American International Assurance Company (Bermuda) Limited

HKD policy

Level Premium Payments
This plan is designed for those aged between 0 and 60. The premium amount is guaranteed to remain level throughout the 12-year premium paying period, allowing easy financial management.

Your Choice of Guaranteed Monthly Income Amount and Income Period
The income period comes immediately after the premium paying period. You will receive a monthly income^#1^#2 throughout the income period. Three periods are available for you to choose^#3: 10 years, 15 years, or until the age of 110.

Monthly income comprises guaranteed monthly income and non-guaranteed monthly income. In addition to your preset guaranteed monthly income, you will also have a chance to receive non-guaranteed monthly income if a dividend is declared and credited to you and you choose to accumulate it in your policy.

Guaranteed Bonus
At the end of the 12-year premium paying period, you will receive a guaranteed bonus^#2 in lump sum. The bonus amount is based on the income period and the amount of the guaranteed monthly income (please see the table below). You can choose to receive the bonus in cash, or leave it with the Company to accumulate interest^#4.

Income period	Guaranteed bonus amount
10 Years	Guaranteed monthly income amount X 10
15 Years	Guaranteed monthly income amount X 15
To age 110	Guaranteed monthly income amount X 20

Life Protection
Misfortunes are usually unexpected. In the unfortunate event that the Insured dies within the premium paying period or during the income period, a death benefit will be paid to the beneficiary. The death benefit is calculated differently between the two periods.

Terminal Illness Advance Payment Benefit^#5
In the unfortunate event that the Insured is diagnosed with a terminal illness^#6, you can utilize the Terminal Illness Advance Payment Benefit^#5, which is 100% of the death benefit, to alleviate the financial burden of medical expenses.

Unemployment Benefit
If you are laid off and become unemployed^#7, we will extend the grace period of late premium payment from 30 days to 365 days to enable you to have a buffer for such payment. However, if Automatic Premium Loan^#8 is triggered, the Unemployment Benefit becomes a waiver of loan interest^#9 instead. This benefit will cease at the end of the premium paying period.

Optional supplementary benefit^#10
Life is full of uncertainties. In the unfortunate event that the Insured becomes totally and permanently disabled^#11 before the age of 60 or before the end of premium paying period, whichever is earlier (for Waiver of Premium Rider); or the Owner dies or becomes totally and permanently disabled^#11 before the age of 60, before the Insured reaches the age of 25, or before the end of the premium paying period, whichever is earlier (for Payor Benefit Rider), the specified premium(s) will be waived^#12 and the policy will continue to be in force.

Notes:

The guaranteed cash value in the policy will start to decrease when monthly income payment commences.

If at the commencement of the income period a Policy Debt remains outstanding, an amount will be deducted from the guaranteed bonus and monthly income to settle the Policy Debt. Any remaining balance of the guaranteed bonus and monthly income will be paid to you.

You should select the income period at the time of application. The income period cannot be changed after the policy is issued. The income period until the age of 110 is offered to those aged between 18 and 60 only.

The interest rate applied to the accumulations of dividends, as well as the interest rate applied to monthly income and/or guaranteed bonus are non-guaranteed and to be declared by the Company from time to time.

The Terminal Illness Advance Payment Benefit is not valid if the sign or symptom of a terminal illness occurs within 90 days from the date when the cover starts. The policy will be terminated when this benefit is paid. The benefit is applicable to Standard Rating Insureds only and will be paid to the policyowner.

A terminal illness means a condition, according to 2 registered physicians’ opinion, which is reasonably expected to lead to death within 12 months. Terminal illness does not include one which results from or is caused by AIDS or HIV, arises from a congenital disease which appears before the Insured’s 17 years of age, results from a self-inflicted injury or from a pre-existing condition.

You must be employed under a continuous contract for not less than 24 months and is eligible for a severance payment upon termination under the laws of Hong Kong or Macau (as the case may be). The Unemployment Benefit starts on the premium due date following the unemployment and continues for up to 365 days. Proof of continuous unemployment is required.

If there is any unpaid premium at the end of the 31-day grace period, we will, by way of loan, automatically advance an amount to pay the unpaid premium provided the cash value in the policy is sufficient to cover such amount. Interest will be charged on such amount.

“Loan interest” under the Unemployment Benefit means the interest that would otherwise have been charged under the Automatic Premium Loan advanced for premiums falling due during the unemployment period.

#10

You may consider attaching optional supplementary benefits to your basic plan according to your needs. Premiums for supplementary benefits are separately payable.

#11

Total and permanent disability means complete and continuous inability of the Insured/Owner for at least 6 months from the date of commencement due to injury or sickness to perform or engage in any gainful work, occupation or business for which he/she is reasonably qualified or fit by his/her knowledge, training or experience.

#12

For Waiver of Premium Rider, the premium for the basic policy will be waived proportionally based on the ratio of the supplementary contract sum assured to the guaranteed monthly income. The premium for the Waiver of Premium Rider will also be waived totally. For Payor Benefit Rider, the premium for the basic policy as well as the Payor Benefit Rider will be waived totally.

The information in this website is for reference only. Please refer to the Policy contract for the exact and complete terms and conditions.