American International Assurance Company (Bermuda) Limited

USD policy

Level Premium Payments & Various Choices of premium payment period
Golden Years Income Plan^#1 is designed for those aged between 0 and 60 with various choices of premium payment period. The premium amount is guaranteed to remain level throughout the premium payment period.

Choices of Premium Payment Period

Premium Payment Period (Years)	3	5	8	12	18
Income Period Starts (Policy Anniversary)	10th	10th	12th	12th	18th

Your Choice of Guaranteed Monthly Income Amount and Income Period
The Income Period commencement date depends on the premium payment period that you select. Three choices of Income Period are available: 10 years, 15 years, or until the age of 110^#2.

Throughout the Income Period, you will receive a Monthly Income^{#3,
#4} which comprises Guaranteed Monthly Income and Non-Guaranteed Monthly Income. You can preset the amount of Guaranteed Monthly Income at the time of your application. This Plan is a participating plan - that is, your Basic Policy participates in the Company’s divisible surplus (if any) by way of dividend. Payment of dividends is not guaranteed. However, if dividends are declared and you choose to accumulate the dividends in your Policy to earn interest^#5, such Dividend Accumulations will be used to pay the Non-Guaranteed Monthly Income^#6.

Guaranteed Bonus
At the start of the Income Period, you will receive a Guaranteed Bonus^#4 in a lump sum. The bonus amount is calculated based on the Income Period and the amount of the Guaranteed Monthly Income. You can choose to receive the bonus in cash, or leave it with the Policy to accumulate interest^#5.

Guaranteed Bonus Amount

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
In the unfortunate event that the Insured dies when the Policy is in force, a death benefit will be paid to the Beneficiary.

Death Benefit

Insured dies before the 2^nd Policy Anniversary	The Beneficiary will receive 101% of the Total Premiums Paid^#7 for the Basic Policy, plus any Dividend Accumulations, less any Policy Debt.
Insured dies on or after the 2^nd Policy Anniversary but before the commencement of the Income Period	The Beneficiary will receive 110% of the Total Premiums Paid^#7 for the Basic Policy, plus any Dividend Accumulations, less any Policy Debt.
Insured dies on or after the commencement of the Income Period but before the Maturity Date	The Beneficiary will receive (i)　 101% of Guaranteed Cash Value; or (ii)　Total Premiums Paid^#7 of the Basic 　　Policy minus Guaranteed Monthly Income 　　declared up to the date of death of the 　　Insured without interest minus 　　Guaranteed Bonus declared without 　　interest, whichever is higher; plus any Dividend Accumulations, any accumulated Guaranteed Bonus and any accumulated Monthly Income, less any Policy Debt.

Terminal Illness Advance Payment Benefit^#8
If the Insured is diagnosed with a Terminal Illness^#9, you have the option to choose to advance 100% of the death benefit amount.

Unemployment Benefit
If you are laid off and become unemployed^#10, we will extend the Grace Period of late premium payment from 31 days to 365 days to give you a buffer for such payment.

Optional Supplementary Benefit^#11
Optional riders offering disability protection can be attached to your Basic Policy, including a Waiver of Premium Rider and a Payor’s Benefit Rider. In the case of the Waiver of Premium Rider, in the unfortunate event that the Insured becomes Totally and Permanently Disabled^#12, the premiums payable under the Policy will be waived^#13 and the Policy will continue to be in force. In the case of the Payor’s Benefit Rider, if the Owner dies or becomes Totally and Permanently Disabled^#12, the premiums payable under the Policy will be waived^#13 and the Policy will continue to be in force.

Notes:

The currency of this plan is US Dollars.

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 applicants aged between 18 and 60 only.

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.

The interest rate applied to the Dividend Accumulations, as well as the interest rate applied to any Monthly Income and/or Guaranteed Bonus left with the Company to earn interest, are non-guaranteed and are as declared by the Company from time to time.

The Non-Guaranteed Monthly Income needs to be re-calculated if you withdraw any of the Dividend Accumulations.

Total Premiums Paid means an amount equal to the Applicable Standard Premium multiplied by the Number of Years of Premium Paid. Applicable Standard Premium is the premium amount shown in the Table of Standard Premium in the Policy contract for the Insured’s Issue Age and Guaranteed Monthly Income. Total Premiums Paid may not be exactly the same amount of the premiums that you have paid if your payment is not made on an annual basis.

The Terminal Illness Advance Payment Benefit is not valid if the signs or symptoms of a Terminal Illness occur 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 Policy Owner.

A Terminal Illness means a medical condition which, as certified by two registered physicians, is reasonably expected to lead to the Insured’s death within 12 months of such certification. Terminal Illness does not include a medical condition which:results from or is caused by AIDS or HIV; arises from a congenital disease which appears before the Insured reaches 17 years of age; results from a self-inflicted injury; or results from a pre-existing condition.

#10

You must be employed under a continuous contract for not less than 24 months and be 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.

#11

You may consider attaching optional supplement benefits to your Basic Policy according to your needs. Premiums for supplementary benefits are separately payable.

#12

Total and Permanent Disability means complete and continuous inability of the Insured/Owner (as the case may be), for at least six 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.

#13

For Waiver of Premium Rider, if the Insured becomes Totally and Permanently Disabled before the age of 60 or before the end of the premium payment period, whichever is earlier, 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’s Benefit Rider, the premiums payable for the Basic Policy and the Payor’s Benefit Rider will be waived totally provided the Owner dies or becomes Totally and Permanently Disabled before the age of 60 or before the Policy Anniversary immediately following the 25^th birthday of the Insured, whichever is earlier.

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