Protection for your loved ones Carefree life for yourself

Are you or have you:

• the breadwinner of the family?
• just married and be responsible for the protection of your beloved?
• already secured a loan and need extra protection.
• Or . . .

Life is an unpredictable journey. You need to get prepared for the provision of sufficient financial support such that your family’s life would not be affected in the event of mishap. BOC Group Life Assurance Company Limited (“BOC Life”) presents you the “Term Plan” Term Life Insurance Plan (“the Plan”), which offers life protection at a low premium, stand by you to help taking care of you and members of your family.

Life Protection for Peace of Mind

In case the Insured passes away during the coverage period, an amount equal to the Sum Insured will be payable to relieve the financial burden of your family.

Affordable Premium for Easy Budgeting

You may enjoy a relatively high life protection coverage at a low premium outlay comparing with other whole life insurance plans. For better financial arrangement, premiums remain unchanged during the coverage period.

Guaranteed Renewable¹

At the end of each coverage period, the policy is guaranteed renewable¹ up to the Insured’s age 75 without medical examination on the Insured required. If the applicant applies for 1 year coverage, premium may be increased according to the age of the Insured. If the applicant applies for 5-year coverage, premiums remain unchanged during the 5-year coverage period. Premium will be calculated based on the attain age of the Insured upon policy renewal.

Convertible to Whole Life Insurance²

You may convert all or part of the Sum Insured under the Plan to a whole life insurance plan endorsed by BOC Life at any policy anniversary during the coverage period before the Insured’s age of 70 that medical examination is not required, allowing you to enjoy a care-free whole life protection.

Supplementary Riders³ 

You may enhance your coverage by attaching a wide range of supplementary riders³ to the policy. 

Basic Eligibility Requirements

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.

Risk Disclosure of USD Insurance:

USD policies are subject to exchange rate risk. The exchange rate between 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 USD policy will vary with the exchange rate. The exchange rate between 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 USD policy.

Other Key Risks:

• The premium payable of the Plan and / or the Rider (if any) at the time of application and renewal is calculated based on the following factors (if applicable), including but not limited to the Sum Insured, gender, issue age, attained age, smoking habit, premium payment term, level of benefits, underwriting class, risk class and residency, and is not guaranteed. BOC Life reserves the right to review and adjust the premium payable at any time. Factors leading to such adjustment include but not limited to emergence of difference between actual experience and current expectation.
• 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
  (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.

Remarks:

1. The Plan is automatically renewed for another year upon payment of the premium in accordance with the Age of the Insured and the premium rate then in effect on the date of renewal as well as a policy fee designated by BOC Life from time to time. If the term of the policy is one other than yearly renewable and if the Insured is aged over 70 at the time of renewal, it will be renewed up to the Expiry Date of coverage period only. BOC Life reserves the right to change the premium rate at its absolute discretion.
2. During the lifetime of the Insured and while the policy is in force, the Policy Owner may convert all or part of the amount of coverage under the policy to a whole life plan as defined by BOC Life without further evidence of insurability, but must not be less than the minimum issue limit set by BOC Life at the date of conversion, on any premium due date prior to the Expiry Date but not later than the Policy Anniversary on or immediately following the Insured’s seventieth birthday. The new plan will be issued as at the date of conversion. The premium charged on the new plan shall be determined in accordance with BOC Life’s prevailing rates for the Insured’s Age on the date of conversion. If the policy is issued with an extra premium, an extra premium computed on a consistent basis shall be charged on the new plan. If the premiums under the policy are being waived, premiums payable under the converted plan will not be waived and will be payable in accordance with the provisions of the converted plan.
3. Supplementary riders are subject to underwriting and issue age. Premiums of such may be changed from time to time. For details, please contact the branch staff of the major insurance agencies.

Cancellation rights and refund of premium(s) and levy within cooling-off period:

Policy Owner has the right to cancel the policy / application form and obtain a refund of any premium(s) and the levy paid, which are collected by BOC Life on behalf of the Insurance Authority according to the relevant requirements, less any difference caused by exchange rate fluctuation, where applicable, by giving a written notice to BOC Life. Policy Owner understands that to exercise this right, the notice of cancellation must be signed by the Policy Owner and received directly by BOC Life’s Principal Office at 13/F, 1111 King’s Road, Taikoo Shing, Hong Kong within the Cooling-off Period. Policy Owner understands that the Cooling-off Period is the period of 21 calendar days immediately following either the day of the delivery of the policy or the Cooling-off Notice to the Policy Owner or the representative nominated by the Policy Owner (whichever is the earlier). Policy Owner understands that BOC Life will indicate the last day of the Cooling-off period in the Cooling-off Notice and text message issued to the Policy Owner (if applicable), if the last day of the Cooling-off Period as indicated in the Cooling-off Notice and the text message (if applicable) is not a working day, the period shall include the next working day. Policy Owner understands that the Cooling-off Notice is a notice that will be sent to the Policy Owner or the nominated representative of the Policy Owner by BOC Life to notify the Policy Owner of the Cooling-off Period around the time the policy is delivered. In addition, the Policy Owner understands that no refund of premium(s) and the levy can be made if a claim payment under the policy has been made to the Policy Owner prior to the request for the cancellation.

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:

• The Plan and the supplementary rider(s) (if any) are underwritten by BOC Life. Chiyu Banking Corporation Limited (“Chiyu Bank”) is the major insurance agencies 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.
• Chiyu Bank is granted insurance agency licences under the Insurance Ordinance (Cap. 41 of the Laws of Hong Kong) by Insurance Authority in Hong Kong. (insurance agency licence no. of Chiyu Bank is FA2899)
• BOC Life reserves the right to decide at its sole discretion to accept or decline any application for the Plan and the supplementary rider(s) (if any) according to the information provided by the proposed Insured and the applicant at the time of application.
• The Plan and the supplementary rider(s) (if any) are 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.
• Chiyu Bank is the appointed insurance agencies of BOC Life for distribution of life insurance products. The life insurance product is a product of BOC Life but not 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 Chiyu Bank and the customer out of the selling process or processing of the related transaction, Chiyu Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; whilst any dispute over the contractual terms of the Plan should ultimately be resolved between the Insurance Company and the customer, where practicable and appropriate, Chiyu Bank will provide reasonable assistance to the customer in the dispute resolution process.
• 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 detailed terms, conditions, exclusions, policy costs and fees) of the Plan and the supplementary rider(s) (if any). For enquiry, please contact the branch staff of the major insurance agencies.