Help growing your wealth and building a prosperous future

HONG KONG SAR  - 23 November 2023 - With continuous effort over the years, you have created considerable wealth that you wish to preserve and pass on to your descendants. Hong Kong Life understands your needs and is dedicated to help you achieving your goals.

Hong Kong Life announces the launch of Grand Fortune Whole Life Protection Plan, which not only provides whole life protection but also helps growing your wealth steadily and establishing a solid financial foundation for your beloved ones and the next generations to embrace a fruitful life. Grand Fortune Whole Life Protection Plan is an eligible life insurance plan under the Policy Reverse Mortgage Programme ("PRMP")1.

Mr. Jonathan Ko, Chief Marketing Officer of Hong Kong Life, said, "Protection needs and financial goals will be changed continuously throughout different stages of life. We have launched the Grand Fortune Whole Life Protection Plan, specially designed to provide customers with flexible wealth management arrangements. It offers two benefit classes to cater customers' different life plannings. The plan can address customers' needs in both whole life protection and wealth accumulation, so as to build a prosperous future for them and their beloved ones."

Grand Fortune Whole Life Protection Plan

Key Features:

Single Premium Simple Management

Simply pay a lump sum of premium and you can start your financial planning with whole life protection. The Plan offers two types of benefit class to cater for your different needs on premium budget, protection and savings.

Double Dividends Additional Return

The Plan not only provides Guaranteed Cash Value, Annual Dividend (non-guaranteed)2 may also be distributed annually in terms of cash starting from the 1st Policy Anniversary. You can choose cash withdrawal or leaving it with the Policy for interest accumulation2 to meet your personal needs.

In addition, Terminal Dividend (non-guaranteed) 2 may be payable at or after the end of 3rd Policy Year when the Policy is fully surrendered by the Policyowner or upon the death of the Life Insured, whichever is earlier.

When the Policy is partially surrendered by the Policyowner, Terminal Dividend (non-guaranteed)2 may be payable at or after the end of 3rd Policy Year. The payable amount is equal to the Terminal Dividend (non-guaranteed) 2 attributable to the reduced portion of Sum Assured. Terminal Dividend (non-guaranteed) 2 will not accumulate in the Policy.

Flexible Wealth Management to Plan for the Future

The Policyowner may make a one-off or regular withdrawal from the cash value of the Policy (including the Guaranteed Cash Value (if any), Accumulated Dividends and Interest (non-guaranteed)2, 3 (if any) and Terminal Dividend (non-guaranteed)2(if any)) according to his/ her needs in order to fulfill the dreams like children's education and fruitful retirement, etc. However, the future cash value of the Policy will be reduced accordingly.

After the Policy has acquired a Guaranteed Cash Value, the Policyowner can opt for Partial Surrender4 to withdraw the Guaranteed Cash Value and Terminal Dividend (non-guaranteed)2(if any) attributable to the reduced portion of Sum Assured of the Policy.

Two Types of Benefit Class to Match Your Life Planning

The Plan offers two types of benefit class for you to choose according to your financial planning and protection needs. When the Life Insured dies, the Total Death Benefit will be paid to the Beneficiary as below:

Partial Surrender

In case of Partial Surrender, the Sum Assured shall be reduced proportionally based on the percentage of Guaranteed Cash Value and Terminal Dividend (non-guaranteed)2(if any) being withdrawn for the Partial Surrender. Upon the reduction of Sum Assured, the Total Premiums Paid, Guaranteed Cash Value, Annual Dividend (non-guaranteed)2(if any) and Terminal Dividend(non-guaranteed)2(if any) of this Plan shall be reduced proportionately. Total Death Benefit shall also be adjusted accordingly.

Change of Life Insured5 (Only applicable to corporate customers)

Keyman insurance is applicable to company for business continuity planning. While the Plan is in force and the Life Insured is alive, corporate business entity Policyowner may change the Life Insured at any time after the 1st Policy Anniversary.

Flexible Death Settlement Options6

The Plan provides flexible Death Benefit Settlement Options6. Instead of receiving the Death Benefit in a lump sum payment, Policyowner can designate one of the following settlement options while the Plan is in force and the Life Insured is alive to settle the Death Benefit to the Beneficiary.

1. Installment Payments (Fixed Amount)

Death Benefit will be paid in fixed amount at regular intervals (monthly, quarterly, semi-annually or annually).

2. Installment Payments (Fixed Period)

Death Benefit will be paid in installments (monthly, quarterly, semi-annually or annually) for an agreed fixed payment period.

3. Partial Installment Payments (Fixed Amount)

A designated percentage of Death Benefit will be paid in a lump sum. The unpaid balance of Death Benefit will be paid in fixed amount at regular intervals (monthly, quarterly, semi-annually or annually).

4. Partial Installment Payments (Fixed Period)

A designated percentage of Death Benefit will be paid in a lump sum. The unpaid balance of Death Benefit to be paid in installments (monthly, quarterly, semi-annually or annually) for an agreed fixed payment period.

5. Partial Installment Payments until the Designated Age of the Beneficiary

Death Benefit will be paid in fixed amount at regular intervals (monthly, quarterly, semi-annually or annually) before the Designated Age of the Beneficiary. The unpaid balance of Death Benefit (if any) will be paid in a lump sum at the Designated Age of the Beneficiary.

6. Increasing Installment Payments

Death Benefit will be paid by increasing installments (monthly, quarterly, semi-annually or annually). Death Benefit will be paid in a specified amount for the first installment. The subsequent installments will be increased by 3% each year starting from the second year until Death Benefit is fully settled.

Additional Item:

The Policyowner can enjoy one of the following allowances7 of up to HKD8,000/USD1,000 during the first 3 Policy Year while the Policy is in force.

Tax or Legal Advisory Allowance for Legacy Planning7

Health Check-up Allowance7

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