10_JourneyAnnuity_OTB_bi_TC_ WEB

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软略魏
5 years ago
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3 Premium Payment Term 2 years 5 years 10 years Age 40 to 80 Age 40 to 75 Age 40 to 70 Age 1 (15 days) to 80 Age 1 (15 days) to 75 Age 1 (15 days) to 70 Premium Payment Term 2 years 5 years / 10 years To Insured s age years 24 years

5 Remarks: 1. Monthly Annuity Payment will be payable at the end of each policy month starting from the end of the 13th policy month (premium payment term of 2 years) or the 49th policy month (premium payment term of 5 years or 10 years) providing that the premiums are paid in full when due. 2. The Monthly Non-Guaranteed Annuity Payment is not guaranteed and is determined by the Company from time to time subject to the change of both the policy dividend and accumulating interest rates at its absolute discretion. 3. The Monthly Annuity Payment (if any) will be credited in HKD to the HKD bank account once a month on the specified date by the Company. The date of crediting to the bank account may not be the same as the date of payment of the Monthly Annuity Payment 1 and interest will not be offered to the Monthly Annuity Payment credited between the date of payment and the date of crediting to the bank account. If you choose USD to be the Policy Currency, the amount payable will be the HKD equivalent of the USD based on a market-based currency exchange rate of US Dollars to Hong Kong Dollars, as solely determined by FWD from time to time. Any fluctuations in the USD-HKD exchange rate will have a direct impact on the value of the Monthly Annuity Payment as calculated in USD. 4. The accumulation interest with the Company is not guaranteed. The interest rate is determined by the Company from time to time at its absolute discretion. 5. The payment method of the Death benefit has to be selected by the policy owner while the Insured is still alive, otherwise the benefit will be paid in the form of a Lump Sum Death Benefit as described above. 6. Accumulated Monthly Annuity Payment and interest 4 (if any) upon the death of the Insured will be paid to the beneficiaries. Then, the remaining Monthly Annuity Payment (if any) will be credited to the bank account(s) of the Beneficiary(ies) 3, while the Beneficiary(ies) is still alive, till the end of the Annuity Period providing that (a) the Monthly Guaranteed Annuity Payment is to be paid for more than 12 months, (b) Premium Payment Term has ended at the date of death of the Insured, (c) premium has been paid in full and (d) the policy debt is less than the specified amount by the Company. Otherwise, the benefit will be paid in the form of a Lump Sum Death Benefit as described above. 7. Total premium paid includes the basic premium paid for the Journey Annuity Plan only. 8. The Annuity Balance means the policy dividend (if any), which is declared at end of each policy year, and is accumulated in the Policy with interest. The declaration of the Monthly Non-Guaranteed Annuity Payment will reduce the Annuity Balance accordingly. Both the policy dividend and its accumulating interest rate are not guaranteed and subject to change. The Annuity Balance (if any) will only be payable (a) as part of the Lump Sum Death Benefit, (b) as part of the payment upon the death of the beneficiary if Death Benefit is payable in annuity format 5,6 or (c) upon surrender of the Policy. 9. Accidental Death Benefit equals to 30% of total premiums paid 7 or HK$100,000/ US$12,500 (whichever is lower) will also be provided for the first 3 policy years. 10. Normal underwriting and additional premium are required for any rider(s) attached to this Policy. Important Notes and Declarations: 1. This product is underwritten by FWD. FWD is solely responsible for all features, Policy approval, coverage and benefit payment under the product. FWD recommends that you carefully consider whether the product is suitable for you in view of your financial needs and that you fully understand the risk involved in the product before submitting your application. You should not apply for or purchase the product unless you fully understand it and you agree it is suitable for you. Please read through the following related risks before making any application of the product. 2. This product material is issued by FWD. FWD accepts full responsibility for the accuracy of the information contained in this product material. This product material is intended to be distributed in the Hong Kong Special Administrative Region only and shall not be construed as an offer to sell, a solicitation to buy or the provision of any insurance products of FWD outside the Hong Kong Special Administrative Region. All selling and application procedures of the product must be conducted and completed in the Hong Kong Special Administrative Region. 3. This product is an insurance product. The premium paid is not a bank savings deposit or time deposit. The product is not protected under the Deposit Protection Scheme in the Hong Kong Special Administrative Region. 4. This product is a participating life product with a savings element. The costs of insurance and the related costs of the policy are included in the premium paid under this plan despite the product brochure/ leaflet and/or the illustration documents of this plan having no schedule/section of fees and charges or no additional charge noted other than the premium. 5. The product is a savings insurance product. If you surrender your Policy before its maturity date, the amount you get back may be less than the total premium you have paid. 6. All underwriting and claims decisions are made by FWD. FWD relies upon the information provided by the applicant and the Insured in the insurance application to decide to accept or decline the application with a full refund of any premium paid without interest. FWD reserves the right to accept/reject any insurance application and can decline your insurance application without giving any reason. 7. All the above benefits and payment are paid after deducting policy debts (if any, e.g. unpaid premiums or premium loan and the interest of the loan). 8. Please refer to FWD s website ( for dividend / bonus history. The dividend / bonus declaration philosophy and investment strategy of FWD are shown below: (i) Dividend / Bonus Declaration Philosophy (Please refer to FWD s website for latest information: Through the policy dividend / bonus declaration, the policyholders participate in the financial performance of the participating products. Financial performance covers investment performance of the underlying investment return on asset supporting those policies, as well as other factors including but not limited to expenses, persistency, claims and the future outlook as pertaining to both internal and external conditions. The experience over the long-term is compared against expectation, and the non-guaranteed dividend / bonus is adjusted if the experience over the long-term is different from the expectation. Policies of the same product may be separated into different bucket with different dividend / bonus rates, with an aim to more closely reflect the underlying financial performance. To stabilize the dividend / bonus, FWD may distribute a proportion of the financial performance in a particular year attributable to the policyholder, with an aim to smooth out the short-term volatility of dividend / bonus rate over the course of the benefit term. (ii) Investment Strategy FWD s asset portfolio employs a balanced asset allocation investment strategy, which consists primarily of investment graded fixed income type securities to meet the guaranteed financial obligation. Equity-type investments are also utilized to enhance the investment performance in the long run for non-guaranteed benefits. The investment strategies are: Fixed income type securities (Target 81.5%) and equity-type investments (Target 18.5%) The asset portfolio also targets to provide diversification across different geographic regions and industries to the extent the size of portfolio can support. Currency exposure of the underlying policies is mitigated by closely matching either through direct investments in the same currency denomination or the use of currency hedging instruments. Furthermore, the asset portfolio is actively managed by investment professionals to closely monitor the investment performance. In addition to conducting regular review, FWD also reserves the right to change the investment strategy and shall notify policyholders of any material changes. 9. If you are not satisfied with the Policy, you have the right to cancel it within the Cooling-off Period and obtain a refund of any premium paid provided that you have not made any claims under the Policy. A written notice signed by you should be received by the office of FWD at 1/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong within the Cooling-Off Period (that is, 21 days after either the delivery of the Policy or the issue of a Notice informing you or your representative that the Policy is available for collection and Expiry Date of the Cooling-off Period, whichever is earlier). 10. While the Policy or rider is in force, the Policy Owner may surrender or terminate the Policy or rider by sending a written request to FWD. 11. The Policy Provisions of the product are governed by the laws of the Hong Kong Special Administrative Region. 12. This product material is for reference only and is indicative of the key features of the product. For the exact terms and conditions and the full list of exclusions of the product, please refer to the Policy Provisions of the product. In the event of any ambiguity or inconsistency between the terms of this leaflet and the Policy Provisions, the Policy Provisions in English shall prevail. If you want to read the terms and conditions of the policy provisions before making an application, you can obtain a copy from FWD. In the event of discrepancies between the English and Chinese versions of this product material, the English version shall prevail. What are the key product risks? Credit risk This product is an insurance policy issued by the Company. The application of this insurance product and all benefits payable under your policy are subject to the credit risk of the Company. You will bear the default risk in the event that the Company is unable to satisfy its financial obligations under this insurance contract. Liquidity risk This product is a long term insurance policy. This policy of long term insurance will be made for certain determined term of years starting from the policy effective date to the policy maturity date. The policy contains value and, if you surrender your policy in the early policy years or before its maturity date, the amount you get back may be considerably less than the total premium you have paid. Application of the Plan may constitute the liquidity risk to your financial condition. You need to bear the liquidity risk associated with the Plan. Exchange rate and currency risk The application of this insurance product with the policy currency denominated in a foreign currency is subject to that foreign currency s exchange rate and currency risk. The foreign currency may be subject to the relevant regulatory bodies control (for example, exchange restrictions). If your home currency is different from the policy currency, please note that any exchange rate fluctuation between your home currency and the policy currency of this insurance product will have a direct impact on the amount of premium required and the value of benefit(s) to be received. For instance, if the policy currency of the insurance product depreciates substantially against your home currency, the potential loss arising from such exchange rate movement may have a negative impact on the benefits you receive from the product and your burden of the premium payment. Inflation risk The cost of living in the future may be higher than now due to the effects of inflation. Therefore, the benefits under this policy may not be sufficient for the increasing protection needs in the future even if the Company fulfills all of its contractual obligations.

6 Early surrender risk If you surrender your policy in the early policy years or before its maturity date, the amount of the benefit you will get back may be considerably less than the total amount of the premiums you paid. Non-guaranteed benefits Non-guaranteed benefits (including but not limited to Annual Dividend/Special Bonus) are not guaranteed and are determined at FWD s discretion based on its Dividend/Bonus declaration philosophy. Exclusions No Accidental Death Benefit will be paid where the death of the Insured is caused directly or indirectly from any of the following: 1. Disease or infection (except bacterial infections which occur through an accidental cut or wound). 2. Pregnancy, childbirth (in any form), miscarriage and abortion irrespective of whether such event is accelerated or induced by an injury. 3. Intentional self-inflicted injury, or attempted suicide, while sane or insane and while intoxicated or not. 4. Any drug unless taken in accordance with the lawful directions and prescription of a qualified and registered medical practitioner. 5. Accident occurring while or because the Insured is under the influence of alcohol/drugs. 6. Poison, gas or fumes, voluntarily or otherwise taken, absorbed or inhaled, other than as a result of an Accident arising from a hazardous incident in relation to the Insured s occupation. 7. War or any act of war, terrorism or terroristic activities, declared or undeclared, hostilities, rebellion, revolution, insurrection, riot, civil commotion, coup or usurped power or active duty in the military, naval or air forces of any country or international authority. 8. Aviation or aeronautics other than as a fare paying passenger on a duly licensed commercial aircraft. 9. The participation in any criminal event. 10. Racing of any kind other than on foot. 11. Nuclear radiation, or contamination or the use of ionization or combustion or any nuclear weapons. 12. Participation in all forms of professional sports competition with reward and income. Premium term and non-payment of premium The premium payment term of the policy is 2, 5 or 10 years. The Company allows a Grace Period of 30 days after the premium due date for payment of each premium. If a premium is still unpaid at the expiration of the Grace Period and the policy has no cash value, the policy will be terminated from the date the first unpaid premium was due. If the policy has any loanable cash value, the Company shall automatically advance the amount of premium due as a loan against such loanable cash value of the policy. Once the total amount of outstanding loan and interest accrued thereon is equal to or exceeds the loanable cash value of the policy, the policy will be terminated. Please note that once the policy is terminated on this basis, you will lose all of your benefits. Termination conditions The Policy shall terminate on the earliest of the following:- 1. the death of the Insured (or, if applicable, the death of the last beneficiary/ sub-beneficiary entitled to receive the unpaid Monthly Annuity Payment); or 2. the end of the benefit term of this Policy; or 3. the date of Policy surrender. Such date is determined in accordance with the Company s applicable rules and regulations in relation to Policy surrender; or 4. the end of the Grace Period if premium due remains unpaid; or 5. the total amount of outstanding loan and interest accrued thereon equal to or exceed the sum of (i) Guaranteed Cash Value, (ii) Annuity Balance (if any) and (iii) accumulated Monthly Annuity Payment (if any) and any interest thereon (if any) of the Policy. PMH062CB1612

HKG_ICSS_FTO_sogobrilingual_100_19Feb2016_31837_tnc

HKG_ICSS_FTO_sogobrilingual_100_19Feb2016_31837_tnc Terms and conditions: 1. The extra 5 Membership Rewards points promotion at SOGO ( the Promotion Offer ) is valid for spending only at SOGO Department Store at Causeway Bay and Tsim Sha Tsui within the