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Home > Personal Banking > Insurance > Personal Life Insurance > IncomeGrowth Annuity Insurance Plan
Section Arrow IncomeGrowth Annuity Insurance Plan
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IncomeGrowth Annuity Insurance Plan (ďthe PlanĒ) provides you with both life insurance and savings. By paying premium for just 2 years, you are entitled to 12 years of life protection with Guaranteed Annuity Payments payable annually from the 1st policy anniversary onwards. The Plan can help you realize your financial goals at different life stages with ease.

BulletGuaranteed Annuity Payments
BulletA variety of Policy Currencies
BulletLife Protection
BulletAdditional Accidental Death Benefit6
BulletGuaranteed Issue with No Medical Examination Required7
Bullet24-Hour Worldwide Emergency Assistance Services8
BulletBasic Eligibility Requirements
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Grey Line Red Arrow Guaranteed Annuity Payments
Guaranteed Annuity Payments1, calculated at the designated percentage of the Sum Insured, will be paid to you annually for 12 policy anniversaries starting from the 1st policy anniversary (including the 1st policy anniversary). You may choose to cash out the Guaranteed Annuity Payments or accumulate them with BOC Group Life Assurance Company Limited ("BOCG Life") for interest earning2. For details of Guaranteed Annuity Payments, please contact the staff of Bank of China (Hong Kong) Limited ("BOCHK") or refer to the relevant proposal.
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Grey Line Red Arrow A variety of Policy Currencies
The policy currencies of the Plan are HKD, USD3 and RMB.3
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Grey Line Red Arrow Life Protection
The Plan provides life protection coverage throughout the policy term of 12 years with death benefit4 which is equivalent to the higher of 102% of the Net Premiums Paid5 or 102% of Guaranteed Cash Value as at the date of the Insured's death (subject to a maximum of the higher of 100% of the Net Premiums Paid5 or 100% of the Guaranteed Cash Value, plus RMB80,000 (RMB policy)/ HKD80,000 (HKD policy)/USD10,000 (USD policy)), plus Guaranteed Annuity Payments (if any) accumulated together with interest (if any) accrued on them according to the applicable policy currency.
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Grey Line Red Arrow Additional Accidental Death Benefit6
Within the first 3 policy years, in the unfortunate event that the Insured has an accident and dies within 180 days, an additional accidental death benefit will be paid which is equivalent to 30% of the Net Premiums Paid5 as at the date of the Insured's death, subject to a maximum amount of RMB200,000 (RMB policy) / HKD200,000 (HKD policy) / USD25,000 (USD policy).
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Grey Line Red Arrow Guaranteed Issue with No Medical Examination Required7
No medical examination is required for approving the application of the Plan, which is convenient and time saving.
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Grey Line Red Arrow 24-Hour Worldwide Emergency Assistance Services8
You will have access to 24-hour Worldwide Emergency Assistance Services, covering emergency medical assistance and referral services, and other assistance services.
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Grey Line Red Arrow Basic Eligibility Requirements

Issue Age

Age 0 (starting from 15 days after birth) to age 70

Premium Payment Period

2 years

Coverage Period

12 years

Policy Currencies

RMB/HKD/USD

Minimum Sum Insured

RMB100,000 (RMB policy) /
HKD100,000 (HKD policy) /
USD12,500 (USD policy)

Premium Payment Mode

Annual
(If pre-payment option is selected, premiums for 2 policy years have to be fully prepaid upon application9)

Premium Payment Method

For HKD policy with premium paid in HKD: Autopay / Cheque / Cash
For USD policy with premium paid in USD: Account Transfer / Cheque / Cash
For RMB policy with premium paid in RMB: Autopay through RMB Account / RMB Cheque
For RMB or USD policies with premium paid in HKD (market-based prevailing exchange rate determined by BOCG Life from time to time will be applied, which may not be the same as the spot rate of banks): Autopay / Cheque / Cash

Act Now! Donít miss out this opportunity!

Enquiry Hotline: (852) 3988 2388
Website: www.bochk.com

Remarks/Disclaimers:

  1. Guaranteed Annuity Payments will be payable for 12 consecutive policy anniversaries while the policy is in-force. To be eligible for receiving Guaranteed Annuity Payments annually at every policy anniversary, the customer has to pay the premium payable in full in the first 2 policy years. If the annual premium payable for the 2nd policy year is not paid before the end of the grace period, the policy will be terminated. Customer will receive the Guaranteed Cash Value as at the end of the 1st policy year.
  2. The annual interest rates for accumulation of Guaranteed Annuity Payments are not guaranteed. BOCG Life reserves the right to change them from time to time.
  3. 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 (where 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 BOCG 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 is currently not fully freely convertible. Hong Kong residents conduct conversion of RMB through bank accounts are subject to a daily limit and they should allow time for exchange of RMB from/ to another currency of a RMB amount exceeding the daily limit. Non-Hong Kong Residents (i.e. individuals who are not holders of Hong Kong Identity Card) that intend to conduct conversion of RMB through the 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 decision at that moment.
  4. If the Insured is covered by more than one policy under the Plan, the total maximum amount of the death benefit of all these policies shall be equal to the higher of 100% of the Net Premiums Paid5 or 100% of the Guaranteed Cash Value of all such policies as at the date of the Insuredís death, plus i) RMB80,000 (RMB policy)/HKD80,000 (HKD policy)/USD10,000 (USD policy) (if the Insured is covered by all policies denominated in the same currency under the Plan) or ii) the highest of RMB80,000/HKD80,000/USD10,000 (if the Insured is covered by all applicable policies denominated in different currencies under the Plan at the same time), plus any accumulated Guaranteed Annuity Payments with any interest accrued on them according to the applicable policy currency under all such policies. BOCG Life shall only pay the said total maximum amount once for all such policies.
  5. Net Premiums Paid means total premiums paid less all Guaranteed Annuity Payments cashed out and/or left for accumulation (excluding any interest accrued on them) as at the date of the Insuredís death.
  6. The additional accidental death benefit is applicable to the Insured who is aged 18 to 60 at the time of policy issue and has an accident before the 3rd policy anniversary and the accident is the sole cause of, and within 180 days results in the death of the Insured. If the Insured is covered by more than one policy under the Plan, the total maximum amount of the additional accidental death benefit of all these policies shall be equal to i) RMB200,000 (RMB policy)/ HKD200,000 (HKD policy)/USD25,000 (USD policy) (if the Insured is covered by all policies denominated in the same currency under the Plan), or ii) the highest of RMB200,000/HKD200,000/USD25,000 (if the Insured is covered by all applicable policies denominated in different currencies under the Plan at the same time). BOCG Life shall only pay the said total maximum amount once for all such policies.
  7. The application of RMB policy with Sum Insured of RMB5,000,000 or above will be subject to financial underwriting decision by BOCG Life.
  8. The relevant services are provided by Inter Partner Assistance Hong Kong Limited in accordance with the applicable terms and conditions. The services are not guaranteed for renewal. BOCG Life reserves the right to withhold or amend the said services at its sole discretion. With effect from 1 March 2013, the local telecommunication service provider will cease all international operator-assisted call services, including collect calls (calls paid by call recipient). The collect call service of the 24-hour Worldwide Emergency Assistance Services provided by Inter Partner Assistance Hong Kong Limited will no longer be available starting from the same date in this regard. The relevant telephone numbers, terms and conditions of the services shall remain unchanged.
  9. For prepaid premium, partial or full withdrawal during the premium payment period may be subject to withdrawal fee.

Important Notes:

  • This Plan is underwritten by BOC Group Life Assurance Company Limited ("BOCG Life"). Bank of China (Hong Kong) Limited is an appointed insurance agent of BOCG Life.
  • BOCG Life is authorized and regulated by Office of the Commissioner of Insurance to carry on long term insurance business in the Hong Kong Special Administrative Region of the People's Republic of China.
  • BOCG Life reserves the right to accept or decline any application for the Plan based on the information provided by the insured and applicant at the time of application.
  • BOCG Life reserves the right to amend or withhold any terms and conditions without prior notice.
  • The Plan is governed by the terms and conditions in the relevant policy document. Detailed terms and conditions are subject to the official policy document issued by BOCG Life. Please refer to the relevant policy document for the details of the insured items and coverage, provisions and exclusions.

 

In case of any inconsistencies between the Chinese version and the English version of this promotional material, the English version shall prevail.

This promotional material is for reference only. It shall not be construed as an offer to sell or solicitation to buy or provision of any products of BOCG Life outside Hong Kong.


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 (where 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 BOCG 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.
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