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Forever Glorious ULife Plan II

Product Type : Life Insurance

Insurer : BOC Group Life Assurance Company Limited

We understand the importance of wealth preservation for enjoying your twilight years and establishing an abundant, lasting legacy for your family, that is why we introduce a comprehensive and eff­ective life insurance plan – Forever Glorious ULife Plan II(“the Plan”) to help achieve your ‑ financial goals while providing you with whole life protection. With the option to choose USD or RMB as the policy currency and various contributions periods and flexible withdrawals, the Plan not only helps plan for your retirement, but also plan ahead for the future of your loved ones.

The Plan is underwritten by BOC Group Life Assurance Company Limited (“BOC Life”).

At a glance

The Plan is a universal life insurance plan denominated in RMB / USD. Upon receiving of premium, the Premium Charge will be deducted from the premium, and the remaining amount will be contributed to the policy for accumulating values. The fees and charges stated below will be deducted monthly from the Account Value while the policy is in force.

Eligibility
Issue Age

Age 18 to age 75

Age 40 to age 65 (Applicable to Forever Glorious ULife Plan - Simplified only)
Coverage Period Whole life
Premium Payment Period Single-Pay / 5 Years / 10 Years
Payment Mode Single-Pay / Annual / Monthly
Policy Currency RMB / USD
Payment Currency HKD / USD/ RMB
Minimum Sum Insured RMB3,000,000 / USD400,000
Minimum Unscheduled Top-Up Premium RMB100,000 / USD15,000 (Unscheduled Top-Up Premium is applicable to Single-Pay policy only. If policy owner pays any Unscheduled Top-up Premium, Surrender Charge and/or Partial Surrender Charge will be adjusted by BOC Life))
Benefits
Death Benefit
  • For death before the Policy Anniversary immediately following the Insured’s 120th birthday: Equals to the Sum Insured or Account Value, whichever is higher, and less any indebtedness, fees and charges
  • For death on or after the Policy Anniversary immediately following the Insured’s 120th birthday: Equals to the Account Value, and less any indebtedness, fees and charges ( if any)
The following is applicable to Forever Glorious ULife Plan - Simplified only
  • For death on or before the 2nd Policy Anniversary (other than Accidental Death): Equals to the lower of 1) and 2), less any indebtedness, fees and charges (if any):

       1) Total premium paid minus Partial Withdrawal Amount; or

       2) The Sum Insured or the Account Value (whichever is higher)

  • Accidental Death of the Insured occurs on or before the 2nd Policy Anniversary, or for death after the 2nd Policy Anniversary, and before the Policy Anniversary immediately following the Insured’s 120th birthday: Equals to the Sum Insured or the Account Value, whichever is higher, and less any indebtedness, fees and charges (if any)
  • For death on or after the Policy Anniversary immediately following the Insured’s 120th birthday: Equals to the Account Value, and less any indebtedness, fees and charges (if any)
Terminal Illness Benefit

  • Death Benefit will be payable in advance upon Diagnosis of Terminal Illness subject to a maximum of USD2,000,000 / RMB12,500,000 (for all policies providing Terminal Illness Benefit issued by BOC Life for the Insured). Sum Insured will be reduced by USD2,000,000 / RMB12,500,000 accordingly.

  • If the Sum At Risk is equal to or less than USD2,000,000 / RMB12,500,000, full amount of Death Benefit will be payable and the policy will be terminated upon payment of the benefit.

  • If Forever Glorious ULife Plan II - Simplified is applied, this benefit is only applicable to Terminal Illness suffered on or after the 2nd Policy Anniversary.
24-Hour Worldwide Emergency Assistance Service Covering emergency medical assistance and referral services
Crediting Interest Rates
Current Crediting Interest Rate (non-guaranteed) 4.10% p.a. (RMB & USD policy)
Minimum Crediting Interest Rate (guaranteed) On the 1st and 5th policy years, the Crediting Interest Rate at policy issuance applies; from the 6th policy years onwards, the rate will be 2.00% p.a. (RMB & USD policy)
Partial Withdrawal and Change of Sum Insured
Partial Withdrawal  (once per policy year) Minimum withdrawal amount is RMB10,000 / USD1,500. From the 1st to 10th policy years, the withdrawal amount must not exceed 20% of the Surrender Value at that time, and the Sum Insured and the Account Value will be reduced accordingly. From the 11th policy year onwards, there will be no reduction on Sum Insured if the withdrawal amount does not exceed or equal to 5% of the Account Value at that time; otherwise the Sum Insured will be reduced by the withdrawal amount in excess of 5% of the Account Value at that time
Change of Sum Insured Sum Insured can be increased or decreased from the 3rd policy year onwards subject to underwriting in case of increasing Sum Insured, and possible payment of Partial Surrender Charge in case of decreasing Sum Insured
Fees and Charges
Premium Charge 6% of all premiums
Policy Fee Deducted monthly from Account Value during the first 15 policy years
Cost of Insurance Deducted monthly from Account Value
Surrender Charge／Partial Surrender Charge Deducted from Account Value

Note: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.

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

Important Notes: 

  • The Plan and the supplementary rider(s) (if any) 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 the Insurance Authority to carry on long term insurance business in the Hong Kong Special Administrative Region of the People's Republic of China.
  • 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 SAR. (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 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) 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 between directly the insurance company and the customer.
  • 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, benefit illustration and policy documents and provision 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 and the supplementary rider(s) (if any). For enquiry, please contact the branch staff of the major insurance agencies.

Important Notice:

You have an option to purchase the Plan as a standalone life insurance plan with terminal illness coverage, 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.