Simply Love Encore 3

The plan will provide guaranteed cash value, enabling you to accumulate wealth for future prosperity of you and your family. It also helps you prepare for your retirement years. In addition, we will provide you with non-guaranteed annual cash amounts called Annual Dividends on a yearly basis, which begin from the end of the 11th policy year. You may choose to receive the Annual Dividends in cash, or use them to reduce any premium due under this policy (for a policy other than a one-time premium payment policy). Otherwise, these sums shall accumulate in your policy, potentially earning interest.

Also, once the policy has been in force for 5 years (for a one- time premium payment policy) or 10 years (for a policy other than a one-time premium payment policy), we will provide you with a one-off non-guaranteed cash amount, called a Terminal Dividend if:

• you surrender the policy; or
• the insured, who is the person protected under the policy, passes away.
  

Upon request, you can withdraw non-guaranteed Annual Dividends from the Simply Love Encore 3. You may also request to withdraw the guaranteed cash value and non- guaranteed Terminal Dividend from your policy through partial surrender, which will in turn reduce the principal amount of the policy and the total premium(s) paid for the basic plan under the death benefit. The principal amount is used to calculate premium and relevant policy values and will not be payable as death benefit. After withdrawal, the future value of your policy will be reduced.

• guaranteed cash value or the total premium(s) paid for the basic plan, whichever is higher;
• any Annual Dividends that have accumulated with interest under the policy; plus
• any Terminal Dividend

We will deduct all outstanding debt under your policy before we make the payment to the beneficiary.

If the insured passes away due to a covered accident within the first 12 months of the policy, Simply Love Encore 3 pays a benefit equal to the total premium(s) paid for your basic plan in addition to the above benefits. The maximum aggregate amount of this additional benefit under all Simply Love Encore 3 policies for the same insured will be US$100,000/HK$750,000/MOP750,000.

For policies with a 5-year or 10-year premium payment term, you can choose from a range of optional add-on plans offering accident, medical, critical illness and disability protection if you want more cover. Add-on plans are subject to additional premiums and underwriting. All benefits under add-on plans will be terminated when your Simply Love Encore 3 policy terminates.

You can select specific amounts of benefits 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 sum of the death benefit and accidental death benefit. Remaining amount of benefits will be left in our company to accumulate at the non-guaranteed interest rate determined by us, until the full amount of benefits has been paid to the beneficiary.

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

Subject to our approval, you may request for the Change of Insured Option up to 2 times after the end of the 1st policy year and must be done during the lifetime of the current insured. No medical examination is required for the proposed new insured as long as the total annual premiums do not exceed the aggregate limit set for such insured, subject to our prevailing rules and regulations. At the time of application, the age of the proposed new insured must be between 15 days and 60.

Once the insured has been changed, all existing add-on plans will automatically terminate (except the Payor Benefit Rider (if any), which shall remain in force provided that the age of the proposed new insured is between 15 days and 17 at the time of application, while its premium may be adjusted in accordance with any different benefit term).

Subject to our approval, you may request for the Newborn Option once before the end of the 1st policy year by submitting the child’s birth certificate, and must be done during the lifetime of the current insured. No medical examination is required for the child as long as the total annual premiums do not exceed the aggregate limit set for the child, subject to our prevailing rules and regulations. To be eligible for such request, the child must be born after the policy application date and before the end of the 1st policy year.

Once the insured has been changed under the Newborn Option, all existing add-on plans will automatically terminate (except the Payor Benefit Rider (if any), which shall remain in force, while its premium may be adjusted in accordance with any different benefit term). The Change of Insured Option can still be requested for up to 2 times after exercising the Newborn Option.

In case the Newborn Option is not exercised, the policy will continue covering the current insured and this option will automatically terminate at the end of the 1st policy year.