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Critical Illness Protection · Life insurance
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The emergence of unknown infectious diseases and unexpected critical illness can strike when you least expect it, placing a heavy financial burden on the whole family. What’s more, with life expectancy rising, there is now an even greater chance of suffering multiple critical illnesses. Without adequate financial support, hefty medical cost can disrupt your plans for their future.
To provide a safety net in the face of an uncertain future, Protect Elite Ultra 3 / Protect Elite Ultra 3 – First Gift offers comprehensive cover for 115 illnesses. This is supplemented by multiple protection features, including cover for serious infectious diseases, like COVID-19△, as well as the Selected Critical Illness Shield Benefit, Cancer Treatment Flexi Option and family protection benefit.
First in the market, Protect Elite Ultra 3 – First Gift even accepts applications before the birth of a child to give your baby protection and savings from day one after birth, giving you a peace of mind even if congenital conditions and other critical illness strike. That way, you can equip your unborn child for whatever life brings and face the future with confidence – together.
△Applicable while COVID-19 is still a PHEIC according to the World Health Organization (WHO).
Limited time offerApply now to enjoy up to 3 months premium refund. |
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Terms & conditions apply. Details please download and refer to the promotion leaflet
Protect Elite Ultra 3 / Protect Elite Ultra 3 – First Gift is a participating insurance plan that offers life insurance, critical illness protection and the opportunity to enhance your savings (for the exact benefits of Protect Elite Ultra 3 – First Gift, please refer to “Critical illness protection and savings from day one after birth”. It provides all-round cover for 58 critical illnesses (including 57 major illnesses and 1 minor illness), 44 early stage critical illnesses and 13 severe child diseases, along with flexible support, in case cancer, heart attack or stroke strike multiple times. It also offers specific cover for any severe infectious disease which is a Public Health Emergency of International Concern (PHEIC) according to the World Health Organization (WHO).
Protect Elite Ultra 3 – First Gift is designed especially for parents-to-be who want to cover their unborn baby right after birth. Application can begin from the 22nd week of mother’s pregnancy to cover the baby, ensuring they have peace of mind against congenital conditions from birth, for true lifelong support throughout every stage. During gestation, the expectant mother as the insured will only be covered under the Compassionate Refund of Premium Benefit upon a miscarriage, stillbirth, a pregnancy termination that is recommended by a registered specialist doctor or the passing of both the mother and baby. Please note that she will not enjoy life insurance and / or critical illness protection. After the birth of baby, the child will become the insured and the mother will cease to be the insured. The child will be covered with benefits under Protect Elite Ultra 3, including life insurance, covered illnesses protection, Serious Infectious Disease Protection Benefit, Selected Critical Illness Shield Benefit, Cancer Treatment Flexi Option and Super Lifestage Option, for more details, please refer to “Critical illness protection and savings from day one after birth”. In the following sections, "insured", who is the person protected under the policy, (if any) generally refers to your insured child after birth:
If the insured passes away, we will pay the death benefit to the person whom you select in your policy as the beneficiary. The death benefit will include:
Current Sum Assured means the Sum Assured left after the deduction of all advance payment(s) made for the benefits for a major illness, minor illness, early stage critical illness, severe child disease and the Serious Infectious Disease Protection Benefit from the Initial Sum Assured. The Initial Sum Assured means the protection amount that you have purchased.
If the insured is diagnosed with any covered major illness, minor illness, early stage critical illness, severe child disease and / or meets the criteria for the Serious Infectious Disease Protection Benefit, we will pay:
Except the Selected Critical Illness Shield Benefit and the Cancer Treatment Flexi Option, the claims payments made in total for benefits under the policy cannot exceed 100% of the Initial Sum Assured (excluding any Terminal Bonus). Any advance payment(s) made will reduce the Current Sum Assured of the basic policy. The premium, guaranteed cash value, and any Terminal Bonus will also be reduced accordingly. Once advance payments for covered illnesses reach 100% of the Initial Sum Assured, the Terminal Bonus will no longer be declared.
We will deduct all outstanding debt under your policy before making any claim payment.
During the first 10 years of the policy, we will provide the Coverage Booster which is an additional one-off payment applicable to 58 critical illnesses (including 57 major illnesses and 1 minor illness) or the death benefit. The Coverage Booster is not affected by any advance payment for early stage critical illness, severe child disease and Serious Infectious Disease Protection Benefit.
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We will pay you an advance payment of 20% of the Initial Sum Assured# if the insured is diagnosed with a disease that is a PHEIC according to the WHO within 1 year after the diagnosis and he / she has stayed in the ICU for 3 or more consecutive days as a result of that disease.
# Subject to a maximum of US$50,000 per insured.
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Critical illnesses can unfortunately occur more than once in a lifetime. To enhance your protection, the upgraded Selected Critical Illness Shield Benefit and Cancer Treatment Flexi Option provide flexible cover for cancer, heart attack and stroke. Total benefits under Protect Elite Ultra 3 / Protect Elite Ultra 3– First Gift may reach up to 500% of the Initial Sum Assured, providing long-term financial support to help ease your burden on the insured's road to recovery.
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It is the unforeseen that always happens, cancer treatment costs may exceed expectations. If you need additional support, you may select the Cancer Treatment Flexi Option, which gives you the flexibility to speed up the next cancer claim under the Selected Critical Illness Shield Benefit by claiming 50% of the Initial Sum Assured, helping you meet urgent treatment needs.
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Protect Elite Ultra 3 / Protect Elite Ultra 3 – First Gift could help you extend a safety net over your loved ones - with no health information required. If the parent of an insured child or the spouse of an insured adult passes away before the age of 80, we will activate the Waiver of Premium on Death (Parents) or the Waiver of Premium on Death (Spouse) (see below), which waives the future policy premiums to lighten your burden, without affecting your protection and policy values.
These benefits, which come with the basic policy, will become effective once the policy has been in force for 2 years, provided that the parent of an insured child or the spouse of an insured adult is at or below the age of 50 at the time of policy application.
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You may need better life insurance protection when you enter another stage of life. Protect Elite Ultra 3 / Protect Elite Ultra 3 – First Gift offers you an option to purchase an additional whole-life protection insurance plan without requiring further health information upon any of the following milestone events, subject to the choices of products then made available for the purpose of this option:
You may exercise the Super Lifestage Option under all applicable policies:
The Sum Assured of each additional whole-life protection insurance plan cannot exceed:
whichever is lower.
Eligibility of this benefit is subject to underwriting requirements determined by us from time to time.
Give your child a head-start with the precious gift of critical illness protection and savings from birth, for secure foundations they can rely on for life. Simply take up Protect Elite Ultra 3 – First Gift during the pregnancy, which will immediately cover your unborn baby with 20% of the benefit amount for covered illnesses right after birth, with full cover commencing 90 days after the date of baby’s birth. Even if a congenital condition is discovered, your child will still be protected. Savings under the plan will also begin accumulating from the time they are in the womb – and continue growing with your child to provide support in adulthood. Please note that the baby’s birth certificate is required to be submitted by 14 days before the first policy anniversary. Otherwise, the policy will terminate on the first policy anniversary.
In the unfortunate event of a miscarriage, stillbirth, the passing of both the mother and baby, or a pregnancy termination that is recommended by a registered specialist doctor, you will receive 105% of the total premiums paid and the policy will terminate.
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The younger you are when your critical illness protection begins, the lower the premium and the longer the cover period you obtain. That is why parents usually buy insurance policies for their children. Undetected congenital conditions may remain undetected for years and could develop into a critical illness. However, policies often fail to cover diseases caused by congenital diseases. We provide your children with thorough cover for critical illnesses related to congenital diseases with symptoms which remain undetected at policy issue, and protecting your financial plans from any surprise discovery of a life- changing hereditary trait.
Once claims for covered illnesses reach 100% of the Initial Sum Assured, the subsequent premiums of the basic policy will be waived. Add-on plans (if any) attached to the basic policy will remain in force and provide cover if their respective premiums continue to be paid.
Protect Elite Ultra 3 / Protect Elite Ultra 3 – First Gift offers guaranteed cash value to help you accumulate wealth.
Once the basic policy has been in force for 5 years, Protect Elite Ultra 3 / Protect Elite Ultra 3 – First Gift also declares a non-guaranteed Terminal Bonus (if any) to you at least once per year that may grow your wealth. You may receive the Terminal Bonus when:
Terminal Bonus is a non-cumulative, non-guaranteed bonus, the amount of which is valid until the next declaration. The amount in each declaration may be greater or less than the previous amount based on a number of factors, including but not limited to investment returns and general market conditions.
Payment of the Terminal Bonus is not guaranteed. We determine the amount based on actual experience and it may vary based on the above. In the case of policy surrender, it may be less compared to other situations.
Please note that after the advance payments made in total for benefits under the policy reach 100% of the Initial Sum Assured, the policy will not provide any further Terminal Bonus.
Protect Elite Ultra 3 / Protect Elite Ultra 3 – First Gift is denominated in US dollars. You can choose from 4 premium payment terms and enjoy life insurance and critical illness protection throughout the lifetime of the insured.
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Critical Illness
This refers to a disease or condition that is life-threatening.
Participating Insurance Plan
With this product, in addition to providing protection to you and your love ones, your policy can share the divisible surplus (if any) from product groups determined by us.
Premium
This is the fee you pay us for your policy.
Surrender
When you cancel your insurance policy, we may pay you an amount (called the surrender value).
Like what you've read? This is just a summary of our product. If you want more information, please contact your financial planner for a financial needs analysis.
This is a participating insurance plan designed to be held long term. Your premiums will be invested in a variety of assets according to our investment strategy, with the cost of policy benefits (such as charges to support guarantees) and expenses deducted as appropriate from premiums or assets. Your policy can share the divisible surplus (if any) from related product groups determined by us. A very significant proportion of divisible surplus arising from actual experience gains and losses from related product groups will be shared with policy owners. We aim to ensure a fair sharing of profits between policy owners and shareholders, and among different groups of policy owners.
Future investment performance is unpredictable. Through our smoothing process, we aim to deliver more stable Terminal Bonus payments by spreading out the gains and losses over a longer period of time. Stable Terminal Bonus payments will ease your financial planning. We will review and determine the Terminal Bonus amounts to be payable to policy owners at least once per year. The actual Terminal Bonus declared may be different from those illustrated in any product information provided (e.g. benefit illustrations). If there are any changes in Terminal Bonus against the illustration or in the projected future Terminal Bonus, such changes will be reflected in the policy anniversary statement.
A committee has been set up to provide independent advice on the determination of the Terminal Bonus amounts to the Board of the Company. The committee is comprised of members from different control functions or departments within the organisation both at AIA Group level as well as Hong Kong local level, such as office of the Chief Executive, legal, compliance, finance and risk management. Each member of the committee will exercise due care, diligence and skill in the performance of his or her duties as a member. The committee will utilise the knowledge, experience, and perspectives of each individual member to assist the Board in the discharge of its duty to make independent decision and to manage the risk of conflict of interests, in order to ensure fair treatment between policy owners and shareholders, and among different groups of policy owners. The actual Terminal Bonus, which are recommended by the Appointed Actuary, will be decided upon the deliberation of the committee and finally approved by the Board of Directors of the Company, including one or more Independent Non-Executive Directors.
To determine the Terminal Bonus of the policy, we consider both past experiences and the future outlook for all the factors including, but not limited to, the following:
Investment returns: include interest earnings, dividends and any changes in the market value of the product’s backing assets. Depending on the asset allocation adopted for the product, investment returns could be affected by fluctuations in interest income (both interest earnings and the outlook for interest rates) and various market risks, including credit spread and default risk, fluctuations in equity prices, property prices and foreign exchange currency fluctuation of the backing asset against the policy currency.
Claims: include the cost of providing death benefits and other insured benefits under the product(s).
Surrenders: include policy surrenders, partial surrenders and policy lapses; and the corresponding impact on the investments backing the product(s).
Expenses: include both expenses directly related to the policy (e.g. commission, underwriting, issue and premium collection expenses) and indirect expenses allocated to the product group (e.g. general administrative costs).
For further information, please visit our website at
http://www.aia.com.hk/en/dividend-philosophy.html
For the historical fulfillment ratio, please visit our website at
http://www.aia.com.hk/en/fulfillment-ratio.html
Dividend and Bonus Philosophy
Historical Fulfillment Ratio
Our investment philosophy is to deliver stable returns in line with the product’s investment objectives and AIA’s business and financial objectives.
Our investment policy aims to achieve the targeted long-term investment results and minimise volatility in investment returns over time. It also aims to control and diversify risk exposures, maintain adequate liquidity and manage the assets with respect to the liabilities.
Our current long-term target strategy is to allocate assets attributed to this product as follows:
Our investment strategy is to actively manage the investment portfolio i.e.: adjust the asset mix in response to the external market conditions. The proportion of equity-like assets would be lower when interest rate level is low and would be even lower than the long-term target strategy so to protect the guaranteed liability and to minimise volatility in investment returns over time, and vice versa when interest rate is high.
The bonds and other fixed income instruments predominantly include government and corporate bonds, and are mainly invested in the geographic region of the United States and Asia-Pacific (excluding Japan). Equity-like assets may include listed equity, mutual funds and direct / indirect investment in commercial / residential properties, and are mainly invested in Asia. Returns of equity-like assets are generally more volatile than bonds and other fixed income instruments. Subject to our investment policy, derivatives may be utilised to manage our investment risk exposure and for matching between assets and liabilities.
Our currency strategy is to minimise currency mismatches. For bonds or other fixed income instruments, our current practice is to currency-match its bond purchases with the underlying policy denomination on best-efforts basis (i.e.: US Dollar assets will be used to support US Dollar liabilities and HK Dollar assets will be used to support HK Dollar liabilities). Subject to market availability and opportunity, bonds may be invested in currency other than the underlying policy denomination and currency swap will be used to minimise the currency risks. Currently assets are mainly invested in US Dollar. For equity-like assets, currency exposure depends on the geographic location of the underlying investment where the selection is done according to our investment philosophy, investment policy and mandate.
We will pool the investment returns from other long term insurance products (excluding investment linked assurance schemes and pension schemes) together with this participating insurance plan for determining the actual investment and the return will subsequently be allocated with reference to the target asset mix of the respective participating products. Actual investments (e.g. geographical mix, currency mix) would depend on market opportunities at the time of purchase. Hence it may differ from the target asset mix.
The investment strategy may be subject to change depending on the market conditions and economic outlook. Should there be any material changes in the investment strategy, we will inform policy owners of the changes, with underlying reasons and impact to the policies.
If no non-forfeiture option has been elected, the premium will be covered by a loan taken out on the policy automatically. When the loan balance exceeds the guaranteed cash value, the policy will lapse and you will lose the cover. The surrender value of the policy will be used to repay the loan balance, and we will refund any remaining value.
Except for the death benefit, under this plan, we will not cover any of the following events or conditions that result from any of the following events:
The above list is for reference only. Please refer to the policy contract of this plan for the complete list and details of exclusions.
In order to provide you with continuous protection, we will review the premium of your plan from time to time within the premium payment term and adjust accordingly if necessary. During the review, we may consider factors including but not limited to the following:
Experimental, screening, and preventive services or supplies are not considered medically necessary.
If you wish to make a claim, you must send us the appropriate forms and relevant proof. You can get the appropriate claim forms in www.aia.com.hk, from your financial planner, by calling the AIA Customer Hotline (852) 2232 8888 in Hong Kong, or (853) 8988 1822 in Macau, or by visiting any AIA Customer Service Centre. For detail claim procedures, please refer to the Claim Procedure section in the policy contract.
If the insured commits suicide within one year from the date on which the policy takes effect, our liability will be limited to the refund of premiums paid (without interest) less any outstanding debt.
Except for fraud or non-payment of premiums, we will not contest the validity of this policy after it has been in force during the lifetime of the insured (i.e. the expectant mother and the subsequently child in respect of Protect Elite Ultra 3 – First Gift) for a continuous period of two years from the date on which the policy takes effect. This provision does not apply to any add-on plan providing accident, hospitalisation or disability benefits.