BOC Life iGreen Savings Insurance Plan

Life Insurance

BOC Group Life Assurance Company Limited

The first green short-term savings insurance plan certified by an independent third party in Hong Kong*, from which over half of the premiums raised will be invested in different ESG^ investment projects, allowing you to be a part of environmental protection and sustainable development!

Flash Offer# Enter Promo Code GT3 immediately to grasp your opportunity to enjoy the premium discount offer on USD policy!                                                                            

Welcome Gift#: From now on until 31 October 2022, customers may receive an Organic Planting Innovative Package upon successful enrolment.

  • Annual payout of Guaranteed Cash Coupons1
  • Annualized Guaranteed Rate of Return at policy maturity2: 3.00% (USD policy with premium discount) / 2.75% (RMB policy)
  • Life protection3 and Additional Accidental Death Benefit4
  • Charity Donation Benefit5 benefiting the community
  • One-off payment of premium from RMB3,000 / USD375
  • Easy application via mobile banking

*As of 7 August 2022, according to a comparison of major short-term savings insurance plans of the same category (short-term herein refers to payment term and policy term within 3-5 years) in Hong Kong’s life insurance market. Ernst & Young, a professional certification body, conducted pre-issuance assurance for BOC Life’s green insurance product series, and issued a pre-issuance attestation report for the result. 

^  See “What is ESG?” below

# Terms and conditions apply on the above-mentioned Flash Offer and Welcome Gift. For details, please refer to the product leaflet and the appendix thereto.

Note: Please refer to the product leaflet for the details of the Plan (including the coverage, key risks, major exclusions, etc.).

Illustrative Example

Proposed Insured:       30-years-old Male

Premium Payment Mode:   Single payment

Single Premium:                RMB1,000,000

Option 1: Accumulate the Guaranteed Cash Coupons in the policy for interest6

Guaranteed amount of Maturity Payment receivable at policy maturity:  RMB1,084,790
The approximate percentage of the actual Total Premiums Paid: 108.48%
Annualized Guaranteed Rate of Return at policy maturity 2:   2.75%

 

Option 2: Cash out the Guaranteed Cash Coupons annually

Policy Anniversary    

Guaranteed Cash Coupon6

(RMB)

1 27,500
2 27,500
3 1,027,500

 

Total Guaranteed Cash Coupons received at policy maturity:       RMB1,082,500
The approximate percentage of the actual Total Premiums Paid:108.25%
Annualized Guaranteed Rate of Return at policy maturity 2:   2.75%

Note: The monetary figures in the above examples are rounded up to the nearest whole number and are for illustrative purposes only. Please refer to the policy document for the actual figures. The figures in the illustrative examples do not include levy and premium discount (if any). For details of premium discount, please refer to product brochure.

Basic Eligibility Requirements7

Issue Age From age 18 to age 64
Premium Payment Term Single premium
Benefit Term 3 years
Policy Currency RMB / USD
Premium Payment Mode

Single payment

(Direct Payment from BOCHK e-Banking Account)

What is ESG?

ESG is the acronym for environmental, social and governance. ESG related investment products are gaining increasing interest from global investors and have become an important investment trend, in which ESG factors have been considered in the decision-making process of investment, besides financial factors, boosting sustainable development for environment and the society.

Why choose BOC Life’s green savings insurance plan?

  • ESG core values

Sustainable development is the core value of BOC Life in management and business development. By following the vision of the Group, we maintain and strengthen management aspects of environmental, social, and governance (ESG) in the long run, establish a corporate culture of sustainability, and cultivate good ethics and responsible business practice. BOC Life is dedicated to realizing the mission of connecting the world and benefiting the society.

  • Internationally recognized principles for sustainable insurance

According to the Principles for Sustainable Insurance (PSI) under the United Nations Environment Programme’s Finance Initiative, BOC Life has formulated the “BOC Group Life Assurance Company Limited Green Insurance Framework” (“Green Insurance Framework”)~ as a guideline to issue our green savings insurance products. The Framework~ articulates how BOC Life contributes to and promotes projects for environmental improvement and development of a low carbon economy by launching green savings insurance.

  • Professional certification

Ernst & Young, a professional certification body, conducted pre-issuance assurance for BOC Life’s green insurance product series according to the Green Insurance Framework and issued a pre-issuance attestation report for it (Please refer to BOC Life’s relevant product page https://www.boclife.com.hk/en/product/boc-life-igreen-savings-insurance-plan.html).

  • Bank of China (Hong Kong), an excellent performer in ESG is our exclusive distribution channel

As the sole agency of The Plan, Bank of China (Hong Kong) Limited (“BOCHK”) receives highest AAA rating from MSCI ESG in 2021, recognizing its excellent performance in ESG.

  • Clear disclosure of green investment strategy
    • The premiums raised by BOC Life under the Plan will be invested in different investment projects
    • Over half of the premiums raised will be invested in the green bonds that meet the requirements of Green Bond Principles promulgated by ICMA or other sustainability series bonds / green financial instruments (Please refer to https://www.icmagroup.org for ICMA’s Green Bond Principles)
    • Positive screening is adopted in our investment strategies to actively explore suitable ESG investment opportunities such as carbon neutral bonds and ESG funds, etc. We will also review the investment portfolio of this Plan regularly to avoid active investment into any items harming environment and society that belong to the exclusion list such as tobacco, arms, mining and quarrying.

~See “BOC Group Life Assurance Company Limited’s Green Insurance Framework” below

BOC Group Life Assurance Company Limited Green Insurance Framework

According to the following Principles for Sustainable Insurance under the United Nations Environment Programme’s Finance Initiative (Please refer to https://www.unepfi.org/psi for details.), BOC Life has formulated the Green Insurance Framework, which articulates how BOC Life contributes to and promotes the projects for environmental improvement and development of a low carbon economy by launching green savings insurance.

 

Principle 1: Consider ESG-related issues in the decision-making process of insurance business.

Principle 2: Collaborate with customers and business partners to strengthen the understanding on ESG, mitigate the risk effectively and formulate solutions.

Principle 3: Collaborate with the government, regulatory bodies and other major stakeholders to facilitate the promotion of ESG.

Principle 4: Regularly disclose the progress in implementing the Principles to ensure corporate ESG accountability and transparency.

Application Method

Login BOCHK Mobile Banking

Remarks:

  1. Guaranteed Cash Coupons will be payable to the Policy Owner on every Policy Anniversary while the policy is in-force.
  2. Annualized guaranteed rate of return at policy maturity varies by your chosen policy currency. The annualized guaranteed rates of return mentioned above are rounded to 2 decimal places.
  3. If the Insured is covered by more than one policy under the Plan issued by BOC Life, the total maximum amount of the Death Benefit of all these policies shall be equal to the higher of 100% of the Net Premiums Paid or 100% of the Guaranteed Cash Value under all such policies as at the date of the Insured’s death, plus RMB80,000 or USD10,000, plus all the accumulated Guaranteed Cash Coupons (if any) and the interest accrued (if any) under all such policies. BOC Life shall only pay the said total maximum amount once for all such policies.
  4. The Additional Accidental Death Benefit is applicable to the Insured who has an accident before the first Policy Anniversary. Such accident should be direct, independent and the sole cause of, and should result in the death of the Insured within 180 days after the accident and before termination of coverage under the relevant policy. Also, submission of due proof of the Accidental Death of the Insured to BOC Life is required. If the Insured is covered by more than one policy under the Plan issued by BOC Life, the total maximum amount of the Additional Accidental Death Benefit under all such policies shall be equal to RMB50,000 or USD6,250. BOC Life shall only pay the said total maximum amount once for all such policies.
  5. If the Insured is covered by more than one policy under the Plan issued by BOC Life, the total maximum amount of the Charity Donation Benefit of all such policies shall be equal to RMB50,000 or USD6,250 (per life per product). After approval and payment of Additional Accidental Death Benefit, BOC Life will make a donation to the designated charitable institution(s) – currently designated to St. James’ Settlement. BOC Life reserves the right to change such designated charitable institution(s) at any time at its sole discretion without prior notice. For the avoidance of doubt, the Charity Donation Benefit is a donation made by BOC Life, but should not in any way be taken as a donation made by or on behalf of the Policy Owner, Insured and/or Beneficiary.
  6. Policy Owner may also withdraw any portion or all of the accumulated Guaranteed Cash Coupons and/or any interest accrued while the policy is in-force. Such amount withdrawn will no longer be counted as part of the total cash value and Death Benefit of the policy. Policy Owner may call BOC Life Customer Hotline to change the way to receive the Guaranteed Cash Coupons after policy issuance.
  7. The Plan is available to the holders of Hong Kong Permanent Identity Card/Hong Kong Identity Card, People’s Republic of China Resident Identity Card/Passport or Macau Resident Identity Card, who also have BOCHK e-Banking account, to apply via BOCHK mobile banking in Hong Kong. And the Plan is subject to the relevant requirements on nationality and residency of the applicants and the Insured as determined by BOC Life from time to time.
  8. You are allowed to apply for more than one policy of the Plan, while the aggregate of the total annualized premium of all policies under the Plan for each Insured should not exceed RMB2,000,000 or USD250,000.

Important 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.
  • The Plan is a long-term insurance plan that is underwritten by BOC Life. It is not a bank deposit scheme or bank savings plan. BOCHK is the appointed agency of BOC Life for distribution of life insurance products. The life insurance product is a product of BOC Life but not BOCHK.
  • 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 BOCHK and the customer out of the selling process or processing of the related transaction, BOCHK is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the insurance product should be resolved between directly the insurance company and the customer.   
  • BOC Life reserves the right to decide at its sole discretion to accept or decline any application for the Plan according to the information provided by the proposed Insured and the applicant at the time of application.
  • BOC Life reserves the right to amend, suspend or terminate the Plan at any time and to amend the relevant terms and conditions. In case of dispute(s), the decision of BOC Life shall be final.
  • Should there be any discrepancy between the Chinese and English versions of this promotion material, the English version shall prevail.
  • The Plan is 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.

This promotion material is for reference on the key product features of this Plan 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. You are advised to read in conjunction with the product leaflet of this Plan. Please refer to the sales documents, including product leaflet, benefit illustration and 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, important notes, policy costs and fees) of the Plan.