Bonus Power Plan 2 (Enhanced Protection)

Life Protection · Insurance with Investment Focus

Period

Whole Life

Issue age

18 - 65 Years

You can buy this from

Your Financial Planner

WHAT THIS PRODUCT IS ABOUT

You can’t live on dreams alone. You need the financial resources and protection to make them a reality. That’s why AIA created Bonus Power Plan 2 (Enhanced Protection), which combines the benefit of potentially greater returns with the thorough protection of life insurance. You will also find comfort in the flexibility of our payment options should misfortune come your way. So, you can reach for your dreams with confidence, knowing that we will be there for you if you should fall.

Limited time offer

Apply now to enjoy 1% premium refund.

Terms & conditions apply. Details please download and refer to the promotion leaflet.

Your dreams of tomorrow start with saving today

Your dreams of tomorrow

start with saving today

what does it provide?

How does it work?

The Bonus Power Plan 2 (Enhanced Protection) is a participating insurance plan. We will distribute the profit generated from this product group by declaring a non-guaranteed Reversionary Bonus and Terminal Bonus to you at least once per year starting from the end of the 3rd policy year.

Reversionary Bonus: A non-guaranteed bonus, the face value of which forms a permanent addition to your policy once it is declared. It may be cashed out or left to accumulate in your policy throughout its duration, allowing the value of your policy to grow with time.

Terminal Bonus: 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 lesser than the previous amount based on a number of factors, including but not limited to investment returns and general market volatility.

Upon the death of the insured, we will pay to the beneficiary the face values of any Reversionary Bonus accumulated and Terminal Bonus under the policy.

Otherwise, upon the surrender or termination of the policy other than the death of the insured, or if the insured becomes totally and permanently disabled, suffers loss of limbs or irrecoverable loss of sight, or is diagnosed with Alzheimer’s disease, Parkinson’s disease or the loss of independent existence, we will pay any cash value that may have accumulated on any Reversionary Bonus and the cash value of Terminal Bonus under the policy. These cash values are not guaranteed.

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If the worst should happen

If the insured, who is the person protected under the policy, passes away, we will pay the death benefit to the person whom you select in your policy as beneficiary. The death benefit will include:

the sum assured of your basic plan;

the face value of any Reversionary Bonus; plus

the face value of any Terminal Bonus.

We will deduct all outstanding debt and any benefits paid under this policy before we make the payment to the beneficiary.

For extra cover, you can choose from a range of optional add-on plans offering accident, medical, critical illness and disability protection. Add-on plans are subject to additional premiums, underwriting and exclusions. All benefits under add-on plans will be terminated when your Bonus Power Plan 2 (Enhanced Protection) terminates.

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Your choice of settlement option

Apart from a lump sum payment, if you wish your beneficiary to take the amount of death benefit in regular instalments, the plan provides a settlement option available to you.

You can select fixed amounts of benefit to be paid to your beneficiary at regular intervals chosen by you, provided that the total annual payment is at least equal to 2% of the death benefit. Remaining amount of benefit will be left in our company to accumulate at the non-guaranteed interest rate determined by us, until the full amount of benefit has been paid to the beneficiary.

The death benefit settlement option is not available if the death benefit payable is less than US$50,000.

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Broad support during difficult times

Nowadays people are being diagnosed with debilitating conditions at a younger age. To give you extra leverage should misfortune strike, the Bonus Power Plan 2 (Enhanced Protection) will provide you with a series of advance payments, which will be advanced from the sum assured and the face values of any Reversionary Bonus and Terminal Bonus in your policy. Two different benefits are payable under the following circumstances:

Total and Permanent Disability Benefit: If the insured is diagnosed with a total and permanent disability or suffer loss of limbs or irrecoverable loss of sight before the age of 65. The offer of the Total and Permanent Disability Benefit will be subject to our underwriting decision.

Caring Benefit: If the insured is diagnosed with Alzheimer’s disease, Parkinson’s disease or loss of independent existence, such as being permanently unable to perform daily activities, before the age of 85.

Payments for the Total and Permanent Disability Benefit and Caring Benefit

First 30 months following your diagnosis

For as long as the diagnosed condition persists, we will make monthly advance payments equal to 1% of the sum of the sum assured and the face value of any Reversionary Bonus in your policy as at the date of commencement of the disability or the date of diagnosis, plus the corresponding face value of any Terminal Bonus.

30 months after your diagnosis

Provided that the diagnosed condition persists, we will pay you the remainder of the sum assured and the face values of any Reversionary Bonus and Terminal Bonus in a lump sum. You will receive this at the end of the 30th month after the date of commencement of the disability or the date of diagnosis.

In addition, we will waive the future premiums for the basic plan if you are diagnosed with any of the above conditions, keeping the policy in force and setting your family at ease.

We will not pay the Total and Permanent Disability Benefit and Caring Benefit at the same time. The maximum aggregate amount of each benefit payable to the same insured under this policy and any other policies, and / or add-on plans is US$1.25 million. We will deduct all outstanding debt under your policy before making the advance payments.

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Accumulate wealth to realise your dreams

The Bonus Power Plan 2 (Enhanced Protection) also offers the opportunity for long term capital growth in the form of:

guaranteed cash value to secure your returns;

non-guaranteed cash value of the Reversionary Bonus; plus

non-guaranteed cash value of the Terminal Bonus.

In addition, to enhance your financial flexibility, the Bonus Power Plan 2 (Enhanced Protection) offers you the option of cashing out all or part of the bonuses or withdrawing any cash value by reducing the sum assured of your policy. After withdrawal, the future value of the policy and death benefit will be reduced.

This plan also offers option for a policy loan. You can borrow up to 90% of the total guaranteed cash value of the policy plus the non-guaranteed cash value of any Reversionary Bonus. Interest on a policy loan will be charged at a rate solely determined by us.

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Flexible premium payment terms

Denominated in US Dollars, the Bonus Power Plan 2 (Enhanced Protection) offers the choice of three premium payment terms, facilitating flexible planning depending on your current outlook. Premium amounts are guaranteed to be fixed throughout the premium payment term.

View premium payment terms
Premium Payment Terms Table

insurance lingo explained

Participating Insurance Plan

With this product, in addition to providing protection to you and your loved 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).

DO YOU WANT ADDITIONAL PEACE OF MIND?

Additional options are available for you to customise your cover to make sure it suits your individual needs.

Notes:

All information here is for reference only. Please refer to the policy contract for the definitions of capitalised terms, and the exact and complete terms and conditions of coverage.
We would like to remind you to review the relevant product materials and proposal illustrations (if applicable) provided to you and seek independent professional advice if necessary.

IMPORTANT INFORMATION

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Bonus Philosophy

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 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. 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 Reversionary Bonus and Terminal Bonus payments, by spreading out the gains and losses over a longer period of time. Stable Reversionary Bonus and Terminal Bonus payments will ease your financial planning.

We will review and determine the Reversionary Bonus and Terminal Bonus amounts to be payable to policy owners at least once per year. The actual Reversionary Bonus and Terminal Bonus declared may be different from those illustrated in any product information provided (e.g. benefit illustrations). If there are any changes in the actual Reversionary Bonus and Terminal Bonus against the illustration or in the projected future Reversionary Bonus and 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 Reversionary Bonus and 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 Reversionary Bonus and 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, and with written declaration by the Chairman of the Board, an Independent Non-Executive Director and the Appointed Actuary on the management of fair treatment between policy owners and shareholders.

To determine the Reversionary Bonus and 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).

Some participating products (if applicable) allow the policyholder to leave annual dividends, guaranteed and non-guaranteed cash payments, guaranteed and non-guaranteed incomes, guaranteed and non-guaranteed annuity payments with us, potentially earning interest at a non-guaranteed interest rate. To determine such interest rate, we consider the returns on the pool of assets in which the annual dividends, guaranteed and non-guaranteed cash payments, guaranteed and non-guaranteed incomes, guaranteed and non-guaranteed annuity payments are invested with reference to the past experience and future outlook. This pool of assets is segregated from other investments of the Company and may include bonds and other fixed income instruments. You have the right to request for historical accumulation interest rates before committing the purchase.

For dividend & bonus philosophy and dividend / bonus history, please visit our website at https://www.aia.com.hk/en/dividend-philosophy-history.html

Investment Philosophy, Policy and Strategy

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 according to the target asset mix on the asset class below:

Bonds and other fixed income instruments: 30% - 50%
Growth assets: 50% - 70%

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 growth 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. Growth assets may include listed equity, equity mutual funds, physical real estate, real estate funds, private equity funds and private credit funds, which are mainly invested in the United States, Asia-Pacific and Europe. Returns of growth assets are generally more volatile than bonds and other fixed income instruments. Subject to our investment policy, material amount of 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 their bond purchases with the underlying policy denomination on best-efforts basis (e.g. US Dollar assets will be used to support US 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. Growth assets may be invested in currency other than the underlying policy denomination, and the 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.

Key Product Risks

You should pay premium(s) on time and according to the selected premium payment schedule. If you stop paying the premium before completion of the premium payment term, you may elect one of the non-forfeiture options to surrender the policy or convert the policy to a non-participating insurance plan with life protection only. Compare with the original plan, such a plan will have less cover.

If no non-forfeiture option has been selected, the premium will be covered by a loan taken out on the policy automatically. When the loan balance exceeds the sum of guaranteed cash value and cash value of Reversionary Bonus (if any) of the basic plan, the policy will terminate 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.
The plan may make certain portion of its investment in growth assets. Returns of growth assets are generally more volatile than bonds and other fixed income instruments, you should note the target asset mix of the product as disclosed in this product brochure, which will affect the bonus on the product. The savings component of the plan is subject to risks and possible loss. Should you surrender the policy early, you may receive an amount considerably less than the total amount of premiums paid.
You may request for the termination of your policy by notifying us in written notice. Also, we will terminate your policy and you / the person protected under the policy will lose the cover when one of the following happens:
1. the person protected under the policy passes away;
2. you do not pay the premium within 31 days of the due date and the policy has no cash value; or
3. the outstanding debt exceeds the guaranteed cash value plus the cash value of the Reversionary Bonus (if any) of the policy.
We underwrite the plan and you are subject to our credit risk. If we are unable to satisfy the financial obligations of the policy, you may lose your premium paid and benefits.
You are subject to exchange rate risks for plans denominated in currencies other than the local currency. Exchange rates fluctuate from time to time. You may suffer a loss of your benefit values and the subsequent premium payments (if any) may be higher than your initial premium payment as a result of exchange rate fluctuations. You should consider the exchange rate risks and decide whether to take such risks.
Your current planned benefit may not be sufficient to meet your future needs since the future cost of living may become higher than they are today due to inflation. Where the actual rate of inflation is higher than expected, you may receive less in real terms even if we meet all of our contractual obligations.

Key Exclusions

We will not cover the person protected under the policy for any of the following, except in the event of the death of the person protected under the policy:

Any illness or disability that manifested before the policy became effective, or within the 90 days after the policy became effective;
Attempted self-destruction or self-inflicted injuries on the part of the person protected under the policy;
Any congenital illness or disability that manifested prior to the date on which the person protected under the policy attained 17 years of age;
Any disability caused by war, warlike operations or restoration of public order; and
Entering, exiting, operating, servicing, or being transported by any aerial device except when the person protected under the policy is on a commercial passenger aircraft.

Claim Procedure

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 by visiting any AIA Customer Service Centre. For details related to making a claim, please refer to the policy contract. If you wish to know more about claim related matter, you may visit "File A Claim" section under our company website www.aia.com.hk.

Suicide

If the person protected under the policy 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.

Incontestability

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 person protected under the policy 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.

Cancellation Right

You have the right to cancel and obtain a refund of any premiums and any levy paid by giving written notice to us.
Such notice must be signed by you and submitted to the Customer Service Centre of AIA International Limited at 12/F, AIA Tower, 183 Electric Road, North Point, Hong Kong within 21 calendar days immediately following either the day of delivery of the policy or the Cooling-off Notice to you or your nominated representative, whichever is the earlier.

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.

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