IncomeJoy Lifelong Insurance Plan

Remarks:

1. If the customer is successfully registered as a member of BOC Life “RetireCation” Experience Program, and  the Notional Amount of the basic plan is HK$1,500,000 / RMB1,300,000 / USD200,000 or above, he/ she may participate once in the “RetireCation Immersive Retirecation Experience” (“the Retirecation Experience”). The Retirecation Experience includes a retirecation package for two persons and prestigious retirecation concierge service. Please refer to relevant flyer for details, or contact BOC Life Customer Service Hotline at (852) 2860 0688 for enquiry.

2. The Monthly Income (Monthly Dividend) (non-guaranteed) will be payable to Policy Owner on each Monthiversary from the 25th Monthiversary (applicable to premium payment term of 2 years) or the 61st Monthiversary (applicable to premium payment term of 5 years) provided that the policy is in force and the Insured is alive at the relevant Monthiversary and all premiums due have been paid on or before such Monthiversary. Payment of Monthly Income (Monthly Dividend) is not guaranteed.

3. The Plan is a participating policy. Nevertheless, Monthly Income (Monthly Dividend) (non-guaranteed) (if any), the annual interest rate for dividend accumulation, and Terminal Dividend (if any) are not guaranteed and may be changed from time to time. Past performance is not indicative of future performance. The actual amount received may be higher or lower than the estimated amount. BOC Life reserves the right to change them from time to time. Policy Owner may choose to withdraw Monthly Income (Monthly Dividend) (non-guaranteed) (if any) and/or accumulated interest (non-guaranteed) (if any) throughout the policy term. The Monthly Income (Monthly Dividend)  (non-guaranteed) and/or accumulated interest (if any) withdrawn will no longer be accumulated as part of the total cash value and the total Death Benefit of the policy. Terminal Dividend (if any) may be payable upon surrender of the policy or the death of the Insured (if applicable). For details, please contact your Financial Consultants.

4. During the lifetime of both of the existing and new Insureds and while the policy is in force, you may make an application for Change of Insured within 31 days before or after any Policy Anniversary. The New Insured is subject to underwriting rules of BOC Life. The attained Age of the New Insured on the date of the submission of the Application for Change of Insured must be between 15 days and 65 and the attained Age of the New Insured must not exceed the attained Age of the first Insured (i.e. the Insured upon issuance of the policy) for 10 years or more. Various terms of the policy will be revised upon the approval of the application for Change of Insured. If the New Insured dies within 2 years from the effective date of Change of Insured, the Death Benefit amount payable by BOC Life will be calculated as follows: (i) the higher of: (a) the sum of Guaranteed Cash Value and any Terminal Dividend (non-guaranteed) applicable as at the date of death; or (b) 100% of Total Premiums Paid as at the date of death; plus (ii) accumulated Monthly Income (Monthly Dividend) (non-guaranteed) (if any) and its accumulated Interest (if any); less (iii) Indebtedness (if any) and outstanding premiums (if any). For details, please refer to the sample of endorsement to be issued after approval of the application. Change of Insured is subject to the prevailing rules and conditions of BOC Life. For more details regarding Change of Insured, please contact BOC Life at 2860 0688. All Riders (if any) will be automatically terminated without any notice from the Change of Insured Date, save and except Payor’s Death or Disability Rider (if any). Payor’s Death or Disability Rider (if any) shall remain in force provided that the attained Age of the New Insured on the signing date of the Application for Change of Insured is between 15 days and 17, while its premium may be adjusted in accordance with any different benefit term thereunder at the sole discretion of the Company.

5. The annuity payments period must be not less than 2 years and not more than 50 years. Unless otherwise specified by the Policy Owner and approved by BOC Life, the annuity payments amount will be paid annually. The Survivorship Option shall only be exercised subject to the conditions to be imposed by BOC Life and must be approved and endorsed by BOC Life in writing prior to the death of the Insured. The Beneficiary(ies), at all times, do 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 Benefit³ and Survivorship Option are mutually exclusive. If Survivorship Option has not been elected or exercised, BOC Life will pay the Death Benefit³ in a lump sum. For details, please refer to provisions issued by BOC Life.

6. (i) Premium Deposit Account is only applicable to the policy with designated premium payment term and the policy with annual premium payment mode. The regular premiums and levy (if any) for the Plan and supplementary benefits (if applicable) must be made in lump sum upon application whereas further prepayment of premiums and levy (if any) will not be accepted thereafter. (ii) If “Payor’s Death Or Disability Rider” or “Waiver Of Premium Rider” is attached to the policy, Premium Deposit Account is not applicable. (iii) Annual premiums and levy (if any) will be deducted automatically from the Premium Deposit Account on each Policy Anniversary when due. The Premium Deposit Account balance (if any) should be sufficient to pay the entire amount of annual premiums and levy (if any) of the policy, and cannot be used for partial settlement of annual premiums and/or levy (if any). (iv) The Premium Deposit Account balance of the Plan (if any) including levy (if any) is accumulated with BOC Life at a guaranteed accumulation interest rate of 3% (applicable to policy currency in RMB), 3% (applicable to policy currency in HKD) and 4% (applicable to policy currency in USD) per annum and the Premium Deposit Account balance of supplementary benefits (if any) is accumulated at a special accumulation interest rate determined by BOC Life from time to time. Since the special accumulation interest rate of the Premium Deposit Account of supplementary benefits and premiums for some supplementary benefits (if applicable) are not guaranteed and may be changed from time to time by BOC Life, the Premium Deposit Account balance (if any) is not guaranteed to be sufficient to cover all premiums for the whole premium payment term. When the Premium Deposit Account balance (if any) is insufficient to pay the annual premium payable and/or levy (if any), BOC Life will issue a payment notice and/or levy reminder to customer, and interest will not be accrued on the residual value. (v) If the Insured passes away, the Premium Deposit Account balance (if any) together with the Death Benefit will be payable to the Beneficiary. (vi) For details, please refer to the proposal and provisions issued by BOC Life.