Flexible premium renewable term of 1, 5 or 10 years with guaranteed renewal up to age 100 (age next birthday)
Instant quote and simple application without medical examination
Cheaper than a daily cup of coffee for a maximum of HKD 3,000,000 cover of death benefit
Accept applications from Hong Kong residents up to age 71 (age next birthday)
Product summary
Premium renewable term
1/5/10 years
Issue age
19 - 71 (age next birthday)
Guaranteed renewable age
Up to life insured’s age 100 (age next birthday)
Policy currency
HKD
Premium payment frequency
Monthly/Annually
Minimum sum insured
HKD100,000
Maximum sum insured
19-50 (age next birthday): HKD 3,000,000 51-71 (age next birthday): HKD 2,000,000
Death benefit
= Sum insured - any terminal illness benefit paid - any indebtedness
Terminal illness benefit
The lesser of (i) 50% of the sum insured; or (ii) HKD 1,000,000
Death benefit settlement option
The death benefit can be paid to the beneficiary(ies): (i) in lump sum; or (ii) by monthly installment to be settled within one year to ten years
Residency
The policyholder and the life insured must be Hong Kong residents (each life insured can only be insured by no more than one policy of this plan)
Important information
Premium payment You need to pay premium due throughout the premium payment term. You may request to change the premium payment frequency, subject to our prevailing administrative requirements.
The premium is fixed within the first premium renewable term. The renewal premium is subject to change after the first premium renewable term.
We shall allow a grace period of 30 days after the premium due date for payment of each premium. If a premium due is unpaid after the grace period, the policy will be lapsed and you may lose all of your benefits (including life insurance coverage) under this policy. You may apply for reinstatement after the policy is lapsed, subject to our approval.
Automatic guaranteed renewal We guarantee to renew this policy automatically at the end of each premium renewable term up to the age of 100 (age next birthday) of the life insured without health underwriting. Unless we have been informed in writing of your intention not to renew the policy before the next renewal, the policy will be automatically renewed for another premium renewable term (subject to premium change) at the end of each premium renewable term until the policy expiry date.
Terminal illness benefit If the life insured is diagnosed by a registered medical practitioner to have suffered from a condition that is expected to result in death within 12 months, we will waive all the subsequent premium(s) payable under the policy and pay the policyholder a terminal illness benefit which is equivalent to the lesser of the following:
(1) 50% of the sum insured; or (2) HKD 1,000,000.
We will only pay the terminal illness benefit if the life insured is no longer receiving any active treatment other than that for pain relief or other conservative palliative measures.
The terminal illness benefit will be terminated on the policy anniversary date which falls on or immediately follows the life insured’s 81st birthday (age next birthday).
Under no circumstances shall this terminal illness benefit be paid more than once throughout the policy term. If the life insured suffers from more than one terminal illness at the same time, only one claim can be made under this benefit.
Death benefit settlement option While the life insured is alive, the policyholder can choose one of the following options for payment of death benefits to the beneficiary(ies):
(i) a lump-sum payment; or (ii)monthly installment lasting for one year to ten years without interest.
Suicide clause If the life insured, whether sane or insane, commits suicide within one year from the policy issue date or the reinstatement date, whichever is later, our liability under the policy will be limited to the refund of total premium paid (without interest) starting from the policy issue date or the reinstatement date (whichever is later).
Borrowing powers This policy does not provide any cash value for policy loans and has no borrowing powers.
Termination Your policy will be terminated on the earliest of any of the following:
(i) the death of the life insured; (ii) the surrender of the policy; (iii) the end of the grace period upon the non-payment of premium(s); or (iv) the policy expiry date.
Upon termination as a result of (i), the sum insured less any terminal illness benefit paid and any indebtedness will be paid to the beneficiary(ies) as death benefit.
Upon termination as a result of (ii), (iii) or (iv) above, no payment will be made by us. If a policy is terminated on the policy expiry date, coverage under the policy will be provided up to and including the policy expiry date.
Cooling-off period The cooling-off period is a period during which you may cancel the policy and obtain a refund of any premium and levy (if any) paid by you, within 21 calendar days immediately following the day of delivery of the cooling-off notice to you. Such notice should inform you of the availability of the policy and expiry date of the cooling-off period.
If you are not completely satisfied with the policy, you have to notify Zurich by sending us a written notice to customer@hk.zurich.com, through your registered email, within the cooling-off period. Such notice must include policy number, your name and HKID card number.
Termination right due to regulatory exposure If you move to another country during the lifecycle of your policy, you must notify us of such planned change prior to such change but no later than within 30 days of such change. Please note that you may no longer be eligible to make payments into your policy. The local laws and regulations of the jurisdiction to which you move may affect our ability to continue to service your policy in accordance with the policy provisions. Therefore, we reserve all rights to take any steps that we deem appropriate, including the right to cancel the policy.
Authorization Zurich Term Life Insurance Plan is issued by Zurich, which is subject to the prudential regulation of the Insurance Authority.
Insurance Authority Levy From January 2018, the Insurance Authority (“IA”) requires all Hong Kong policyholders to pay a levy on their insurance premiums. The purpose of the levy is to finance the IA, and it is calculated as a percentage of the premium paid. The levy collected by the IA will be imposed on this policy at the applicable rate.
Governing law This Plan shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region.
Key risks
Inflation risk Please note that the cost of living in the future is likely to be higher than it is today due to inflation. In that case you will receive less in real terms even if we meet all of our contractual obligations under the policy.
Credit risk Zurich Term Life Insurance Plan is an insurance policy issued by us. Therefore, the benefits payable under the policy are subject to our credit risks. If we are unable to satisfy the financial obligation of the policy, you may lose your premium(s) paid and benefits.
Premium adjustment When you renew this policy, the renewal premium that we will charge you will be based on the premium rate applicable to the life insured according to his attained age on the date of renewal of this policy and the sum insured without health underwriting at each policy renewal. The premium is fixed within the first premium renewable term, and the renewal premium is subject to change after the first premium renewable term. Zurich reserves the right to review and adjust the premium rates from time to time according to factors such as (i) increase in administration and other costs, which we reasonably incur; and/or (ii) the cost of additional charges, levies or taxes which apply to policy or to us as a whole; and/or (iii) any additional cost associated with changes to legislative or regulatory requirements; and/or (iv) expectation in terminal illness claims; and/or (v) increases in any underlying expenses; and/or (vi) the impact of medical advance in the treatment and/or cure of applicable mortality and morbidity risks.
Currency conversion and exchange rate risk We may at our discretion accept any premium payment in currencies other than the policy currency. If it is the case, we will convert the premium paid by you into the policy currency.
The currency conversion will be conducted at a prevailing exchange rate reasonably determined by us in good faith and a commercially reasonable manner with reference to the market rates on the transaction date and is therefore subject to foreign exchange risks. Please refer to www.zurich.com.hk for the prevailing exchange rates.
