Everglow 128 Insurance Plan

Guaranteed Cash Coupon paid every year up to 128 years, as if distributing guaranteed year-end bonus

The Plan will pay you a Guaranteed Cash Coupon every Policy Anniversary, starting from the earliest of 1st Policy Anniversary⁸ until the Policy Anniversary following the 128^th birthday of the new Insured or the 128^th Policy Anniversary (whichever is earlier), as if it were distributing guaranteed year-end bonus every year without affecting the guaranteed cash value of the Policy. You may withdraw the Guaranteed Cash Coupon in cash every year, or accumulate them with us to earn non-guaranteed interest⁹ (please refer to At-a-Glance Table of Product Brochure for details of Guaranteed Cash Coupon).

Non-guaranteed annual dividend¹ and terminal dividend¹ further accumulate your wealth

“Everglow 128” distributes non-guaranteed annual dividend¹ every year starting from the 6^th Policy Anniversary, which may help you accumulate wealth. To meet your financial needs, you can either withdraw distributed non-guaranteed annual dividend¹ immediately, leave it in the Policy to accumulate interest over time or use for reducing premium¹⁴. In addition, “Everglow 128” declares non-guaranteed terminal dividend¹ starting from the 10^th Policy Anniversary, and will pay the dividend when the Policy is surrendered/partially surrendered, upon its maturity, or in the unfortunate event of the death of the Insured (provided that Policy Continuation Option⁵ has not been exercised) (please refer to At-a-Glance Table of Product Brochure for details of Death Benefit). For more details, please refer to the Product Brochure.

Premium Holiday² of up to 4 years facilitate your wealth management plan even more

The Plan offers Premium Holiday² of up to 4 years to provide you with financial flexibility to deal with unexpected events or short-term needs (please refer to At-a-Glance Table of Product Brochure for details of Premium Holiday²). When the Policy is in force, you may apply for a Premium Holiday² starting from the 3^rd Policy Anniversary as long as there is no prepaid premium¹⁰ and Indebtedness. The premium payment of the next Policy Anniversary onwards will be suspended after the application is approved and you do not need to worry about the immediate termination of the Policy. During the Premium Holiday², the non-guaranteed annual dividend¹, Guaranteed Cash Coupon and “Extra Caregiving Support Coupon”³ (if applicable) will not be distributed, but the Units and guaranteed cash value will remain unchanged. The accumulated annual dividends¹ and interest⁹ (if any), accumulated Guaranteed Cash Coupon and interest⁹ (if any) and accumulated “Extra Caregiving Support Coupon”³ and interest⁹ (if any and where applicable) will continue to accrue interest⁹ during the Premium Holiday².

“Extra Caregiving Support Coupon”³ protects you with a financial cushion in case of Critical Illness

After the 5^th Policy Anniversary, if the Insured has been diagnosed with Cancer, Stroke or Severe Heart Attack on or before the age of 70, we will pay you an “Extra Caregiving Support Coupon”³ for 3 consecutive Policy Anniversaries starting from the Policy Anniversary immediately following the approval of your claim for “Extra Caregiving Support Coupon”³. The amount paid will be equal to the Guaranteed Cash Coupon, helping your family get through the unexpected financial difficulties.

Unlimited changes of Insured⁴ and Policy Continuation Option (to the Beneficiary)⁵ pass on wealth to your next generations

Unlimited changes of Insured⁴ and cover until new Insured up to age 128, your wealth may pass on
After the 1^st Policy Anniversary, you may change the Insured for unlimited times⁴. The coverage period will be adjusted to the Policy Anniversary following the 128^th birthday of the new Insured or the 128^th Policy Anniversary (whichever is earlier). Policy value would have sufficient time for wealth accumulation and can be passed on to the next generations.

Policy Continuation Option (to the Beneficiary)⁵ allows the Policy continuing to pass on even in unfortunate events
Apart from unlimited changes of Insured⁴, the Plan specially provides Policy Continuation Option⁵. While the Insured is alive and the Policy is in force, the Owner can assign a Beneficiary. Upon the death of the Insured, the Beneficiary will become the new Owner (if applicable) and new Insured. Even if the Insured accidentally passes away, the Policy can still be passed on to the next generations. The coverage period will also be adjusted to the Policy Anniversary following the 128^th birthday of the new Insured or the 128^th Policy Anniversary (whichever is earlier), allowing you pass on your wealth.

Flexible settlement option for Death Benefit⁶ / Full Surrender⁷ customise your needs

Death Benefit Settlement Option⁶
While the Insured is still alive and the Policy is in force, the Owner can choose from the following Death Benefit Settlement Options flexibly regarding payment of Death Benefit to different Beneficiary(ies) in different ways in the unfortunate event of the Insured’s death. It allows each Beneficiary to have the most appropriate arrangement:

1. A lump sum payment; or
2. Regular installment payment⁶ – Monthly, semi-annually or annually over 10, 20 or 30 years; or
3. Increasing installment payment⁶ – The Beneficiary will receive a designated amount of first installment by monthly, semi-annually or annually. Such installments will be increased by 3% each year starting from the 2^nd year until Death Benefit and / or accumulated interest¹¹ (if any) are fully paid; or
4. A designated percentage of Death Benefit will be received in lump sum. Such percentage must be equal to or more than 5% of the Death Benefit. The balance will be received by regular installments⁶.
   
   For benefit to be paid to the Beneficiary(ies) at regular installment / increasing installment payments, the remaining of Death Benefit (after deduction of a lump sum payment of a certain percentage of the Death Benefit is paid out, if applicable) must be equal to or more than USD 50,000. The amount of Death Benefit which is yet to be paid under the Death Benefit Settlement Option can also earn interest¹¹ (if any).

Full Surrender Settlement Options⁷
Once the Policy has been in force for 5 years, and if the Owner fully surrender⁷ the Policy, other than a lump sum payment, the Owner can also choose one of the following options to receive the surrender payment if the surrender payment is at least USD 50,000:

1. Payment at regular⁷ – monthly, semi-annually or annually over 10, 20 or 30 years; or
2. Increasing payments⁷ – you can specify the first installment of surrender amount to be received monthly, semi-annually or annually. Such installment will be increased by 3% each year beginning from the second year until all surrender value and / or accumulated interest¹¹ (if any) are fully paid. The amount of the surrender payment which is yet to be paid can also enjoy interest¹¹ (if any).

Flexible payment for your personal target

“Everglow 128” offers the options of Premium Payment Periods of 2, 5, 10 and 15 years. If you have opted for a 2-year or 5-year Premium Payment Period, you may choose to pay by lump sum prepaid premium¹⁰, thereby enjoying the benefit of paying up the premium payment at a lower cost. Guaranteed interest of 2% per annum will be earned on the prepaid premium¹⁰.

Free Worldwide Emergency Assistance Service¹²

Once enrolled in the Plan, you will have access to free 24-hour worldwide emergency assistance service¹² for immediate support wherever you may be. The maximum benefit (per incident) reaches up to USD 1,000,000, including services of emergency evacuation or repatriation and delivery of mortal remains.

1. Annual dividend, terminal dividend and interest from accumulated annual dividend are not guaranteed. However, once they are paid, the paid annual dividend and interest will become guaranteed. An annual dividend will be paid (i) after the Policy has been in force for more than 6 Policy Years; (ii) all premiums due have been paid up to each relevant Policy Anniversary; and (iii) no Premium Holiday has ever been taken effect. The new terminal dividend in each declaration may be greater or lesser than the former declaration amount due to a number of factors, including but not limited to investment returns and market fluctuations. Annual dividend, terminal dividend and the amounts of aforesaid dividends may be payable at the sole discretion of the Company. We will deduct any Indebtedness under the Policy before paying dividend.
2. The length of a Premium Holiday for each application must be in multiples of 1 year until it reaches the maximum limit. Premium Holiday is only applicable to the basic plan and will be effective on the next Policy Anniversary, however, all riders or Complementary Policy (if applicable) attached to the Policy will be terminated at the same time (other than the Voluntary Health Insurance Scheme). Riders or Complementary Policy (if applicable) attached to the Policy can be re-attached after Premium Holiday, however, it may be subject to our approval and the premium rate at the time of such request. During the Premium Holiday, you are not required to pay premiums for the basic plan, and the Units and guaranteed cash value as well as the basic plan coverage will remain unchanged during the period, provided that you have not partially surrendered during the Premium Holiday but the terminal dividend is non-guaranteed. During the Premium Holiday, we will not pay any non-guaranteed annual dividend, Guaranteed Cash Coupon and “Extra Caregiving Support Coupon” (if applicable), however, the accumulated annual dividends and interest (if any), accumulated Guaranteed Cash Coupons and interest (if any) and accumulated “Extra Caregiving Support Coupon” and interest (if any and where applicable) will continue to accrue interest at a rate of 4.25% p.a. (this interest rate is not guaranteed and will be determined from time to time). Non-guaranteed annual dividend, Guaranteed Cash Coupon and the remaining of “Extra Caregiving Support Coupon” (if applicable) will be resumed after the end of Premium Holiday. Premium Holiday is not applicable to Policy with 2-year Premium Payment Period, exercised premium prepayment, policy loan or automatic premium loan. We will defer the Premium End Date and premium due date according to the Premium Holiday Period. Please refer to the Policy Provisions for details of Premium Holiday.
3. After the 5th Policy Anniversary, if the Insured has been diagnosed with Cancer, Stroke or Severe Heart Attack on or before the age of 70, we will pay you an “Extra Caregiving Support Coupon” for 3 consecutive Policy Anniversaries starting from the Policy Anniversary immediately following the approval of your claim for “Extra Caregiving Support Coupon”, provided that (i) the Insured is alive; (ii) the premiums have been paid up as of each relevant Policy Anniversary; and (iii) no Premium Holiday has ever been taken effect, and also subject to the 60 days waiting period and will be payable only once per policy. The amount of “Extra Caregiving Support Coupon” will be equivalent to the Guaranteed Cash Coupon calculated pursuant to the terms of Guaranteed Cash Coupon. This benefit is subject to specific exclusions, please refer to the Key Exclusions for details. Unless you have elected to receive the "Extra Caregiving Support Coupon” in cash by your written request, any “Extra Caregiving Support Coupon” will be accumulated in our Company. The interest rate of the “Extra Caregiving Support Coupon” is not guaranteed and may be declared by us from time to time at our sole discretion.
4. Changing the Insured is subject to the prevailing administrative rules and shall not affect the Units, total amount of Cash Value (including guaranteed and non-guaranteed), Policy Date and Policy Year. The maturity date will be changed to the date of the 128th birthday of the new Insured (in case the Policy Anniversary falls on the same date as the new Insured’s 128th birthday) on or Policy Anniversary immediately following the 128th birthday of the new Insured (whichever is applicable) or the 128th Policy Anniversary (whichever is earlier). The new Insured must be aged 65 (last birthday) or below and must not be older than the Initial Insured by 10 years. The change of Insured must be endorsed by the Owner, proposed new Insured and assignee (if any). Both the new Insured and the current Insured must be alive and the Policy is in force at the time the Insured is changed and with satisfactory proof of evidence of insurability for the proposed new Insured. We shall cease to provide any coverage for the Initial Insured or the prior Insured on our record (when applicable and as the case may be) as from the Insured-Change Effective Date. All Complementary Policy (if any) and riders (if any) will be terminated on the Insured-Change Effective Date (other than the Voluntary Health Insurance Scheme). Please refer to the Policy Provisions for details of changing the Insured.
5. Upon the death of Insured, if the Owner (still alive) and the Insured is different person, the Beneficiary will become the new Insured. And upon the death of Insured, if the Owner dies at the same time or the Owner and the Insured is the same person, the Beneficiary will become the new Owner and new Insured of the Policy, subject to the prevailing administrative rules of the Company. After this option has been exercised, all Units, total amount of Cash Value (including guaranteed and non-guaranteed), Policy Date and Policy Year will remain unchanged. However, Plan End Date of the basic plan of the Policy will be adjusted to the date of the 128th birthday of the new Insured (in case the Policy Anniversary falls on the same date as the new Insured’s 128th birthday) on or Policy Anniversary immediately following the 128th birthday of the new Insured (whichever is applicable) or the 128th Policy Anniversary (whichever is earlier). The surrender payment shall be equal to or lower than Death Benefit before this option has been exercised. If the Death Benefit Settlement Option has already been selected, you shall cancel the Death Benefit Settlement Option arrangement before your submission of any written request for this Policy Continuation Option. All Complementary Policy (if any) and riders (if any) will be terminated on the Policy Continuation Effective Date. Please refer to the Policy Provisions for details of Policy Continuation Option.
6. If the Owner opts to receive “a lump sum payment for part of the Death Benefit, and the remaining will be paid by installments”, the lump sum amount shall be equal to or greater than 5% of the Death Benefit. However, interest on unpaid Death Benefit is not guaranteed, therefore interest may be less than expected and the actual payout period may be shorter than the selected and expected period. Only lump sum Death Benefit is applicable if an assignment is made. If the Beneficiary(ies) die(s) while receiving the Death Benefit payments, the remaining amount will be paid to the Beneficiary(ies)’ estate. If no Beneficiary(ies) survives the deceased Insured while the Owner is still alive, the Death Benefit will be paid to the Owner in accordance with the Death Benefit Settlement Option. Owner may also request to receive the Death Benefit in lump sum. If the Owner dies while receiving the Death Benefit payment, the remaining Death Benefit will be paid in a lump sum to the Owner’s estate. This option is not available for the Policy with Policy Continuation Option being selected. Please refer to the Policy Provisions for details of Death Benefit Settlement Option.
7. Upon full surrender, other than a lump sum, if the surrender payment amount is equal to USD 50,000 or more, the Owner may choose to receive surrender payment in a fixed amount on payments at regular intervals or increasing payments. However, interest on unpaid surrender payment is not guaranteed, therefore interest may be less than expected and the actual payout period may be shorter than the selected and expected period. If the Owner dies while receiving the Death Benefit payments, the remaining surrender payment and accumulated interest (if any) will be paid in lump sum to the Owner’s estate.
8. The payment of Guaranteed Cash Coupon until the Policy Anniversary following the 128th birthday of the new Insured or the 128th Policy Anniversary (whichever is earlier) on the 1st Policy Anniversary and the Policy Anniversary onwards is only applicable to Policy with 2-year and 5-year Premium Payment Period. The Guaranteed Cash Coupon for the Policy of the 10-year and 15-year Premium Payment Period will be paid until the Policy Anniversary following the 128th birthday of the new Insured or the 128th Policy Anniversary (whichever is earlier) on the 2nd Policy Anniversary and the Policy Anniversary onwards.
9. The accumulated annual dividends and interest (if any), accumulated Guaranteed Cash Coupons and interest (if any) and accumulated “Extra Caregiving Support Coupon” and interest (if any and where applicable) will continue to accrue interest at a rate of 4.25% p.a.. This interest rate is not guaranteed and will be determined from time to time.
10. The premium prepayment option is only applicable to Policy with 2-year and 5-year Premium Payment Period and annual premium payment mode. The prepaid premium will be credited to your premium deposit account. The amounts already credited to the premium deposit account will enjoy guaranteed interest rate of 2% p.a. offered by us at the prevailing time. You may withdraw the entire amount from the premium deposit account before maturity or policy termination but any interest credited will be forfeited. We reserve the right and final decision on any withdrawal requests on the premium deposit account. If the amount in the premium deposit account is not sufficient to pay the premium, the Owner is required to make up the relevant premium difference. Otherwise, the Policy will be terminated or continue to be in force but subject to an automatic premium loan. Termination of Policy will result in loss of coverage. Upon early termination, you may also suffer a significant loss. If the Insured passes away, the amount of the premium deposit account will become the property / estate of the Owner and therefore will not form as part of the payment to the Beneficiary.
11. The current interest rate offered is 2% p.a., but it is not guaranteed.
12. Free Worldwide Emergency Assistance Services are provided by third party service provider. We reserve the right to change the terms and service of Free Worldwide Emergency Assistance Service and assumes no responsibility of the services provided by the third party service provider.
13. Other premium discount (if any) shall not be calculated in the minimum annual premium.
14. Any annual dividend and Guaranteed Cash Coupon (as applicable) can be used to deduct any premiums due. If the annual dividend and Guaranteed Cash Coupon (as applicable) are insufficient to settle the full amount of premium due, you must settle the amount of premium difference in cash in advance, otherwise such reduction of premium will not be made and the entire amount of annual dividend and Guaranteed Cash Coupon (as applicable) will be left with us to accrue interest while the total amount of such premium due will be in default. If a reduction of premium is made, any annual dividend and / or Guaranteed Cash Coupon in excess will be left with us as to accrue interest for reducing any future premium due.
15. Total Premiums Paid refers to the total amount of premium(s) due and paid for the basic plan upon the death of the Insured, excluding other premium discount (if any). For Policy with premium prepayment, the premium prepayment in premium deposit account will not be calculated in the Total Premiums Paid. If you partially surrendered the Policy, the Total Premiums Paid will be proportionately reduced.