Remove All Items

BOC iMortgage-Linked Term Life Insurance Plan

Product Type: Life Insurance

Insurer: BOC Group Life Assurance Company Limited (“BOC Life”)

Product Features1

  • Innovative online mortgage loan-linked life insurance: Under BOC iMortgage-Linked Term Life Insurance Plan (“the Plan”), the insurance policy is linked to your BOCHK Mortgage Loan Account. The Sum Insured automatically adjusts based on the latest outstanding principal amount of the Mortgage Loan Account on each Policy Monthiversary 4, capped at HK$8,000,000 (Age 18 to 50); HK$4,000,000 (Age 51 to 60)3
  • Term life insurance at affordable premium: The Plan offers pure life protection, the Sum Insured are adjusted as the remaining mortgage principal amount of the Mortgage Loan Account is reduced 2,3, 4 each month. Pay for the just right amount of protection that matches with your need, the Premium of the policy will be adjusted based on the latest Sum Insured and the premium rate on each Policy Monthiversary. Moreover, the premium rate of the Plan is guaranteed to remain unchanged for the first 10 years from the Policy Date2, after which it will be increased every 10 Policy Years (i.e. the 11th and the 21st years) based on the attained Age and risk class (i.e. sex and smoking status) of the Insured2, allowing you to have a better budget planning
  • Lump sum benefit to shelter family: Death Benefit8,10 or Total and Permanent Disability Benefit#,9,10 paid in lump sum to support the Insured’s family on mortgage repayment in the face of such unfortunate events
  • Instant quote and application without medical examination: Apply for and manage your insurance policy via BOCHK Mobile App. Get instant quote based on your latest mortgage information

 

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

Before application, please read and understand the related Product Information, Full term premium, Policy Terms and all other relevant document and information carefully.

Limited Offer5

20% first year premium discount

From now till 31 December 2024, enter the below Promo Code and you may enjoy the above offer upon successful enrolment for the Plan!

Promo Code: iMOL

Demonstration video for application (Chinese version only)

 

Basic Eligibility Requirements6

Basic Requirements

Holder of BOCHK Mobile Banking account

Holder of Hong Kong Permanent Identity Card

Insured must be the Policy Owner

Holder of an Eligible BOCHK Mortgage Loan Account7
Issue Age Age 18 to 60
Sum Insured3

Automatically adjusted based on the actual outstanding principal amount of the BOCHK Mortgage Loan Account held by the Policy Owner linked to the policy of the Plan during application (“Mortgage Loan Account”) every month^.

There is no minimum Sum Insured set, while the maximum Sum Insured10 and the aggregate Sum Insured limit10 of each Insured under all policies of the Plan are as follows:

  • HK$ 8,000,000 (Age 18 to 50)
  • HK$ 4,000,000 (Age 51 to 60)
Premium Payment Term & Benefit Term Equivalent to the remaining loan tenor of the Mortgage Loan Account at the time of application！, and will be adjusted if the Maturity Date@ is updated thereafter.
Policy Currency

HKD
Premium2

The Premium will be adjusted based on the Sum Insured and the premium rate then in effect on the date of adjustment while the premium rate is guaranteed to remain unchanged for the first 10 years from the Policy Date, after which it will be increased based on the attained Age and risk class (i.e. sex and smoking status) of the Insured every 10 Policy Years (i.e. the 11th and 21st years)^.

Premium payment

mode

 Monthly (direct debit via BOCHK Mobile Banking)
Death Benefit~,8,10 100% of Sum Insured3 at the time of death of the Insured, less any outstanding Premiums.
Total and Permanent Disability Benefit~,#,9,10 100%~ of Sum Insured at the date of first Diagnosis of the corresponding Total Disability~,#, less any outstanding Premiums.
Conversion Privilege11 If all of the outstanding principal amount of the Mortgage Loan Account is paid off early, the policy will be terminated. The Policy Owner can exercise the Conversion Privilege within 60 days upon policy termination to convert all or part of the Sum Insured as of the last Policy Monthiversary before policy termination to an insurance policy of such insurance plan(s) designated by BOC Life11 without requiring further proof of insurability, subject to the Sum Insured upper limit of such designated insurance plan(s) as may be updated by BOC Life from time to time. Such arrangement is subject to the application requirements of the relevant insurance plan(s), and the Premium may be increased after the conversion, please contact BOC Life for details.

 

！The remaining loan tenor of the Mortgage Loan Account will be calculated as one month if it is less than one month.

@ Maturity Date refers to the Policy Monthiversary on or immediately after the end date of the Mortgage Loan Account.

^The policy of the Plan will be automatically renewed on each Policy Monthiversary for a further term of 1 month. On each Policy Monthiversary (or the next Working Day), the outstanding principal amount of the Mortgage Loan Account will be captured for the adjustment of Sum Insured and Premium. The premium rate is guaranteed to remain unchanged for the first 10 years from the Policy Date2, after which it will be increased based on the attained Age and risk class (i.e. sex and smoking status) of the Insured every 10 Policy Years (i.e. the 11th and the 21st years). In other words, provided that the outstanding principal amount of the Mortgage Loan Account decreases and is at a level below the Sum Insured Upon Policy Issuance, the Premiums for such 10-year period will decrease accordingly. The premium amount in the future will be increased according to the increased premium rates, and the future Premiums might be higher than the premium amount at the time of application the Policy Owner should maintain sufficient funds in the bank account for settling premium payment, so as to avoid unsuccessful debiting due to insufficiency of bank account balance, which may lead to failure of direct debit authorization and incurrence of relevant costs, or even lapse of policy. Please refer to the product brochure, illustrative example, monthly premium calculation method, premium rate table, notes and quotation tool on product page of the Plan in BOCHK Mobile Banking for details.

~Death Benefit equals to the Sum Insured at the time of death of the Insured, and Total and Permanent Disability Benefit equals to the Sum Insured at the date of first Diagnosis of the corresponding Total Disability. Both are subject to deduction of all outstanding Premiums (if any). Under all circumstances, BOC Life will only pay either the Death Benefit or Total and Permanent Disability Benefit in respect of the Insured. Upon approval of a claim for the Total and Permanent Disability Benefit, Death Benefit will, as of the date of first Diagnosis of the concerned Total Disability, also be terminated.

# Total Disability means the Insured is unable to perform at least 3 of the 6 Activities of Daily Living (The 6 Activities of Daily Living refer to: Washing, Dressing, Transferring, Mobility, Toileting and Feeding, please refer to the Provisions for detailed definition) without assistance due to a disease, illness or injury, provided that the Insured must be below Age 75 at the time of first Diagnosis. Total and Permanent Disability refers to the Insured’s Total Disability being Diagnosed as permanent, in which case there must be evidence to confirm that the Insured’s Total Disability has lasted for a continuous period of not less than 6 months from date of first Diagnosis of Total Disability. For detailed definitions, please refer to the policy documents and provisions issued by BOC Life.

 

Remarks:

The Policy Owner is subject to the credit risk of BOC Life. If the Policy Owner terminates and/or surrenders the insurance policy, the insurance protection provided by the Plan will be terminated, and the customer shall not be refunded for any Premium paid. Other Key Risks including but not limited to “Credit risk” & “Premium and Premium Rate Adjustment”

Case Study

David (Aged 35)

  • David applied for BOCHK mortgage loan7 for a loan amount of HK$8,010,000
  • Insurance needs: David applied for the Plan to protect his family against the risk of them being forced to relocate and losing their home due to default on the mortgage loan consequential to death

 

Monthly Premium Payment Calculation4

At application:

Outstanding principal amount of the Mortgage Loan Account = HK$8,010,000

Sum Insured = HK$8,000,000 (due to cap at HK$8,000,000)
First month’s premium

= HK$8,000,000 x premium rate at age 35 by the time of application/1,000,000
= HK$8,000,000 x 82.667/1,000,000 


= HK$661.34

 

At the 3rd month:

Outstanding principal amount of the Mortgage Loan Account= HK$7,960,000

Sum Insured = HK$7,960,000
Monthly premium for the 3rd month

= HK$7,960,000 x premium rate at age 35 by the time of application/1,000,000
= HK$7,960,000 x 82.667/1,000,000


= HK$658.03

 

At the 4th month:

Outstanding principal amount of the Mortgage Loan Account = HK$7,940,000

Sum Insured  HK$7,940,000
Monthly premium for the 4th month

= HK$7,940,000 x premium rate at age 35 by the time of application/1,000,000
= HK$7,940,000 x 82.667/1,000,000

=HK$656.38

 

At the 1st month of the 11th year:
Outstanding principal amount of the Mortgage Loan Account = HK$5,970,000

Sum Insured = HK$5,970,000
Monthly premium for the 1st month of the 11th year

= HK$5,970,000 x premium rate at age 45/1,000,000
= HK$5,970,000 x 222.500/1,000,000

=HK$1,328.33

 

At the 1st month of the 12th year:

Outstanding principal amount of the Mortgage Loan Account = HK$5,750,000

Sum Insured =HK$5,750,000
Monthly premium for the 1st month of the 12th year

= HK$5,750,000 x premium rate at age 45/1,000,000
= HK$5,750,000 x 222.500/1,000,000


= HK$1,279.38

 

At the 1st month of the 20th year:

Outstanding principal amount of the Mortgage Loan Account = HK$3,630,000

Sum Insured = HK$3,630,000
Monthly premium for the 1st month of the 20th year

= HK$3,630,000 x premium rate at age 45/1,000,000
= HK$3,630,000 x 222.500/1,000,000


= HK$807.68

 

At the 1st month of the 21st year:

Outstanding principal amount of the Mortgage Loan Account = HK$3,320,000

Sum Insured =HK$3,320,000
Monthly premium for the 1st month of the 21st year

= HK$3,320,000 x premium rate at age 55/1,000,000
= HK$3,320,000 x 569.000/1,000,000


=HK$1,889.08

 

David passes away and his family receives a lump sum death benefit: 

HK$3,320,000

 

Remark: The above assumes that David only holds one policy of the Plan. The monthly premium for the first 10 years listed in above example are calculated based on a premium rate of a non-smoking male aged 35 which means for every HK$1,000,000 Sum Insured, the monthly premium will be HK$82.67; and the monthly premium for the subsequent 11th year to 20th year are calculated based on a premium rate of a non-smoking male aged 45 which means for every HK$1,000,000 Sum Insured, the monthly premium will be HK$222.50; and the monthly premium for the subsequent 21st year to the date of death of the Insured are calculated based on a premium rate of a non-smoking male aged 55 which means for every HK$1,000,000 Sum Insured, the monthly premium will be HK$569.00.

Please note that the above is only an illustrative case and you should refer to the premium rate table applicable at the time for the relevant premium rate. The monthly premium amounts as stated in the above illustrative example are projected based on current premium rates for every HK$1,000,000 Sum Insured, are rounded to 2 decimal places, exclude levy and premium discount (if any) and are for illustrative purposes only. There may be a slight discrepancy between the above projected monthly premium amounts and the actual monthly premium payable due to rounding. The actual monthly premium payable may subject to adjustment based on the latest record of BOC Life (system capture time of BOC Life prevails). Please refer to the quotation tool on product page of the Plan in BOCHK Mobile Banking, product brochure and relevant policy document(s) for details.

Application Method

Login BOCHK Mobile Banking

Important Notice

You have an option to purchase the Plan as a standalone life insurance plan with Total and Permanent Disability Benefit, instead of bundling with other type(s) of insurance product. The product information does not contain the full terms of the policy and the full terms can be found in the policy documents.

 

Remarks:

  1. For details of the Plan (including but not limited to insured items and coverage, key risks and exclusions), please refer to the product brochure and policy provisions.
  2. The Premium payable of the policy at the time of application is calculated based on Sum Insured, as well as the Insured’s sex, smoking status and issue age. The Premium of the policy will be adjusted based on the latest Sum Insured and the premium rate on each Policy Monthiversary. If the outstanding principal amount of the mortgage loan account decreases, the Sum Insured will decrease every month accordingly (excluding the case of exceeding the Sum Insured’s upper limit). The premium rate is guaranteed to remain unchanged for the first 10 years from the Policy Date, which will be increased based on the Insured’s attained Age and risk class (i.e. sex and smoking status) on the premium rate adjustment date every 10 Policy Years (i.e. the 11th and the 21st years), and will remain unchanged for such period of 10 years until the next premium rate adjustment date, or a shorter period up to the termination date where the policy is terminated within such 10 years' period. Therefore, the premium amount in the future will be increased according to the increased premium rates, and the future premiums may be higher than the premium amount at the time of application. BOC Life reserves the right to increase the premium rate for different ages and risk classes (i.e. sex and smoking status) at its absolute discretion due to factors including but not limited to emergence of difference between actual experience and current expectation, and the Premium will also be increased accordingly. The Policy Owner should maintain sufficient funds in the bank account for settling premium payment, so as to avoid unsuccessful debiting due to insufficiency of bank account balance, which may lead to failure of direct debit authorization and incurrence of relevant costs, or even lapse of policy. Please refer to illustrative example, product brochure, monthly premium calculation method, premium rate table, notes and quotation tool on product page of the Plan in BOCHK Mobile Banking for details.
  3. The Sum Insured will be same as the actual outstanding principal amount of the Mortgage Loan Account upon application, or same as the maximum Sum Insured of the Plan (whichever is lower), and the subsequent Sum Insured (if the Sum Insured is less than the maximum Sum Insured of the Plan) will be decreased according to the actual outstanding principal amount of the Mortgage Loan Account on each Policy Monthiversary. There is no minimum Sum Insured under the Plan, while the maximum Sum Insured is HK$ 8,000,000 (Issue Age 18-50) / HK$ 4,000,000 (Issue Age 51-60). The aggregate Sum Insured of all policies under the Plan for each Insured cannot exceed HK$ 8,000,000 (Issue Age 18-50) / HK$ 4,000,000 (Issue Age 51-60). If you do not have any in force policy of the Plan, when the outstanding principal amount of the mortgage loan account linked with your application exceeds the maximum Sum Insured mentioned corresponding to your Age, the Sum Insured of the said application will be capped at the said maximum Sum Insured until the outstanding principal amount of the said mortgage loan account is reduced to a level below the maximum Sum Insured, and from then the Sum Insured will decrease with the outstanding principal amount of the said mortgage loan account and adjusted automatically on each Policy Monthiversary. If you have already applied for the Plan or have had one or more in force policies under the Plan: should the aggregate outstanding principal amounts of the mortgage loan accounts which are linked with your existing in force policy(ies), pending application(s) and the current application exceed the aggregate Sum Insured limit, you cannot apply for the Plan.
  4. The policy of the Plan is automatically linked to the Mortgage Loan Account (i.e. the BOCHK mortgage loan account held and chosen by the Policy Owner). Below items of the policy will be adjusted as below (if any) following the latest record of the Mortgage Loan Account as of each Policy Monthiversary (system capture time of BOC Life prevails), which shall remain unchanged until the next Policy Monthiversary.
    Items to adjust Basis of adjustment
    Sum Insured

    The outstanding principal amount of the Mortgage Loan Account

    In the event that the outstanding principal amount of the Mortgage Loan Account is higher than the Sum Insured Upon Policy Issuance, the Sum Insured shall remain unchanged until the outstanding principal amount of the Mortgage Loan Account is reduced to a level below the aforementioned Sum Insured Upon Policy Issuance, only after which the Sum Insured will be adjusted in accordance with the relevant records in the subsequent Policy Monthiversary.
    Premium The premium amount is determined corresponding to the adjusted Sum Insured with reference to the premium rate then in effect on the date of adjustment
    Maturity Date Policy Monthiversary on or immediately after the end date of the Mortgage Loan Account
    Premium Payment Term/ Benefit Term Adjusted corresponding to the adjusted Maturity Date
    • The above items will be captured by system on each Policy Monthiversary. If the concerned Policy Monthiversary is not a working day, the capture will be performed on the next working day. If BOC Life cannot capture the relevant records due to any reasons (including but not limited to system failure), BOC Life will adjust the above items based on the corresponding available records as soon as reasonably practicable. BOC Life reserves the right to adjust or maintain the above items at its absolute discretion if the corresponding records are not available.
  5. The first year premium discount is subject to terms and conditions. Please refer to the product brochure for details.
  6. Basic eligibility requirements are subject to the relevant requirements. Please refer to the product brochure for details.
  7.  “Eligible BOCHK Mortgage Loan Account” refers to an effective BOCHK mortgage loan account that is connected with an eligible mortgage loan plan for residential property applied in the name of an individual (including joint mortgage) in Hong Kong. Eligible mortgage loan plan excludes any mortgage loan plan applied in the name of industrial and commercial properties, non-residential properties or parking spaces, and also excludes All-You-Want Mortgage Scheme, HKMC Insurance Limited's Fixed Rate Mortgage Scheme, The Hong Kong Mortgage Corporation Limited's Reverse Mortgage Programme, RMB mortgage loan, Hospital Authority Staff Mortgage Loan and Greater Bay Area Mortgage Loan. BOCHK and BOC Life reserve the right to revise the definition of “Eligible BOCHK Mortgage Loan Account” from time to time. Only one insurance policy under the Plan can be issued in respect of each Eligible BOCHK Mortgage Loan Account. Each Eligible BOCHK Mortgage Loan Account can only be used once for application of the Plan. If an Eligible BOCHK Mortgage Loan Account is a joint mortgage loan account and has been already used by one of the joint property owners for applying the Plan, then other joint property owners cannot apply for the Plan under the same mortgage loan account.
  8. If the Insured dies while the policy is in force, BOC Life will pay an amount equal to: 
    • the Sum Insured of the policy at the time of death of the Insured; less
    • any outstanding Premiums.
  9. If the Insured is Diagnosed to be suffering from Total Disability, and subsequently Total and Permanent Disability, upon receipt of due proof and subject to the approval of BOC Life and provided that the policy is in force at the date of first Diagnosis of the Total and Permanent Disability, BOC Life will pay to the Policy Owner a lump sum benefit equivalent to: 
    • the Sum Insured of the policy at the date of first Diagnosis of this Total Disability; less
    • any outstanding Premiums.
    • The coverage for Total and Permanent Disability will automatically cease after the Insured attains Age 75.
  10. Provided that if the Insured is covered by more than one policy under the Plan, (a) the total amount of the Death Benefit and/or Total and Permanent Disability Benefit payable under all such policies in aggregate shall be subject to a maximum of HK$8,000,000 under all such policies less any outstanding Premiums under all such policies; and (b) BOC Life shall only be required to pay the amount in (a) once for all such policies.
  11. The insurance plan(s) eligible for conversion privilege as designated by BOC Life are subject to change from time to time without prior notice. Conversion privilege will be subject to the sum insured upper limit of such designated insurance plan(s) as may be updated by BOC Life from time to time, as well as prevailing regulatory and BOC Life’s requirements for new application except that the requirement for provisions of further evidence of insurability will be waived. New policy of such designated plan will be effective as at the date of conversion. The premium charged on the new policy shall be determined based on the Age and risk class (i.e. sex and smoking status) of the Insured and BOC Life’s prevailing premium of such designated plan selected by the Policy Owner on the date of conversion. Conversion privilege can be exercised once only. Such conversion privilege will automatically cease if it is not exercised within 60 days upon termination of the policy. The Insured of the new policy after conversion must be the same as the original policy. 

 

Important Notes:

  • The Plan is a life insurance plan that is underwritten by BOC Life. Bank of China (Hong Kong) Limited (“BOCHK”) is the major insurance agency 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 (“Hong Kong”).
  • BOCHK is granted an insurance agency licence under the Insurance Ordinance (Cap. 41 of the Laws of Hong Kong) by Insurance Authority in Hong Kong (insurance agency licence no. FA2855).
  • 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.
  • 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.
  • BOCHK is the appointed insurance 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 directly between BOC Life and the customer.
  • 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.
  • Customers are responsible for the data charges imposed by their service providers for using BOCHK Mobile App or Mobile Banking.
  • Please download mobile applications from official app stores or BOCHK’s official website, and ensure the search of wording is correct.
  • By using BOCHK Mobile Banking, the viewer agrees to be bound by the content of the disclaimer and policy as it may be amended by BOCHK from time to time and posted on BOCHK Mobile Banking.
  • Should there be any discrepancy between the Chinese and English versions of this promotion material, the English version shall prevail.

 

Other Key Risks:

Credit risk

Insurance contract is signed between Policy Owner and BOC Life. Policy Owner is subject to the credit risk of BOC Life. Premium paid by Policy Owner will be part of BOC Life. If BOC Life becomes insolvent or goes into liquidation or defaults on its obligations, Policy Owner may result in substantial losses.

 

Cooling-off period

Policy Owner has the right to cancel the policy 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 written notice. Such notice 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 21 calendar days after the delivery of the policy or issue of a Notice to the Policy Owner or the representative of the Policy Owner, whichever is the earlier. The Policy Owner understands that BOC Life will notify the Policy Owner of the Cooling-off Period via a Notice and/or text message. If the last day of the Cooling-off Period as indicated in the Notice and/or the text message is not a working day, it will fall on the next working day. No refund can be made if a claim has been admitted.

 

Premium and Premium Rate Adjustment

The Premium of the Policy will be adjusted based on the latest Sum Insured and the premium rate on each Policy Monthiversary.

The premium rate is guaranteed to remain unchanged for the first 10 years from the Policy Date2, after which it will be increased based on the attained Age and risk class (i.e. sex and smoking status) of the Insured every 10 Policy Years (i.e. the 11th and the 21st years), and the Premium will also be increased accordingly. BOC Life reserves the right to change the premium rate for different Ages and risk classes at its absolute discretion, and the Premium will also be adjusted accordingly.

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 sales documents, including product brochure, 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, policy costs and fees) of the Plan. For enquiry about technical support for online application, please contact BOCHK Customer Service Hotline (852) 3669 3003. For enquiry about product and post-sales service, please contact BOC Life Customer Service Hotline (852) 2860 0688.