Captain Cool Children Savings Plan

Captain Cool Children Savings Plan

“Live your dreams and achieve greatest success”

As your children grow up, how can they have a brilliant life? Solely academic qualifications? Not quite. 

According to the statistics from the Education Bureau of the Hong Kong Special Administrative Region, 33.9% of Hong Kong's population aged 15 and above has attained tertiary education*, which has been increasing year by year. After certain years, traditional academic qualifications may lose their advantages upon the popularisation of tertiary education. Facing the rapid changes in society, if children can proactively learn relevant skills in response to the actual circumstances, it will increase the chances of success. Under such trend, we need to break through the box in order to match the concepts of the new generation of parents. 

Tahoe Life understands it and offers you Captain Cool Children Savings Plan (the “Plan”) with Captain Cool Dreams Come True Award of up to USD130,000, which encourages children to explore the world beyond school, such as sports, arts, entrepreneurship, etc., and strive to become the top players in these fields so as to realise their dreams for a brilliant life. To support your children to focus on developing their strengths, when they reach the age of 15, you can also choose to receive a lump-sum of the partial guaranteed cash payments in advance to replace the guaranteed cash payments to be received every year from the children’s age of 18 to 21, to support them to focus on developing their strengths.

 

*Source: Figures and statistics in 2019 from the Education Bureau of the Hong Kong Special Administrative Region

Features

Captain Cool Dreams Come True Award1 up to USD130,000

To achieve your dreams, you need a defined goal. The Plan provides Captain Cool Dreams Come True Award to encourage your kids to find the direction to put efforts on as early as possible, strive to achieve excellent results and thus accomplish a brilliant life.

 

Captain Cool Dreams Come True Award is applicable to the policy after the second policy anniversary date. If the insured meets the designated conditions for the categories set out in the table below, a maximum total amount of USD130,000 Captain Cool Dreams Come True Award can be obtained per insured (for all in force policies covering the same insured issued by the Company).

 

The Company will only pay benefit once under each category per insured and such category will be terminated after the benefit payout. The maximum benefit amount payable under each category is USD26,000.

 

Category

Designated conditions

Captain Cool Dreams Come True Award (USD)

Academic

Admitted to and graduated with the following degree from any one of the top 10 universities in the world2, and worked in Hong Kong for more than 36 months after graduation:

- Bachelor’s degree

13,000

- Master’s degree

13,000

- Doctorate

26,000

Outstanding contribution to society#

Hong Kong Outstanding Teens or

Medal of Honour (MH)

1,300

Hong Kong Ten Outstanding Teens or

The Bronze Bauhinia Star (BBS)

6,500

The Silver Bauhinia Star (SBS) or

The Gold Bauhinia Star (GBS)

13,000

Hong Kong Ten Outstanding Young Persons or The Order of the Grand Bauhinia (GBM)

26,000

Entrepre-neurship

Received funding from any one of the following entrepreneurial programmes:

- Cyberport Creative Micro Fund (CCMF)

Equivalent to the funding provided by such programme, subject to a maximum amount of 26,0003 (whichever is lower)

- Science and Technology Entrepreneur Programme (STEP)

- Youth Development Fund

- Technology Start-up Support Scheme for Universities (TSSSU)

Arts

Hong Kong Arts Development Awards Hong Kong Arts Development Awards Received any one of the following awards organised by the Hong Kong Arts Development Council:

Award for Young Artist

6,500

Artist of the Year

13,000

Award for Outstanding Contribution in Art

26,000

Life Achievement Award

26,000

Sport

Represented Hong Kong in the Olympic Games

6,500

Represented Hong Kong in the National Games of the People's Republic of China, Universiade, Asian Games, World Games, Olympic Games, Paralympic Games or Olympic Winter Games and attained any one of the following sport medals:

- Bronze medal

6,500

- Silver medal

19,500

- Gold medal   

26,000


#
Hong Kong Outstanding Teens and Hong Kong Ten Outstanding Teens are awarded by the Hong Kong Playground Association. Hong Kong Ten Outstanding Young Persons is awarded by the Junior Chamber International Hong Kong Ltd. Medal of Honour (MH), the Bronze Bauhinia Star (BBS), the Silver Bauhinia Star (SBS), the Gold Bauhinia Star (GBS) and the Order of the Grand Bauhinia (GBM) are awarded by the Government of the Hong Kong Special Administrative Region.

Guaranteed cash payments

Guaranteed cash payments will be payable according to the age of the insured to help the insured cope with the cost of extracurricular activities during the secondary school stage (age 12 to 17) and to realise their potential through life-wide learning; higher education expenses during the university stage (age 18 to 21); and the cost of continuing education at the age of 30 or lifelong learning stage (age 30 to 100).

The insured’s age

Premium payment term

5 years

10 years

Age 12 to 17 (payable on each policy anniversary date)

1.5%^

N/A

Age 18 to 21 (payable on each policy anniversary date)

25%^

27%^

Age 30 to 100 (payable once every five policy anniversary dates)

2%^

2%^

Total

139%^

138%^

^ % of notional amount5

You can choose to accumulate the guaranteed cash payments in the policy to earn interest6, receive them in cash or apply them towards future premium payments.

 

Advanced guaranteed cash payments option

According to children's education expenses and life milestones, you can choose to receive a lump-sum of the partial guaranteed cash payments in advance at the insured’s age of 15, 16, 17 or 18 after the premium payment term, to replace the guaranteed cash payments received every year from the insured’s age of 18 to 21. This option can be exercised once only under the policy.

 

The amount is as follows:

The insured’s age

Premium payment term

5 years

10 years

Age of 15; or

70%^

75%^

Age of 16; or

75%^

80%^

Age of 17; or

80%^

85%^

Age of 18

85%^

90%^

^ % of notional amount5

Two premium payment terms at choice and premium prepayment option8 (applicable to five-year premium payment term only)

To fit for children’s education expenses and your financial situation, the Plan offers two premium payment terms: five years and ten years. The premium is guaranteed to remain unchanged once it is determined and will not be increased with children’s age, facilitating better financial planning for your future.

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Nomination of contingent owner10

You can nominate a contingent owner once the policy becomes effective. Should the policyowner unfortunately pass away, the nominated contingent owner will become the new owner of the policy and can continue to exercise the rights under the policy without waiting for the completion of the probate.

Savings and life insurance in one

The Plan provides savings returns as well as life insurance to age 100 of the insured, offering comprehensive protection for your beloved children. In the unfortunate event of the death of the insured, the designated beneficiary will receive the death benefit in a lump-sum payment.

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Terminal dividend

If the policy has been effective for ten years, the Plan will bring you additional returns by providing a one-off terminal dividend upon the surrender of the policy, the maturity of the policy or the death of the insured, whichever is earlier. Terminal dividend is not guaranteed.

Terminal dividend lock-in option11

The Plan offers terminal dividend lock-in option, allowing you to lock-in part of the terminal dividend and accumulate it as part of guaranteed cash payments for interest accumulations or a lump-sum withdrawal (“terminal dividend lock-in”) for the children to start a business, get married, buy a property, etc., with unlimited possibilities.

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Class suspension benefit12

After the first policy anniversary date, if the insured is a full time student and aged 21 or below, and the school in which the insured is attending and schools of the same education level are suspended by the Education Bureau of the Hong Kong Special Administrative Region for more than 10 days in total within 30 days, the class suspension benefit equivalent to 2% (applicable to five-year premium payment term) or 3% (applicable to ten-year premium payment term) of the latest annual premium13 of the basic plan will be paid by the Company for subsidising the enhanced e-learning expenses. The class suspension benefit can be claimed once per policy in each policy year.

Captain Cool Academic Success Award14

If the insured achieves any one of the following academic achievement results after the first policy anniversary date and before the policy anniversary date on or immediately following 25th birthday of the insured, we will pay the Captain Cool Academic Success Award (calculated based on all in force Captain Cool Children Savings Plan per insured) as a token of encouragement.

The Company will only pay benefit on any one of the academic achievement under the Plan and the Captain Cool Academic Success Award will be terminated once any benefit has been paid out.

 

Academic achievement

Qualification

Captain Cool Academic Success Award

Hong Kong Diploma of Secondary Education Examination (“HKDSE”)

At least three subjects Level 5* grades or above are attained and at least six subjects are taken in the same HKDSE sitting

USD250 per qualified subject (i.e. each subject attained Level 5* grades or above)

TOEFL iBT Test (“TOEFL”)

Attained scores of 110 or above

USD625

International English Language Testing System (“IELTS”)

Attained scores of 8 or above

USD625

International Baccalaureate Diploma Programme (“IBDP”)

Attained scores of 41 or above

USD625

Admission to undergraduate programme of one of the top 10 universities in the world2

Admitted to the full time undergraduate programme of any one of the top 10 universities in the world

USD2,500

 

Guaranteed insurability option15 to cater the needs at different stages 

As your children enter different life stages, their protection needs will be different. You can exercise the guaranteed insurability option available under the Plan, to purchase a new whole life insurance plan for the insured with Tahoe Life within 90 days upon the 21st birthday, the first wedding anniversary or the birth of a child of the insured without any proof of insurability of the insured regardless of the health condition.

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Accidental death and dismemberment benefit

In the unfortunate event that the insured passes away or sustains bodily injury16 due to accident17 on or before the age of 21, the Plan provides an accidental death and dismemberment benefit, the indemnity amount is up to 75%18 of the amount of coverage19, the maximum amount is USD62,500 (calculated based on all in force Captain Cool Children Savings Plan per insured). Please refer to the Table 1 for the percentage of the amount of coverage.

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Parental waiver of premium benefit20

During the premium payment term and after the two-year Waiting Period20, if the policyowner (the policyowner must be parents or grandparents of the insured) or the policyowner’s spouse (only applicable when the policyowner is one of the parents of the insured) unfortunately passes away, the future premiums payable under the basic plan will be waived, so that your child’s protection can be kept in place.

Choices of supplementary contracts21 (not applicable for prepayment option)

According to your personal needs, you may choose to enhance the protection by adding various supplementary contracts, such as medical and accident benefit supplementary contracts.

More support

Product Brochure
Top 10 Universities in the World
About Policy Dividends & Investment Policy
  1. The policyowner must submit a written request together with supporting document(s) to our satisfaction within 180 days that the insured fulfilled the designated conditions. The Company reserves the right to change the terms and conditions of the Captain Cool Dreams Come True Award from time to time. For the details of Captain Cool Dreams Come True Award, please refer to the policy contract of the Plan. 
  2. The ranking is based on the latest ranking published on Tahoe Life’s website at the time on or before the issue date of an unconditional offer from the university. The ranking of the top 10 universities in the world is based on the source as determined by the Company from time to time. 
  3. If the insured receives funding from the entrepreneurial programme as a team applicant instead of an individual applicant, the Company will pay you a benefit, which is equivalent to the funding received by the team divided by the total number of team applicants in the team, subject to a maximum amount of USD26,000. 
  4. Guaranteed cash payments will be calculated based on the latest notional amount. The Company will first use the guaranteed cash payments to repay any indebtedness of the policy to the Company before paying to the policyowner. 
  5. The notional amount is used to calculate non-medical limit, premiums, guaranteed cash value, guaranteed cash payments and terminal dividend. In case the notional amount is reduced while the policy is effective, the premium and benefit amounts payable will be reduced accordingly. The notional amount is not equal to the death benefit and will not be paid upon the death of the insured. For details of the death benefit, please refer to the policy contract of the Plan. 
  6. The Plan is a participating policy. Terminal dividend (the “non-guaranteed benefits”) is not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the non-guaranteed benefits, please refer to the below section “Key Product Disclosures” regarding “Non-guaranteed benefits”. The accumulation interest rates for guaranteed cash payments are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the terminal dividend, please refer to the below section on “About Policy Dividends” or visit Tahoe Life’s website, https://www.tahoelife.com.hk/tl/doc/pd_en.pdf
  7. After the premium payment term, the policyowner can submit a written request of prescribed form within 30 days before the policy anniversary date on or immediately following the 15th, 16th, 17th or 18th birthday of the insured to receive a lump-sum of the partial guaranteed cash payments in advance to replace the guaranteed cash payments received every year from the insured’s age of 18 to 21. The Company will first use the advanced guaranteed cash payments to repay any indebtedness of the policy to the Company before paying to the policyowner. Upon exercising this option, guaranteed cash value will become zero until the policy anniversary date on or immediately following 21st birthday of the insured. Exercising this option will not affect the terminal dividend, however, the guaranteed cash payments originally payable from insured’s age 18 to 21 are no longer payable after this option is exercised. This option can be exercised once only under the policy. 
  8. The premium prepayment option is only applicable to policies with five-year premium payment term and annual payment mode. The application of prepayment of renewal premium can only be valid when the renewal premium and levy on renewal premium are fully pre-paid (“Prepaid Amount”) at the time of policy application together with the filled application form and signed illustration of premium prepayment option. Prior to the renewal premium due, the Prepaid Amount will not form part of the paid premium. The Prepaid Amount will not form part of the guaranteed cash value, nor any benefit under the policy, and will not be attributed to the calculation of death benefit. The accumulation interest rates for the Prepaid Amount are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. If the insured passes away before the end of the premium payment term, the balance of the Prepaid Amount shall be returned to the policyowner or his/her estate. Upon policy surrender or full withdrawal of the balance of the Prepaid Amount before the end of the premium payment term, the relevant balance of the Prepaid Amount shall be returned to the policyowner, and any interest on the balance of the Prepaid Amount of that policy year will be forfeited. Only full withdrawal of the balance of the Prepaid Amount will be accepted by Tahoe Life. 
  9. Accumulation interest rate for the Prepaid Amount is not guaranteed, subject to change and will be determined by Tahoe Life from time to time. 
  10. Any application for the nomination of a contingent owner must fulfil the relevant rules and procedures as determined by Tahoe Life from time to time. Upon the death of the policyowner, the transfer of the ownership of the policy in accordance with the following conditions shall be approved and become effective after Tahoe Life's receipt of satisfactory proof of the policyowner's death and any documents as requested, and subject to fulfilling of the prevailing administrative rules and procedures of Tahoe Life: (i) if a contingent owner of the policy is nominated, the contingent owner will become the new owner of the policy provided that the contingent owner and the insured must be still alive during the approval of the contingent owner as the new owner of the policy; or (ii) if there is no contingent owner nominated or the contingent owner is unable or unwilling to take the ownership of the policy for whatever reason, the policy shall form part of the policyowner's estate. Tahoe Life reserves the right not to accept any application of nomination of contingent owner and not to approve the contingent owner as the new owner of the policy. 
  11. After lock-in of terminal dividend, the Company will correspondingly reduce the amount of any future terminal dividend at a rate prorated to the terminal dividend which have been locked-in. You may submit a written request by filing with Tahoe Life’s prescribed form to cancel your application in respect of the lock-in(s) of terminal dividend which has / have yet to take place. Once approved, your cancellation request is irrevocable. For details of the terminal dividend lock-in option, please refer to the policy contract. 
  12. Qualified schools include any kindergarten, primary school, secondary school and post-secondary education in Hong Kong registered with Education Bureau of the Hong Kong Special Administrative Region. 
  13. Annual premium refers to the premium payable in annual payment mode, regardless that you select the premium payable on an annual, semi-annual, quarterly or monthly basis, annual premium will be used to calculate the class suspension benefit. 
  14. The Company reserves the right to change the terms and conditions of the Captain Cool Academic Success Award from time to time. For details of the Captain Cool Academic Success Award, please refer to the policy contract of the Plan. 
  15. You may exercise the guaranteed insurability option to purchase one of Tahoe Life's then available whole life insurance plan for the insured without any proof of insurability upon (i) the 21st birthday; ii) the first wedding anniversary; or (iii) the birth of a child of the insured. The application of the new whole life insurance plan and all necessary documents required by Tahoe Life must be submitted and received by Tahoe Life within 90 days after one of the above life events happens. The guaranteed insurability option is only applicable to policy with standard class of risk. It is, however, not applicable to policy of the basic plan which is converted from any term plan policy or purchased under any guaranteed insurability options. The maximum sum assured and / or notional amount of the new whole life policy is 50% of the latest notional amount of the basic plan of the original policy or USD500,000 per insured, whichever is lower. When exercising this option to purchase Tahoe Life's whole life plan, the new policy must fulfill any prevailing business requirements of the new whole life insurance plan, including but not limited to the issue age, sum assured and / or notional amount, at the time Tahoe Life receives the application. Tahoe Life has the right to determine any prevailing rules at its sole discretion from time to time. 
  16. “Bodily injury” means injury to the insured on any part of his / her body (i) resulting solely and directly from an accident and independently of all other causes; and (ii) caused by external, violent and visible means of which, except in the case of drowning or of internal injury revealed by autopsy, there is evidence of a visible contusion or wound on the exterior of the body. 
  17. “Accident” means any sudden, unforeseen, unexpected incident caused by violent, external and visible means. 
  18. In the event that more than one loss shall arise due to different accidents, the maximum liability of the Company shall not exceed 75% of the amount of coverage, excluding the amount of double indemnity benefit payable. 
  19. “Amount of coverage” means the protection amount of the accidental death and dismemberment benefit, which is equal to total annual premium payable of the Plan. Annual premium refers to the premium payable in annual payment mode, regardless that you select the premium payable on an annual, semi-annual, quarterly or monthly basis, annual premium will be used to calculate the amount of coverage. 
  20. The following conditions must be fulfilled in order for the policyowner and/or the policyowner’s spouse to be covered under this benefit:

(i)      the policyowner is one of the parents or grandparents of the insured;

(ii)     the policyowner’s spouse is the legally married spouse of the policyowner (provided that the policyowner is one of the parents of the insured);

(iii)    the policyowner is aged 50 or below on (a) the issue date of the policy; or (b) the date that the Company approve any application of change of ownership, whichever is later; and

(iv)   the policyowner’s spouse is aged 50 or below on (a) the issue date of the policy; or (b) the date that the policyowner and the policyowner’s spouse are legally married, whichever is later (provided that the policyowner is one of the parents of the insured). 

For the avoidance of doubt, if the policyowner is one of the grandparents of the insured, spouse of the policyowner is not eligible to be covered under this benefit. 

If the policyowner or the policyowner’s spouse passes away on or before the premium paid up date while the policy is in force, the Company will waive the basic plan premiums from the next premium due date after the date of death until the premium paid up date, provided that the death of the policyowner or the policyowner’s spouse is at least two years from: 

(i)          the effective date of this benefit; or

(ii)         the reinstatement date,

 whichever is later (“2-year Waiting Period”). 

The 2-year Waiting Period does not apply if the death of the policyowner and/or the policyowner’s spouse is due to accident. 

The effective date of this benefit covering the policyowner means (i) the effective date of the policy; or (ii) the date we approve any application of change of ownership, whichever is later. The effective date of this benefit covering the policyowner’s spouse means (i) the effective date of the policy; or (ii) the date that the policyowner or the policyowner’s spouse are legally married, whichever is later.  

This benefit will terminate when it becomes payable or on the premium paid up date, whichever is earlier. In the event that the insured, the policyowner and / or the policyowner’s spouse pass away at the same time, we shall only pay the death benefit relating to the death of the insured. Please refer to the policy contract of the Plan for details of parental premium waiver benefit. 

  1. Please refer to the respective policy contract for the details of each supplementary contract.

 

 

Table 1: Accidental death and dismemberment benefit

 

 

Types of losses

 

 

Percentage of

amount of coverage19

1.

Loss of life

75%

2.

Loss of sight of both eyes

75%

3.

Loss of sight of one eye

37.5%

4.

Loss of use of two limbs

75%

5.

Loss of use of one limb

37.5%

6.

Loss of speech and hearing

75%

7.

Total paralysis

75%

8.

Loss of hearing

 

- both ears

56.5%

- one ear

11.5%

9.

Loss of speech

37.5%

10.

Loss of lens of both eyes

37.5%

11.

Loss of use of four fingers and thumb of

 

- right hand

52.5%

- left hand

37.5%

12.

Loss of use of four fingers (excluding thumb) of

 

- right hand

30%

- left hand

22.5%

13.

Loss of use of one thumb of

 

- both right joints

22.5%

- one right joint

11.25%

- both left joints

15%

- one left joint

7.5%

14.

Loss of use of fingers (excluding thumb) of

 

- three right joints

7.5%

- two right joints

6%

- one right joint

4%

- three left joints

6%

- two left joints

4%

- one left joint

1.5%

15.

Loss of use of toes of

 

- all – one foot

11.5%

- great – both joints

4%

- great – one joint

2.5%

16.

Fractured leg or patella with established

 

- non-union

7.5%

- shortening of leg by at least 5 cm

6%

17.

Major burns (damage as a percentage of total body surface area)

 

Head

 

- Not less than 8%

75%

- Greater than or equal to 5% and less than 8%

56.5%

- Greater than or equal to 2% and less than 5%

37.5%

Body

 

- Not less than 20%

75%

- Greater than or equal to 15% and less than 20%

56.5%

- Greater than or equal to 10% and less than 15%

37.5%

 

 

 

Note:

  1. If the insured is left-handed, the percentage for the various disabilities of right hand and left hand shall be transposed. In the event that more than one loss shall arise out of the same accident, no indemnity shall be paid for more than one of the losses, for which the amount of indemnity payable shall be the greatest amount of indemnity as determined by the Company in the Table 1. In the event that more than one loss shall arise due to different accidents, the maximum liability of the Company shall not exceed 75% of the amount of coverage, excluding the amount of double indemnity benefit payable. When the accidental death and dismemberment benefit becomes payable, the amount of coverage of this benefit shall be reduced accordingly.
  2. This benefit shall automatically terminate:

(i)         on the policy anniversary date on or immediately following the 21st birthday of the insured; or

(ii)        when the sum of all accidental death and dismemberment benefits paid or payable under Table 1 is equal to or greater than 75% of the amount of coverage of this benefit,

whichever is earlier.

  1. Subject to our prevailing administrative rules, if the notional amount of the basic plan is reduced for any reason, we reserve the right to reduce the amount of coverage of this benefit.