapacity Benefit multiplies by (a) Guaranteed Cash Value, plus (b) Special Dividend (if any), plus (c) Policy Value Management Balance (if any) as at the date of claim approval of this Supplementary Benefit. Any Indebtedness shall be deducted from the Mental Incapacity Benefit at the time of payment. The Mental Incapacity Benefit is only payable once while the Policy is in force. Only when a Mental Incapacity Benefit Recipient is designated in the Policy by the Policyholder, such Mental Incapacity Benefit Recipient will be entitled to this Supplementary Benefit. Mental Incapacity Benefit Recipient must be aged 18 or above at the time of designation. While the Policy is in force, the Policyholder may designate or change the Designated Percentage of Mental Incapacity Benefit and/or Mental Incapacity Benefit Recipient by giving a written request in a form specified by the Company. The Designated Percentage of Mental Incapacity Benefit shall be a whole number percentage between 10% to 100%, subject to our requirements as determined by us from time to time.

    A change of Designated Percentage of Mental Incapacity Benefit and/or Mental Incapacity Benefit Recipient shall be effective only if accepted and recorded by the Company. The Mental Incapacity Benefit is paid only if the Mental Incapacity Benefit Recipient has been designated. In case (i) there is a guardian or committee appointed under the Mental Health Ordinance (Cap.136 Laws of Hong Kong SAR) (or if there is a guardian or committee appointed under similar laws in another jurisdiction) or an enduring power of attorney covering the Policy; and/or (ii) the Policyholder is not the Life Insured; and/or (iii) the Policy has been assigned, this Supplementary Benefit will only be paid to the designated Mental Incapacity Benefit Recipient with the consent of the guardian or committee or attorney (as applicable in (i)); and/or the Policyholder (as applicable in (ii)); and/or the assignee (as applicable in (iii)), as the case may be. In case there is a dispute or in the Company’s reasonable belief, there is a dispute between the Mental Incapacity Benefit Recipient and any other person, including but not limited to the Policyholder, Life Insured’s guardian or committee, attorney, Beneficiary(ies) or assignee, the Company reserves the right to withhold payment until such dispute is resolved. If the Designated Percentage of Mental Incapacity Benefit is 100%, upon payment of the Mental Incapacity Benefit, the Policy which includes the Basic Plan and all Supplementary Benefits (if any) will be terminated and the Company will be fully discharged from all further liability. If the Designated Percentage of Mental Incapacity Benefit is less than 100%, upon payment of the Mental Incapacity Benefit, the Total Premiums Paid11, Policy Amount13, Guaranteed Cash Value, Special Dividend (if any), Policy Value Management Balance (if any) and subsequent premium (if any) under the Policy will be adjusted and reduced proportionally and the Death Benefit will be adjusted accordingly. A revised Policy Schedule will be issued to the Policyholder.
  8. While the Policy is in force and before the 5th Policy Anniversary, Personal Accident Benefit equals to applicable percentage of Total Premiums Paid11 of the Basic Plan up to the Date of Designated Event Due to Accident12 (less any Indebtedness) will be paid as a result of the Life Insured suffering from the following designated event due to Accident:
    1. Accidental Death;
    2. Total Permanent Disablement; or
    3. Continuous Hospitalization for 25 Days or above.
    Designated event due to Accident Applicable percentage of Total Premiums Paid11 Maximum amount of benefit per Life Insured
    Accidental Death 10% USD 2,000,000 / RMB 12,800,000
    Total Permanent Disablement 10%
    Continuous Hospitalization for 25 Days or above 5% USD 50,000 / RMB 320,000
    Personal Accident Benefit will be automatically terminated (i) when this Supplementary Benefit is paid out, (ii) on the date the Policy of Basic Plan lapses, terminates, expires, becomes void, is surrendered14 or cancelled, or (iii) on the Benefit Cessation Date of this Supplementary Benefit (whichever is the earliest). Personal Accident Benefit is only payable once even the Life Insured suffers from more than one designated event due to Accident listed in the table above. For the avoidance of doubt, the benefit under Accidental Death, Total Permanent Disablement and Continuous Hospitalization for 25 Days or above per Life Insured across all policies of the designated products issued by the Company is subject to the maximum amount set out in table above respectively.

    In the event of Accidental Death of the Life Insured, this Supplementary Benefit will be payable to the surviving Beneficiary(ies) only if Death Benefit is payable in accordance with the provision and it is payable in lump sum in addition to any Death Benefit due under the Policy. In the event of designated events due to Accident of the Life Insured (other than Accidental Death), we will pay this Supplementary Benefit in lump sum to the Policyholder or the Policyholder’s estate.
  9. If there is remaining balance of Death Benefit after the Lump Sum Payment for Defined Life Event of the Beneficiary, we will continue to pay the Death Benefit by monthly instalments over selected payout period, until all amounts of the Death Benefit have been paid out. For the avoidance of doubt, the Lump Sum Payment for Defined Life Event will only be paid once. We will not pay the Lump Sum Payment for Defined Life Event in the case where the age of Beneficiary is already over the age designated by the Policyholder on the date of death of the Life Insured. If the Life Insured dies before the 3rd Policy Anniversary and the Death Benefit Settlement Option (iv) is selected, this selected Death Benefit Settlement Option (iv) will be revoked automatically and the Death Benefit will be payable in a lump sum. The Death Benefit Settlement Option (iv) will be available when you have only appointed one Beneficiary. We shall have the absolute discretion not to offer the Death Benefit Settlement Option. In case you exercise the Policy Split Option1, the selected Death Benefit Settlement Option will be revoked and lump sum payment will be the default settlement option for the Split Policies.
  10. Starting from the 5th Policy Anniversary, the Policyholder has the right to exercise the Policy Value Management Option, to lock-in a portion of the Plan’s Guaranteed Cash Value and non-guaranteed Special Dividend (if any). The Company shall have the absolute right and discretion to determine whether to accept or reject any application for exercising the Policy Value Management Option, please refer to product brochure for details.
  11. Total Premiums Paid is the total amount of premiums due and paid for the Basic Plan.
  12. Date of Designated Event Due to Accident means the date of Accidental Death of the Life Insured, the date on which the Life Insured is certified by a Registered Doctor as Total Permanent Disablement or the 25th day of continuous Hospital Confinement of the Life Insured (where applicable).
  13. Policy Amount is an amount used to determine the premiums payable under the Policy, your Guaranteed Cash Value and Special Dividend (if any) to be received under the Basic Plan of the Policy. It does not represent the amount of Death Benefit payable or cash value of your Policy.
  14. If the Policyholder surrenders the Policy after the cooling-off period and when the Policy is in force, the surrender proceeds to be received may be less than the total premium and levy paid. Please refer to the illustration summary of the Plan for details. If Policyholder surrenders the Policy within the policy term, the surrender proceeds payable to the Policyholder will be an amount equal to the Net Cash Value16 (if any) plus Special Dividend (if any) and Policy Value Management Balance (if any) as at the date the surrender request is processed. Upon partial surrender, the Policy Amount13 and Total Premiums Paid11 for the Basic Plan under the Policy will be adjusted and reduced proportionally and consequential adjustments will be made in the calculations of Guaranteed Cash Value, Special Dividend (if any) and Death Benefit.
  15. If you enroll the Plan in foreign currency, all premium payable and policy benefits of the Plan will be recorded in the corresponding foreign currency. Since the two-way exchange of foreign currency and Hong Kong dollar bears the risk of exchange rate fluctuation, you should consider exchange rate risk before making the decision to enroll in the Plan. If you pay the premium or receive policy benefits in Hong Kong dollars, Hang Seng Insurance will convert the relevant amount from Hong Kong dollars to the corresponding foreign currency or from the corresponding foreign currency to Hong Kong dollars at the market-based prevailing exchange rate on the date your premium is processed or your policy benefits are settled. The exchange rate applicable at the relevant time is determined by the Company and would be varied from time to time. The foreign currency exchange rate can go up or down. If you pay the premium in Hong Kong dollars, when the corresponding foreign currency appreciates against the Hong Kong dollars, the annual premium payable in Hong Kong dollars at the subsequent Policy Years would be higher than initial annual premium. If you settle the policy benefits in Hong Kong dollars and the corresponding foreign currency depreciates against the Hong Kong dollars when your policy benefits are settled in Hong Kong dollars, you could lose a substantial portion of your policy benefit value in Hong Kong dollars.
  16. Net Cash Value means at any time, an amount equal to Guaranteed Cash Value less Indebtedness (if any).