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Fulfillment Ratio

Fulfillment ratios are calculated as the average ratio of non-guaranteed dividends actually declared under relevant policies against the illustrated amounts of non-guaranteed dividends provided to customers at the point of sale. In accordance with the requirement from the Insurance Authority, customers can check the fulfillment ratio of the participating products of BOC Life which (a) it has issued new policies since 2010, and (b) it still has policies inforce in the reporting year, from BOC Life’s website.

Introduction of Fulfillment Ratio Video

Fulfillment Ratio for Annual Dividend

The fulfillment ratio for annual dividends is calculated as the ratio of aggregate actual accumulated non-guaranteed annual dividends (including actual dividend accumulation interest but excluding terminal dividends) against the aggregate illustrated amounts for non-guaranteed annual dividends provided to customers at the point of sale, for all relevant inforce policies.

For the purpose of calculation of fulfillment ratios, it is assumed that policyholders opted to leave all declared dividends for interest accumulation based on the relevant accumulation interest rates.

For products offering non-guaranteed monthly incomes, all non-guaranteed components other than terminal dividends of the policies are included in the calculation of fulfillment ratios. For the purpose of calculation of fulfillment ratios, it is assumed that policyholders opted to leave all monthly incomes for interest accumulation based on the relevant accumulation interest rates.
 

Fulfillment ratios for annual dividends for reporting year 2023

 Product TypePolicy Year 1
(Policy effective
in 2022)
Policy Year 2
(Policy effective
in 2021)
Policy Year 3
(Policy effective
in 2020)
Policy Year 4
(Policy effective
in 2019)
Policy Year 5
(Policy effective
in 2018)
Policy Year 6
(Policy effective
in 2017)
Policy Year 7
(Policy effective
in 2016)
Policy Year 8
(Policy effective
in 2015)
Policy Year 9
(Policy effective
in 2014)
Policy Year 10
(Policy effective
in 2013)
Policy Year 10+
(Policy effective
in 2012 or before)
TARGET 5 YEARS INSURANCE PLAN SERIES /
NCB ENRICHMENT 5-YEAR INSURANCE PLAN SERIES /
GOLD LABEL TARGET 5 YEARS INSURANCE PLAN
Participating EndowmentClosed to salesClosed to salesN/A100%100%N/AN/AN/AN/AN/AN/A
MULTI-PLUS SAVINGS INSURANCE PLAN (RMB)Participating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales100%100%100%101%102%
MULTI-PLUS SAVINGS INSURANCE PLAN (HKD/USD)Participating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales100%97%95%92%81%
BOC JUVENILE 18 INSURANCE PLAN /
BOC JUVENILE 21 INSURANCE PLAN /
KIDDIE SKY INSURANCE PLAN /
NCB EDUCATION SAVINGS INSURANCE PLAN (AGE 18) /
NCB EDUCATION SAVINGS INSURANCE PLAN (AGE 21)
Participating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales100%100%98%97%
HUNDRED LIFE INSURANCE PLAN /
NCB WHOLE LIFE INSURANCE PLAN
Participating Whole LifeClosed to salesClosed to sales90%90%91%92%93%88%80%81%85%
HUNDRED LIFE CRITICAL ILLNESS INSURANCE PLAN /
NCB WHOLE LIFE CRITICAL ILLNESS INSURANCE PLAN
Participating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales92%93%94%94%94%93%
GLORIOUS LIFE SAVINGS INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales92%93%80%75%75%77%
PLENTEOUS LIFE COUPON PLAN /
PLENTEOUS LIFE COUPON PLAN (SIMPLIFIED)
Participating Whole LifeClosed to salesClosed to salesClosed to salesClosed to sales92%93%94%95%95%95%Not yet launched
FINANCIALGUARD WHOLE LIFE INSURANCE PLANParticipating Whole LifeN/A100%90%90%91%92%93%94%94%N/ANot yet launched
FINANCIALGUARD WHOLE LIFE COUPON PLANParticipating Whole Life100%N/A98%90%91%92%93%94%94%N/ANot yet launched
FINANCIALGUARD CRITICAL ILLNESS INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to sales91%N/A93%94%94%93%Not yet launched
INCOMESHINE WHOLE LIFE COUPON PLANParticipating Whole Life100%100%90%90%92%93%93%94%Not yet launchedNot yet launchedNot yet launched
BESTCARE CRITICAL ILLNESS PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales92%93%93%93%Not yet launchedNot yet launched
BESTCARE-PRO CRITICAL ILLNESS PLANParticipating Whole LifeN/A100%90%90%91%92%93%Not yet launchedNot yet launchedNot yet launchedNot yet launched
STEPUP WHOLE LIFE INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales91%92%93%Not yet launchedNot yet launchedNot yet launched
SMARTUP WHOLE LIFE INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to sales90%91%90%Not yet launchedNot yet launchedNot yet launchedNot yet launched
REACHUP INSURANCE PLANParticipating EndowmentN/A100%99%85%86%Not yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
SMARTRETIRE ANNUITY INSURANCE PLANParticipating Income PlanN/AN/AN/AN/AN/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
ULTRAREACH INSURANCE PLANParticipating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesN/A90%90%Not yet launchedNot yet launchedNot yet launchedNot yet launched
SMART IMMEDIATE ANNUITY PLANParticipating Income Plan100%100%100%100%100%Not yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
SMARTUP PLUS WHOLE LIFE INSURANCE PLANParticipating Whole LifeClosed to salesClosed to sales90%90%90%Not yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
BOC LIFE DEFERRED ANNUITY PLAN (LIFETIME)Participating Income PlanN/AN/AN/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
SMARTUP PRO WHOLE LIFE INSURANCE PLANParticipating Whole LifeN/AN/A100%Not yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
FOREVER WELLBEING WHOLE LIFE INSURANCE PLANParticipating Whole LifeN/AN/A100%Not yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
FOREVER FORTUNE WHOLE LIFE INSURANCE PLANParticipating Whole LifeN/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
PROSPEROUS INCOME RISE INSURANCE PLANParticipating Income PlanClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales97%94%92%
REAL LADY FEMALE INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales100%98%97%
GOLDEN KEY ENDOWMENT PLANParticipating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales93%
GET-FREE 60 INSURANCE PLAN / GET-FREE 65 INSURANCE PLANParticipating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales52%
GET-FREE 100 INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales55%
ALL-FOR-YOU FRUITFUL ENDOWMENT PLANParticipating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to sales76%
GLAMOROUS GLOW WHOLE LIFE INSURANCE PLANParticipating Whole LifeN/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
COVERU WHOLE LIFE INSURANCE PLAN / COVERU WHOLE LIFE INSURANCE PLAN (DELIGHT VERSION)Participating Whole LifeN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
GLAMOROUS GLOW GLOBAL WHOLE LIFE INSURANCE PLANParticipating Whole LifeProduct has not yet reached first policy anniversary and thus no value is shown.
ETERNAL FORTUNE GLOBAL WHOLE LIFE INSURANCE PLANParticipating Whole LifeProduct has not yet reached first policy anniversary and thus no value is shown.

Fulfillment Ratio for Terminal Dividend / Special Dividend

The fulfillment ratio for Terminal Dividend / Special Dividend is calculated as the ratio of the aggregate payout of non-guaranteed Terminal Dividend / Special Dividend against the aggregate illustrated amounts for non-guaranteed Terminal Dividend / Special Dividend provided to customers at the point of sale, for all relevant policies terminated in the reporting year.

Fulfillment ratios for terminal dividends for reporting year 2023

 Product TypePolicy Year 1
(Policy effective
in 2022)
Policy Year 2
(Policy effective
in 2021)
Policy Year 3
(Policy effective
in 2020)
Policy Year 4
(Policy effective
in 2019)
Policy Year 5
(Policy effective
in 2018)
Policy Year 6
(Policy effective
in 2017)
Policy Year 7
(Policy effective
in 2016)
Policy Year 8
(Policy effective
in 2015)
Policy Year 9
(Policy effective
in 2014)
Policy Year 10
(Policy effective
in 2013)
Policy Year 10+
(Policy effective
in 2012 or before)
HUNDRED LIFE CRITICAL ILLNESS INSURANCE PLAN / NCB WHOLE LIFE CRITICAL ILLNESS INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesN/AN/AN/AN/A90%90%
HUNDRED LIFE INSURANCE PLAN / NCB WHOLE LIFE INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesN/AN/AN/AN/AN/AN/AN/A77%77%
GLORIOUS LIFE SAVINGS INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesN/AN/AN/AN/A72%72%
STEPUP WHOLE LIFE INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesN/A90%N/ANot yet launchedNot yet launchedNot yet launched
SMARTUP WHOLE LIFE INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to sales90%90%N/ANot yet launchedNot yet launchedNot yet launchedNot yet launched
MULTI-PLUS SAVINGS INSURANCE PLAN (HKD/USD)Participating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesN/A85%85%86%74%
MULTI-PLUS SAVINGS INSURANCE PLAN (RMB)Participating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesN/A100%100%100%100%
REACHUP INSURANCE PLANParticipating EndowmentN/A100%100%85%85%Not yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
SMARTGUARD CRITICAL ILLNESS PLANParticipating Whole LifeN/AN/A100%100%100%Not yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
ULTRAREACH INSURANCE PLAN Participating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesN/AN/A90%Not yet launchedNot yet launchedNot yet launchedNot yet launched
SMARTUP PLUS WHOLE LIFE INSURANCE PLANParticipating Whole LifeClosed to salesClosed to sales90%90%90%Not yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
FINANCIALGUARD WHOLE LIFE INSURANCE PLANParticipating Whole LifeN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ANot yet launched
FINANCIALGUARD WHOLE LIFE COUPON PLANParticipating Whole LifeN/AN/AN/AN/AN/AN/AN/AN/AN/AN/ANot yet launched
FINANCIALGUARD CRITICAL ILLNESS INSURANCE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesN/AN/AN/AN/AN/AN/ANot yet launched
INCOMESHINE WHOLE LIFE COUPON PLANParticipating Whole LifeN/AN/AN/AN/AN/AN/A90%90%Not yet launchedNot yet launchedNot yet launched
BESTCARE CRITICAL ILLNESS PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesN/AN/AN/AN/ANot yet launchedNot yet launched
BESTCARE-PRO CRITICAL ILLNESS PLANParticipating Whole LifeN/AN/AN/AN/AN/AN/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launched
SMARTRETIRE ANNUITY INSURANCE PLANParticipating Income PlanN/AN/AN/AN/A90%N/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
BOC LIFE DEFERRED ANNUITY PLAN (LIFETIME)Participating Income PlanN/AN/AN/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
SMARTUP PRO WHOLE LIFE INSURANCE PLAN Participating Whole LifeN/AN/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
FOREVER WELLBEING WHOLE LIFE INSURANCE PLAN Participating Whole LifeN/AN/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
FOREVER LEGACY WHOLE LIFE PLANParticipating Whole LifeN/AN/A100%100%N/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
FOREVER FORTUNE WHOLE LIFE INSURANCE PLANParticipating Whole LifeN/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
FOREVER WEALTH WHOLE LIFE PLANParticipating Whole LifeClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesN/AN/AN/ANot yet launchedNot yet launched
GLAMOROUS GLOW WHOLE LIFE INSURANCE PLANParticipating Whole LifeN/AN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
COVERU WHOLE LIFE INSURANCE PLAN / COVERU WHOLE LIFE INSURANCE PLAN (DELIGHT VERSION)Participating Whole LifeN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
CRITICAL ILLNESS 188 WHOLE LIFE INSURANCE PLANParticipating Whole LifeN/ANot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launchedNot yet launched
STAR LEGACY PRIVATE WEALTH WHOLE LIFE PLANParticipating Whole LifeProduct has not yet reached the first policy anniversary and thus no value is shown
GLAMOROUS GLOW GLOBAL WHOLE LIFE INSURANCE PLANParticipating Whole LifeProduct has not yet reached the first policy anniversary and thus no value is shown
ETERNAL FORTUNE GLOBAL WHOLE LIFE INSURANCE PLANParticipating Whole LifeProduct has not yet reached the first policy anniversary and thus no value is shown

Fulfillment ratios for special dividends for reporting year 2023

 Product TypePolicy Year 1
(Policy effective
in 2022)
Policy Year 2
(Policy effective
in 2021)
Policy Year 3
(Policy effective
in 2020)
Policy Year 4
(Policy effective
in 2019)
Policy Year 5
(Policy effective
in 2018)
Policy Year 6
(Policy effective
in 2017)
Policy Year 7
(Policy effective
in 2016)
Policy Year 8
(Policy effective
in 2015)
Policy Year 9
(Policy effective
in 2014)
Policy Year 10
(Policy effective
in 2013)
Policy Year 10+
(Policy effective
in 2012 or before)
MULTI-PLUS SAVINGS INSURANCE PLAN (HKD/USD)Participating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesN/AN/AN/AN/AN/A
MULTI-PLUS SAVINGS INSURANCE PLAN (RMB)Participating EndowmentClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesClosed to salesN/AN/AN/AN/AN/A

Notes:
1.    As the fulfillment ratios are calculated on aggregate level among all relevant participating policies and assumptions relating to premium payment and dividend payment options etc are made, the fulfillment ratios shown in the table may not represent the situation of each individual participating policy.

2.    The figures are calculated based on the data as of relevant reporting year and have been rounded to the nearest percent. 

3.    The products shown are those which (a) it has issued new policies since 2010, and (b) it still has policies inforce in the reporting year. For the avoidance of doubt, products that were launched after the reporting year are excluded. 

4.   Fulfillment ratio would not be applicable (i.e. shown as “N/A”) for some policy years of some products under the following situations,
a.   Under the fulfillment ratio for annual dividends,
i.    there are no relevant inforce policies in the reporting year; or
ii.    up to the corresponding policy years, no annual dividends has been declared;
b.    Under the fulfillment ratio for terminal dividends and special dividends,
i.    there are no relevant inforce policies in the reporting year;
ii.    there are relevant inforce policies but no relevant policies has been terminated or surrendered in the reporting year; or
iii.    in the corresponding policy years, no terminal dividends or special dividends has been declared

5.    Fulfilment ratios for some products may be available before the product is launched or after the product is closed to sales. It may be due to various policy actions including but not limited to actions that involve change in policy date, for example, policy backdating.

6.    Above figures do not reflect any dividend declarations after the reporting year, and the up-to-date dividend of individual inforce policy is reflected and stated in the policy value of the respective anniversary statement. 

7.    Historical dividends are not an indicator of future declaration of the future dividends.