BOC Group Life Assurance Company Limited (“BOC Life”) offers Smart Immediate Annuity Plan (“the Plan”) which is a comprehensive retirement protection plan that provides you with Guaranteed Monthly Income and life protection in your lifetime with a single premium, enabling you to manage your flexibility in financial planning and protection needs. You will enjoy a carefree retirement life at present.
While the policy is in force and during the lifetime of the Insured, the Guaranteed Monthly Income2 will be payable starting from the 1st Monthiversary immediately till the end of the Income Period. You may choose to cash out the Guaranteed Monthly Income2 or accumulate the same in the policy for interest1,2. You can withdraw the Guaranteed Monthly Income2 and/or interest accumulated1,2 (if any) at any time.
The Plan provides two options of benefit terms for your selection, i.e. 25 years and the whole of the Insured’s life, while the Income Period will run until the end of the policy’s corresponding benefit term. Hence, you can choose benefit term which lasts for the Insured’s whole life upon enrolment, such that the Guaranteed Monthly Income2 will be immediately payable on each Monthiversary during the lifetime of the Insured, as long as the policy remains in force.
In addition to the offering of the Guaranteed Monthly Income2 under the Plan, while the policy is in force and during the lifetime of the Insured, Guaranteed Monthly Bonus2 will be payable on each Monthiversary starting from the 1st Monthiversary till the 60th Monthiversary. You can choose to cash out the Guaranteed Monthly Bonus2 or accumulate the same for interest1,2 in the policy at any time in order to get better prepared for your retirement life.
Apart from offering the Guaranteed Cash Value, the Guaranteed Monthly Income2 and the Guaranteed Monthly Bonus2 under the Plan, while the policy is in force and during the lifetime of the Insured, Monthly Dividend1,2 (if any) may be payable on each Monthiversary starting from the 61st Monthiversary till the end of the Income Period. The payment of the Monthly Dividend1,2 is not guaranteed. You may choose to cash out the Monthly Dividends1,2 (if any) or leave them with BOC Life for interest accumulation1,2(if any).
BOC Life understands that you face many challenges in different life stages. We are pleased to be your life partner and to share happiness. The Plan offers Lifestage Bonus3. Upon any of below the Event3 (as defined in Remark 3) of the Insured happened on or after the 1st Policy Anniversary while the policy is in force and during the lifetime of the Insured, a lump sum Lifestage Bonus3 equivalent to the total amount of 3 months of Guaranteed Monthly Income2 and Guaranteed Monthly Bonus2 will be paid to the Policy Owner. During the benefit term, the Lifestage Bonus3 will be paid by BOC Life in cash up to a maximum of two times per policy.
“The Events”3 mean:
The Plan offers policy currency of HKD, USD and RMB for your selection. You can choose the most suitable currency when applying for the Plan.
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 rate3 as may be declared by BOC Life from time to time and be paid to the Beneficiary in the form of annuity payments4 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 must be between 2 years and 20 years.
In case the Insured passes away unfortunately while the policy is in force, the Plan will provide the Death Benefit5.
No medical examination is required, which is convenient and time saving.
|Issue Age||Age 0 (starting from 15 days after birth) to age 64|
|Premium Payment Period/ Premium Payment Mode||Single-Premium / Single Payment|
|Policy Currency||HKD / USD / RMB|
|Benefit Term||Minimum Single Premium|
|Whole of the Insured’s life||200,000||25,000||150,000|
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.)
|75% - 95%|
|Growth asset (including but not limited to equity investment, mutual funds, properties investment, etc.)||5% - 25%|
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.
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:
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 our Wealth Management Managers.