ReachUp Insurance Plan
Two years premium payment inspires your infinite imagination
BOC Group Life Assurance Company Limited (“BOC Life”) offers ReachUp Insurance Plan (“the Plan”) which is a life insurance plan with wealth management features. By paying 2 years1,7 premiums, the Plan will provide life insurance for 8 years. The Plan also provides an option of receiving the Death Benefit5 and Maturity Benefit in the form of regular incomes3,4 annually. Eventually, you can manage your future at ease.
2 Years Premium Payment with 8 Years Protection and 3 Years to Breakeven1
The Plan provides 8 years protection by paying premium for just 2 years. The guaranteed breakeven period is 3 years1.
Apart from the Guaranteed Cash Value, Annual Dividend2 (if any) is also available to the Plan. You may choose to cash out the Annual Dividend2 (if any) anytime or leave them with BOC Life for interest accumulation2. In addition, Terminal Dividend2 (if any) may be payable upon the death of the Insured or surrender of the policy on or after the 2nd Policy Anniversary; or policy maturity.
Maturity Regular Income Option3
The Policy Owner may request in writing to leave the Maturity Benefit payable under the policy with BOC Life to accumulate with interest at such non-guaranteed interest rate3 as may be declared by BOC Life from time to time and be paid to the Policy Owner in the form of regular incomes annually starting from Maturity Date of the policy. The payment period of this Maturity Regular Income Option is between 2 and 20 years, this option is subject to the approval of BOC Life.
The Policy Owner may choose the Survivorship Option4 to better protect your beloved ones. Whilst the Insured is alive, the Policy Owner may request in writing to leave the Death Benefit payable under the policy with BOC Life to accumulate with interest at such non-guaranteed interest rate4 as may be declared by BOC Life from time to time and be paid to the Beneficiary in the form of regular incomes4 annually in the occurrence of the death of the Insured on or after the 1st Policy Anniversary, provided that the Policy Owner has only assigned one Beneficiary and the payment period is between 2 years and 20 years.
The Plan offers 8-year life protection. In case the Insured passes away while the policy is in force, the Plan will provide the Death Benefit5.
Additional Accidental Death Benefit6
Additional Accidental Death Benefit applies to the Insured whose issue age is between 18 and 60. During the first policy year, in the event that the Insured has an accident and dies within 180 days thereafter as a result of that accident, an Additional Accidental Death Benefit6 will be payable which is equivalent to 10% of the Total Premiums Paid as at the date of the Insured’s death and subject to a maximum amount of HKD100,000 / USD12,500 / RMB100,0006.
No Medical Examination
No medical examination is required, which is convenient and time saving.
Basic Eligibility Requirements
||Age 0 (starting from 15 days after birth) to age 75
|Premium Payment Period1,7
||HKD / USD
||HKD50,000 / USD6,250
|Premium Payment Mode
Grasp this opportunity! Act Now
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.
Investment Strategy, Philosophy in Deciding Dividends and Fulfilment Ratio of Dividends:
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 the following:
|Fixed income instrument or interest-bearing securities
(including but not limited to government and corporate bonds, etc.)
|70% - 90%
|Growth asset (including but not limited to equity investment, mutual funds, properties investment, etc.)
||10% - 30%
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
Philosophy in Deciding Dividends:
Participating insurance plans provide policy owners an opportunity to receive a share of profits attributable to the participating life insurance business of BOC Life by means of dividends, with the potential prospect of long-term rates of return. 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 securities and equity investments.
The actual amount of dividends is determined by the stipulated surplus sharing approach in BOC Life’s policy, which is based on the past experience of BOC Life and the long-term expectation of the participating life insurance business in the future. Dividends amount mainly depends on the overall performance of the participating life insurance business of BOC Life, taking into account factors including investment returns, claim experience, persistency and operating expense. The actual amount of dividends payable is recommended by our Appointed Actuary according to the aforementioned company’s policy and approved by the Board of Directors of BOC Life.
Annual dividends paid can be left with BOC Life and accumulate with interest. The interest rate (Dividends Accumulation Rate) is determined based on market conditions and expected investment return of BOC Life.
In light of the above factors, dividends and Dividend Accumulation Rate are 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 the BOC Life’s philosophy in deciding dividends as well as dividend history for reference purposes. Please note that past performance of dividend 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 (if 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 after the last regular income is paid once the Survivorship Option is exercised under the policy) ; 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.
- The premium payable has to be made in annual mode. The policy will be terminated if the Policy Owner cannot pay the premium payable before the end of the grace period during the premium payment period. For details of the provisions, please refer to the policy documents and provisions issued by BOC Life. If the policy is terminated or surrendered, the policy value received by the Policy Owner may be less than the Total Premiums Paid. Guaranteed breakeven period means the Guaranteed Cash Value is equal to or more than the premium paid for the first time at the end of the policy year. Furthermore, the breakeven year of the policy assumes that before the 3rd policy anniversary all premiums are paid in full when due. Guaranteed Cash Value can only be withdrawn upon policy maturity or surrender of the policy. If Policy Owner opts to surrender the policy, the surrender value that the Policy Owner may have maybe lower than the policy maturity value upon policy maturity.
- The Plan is a participating policy. Nevertheless, Annual Dividend (if any) and the accumulation interest rate and Terminal Dividend (if any) are not guaranteed and may be changed from time to time. Past performance is not indicative for future performance. The actual amount received maybe higher or lower than the estimated amount. BOC Life reserves the right to change it from time to time. If the Policy Owner chooses to withdraw the Annual Dividend (if any) and interest accrued thereon (if any), the Annual Dividend (if any) and interest accrued thereon (if any) withdrawn will no longer be accumulated as part of the total cash value and the total Death Benefit of the policy, the total cash value, the surrender value and the total Death Benefit of the policy will be reduced accordingly. Annual Dividend (if any) shall be credited on or after the 2nd policy anniversary. Terminal Dividend (if any) may be payable upon the death of the Insured or surrender of the policy on or after the 2nd Policy Anniversary; or upon policy maturity. For details, please contact the branch staff of the major insurance agent banks.
- The Maturity Benefit less the regular incomes paid will be accumulated at a non-guaranteed interest rate declared by BOC Life from time to time. The Maturity Regular Income Option shall only be exercised subject to the conditions to be imposed by BOC Life and must be approved by BOC Life in writing prior to the policy reaches the Maturity Date. Once the Maturity Regular Income Option is exercised under the policy, the policy will be terminated after the last regular income is paid. The payment under this option will be specified in and governed by the terms and conditions of the Maturity Regular Income Option when the Maturity Regular Income Option is exercised. For the avoidance of doubt, the Maturity Benefit and Maturity Regular Income Option are mutually exclusive. If Maturity Regular Income Option has not been elected or exercised, BOC Life will pay the Maturity Benefit in a lump sum. For details, please refer to provisions issued by BOC Life.
- The Survivorship Option shall only be exercised subject to the conditions to be imposed by BOC Life and must be approved by BOC Life in writing prior to the death of the Insured. The Death Benefit less the regular incomes paid will be accumulated with BOC Life at a non-guaranteed interest rate declared by BOC Life from time to time. The Beneficiary, at all times, does not have the right to change this Survivorship Option or any part thereof, including but not limited to the payment method once approved by BOC Life. For the avoidance of doubt, the claims for Death Benefit and Survivorship Option are mutually exclusive. If Survivorship Option has not been elected or exercised, BOC Life will pay the Death Benefit in a lump sum. For details, please refer to provisions issued by BOC Life.
- The Death Benefit of the Plan is equivalent to 101% of Total Premiums Paid or Guaranteed Cash Value (subject to the maximum amount of 100% of the Total Premiums Paid or Guaranteed Cash Value plus HKD80,000 / USD10,000 / RMB80,000) (whichever is higher) as at the date of death of the Insured; plus the Additional Accidental Death Benefit (if any); plus the accumulated Annual Dividend (if any) and interest accrued thereon (if any) at the relevant time; plus Terminal Dividend (if any); less indebtedness (if any) and outstanding premiums (if any). “Total Premiums Paid” means the total premiums paid for the basic plan. Any Premium Deposit Account balance shall be excluded. Premium discount (if any) will not be taken into account when calculating the Death Benefit. Regarding the maximum amount of the Death Benefit payable if the Insured is covered by more than one policy under the Plan issued by BOC Life, please refer to the policy documents and provisions issued by BOC Life for details. Indebtedness shall mean any policy loan that has been taken by the Policy Owner and its interest (if any). Whilst the policy is in force, the Policy Owner can apply for a policy loan against Guaranteed Cash Value of the policy subject to the policy loan provision. Upon the termination of policy, if policy loan and its interest (if any) have not been settled in full, they will be deducted from the total cash value thereupon. Once the Policy Owner is unable to repay the policy loan and interest, where the total amount of indebtedness is equal to or higher than Guaranteed Cash Value, the policy will lapse, and the life protection will be terminated without providing any surrender value, and the Policy Owner may sustain a substantial loss. For details, please refer to policy documents and provisions issued by BOC Life.
- The Additional Accidental Death Benefit of the Plan is applicable to the Insured who has an accident before the first policy anniversary. Such accident should be direct, independent and the sole cause of, and should result in the death of the Insured within 180 days after the accident and before termination of coverage under the relevant policy. 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 10% of the Total Premiums Paid under all such policies as at the date of the Insured’s death (subject to a maximum amount of HKD100,000 / USD12,500 / RMB100,000). BOC Life shall only pay the said total maximum amount once for all such policies. For details, please refer to policy documents and provisions issued by BOC Life.
- Policy Owner can prepay the initial and renewal premiums in full and in a lump sum. After deducting the initial premium, the remaining balance of the prepaid premiums (if any) will be held by BOC Life at a guaranteed interest rate for interest accumulation. If the Insured passes away, the remaining balance of the prepaid premiums (if any) together with the Death Benefit and Additional Accidental Death Benefit (if any) will be payable to the Beneficiary. If the Policy Owner makes withdrawal from the Premium Deposit Account balance or surrenders the policy, a premium deposit withdrawal fee will be deducted from the amount withdrawn from the Premium Deposit Account balance (if any). The current premium deposit withdrawal fee is equivalent to 3.50% of the withdrawal amount or RMB350 (applicable to RMB policy) or HKD350 (applicable to HKD policy) or USD45 (applicable to USD policy) (whichever is higher), and the calculation of the premium deposit withdrawal fee may also be changed from time to time. For details, please refer to policy documents and provisions issued by BOC Life.
- The Plan and the supplementary riders (if any) 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 by BOC Life.
- BOC Life is authorised 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 and the supplementary riders (if any) according to the information provided by the proposed Insured and the applicant at the time of application.
- The Plan and the supplementary riders (if any) 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 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.