BOC Group Life Assurance Company Limited ("BOC Life") offers MaxiWealth ULife Insurance Plan ("the Plan") which is a universal life insurance plan that provides you with flexibility in financial planning and whole life protection. You can enjoy life protection coverage until the Insured reaches the age of 100 by paying premium for just 2 years and manage your future flexibly.
Interest will accrue on the Account Value2 according to the crediting interest rate1. The crediting interest rate1 may vary from time to time. The latest crediting interest rate1 can be enquired via the website of BOC Life (www.boclife.com.hk) or the branch staff of the major insurance agent banks.
Starting from the 1st policy year, you can also make Partial Withdrawal3 from the policy, to meet the financial needs at different life stages, which will however affect the Death Benefit amount.
The Plan provides whole life protection coverage till the Insured reaches the age of 100 by paying premium for just 2 years4,5. In the unfortunate event of the Insured’s death while the policy is in force, the Death Benefit is equivalent to the higher of 105% of Net Premium Paid6 or 105% of Account Value1 (subject to a maximum of the higher of 100% of Net Premium Paid6 or 100% of Account Value1, plus RMB8,500 (for RMB policy) / HKD10,880 (for HKD policy) / USD1,360 (for USD policy)), plus the balance of Premium Deposit Account4 (if any) less any overdue policy fee (if applicable) and any indebtedness (if applicable).
No medical examination is required, which is convenient and time saving.
|Issue Age||Age 0 (starting from 15 days after birth) to age 70|
|Premium Payment Term4,5||2 years|
|Coverage Period||Up to age 100 of the Insured|
|Policy Currency||RMB / HKD / USD|
|Minimum Target Premium||RMB 100,000 / HKD 100,000 / USD 12,500|
|Premium Payment Mode4||Annual|
|Surrender Value||Account Value1 upon surrender minus Surrender Charge7 (if applicable), less any overdue policy fee (if applicable) and any indebtedness (if applicable) plus the balance of the Premium Deposit Account4 (if any)|
Notes: The Policy Owner is subject to the credit risk of BOC Life. 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.
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 interestbearing 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.
Crediting Interest Rate of Universal Life Policies:
For universal life insurance business, the asset portfolio is constructed to support the crediting interest rate for the policy. It also allows Policy Owners to receive a share of profits attributable to the universal life insurance business of our company by means of crediting of interest. To accomplish the purpose, we invest in a wide range of asset portfolios that are prudently chosen by BOC Life to balance the risk. In general, the asset portfolios mainly consist of fixed income investment securities and equity investments.
The actual crediting interest rate is determined by the stipulated approach in BOC Life's policy, which is based on a number of factors, including but not limited to, market conditions, actual investment return in the past and long-term expectation of investment return in the future. Future crediting interest rate may vary from time to time over the policy term, but will not be less than the minimum crediting interest rate as specified in the policy provisions, endorsements and/ or amendments. The actual crediting interest rate is recommended by our Appointed Actuary according to the aforementioned BOC Life's policy and approved by the Board of Directors of BOC Life.
In light of the above factors, crediting interest rate is not guaranteed and may be higher or lower than the values illustrated in the benefit illustration provided at point of sale.
You may browse the following website, www.boclife.com.hk/ps, to understand BOC Life's crediting interest rate history for reference purposes. Please be reminded that the crediting interest rates shown on the website are before the deduction of any relevant policy charges (e.g. Premium Charge, Cost of Insurance, Policy Fee, etc). Please note that past performance of crediting interest rate is not an indicator for its future performance.
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:
Levy collection arrangement:
Insurance companies collect levies from policy owners on behalf of the Insurance Authority according to relevant requirement. For your convenience, levy will be collected together with the premium via the same manner (including automatic premium loan (if applicable)) whenever BOC Life collects premium from you.
Important Notes :
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 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.