IncomeGrowth Annuity Insurance Plan
Realize your goals with ease and enjoy the ideal life

BOC Group Life Assurance Company Limited (“BOC Life”) presents to you the IncomeGrowth Annuity Insurance Plan (“the Plan”). The Planis a life insurance plan with a wealth management element. By paying premium for just 2 years, you are entitled to a 12-year life protection with Guaranteed Annuity Payments payable annually from the 1st policy anniversary onwards. The Plan can help you realize your financial goals at different life stages with ease. You may choose the policy currency in Renminbi (“RMB”), United States Dollar (“USD”) or Hong Kong Dollar (“HKD”) to match your needs.

Guaranteed Annuity Payments1

Guaranteed Annuity Payments1, calculated at the designated percentage of the Sum Insured, will be payable to you annually for 12 policy anniversaries starting from the 1st policy anniversary1 (including the 1st policy anniversary). You may choose to cash out the Guaranteed Annuity Payments or accumulate them with BOC Life for interest earning2. For details, please contact the staff of the major insurance agent banks or refer to the policy documents and provisions issued by BOC Life.

Life Protection

The Plan offers a life protection coverage throughout the policy term of 12 years with death benefit3 which is equivalent to the higher of 102% of the Net Premiums Paid4 or 102% of Guaranteed Cash Value as at the date of the Insured’s death (subject to a maximum of the higher of 100% of the Net Premiums Paid4 or 100% of the Guaranteed Cash Value, plus RMB80,000 / HKD80,000 / USD10,000 ), plus any Guaranteed Annuity Payments accumulated together with any interest accrued on the policy (according to the applicable policy currency).

Additional Accidental Death Benefit5

Within the first 3 policy years, in the unfortunate event that the Insured has an accident and dies within 180 days thereafter, an additional accidental death benefit which is equivalent to 30% of the Net Premiums Paid4 as at the date of the Insured’s death and subject to a maximum amount of RMB200,000 / HKD200,000 / USD25,000 will be payable (according to the applicable policy currency).

No Medical Examination Required6

No medical examination is required, which is convenient and time saving.

24-Hour Worldwide Emergency Assistance Services7

An easy access to 24-hour Worldwide Emergency Assistance Services7 enables you to enjoy a round-the-clock protection. The services cover emergency medical assistance and referral services, and other assistance services.

Basic Eligibility Requirements

Issue Age Age 0 (starting from 15 days after birth) to age 75
Premium Payment Period 2 years
Coverage Period 12 years
Policy Currency RMB / HKD / USD
Minimum Sum Insured RMB 100,000 (RMB Policy) /
HKD 100,000 (HKD Policy) /
USD 12,500 (USD Policy)
Premium Payment Mode Annual
(If pre-payment option is selected, premiums for 2 policy years have to fully prepaid upon application8)
Customer Service Hotline :
2860 0688
Tel :
2160 8800
Fax :
2866 0938
Grasp this opportunity! Act Now

Notes :

The Policy Owner is subject to the credit risk of the insurance company. If the Policy Owner discontinues and / or surrenders the insurance plan in the early policy years, the amount of the benefit he / she will get back may be considerably less than the amount of the premium he / she has paid. Past, current, projected and / or potential benefits and / or returns (e.g. bonuses, dividends, interests) presented herein are not guaranteed and are for illustrative purposes only. The actual future amounts of benefits and / or returns may be lower than or higher than the currently quoted benefits and / or returns.

Investment Strategy, Philosophy in Deciding Interest Rate for Accumulation:

Under normal circumstances, the major markets invested by BOC Life include, but not limited to, North America, Europe and Asia markets. The assets supporting the policies under the Plan mainly consist of fixed income instrument or interest-bearing securities (including but not limited to government and corporate bonds, etc.).

With the aim of achieving our long term investment target, BOC Life, at our sole discretion, reserves the right to adjust the aforementioned asset allocation when there are material changes in market outlook and condition, or engage in other financial arrangements including but not limited to reinsurance arrangement. BOC Life aims at investing in assets denominated in policy's currency. If the currency of which the assets are denominated is not the same as policy currency, BOC Life may use derivatives to manage the impact of currency risk.

For the latest Investment Strategy, please refer to BOC Life website www.boclife.com.hk

The Interest Rate for Accumulation is determined based on market conditions and expected investment return of BOC Life.

In light of the above factors, Interest Rate for Accumulation is not guaranteed and may be higher or lower than the values illustrated in the benefit illustration provided at point of sale.

Risk Disclosure of RMB and USD Insurance:

RMB and USD policies are subject to exchange rate risk. The exchange rate between RMB and HKD or USD and HKD may rise as well as fall. Therefore, if calculated in HKD, premiums, fees and charges (where applicable), account value/surrender value and other benefits payable under RMB or USD policy will vary with the exchange rate. The exchange rate between RMB and HKD or USD and HKD will be the market-based prevailing exchange rate determined by BOC Life from time to time, which may not be the same as the spot rate of banks. The fluctuation in exchange rate may result in losses if a customer chooses to pay premiums in HKD, or requests the insurer to pay the account value/surrender value or other benefits payable in HKD, for RMB or USD policy. RMB Conversion Limitation Risk - RMB Insurance are subject to exchange rate fluctuations which may provide both opportunities and risks. The fluctuation in the exchange rate of RMB may result in losses in the event that the customer converts RMB into HKD or other foreign currencies. (Only applicable to Individual Customers) RMB is currently not fully freely convertible. Individual customers can be offered CNH rate to conduct conversion of RMB through bank accounts and may occasionally not be able to do so fully or immediately, for which it is subject to the RMB position of the banks and their commercial decisions at that moment. Customers should consider and understand the possible impact on their liquidity of RMB funds in advance. (Only applicable to Corporate Customers) RMB is currently not fully freely convertible. Corporate customers that intend to conduct conversion of RMB through banks may occasionally not be able to do so fully or immediately, for which it is subject to the RMB position of the banks and their commercial decisions at that moment. Customers should consider and understand the possible impact on their liquidity of RMB funds in advance.

Other Key Risks:

  • BOC Life shall not be liable to pay any Additional Accidental Death Benefit in respect of death of the Insured that is a direct or indirect result or consequence of, or directly or indirectly attributable to, any of the followings:
    (i) assault, murder, riot, civil commotion, strikes or terrorist activities. Notwithstanding anything to the contrary, it is understood and agreed that this clause shall not apply provided that the Insured has not committed or attempted to commit the acts stated in this clause;
    (ii) war whether declared or undeclared or any act thereof, invasion or any warlike operations;
    (iii) suicide or self-inflicted injuries while sane or insane;
    (iv) violation or attempted violation of the law or resistance to arrest or participation in any brawl or affray;
    (v) engaging in or taking part in (a) driving or riding in any kind of race; (b) professional sports; (c) underwater activities involving the use of breathing apparatus; or (d) flying or other aerial activity except as a fare-paying passenger in a commercial aircraft;
    (vi) Accident occurring while or because the Insured is affected by alcohol or any drug;
    (vii) poison, gas or fumes whether voluntarily or involuntarily taken;
    (viii) disease or infection (except infection which occurs through an accidental cut or wound), including infection with any Human Immunodeficiency Virus (HIV) and/or any HIV-related illness including AIDS and/or any mutations, derivations or variations thereof; or
    (ix) childbirth, pregnancy, miscarriage or abortion.
  • The Policy Owner should pay premium on time during the premium payment term. It may result in lapse or termination of the policy if the required amount (such as premium) is not made before expiry of the grace period (if applicable) as prescribed by BOC Life. Nevertheless, it is subject to the automatic premium loan (if applicable) (BOC Life will advance the premium due from the non-forfeiture value as an automatic premium loan) and non-forfeiture provisions (if applicable). If the policy is terminated or lapsed due to non-payment of premium, the surrender value received by the Policy Owner may be less than the total premiums paid and the Policy Owner will lose the insurance protection provided by the policy.
  • BOC Life may terminate the policy before the maturity date if any one of the following events occurs:
    (i) the death of the Insured; or
    (ii) BOC Life approves the Policy Owner’s written request for surrender; or
    (iii) the policy lapses after the end of the grace period; or
    (iv) the non-forfeiture value is less than zero (if applicable); or
    (v) the aggregate amount paid or payable by BOC Life has reached the maximum benefit amount of all coverage of the policy(if applicable).
  • The actual rate of inflation may be higher than expected, therefore the amount you receive may be less in real terms.

Remarks:

  1. Guaranteed Annuity Payments will be payable to the policy owner on every policy anniversary while the policy is in-force. To be eligible for receiving the Guaranteed Annuity Payments at every policy anniversary, the policy owner should pay the premiums due in full on time. If the annual premium payable for the 2nd policy year remains unpaid before the end of the grace period, the policy will terminate immediately. Policy owner will then receive the Guaranteed Cash Value plus any Guaranteed Annuity Payments accumulated as at the end of the 1st policy year. Upon early surrender of the policy, the policy owner will receive the surrender value which may be less than the total premium paid and may therefore result in losses. For details, please refer to policy documents and provisions issued by BOC Life.
  2. The annual interest rate for accumulation of Guaranteed Annuity Payments is not guaranteed and may be changed from time to time. Any projected amounts of the accumulated Guaranteed Annuity Payment as shown in any policy documents issued by BOC Life are neither guaranteed nor estimated values for future years. The policy owner may withdraw any portion or all of the accumulated Guaranteed Annuity Payments and/or any interest accrued while the policy is in force. Such amount withdrawn will no longer be counted as part of the total cash value and death benefit of the policy. For details, please refer to policy documents and provisions issued by BOC Life.
  3. If the Insured is covered by more than one policy under the Plan issued by BOC Life, the total maximum amount of the death benefit of all these policies shall be equal to the higher of 100% of the Net Premiums Paid4 or 100% of the Guaranteed Cash Value of all such policies as at the date of the Insured's death, plus i) RMB80,000 (RMB policy)/HKD80,000 (HKD policy)/USD10,000 (USD policy) (if the Insured is covered by all applicable policies denominated in the same currency under the Plan) or ii) the highest of RMB80,000 (RMB policy)/HKD80,000 (HKD policy)/USD10,000 (USD policy) (if the Insured is covered by all applicable policies denominated in different currencies under the Plan at the same time), plus any accumulated Guaranteed Annuity Payments with any interest accrued on such policies according to the applicable policy currency under all such policies. BOC Life shall only pay the said total maximum amount once for all such policies.
  4. Net Premiums Paid means total premiums paid less all Guaranteed Annuity Payments received and/or left for accumulation (excluding any interest accrued on them) as at the date of the Insured's death.
  5. The additional accidental death benefit is applicable to the Insured who is aged from 18 to 60 at the time of policy issue and has an accident before the 3rd policy anniversary. Such accident should be the sole cause of, and should result in the death of the Insured within 180 days after the accident. If the Insured is covered by more than one policy under the Plan issued by BOC Life, the total maximum amount of the additional accidental death benefit of all these policies shall be equal to i) RMB200,000 (RMB policy)/HKD200,000 (HKD policy)/USD25,000 (USD policy) (if the Insured is covered by all applicable policies denominated in the same currency under the Plan), or ii) the highest of RMB200,000 (RMB policy)/HKD200,000 (HKD policy)/USD25,000 (USD policy) (if the Insured is covered by all applicable policies denominated in different currencies under the Plan at the same time). BOC Life shall only pay the said total maximum amount once for all such policies.
  6. Any application of RMB policy under this Plan with Sum Insured of RMB5,000,000 or above will be subject to financial underwriting decision by BOC Life.
  7. The relevant services are provided by Inter Partner Assistance Hong Kong Limited in accordance with the Conditions for Services pursuant to "Life Insurance Supplementary Emergency Assistance Services and Benefits". These services are not guaranteed for renewal and BOC Life reserves the right to withhold or amend the said services at its sole discretion.
  8. Partial or full withdrawal of the pre-paid premium or surrender of the policy may be subject to premium deposit withdrawal fee. If there is any balance in the Premium Deposit Account (applicable to pre-payment option only), the balance will be payable after deduction of any applicable premium deposit withdrawal fee. The balance of the Premium Deposit Account does not necessarily cover the payable premium throughout the premium payment period. For details, please refer to policy documents and provisions issued by BOC Life.

Important Notes:

  • The Plan is underwritten by BOC Life. Bank of China (Hong Kong) Limited ("BOCHK"), Nanyang Commercial Bank, Limited ("NCB") and Chiyu Banking Corporation Limited ("Chiyu Bank") are the major insurance agent banks appointed for BOC Life.
  • BOC Life is authorized and regulated by Insurance Authority to carry on long term business in the Hong Kong Special Administrative Region of the People's Republic of China.
  • BOC Life reserves the right to decide at its sole discretion to accept or decline any application for the Plan according to the information provided by the proposed insured and the applicant at the time of application.
  • The Plan is subject to the formal policy documents and provisions issued by BOC Life. Please refer to the relevant policy documents and provisions for details of the insured items and coverage, provisions and exclusions.
  • BOCHK, NCB and Chiyu Bank are the appointed agents of BOC Life for distribution of life insurance products. The life insurance product is a product of BOC Life but not BOCHK, NCB and Chiyu Bank.
  • 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 BOCHK, NCB or Chiyu Bank and the customer out of the selling process or processing of the related transaction, BOCHK, NCB or Chiyu Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the insurance product should be resolved between directly BOC Life and the customer.

Should there be any discrepancy between the Chinese and English versions of this promotion material, the English version shall prevail.

This promotion material is for reference only and is intended to be distributed in Hong Kong only. It is not and shall not be construed as an offer to sell or a solicitation of an offer or recommendation to purchase or sale or provision of any products of BOC Life outside Hong Kong. Please refer to the policy documents and provisions issued by BOC Life for details (including but not limited to insured items and coverage, detailed terms, key risks, conditions, exclusions, policy costs and fees) of the Plan. For enquiry, please contact the branch staff of the major insurance agent banks.