Noble Legend Life Insurance Plan

Financial success should be properly managed to achieve a promising future and security for generations to come.

Noble Legend Life Insurance Plan (the “Plan”), a participating insurance plan, can help accomplish your various financial goals towards wealth accumulation, retirement planning and legacy enhancement.

Enjoy the below offers for successful enrollment during the promotion period!

50% renewal premium discount for premium prepayment. Click here for details.

Potential Wealth Growth

Terminal Dividend Management Option

Substantial Life Protection

Annuity Conversion Option

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Wealth accumulation for a bright future

Terminal dividend to grow your wealth

The Plan provides terminal dividend¹ to help you accelerate wealth building. Terminal dividend is a one-off non-guaranteed dividend. Starting from the 3^rd policy anniversary, the cash value of terminal dividend (if any) will be payable upon policy surrender or policy maturity; while the face value of terminal dividend (if any) will be payable upon the death of the insured.

Terminal dividend management option to help you lock in gains

To facilitate your financial need, starting from the 15^th policy anniversary and every policy anniversary thereafter, you can apply to exercise the “terminal dividend management option”² to lock in a designated percentage of the cash value of terminal dividend of the policy, provided that such application is received by the Company within 30 days from the relevant policy anniversary (including the date of policy anniversary). This option can only be exercised once for each policy year. The minimum percentage for each application is 10% and the maximum aggregate percentage of all applications is 50%. The cash value of terminal dividend which is applied to lock in will be transferred to the terminal dividend management account and will become locked-in terminal dividend. The locked-in terminal dividend will then be guaranteed and will accumulate with interest (if any)³ at a non-guaranteed rate. You may also withdraw from the terminal dividend management account for extra liquidity.

Preserve your legacy with life protection

Substantial life protection

The Plan provides substantial life protection up to age 138 of the insured. Should the worst happen, it can secure your family financially through wealth transfer in the form of life protection. As one progresses in life, his/her financial commitments may be eased, so the level of life protection under the Plan will be lowered gradually to balance the protection need at different stages of life.

If the insured passes away while the policy is in force, we will pay the beneficiary a death benefit which is equivalent to the highest of:
(i) designated percentage of the sum assured of the basic plan⁴ at the date of death of the insured;
(ii) 100% of the accumulated premium due and paid of the basic plan; or
(iii) guaranteed cash value of the basic plan at the date of death of the insured;
+ face value of terminal dividend¹ (if any);
+ total amount of terminal dividend management account² (if any);
─ all indebtedness (if any).
The policy will be terminated after we pay the death benefit.

Death benefit settlement option

While the insured is alive, you can choose how the death benefit is to be paid⁵. You can choose to pay the beneficiary(ies) the benefits in a lump sum or by annual installments with a fixed amount over a fixed payment term of 10, 20 or 30 years, helping you to safeguard his or her family’s financial future.

If the total amount of death benefit at the date of death of the insured is less than HKD400,000/USD50,000, or the policyholder has not confirmed any settlement option of death benefit before the date of death of the insured, we will pay out the benefit amount to the beneficiary in a lump sum.

Flexibility in retirement planning

Full surrender settlement option

Financial needs vary at different stages of life. You may exercise full policy surrender when needed and the Plan will provide a surrender value. You can choose to receive such payment⁸ in a lump sum⁶ or by installments⁷ to enjoy greater financial flexibility and cater to your specific needs.

For the installment option, while the policy is in force, you can apply to exercise the “annuity conversion option” starting from the policy anniversary when the insured reaches age 65 and every policy anniversary thereafter to convert the guaranteed cash value, cash value of terminal dividend¹ (if any) and total amount of terminal dividend management account² (if any), less all unpaid premiums (if any) and indebtedness (if any) to annuity. Such application should be received by the Company 30 days before the relevant policy anniversary. The amount mentioned above will be transferred to the “annuity conversion account” and become total annuity amount. The annuity can be paid out by annual installments over a payment term of 10 or 20 years, giving you a stable stream of retirement income. If the amount mentioned above is less than HKD400,000/USD50,000, or you have not selected any settlement option, you will receive the relevant amount in a lump sum.

Policy loan for emergency cash

While the policy is in force, you may apply for a policy loan⁹ to meet your liquidity needs.

Choices of policy currency

The Plan is available in HKD and USD to meet your various savings needs.

24-hour worldwide emergency assistance service

If the insured is diagnosed with an illness or is injured in an accident outside the country of residence, he/she can access comprehensive coverage under the free 24-hour worldwide emergency assistance service¹⁰.

Noble Legend Life Insurance

Issue age	15 days to age 70
Benefit term	To age 138 of the insured
Premium payment term	5 years
Premium payment mode¹¹	Annual or annual and premium prepayment¹²
Policy currency	HKD/USD
Minimum sum assured	HKD4,000,000/USD500,000
Maximum sum assured	HKD100,000,000/USD12,500,000

Notes:

Terminal dividend is a one-off dividend and is non-guaranteed. Amount of terminal dividend shown in proposal illustration is just an indicative figure. Declared terminal dividend is not perpetually attached to the policy. The cash value and face value of terminal dividend may be reduced or increased at subsequent declarations. The cash value of terminal dividend will be equal to or less than its face value. The cash value of terminal dividend (if any) is payable upon policy surrender or policy maturity while the face value of terminal dividend (if any) is payable upon the death of the insured. Its actual amount will only be determined when it becomes payable. The actual amount may be lower or higher than the projected figure. Under some circumstances, actual amount of terminal dividend may be zero. The amount of the terminal dividend is affected by various factors including but not limited to the performance of the underlying investments, so the amount is relatively volatile and will move up and down over time. China Life (Overseas) reserves the right to revise the terminal dividend from time to time. Past record is not necessarily indicative of future result. For more information, please refer to clause 5 and clause 6 under “Important information” and “Non-guaranteed benefit” risk of the product brochure of the Plan.
Starting from the 3rd policy anniversary, the terminal dividend shall be paid upon the occurrence of the earliest of the following conditions:
a) when the Company pays the death benefit; or
b) when the policy is surrendered; or
c) when the policy reaches the policy maturity date.
Under the “terminal dividend management option”, the minimum percentage of each application is 10% and the maximum aggregate percentage of all applications is 50%. The option will only be exercised provided that the application fulfills the application requirement and is confirmed by the Company. There is no limitation on the number of times of exercising this option when the policy is in force, but the policyholder can apply to exercise this option only once for each policy year. The Company will process the exercise of this option only once for each written application. There must be no indebtedness in the policy during application to exercise this option. The　amount of locked-in terminal dividend is guaranteed after the Company’s approval of the application. Once the application is approved by the Company, the cash value of the terminal dividend which is applied to lock in will be transferred to the terminal dividend management account as soon as practicable and will become locked-in terminal dividend, which will accumulate with interest (if any) at a rate to be determined by the Company at its sole discretion from time to time. You can submit request to the Company to withdraw part or all of the locked-in terminal dividend and accumulated interest (if any) from terminal dividend management account in a lump sum without surrendering the policy. The withdrawal amount is subject to minimum requirement imposed by the Company from time to time.
The actual amount of the locked-in terminal dividend will only be determined after the application has been approved by the Company. The total amount of terminal dividend management account is equivalent to locked-in terminal dividend and accumulated interest (if any) less withdrawal amount (if any) from the terminal dividend management account. Upon the completion of transferring the cash value of terminal dividend to the terminal dividend management account by the Company as per application, the cash value (if any) and face value (if any) of terminal dividend of the relevant policy year will be adjusted proportionally. The cash value (if any) and face value (if any) of terminal dividend of subsequent policy years will be adjusted proportionally. Locked-in terminal dividend will not be allowed to be reset or reversed to terminal dividend. For details, please refer to the policy provision.
The interest rate of the terminal dividend management account are not guaranteed. The actual benefits and/or returns may be lower or higher than estimates. China Life (Overseas) reserves the right to revise this from time to time. The prevailing accumulation interest rate of policy(ies) denominated in HKD and USD are 3.45% p.a. and 3.9% p.a. respectively. The above accumulation interest rate is not applicable to annuity conversion option.

The designated percentage of the sum assured of the basic plan at the date of death of the insured is listed as follows:

The date of death of the insured	The designated percentage of the sum assured of the basic plan at the date of death of the insured
Prior to the “worry-free day”	100%
Within the 1^st policy year after the “worry-free day”	95%
Within the 2^nd policy year after the “worry-free day”	90%
Within the 3^rd policy year after the “worry-free day”	85%
Within the 4^th policy year after the “worry-free day”	80%
Within the 5^th policy year after the “worry-free day”	75%
Within the 6^th policy year after the “worry-free day”	70%
Within the 7^th policy year after the “worry-free day”	65%
Within the 8^th policy year after the “worry-free day”	60%
Within the 9^th policy year after the “worry-free day”	55%
Within the 10^th policy year after the “worry-free day”	50%
Within the 11^th policy year after the “worry-free day”	45%
Within the 12^th policy year after the “worry-free day” and thereafter	40%

The “worry-free day” means the policy anniversary immediately following the insured’s 70th birthday or the 20th policy anniversary (whichever is later). If the insured’s birthday and the policy anniversary falls on the same day, the “worry-free day” means the policy anniversary when it is also the insured’s 70th birthday or the 20th policy anniversary (whichever is later).

For the installment option, the remaining balance of death benefit will be deposited in the policy to accumulate interest (if any) until the end of the payment term. The interest will be calculated on an annual basis and it is non-guaranteed which will be determined by us from time to time. The accumulated interest (if any) will be paid together with the last installment of death benefit. If the beneficiary(ies) dies at any time before the Company has fully paid the death benefit, the Company shall pay the remaining balance of the death benefit with accumulated interest (if any) in a lump sum payment to the personal representative for the estate of the deceased beneficiary(ies). The policy will be terminated thereafter.
For the lump sum option, the policy will be terminated after the surrender value is paid in full.
For the installment option (i.e. exercising “annuity conversion option”), once the application for annuity conversion option is approved by the Company, the relevant amount will be transferred to the annuity conversion account as soon as practicable and will become total annuity amount, while the remaining policy deposit (if any) will be paid as a lump sum payment to the policyholder. The actual amount to be converted will only be determined after the application has been approved by the Company. No change, cancellation, withdrawal or termination will be allowed once policyholder submits the application for exercising the option. For the avoidance of doubt, total annuity amount cannot be restored or reversed to policy value.
After exercising the annuity conversion option, the guaranteed cash value, cash value and face value of terminal dividend (if any), maturity benefit, death benefit, terminal dividend management option, total amount of terminal dividend management account (if any) and 24-hour worldwide emergency assistance service of the policy will become inapplicable immediately. The remaining balance of annuity will be deposited in the policy to accumulate interest until the end of the payment term. The interest will be calculated on an annual basis and it is non-guaranteed which will be determined by us from time to time. The accumulated interest (if any) will be paid together with the last annuity payment and the policy shall then terminate. The policyholder can withdraw the value of annuity conversion account in full once as a lump sum payment during the annuity period and the policy shall then terminate. In the event the policyholder (as the annuitant) is an individual and dies during the annuity period, we will pay the value of annuity conversion account in a lump sum to the personal representative for the estate of the deceased policyholder. The policy will be terminated thereafter.
The amount you will receive for policy surrender may be less than the total amount of premiums paid regardless of the settlement option selected.
The policy loan rate is not guarantee. Please contact China Life (Overseas) for further information.
24-hour worldwide emergency assistance service is provided by third party service provider. We will not guarantee the service quality and shall not be liable for any matter in connection with the services. China Life (Overseas) reserves the right to amend the terms and conditions thereof from time to time without prior notice.
If the required renewal premium is paid by you within the grace period, the policy shall continue to be in force. For details, please refer to the policy provisions issued by China Life (Overseas). If the policy is lapsed or surrendered early, the policy cash value received by you may be considerably less than the total amount of the premiums paid.
If you choose the annual and premium prepayment option, you can withdraw the unused prepaid premium (including interest, if any) at one time. China Life (Overseas) will charge 3% of the withdrawal amount, at a minimum amount of HKD200/USD25. You can withdraw the unused prepaid premiums once only. The interest rate of prepaid premium is 4% p.a. and this interest rate is guaranteed.

Important Information

The above information is for reference only. The detailed terms, conditions and exclusions of the Plan are subject to the relevant policy contract.

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Disclaimer

Important Information:

The information above is for reference only. Please refer to the Policy documents for the complete definitions of the capitalised terms, as well as all the terms and conditions of this product. You are reminded to review all of the relevant product materials provided to you and to seek independent professional advice if necessary.

The Policy is underwritten by China Life Insurance (Overseas) Company Limited (“China Life (Overseas)” or "us / we / our"). China Life (Overseas) is responsible for the features, underwriting and benefit payments under the Policy. You should fully understand all of the risks involved in this product and consider whether this product is affordable and suitable to you before making your application.
China Life (Overseas) shall make the final decisions on the underwriting and claims. We shall rely on your submitted information to assess whether to accept or decline your application, and shall refund any Premium paid without interest for declined cases.
Exclusions - The Accidental Death Benefit under this Policy shall not cover any claims if the Insured is involved in any of the following activities or the consequences directly or indirectly caused by any of the following events occur in respect of the Insured: (a) war, act of hostility (whether war declared or not), civil war, revolution or any military actions; (b) rebellion, civil commotion, strike or activities of terrorism; (c) contamination resulting from nuclear weapons, ionizing radiation, nuclear fuel or waste produced from the combustion of nuclear fuel (the said nuclear combustion shall include any self-sustaining process of nuclear fission); (d) during war, act of hostility (whether war declared or not), any military actions or repression of rebellion, the Insured is engaging in or taking part in military services; (e) directly or indirectly caused by the Insured engaging in aviation, except as a passenger on an aircraft of a commercial airline on a scheduled route; (f) self-inflicted injuries or suicide (whether sane or not) by or attempted by the Insured (whether felony or not); (g) childbirth, pregnancy, miscarriage or abortion, even if it is accelerated or induced by an Accident ; (h) surgery operated on the Insured and induced by disease, infected disease or incident that is not caused by an Accident ; (i) taking of poison or inhaling poisonous gas or poisonous mist (whether voluntary or not); except Accidental inhaling by the Insured in a fire ; (j) the Insured as a professional athlete participating in sports or earning income or remuneration through the sports; (k) participating in hunting, mountaineering, motor racing, horse racing, ice-skiing, skiing, scuba-diving, parachuting, hang-gliding, boxing or any other competitions or performances; (l) while the Insured is on duty as a professional driver and is entering, driving, operating, servicing, riding in or departing from any land vehicle or conveyance outside the territorial limits of Hong Kong and Macau; (m) the Insured is assaulted or murdered during rebellion, civil commotion, strikes or when making an arrest while the Insured is employed as a full-time or part-time police officer or cadet officer, or is an officer or a member of the Correctional Services Department; or (n) the Insured is assaulted or murdered during rebellion, civil commotion or strikes while the Insured is employed as a fireman, or is on duty as a fireman and is engaging in firefighting or activities for protecting people and property in a fire.

In addition, the information stated in this product brochure is for reference only. Please refer to the General Provisions for the exact terms and conditions and limitations such as incontestability, suicide and fraud etc. or all exclusions.
Non-Payment of Premium / Automatic Premium Loan - You should pay Premium(s) on time according to the selected Premium payment schedule. If the due Premium remains unpaid upon the expiry of the Grace Period, an Automatic Premium Loan will be taken out against the Policy to settle the unpaid Premium automatically. All Policy Loans are interest-bearing and calculated at a rate (as stated on our corporate website www.chinalife.com.hk) to be declared by us from time to time. Interest accrued shall become a part of the Indebtedness. When the loan balance is equal to or exceeds the guaranteed Cash Value of the basic plan of the Policy, the Policy will be lapsed and you will lose the related insurance coverage and suffer a financial loss. Under these circumstances, the Surrender Value of the Policy will be deducted to repay the outstanding loan balance (including interest), and the remaining value will be refunded to you.
Dividend and/or Crediting Interest Philosophy - This is a participating and/or providing interest on accumulation insurance plan. Premiums received from the policies will be invested to a variety of assets according to China Life (Overseas)’s investment strategy. The surplus from the invested assets will be shared with Policyholder through declared dividends and/or interest rate on accumulation in accordance with the relevant clause in the benefit provision. China Life (Overseas) will ensure a fair sharing of profits among different groups of policyholders and also between policyholders and China Life (Overseas). China Life (Overseas) will review and determine the dividend and/or interest rate on accumulation at least once a year, the current projection on dividend and/or interest rate on accumulation are not guaranteed and subject to change with the entire performance of the relevant policies and the factor including but not limited to the investment returns, operating expense, claims experience, commission, persistency, past experience and future prospect. In addition, China Life (Overseas) will consider both past and future outlooks of all factors including but not limited to:
Claims – including the costs of providing death benefit as well as other benefits under the product(s).

Investment return – including the interest income, dividend income, outlook of interest rates and any changes in the market value of the product’s backing asset.

Expenses – including both direct expenses (e.g. commissions, underwriting, issue and premium collection expenses) and indirect expenses (e.g. general overhead expenses) related to the product.

Persistency – including policy lapse and partial surrender experience.

Note: The dividend or interest rate history is not an indicator of the future performance of this product.
Investment Philosophy, Policy and Strategy - China Life (Overseas) aims to strive for minimizing volatility of the investment return and provides stable return as our investment philosophy. Assets are mainly invested in bonds and other fixed income instruments, such as government and corporate bonds and other fixed income instruments to support the guaranteed financial obligation. To enhance the performance of the investment portfolio, China Life (Overseas) invests in equity-type investments and other investment instruments such as mutual funds and direct / indirect investment in properties or commercial institutions.

The investment portfolio will be diversified across different geographic regions and /or industries. Investment strategy will be subject to change depending on the market conditions and the economic outlook. China Life (Overseas) will inform Policyholder the relevant changes in dividend and/or interest rate on accumulation and the impact to the policies when there is change in the investment strategy.

China Life (Overseas)’s current investment strategy on participating and/or providing interest on accumulation plans are as follow:

Asset type Target Asset Mix (%)
Bonds and other fixed income instruments 50% to 90%
Equity-type investment and other investments 10% to 50%
Please refer to China Life (Overseas) Company’s website www.chinalife.com.hk/products/dividendandinvestment for dividend history, Dividend and/or Crediting Interest Philosophy, Investment Philosophy, Policy and Strategy, as well as the fulfillment ratio of China Life (Overseas).
Cooling-off Right - You have the right to cancel the Policy within the Cooling-off Period and obtain a refund of any Premiums paid by giving written notice to us provided that you have not made any claims under the Policy. Such notice must be signed by you and submitted to China Life (Overseas) at 22/F, CLI Building, 313 Hennessy Road, Wan Chai, Hong Kong within 21 days after the delivery of the Policy or issue of a Notice to you or your representative informing you that the Policy is available, whichever is earlier.

What are the key product risks?
Credit risk:	This product is a life insurance Policy issued by China Life (Overseas). Any Premium paid will become part of our assets and our financial strength will affect our ability to meet our contractual obligations to you under the Policy. Therefore this product is subject to our credit risk.
Early surrender risk:	The savings component of the Plan is subject to risks and possible losses. Should you surrender the Policy early, you may receive an amount considerably less than the total amount of Premiums paid.
Exchange rate and Currency risks:	Any Policy with foreign currencies involves risks, such as potential changes in political or economic conditions that may substantially affect the price or liquidity of a currency. The fluctuations in exchange rates may also cause financial losses to you during currency conversions. You should consider the potential currency and exchange rate risks before deciding which Policy currency you should take.
Inflation risk:	The cost of living in the future may be higher than expected due to the effects of inflation. Therefore, your current planned benefits and/or returns may be insufficient to meet your future needs even if we fulfill all of our contractual terms and obligations.
Liquidity and Withdrawal risk:	You are obliged to hold the Policy and pay the Premium for the designated period of time. If you terminate the Policy prior to the Policy Maturity Date, you will suffer a financial loss. In case you make partial withdrawals from the Policy, your account value, death benefit and other Policy values will be reduced, and you may need to pay the relevant handling fee or charges (if any).
Non-guaranteed Benefit:	This Plan consists of non-guaranteed benefits and/or returns. The actual amounts of benefits and/or returns in the future may be different from the benefits and/or returns which project on the product materials. The product materials are for illustrative purposes only.
Policy Termination:	The Policy will be terminated if (a) the Policy is lapsed or surrendered; or (b) the Company has paid the Policy Maturity Benefit; (c) the Company has paid the death benefit, (d) the due Premium has not been paid within 31 days after the Premium Due Date, and the Policy has no remaining guaranteed Cash Value, or (e) the Indebtedness of the Policy is equal to or exceeds the guaranteed Cash Value of the Policy.

Disclaimer:

The information and descriptions contained herein are not intended to be complete descriptions of all terms, exclusions and conditions applicable to the products and services, but are provided solely for general informational purposes. For complete details please refer to the actual policy or the relevant product or services agreement.