Glossary for insurance terminology

The insurance terminology that is currently used in policy provision, illustration document, product brochure and other relevant policy correspondence will be renamed and replaced by the standardised industry terminology, without changing their original meanings. Please rest assured that such change(s) has no impact on your policy. Please refer to below table for the summary of changes:
Terminology currently used
(if applicable)
Terminology after Renamed General Meanings
All Type of Products
Face Amount / Principal Sum - Protection Oriented Product Sum Assured The basic death benefit amount of the policy
Face Amount – Savings Oriented Product Principal Amount The amount is used to calculate premium and relevant policy values, yet it is not counted as the death benefit amount
Participating Policy
Guaranteed Bonus Guaranteed Cash Payment Guaranteed amount that will be payable in the policy at a defined period
Maturity Dividend / Maturity Bonus Terminal Dividend A one-off non-guaranteed payment that will be payable upon surrender/ termination of the policy or in payment of claims (e.g. death or critical illness), provided that the policy has been in force for a specific period of time
Additional Bonus / Extra Bonus Terminal Bonus
Universal Life Insurance
Crediting Rate Crediting Interest Rate Prevailing interest rate that is applicable to the policy for account value accumulation
Guaranteed Crediting Rate Guaranteed Crediting Interest Rate Minimum interest rate that is applicable to the policy for account value accumulation

Please refer to the policy contract for detailed explanation of the terminologies.