Savings Insurance
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Savings · Retirement Income
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Careful planning helps you prepare for a comfortable retirement. You can plan for your future with Fortune Promise. It provides long-term capital growth to support your retirement lifestyle as well as life protection to ensure your loved ones will be cared for beyond your lifetime. That way, you can look ahead with confidence, knowing Fortune Promise will keep your plans on track.
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Fortune Promise is a participating insurance plan that provides you with guaranteed cash value, non-guaranteed Annual Dividends and a non-guaranteed Terminal Dividend, all of which form your policy values.
The plan’s guaranteed cash value enables you to accumulate wealth for future prosperity that you can enjoy with your family. It also helps you prepare for your retirement years and beyond.
Once the policy has been in force for 11 years, we will provide you with a non-guaranteed cash amount, called an Annual Dividend on a yearly basis. You may choose to receive the Annual Dividends in cash, or leave them to accumulate in your policy, potentially earning interest.
Once the policy has been in force for 5 years, we will also provide you with a one-off non-guaranteed cash amount, called a Terminal Dividend if:
When you step into your retirement years, with Fortune Promise, you can choose to withdraw policy values in one go, to realise your dreams. Alternatively, you can withdraw policy values regularly to suit your needs. For example, you can opt for annual or monthly withdrawals as part of your retirement income streams to enjoy your fulfilling retirement years.
Upon request, you can withdraw non-guaranteed Annual Dividends from Fortune Promise. 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 one-time premium 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.
If the insured passes away, we will pay the death benefit to the person whom you select in your policy as beneficiary. The death benefit will include:
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If the insured passes away due to a covered accident within the first 36 months of the policy, Fortune Promise pays an additional benefit equal to 15% of the one-time premium paid for your basic plan on top of the death benefit. The maximum aggregate amount of this additional benefit under all Fortune Promise policies for the same insured will be US$150,000.
Apart from a lump sum payment, if you wish your beneficiary to take the amount of death benefit and accidental death benefit in regular instalments, the plan provides a settlement option available to you.
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.
Fortune Promise offers life insurance cover for the insured. It is available to insureds between 15 days and age 70. The plan is denominated in US dollars, with a one-time premium payable in a lump sum, avoiding the obligation of long-term premium payments while providing whole life protection.
No medical examination is required for a new application as long as the one-time premium payment does not exceed the aggregate limit set for each insured, subject to our prevailing rules and regulations. Simply apply and gain a lifetime of protection.
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).
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.
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.
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 dividend payments by spreading out the gains and losses over a longer period of time. Stable dividend payments will ease your financial planning.
We will review and determine the dividend amounts to be payable to policy owners at least once per year. The actual dividends declared may be different from those illustrated in any product information provided (e.g. benefit illustrations). If there are any changes in the actual dividends against the illustration or in the projected future dividends, 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 dividend 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 dividends, 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 dividends 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 according to the target asset mix on the asset class below:
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 their 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.
The plan may make certain portion of its investment in equity-like assets. Returns of equity-like 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 dividend 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.
We will terminate your policy and you / the insured will lose the cover when one of the following happens:
The above list is for reference only. Please refer to the policy contract of this plan for the complete list and details of exclusions.
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 for a continuous period of two years from the date on which the policy takes effect.