Promise Wealth Savings Protection Plan

Promise Wealth Savings Protection Plan

You work hard for your dreams throughout your life journey and aspire to achieve your financial goals with ease as soon as possible and plan a bright future for your beloved family. Tahoe Life’s Promise Wealth Savings Protection Plan (the “Plan”) has already thought it through for you.  The Plan not only addresses your needs of savings and protection, but may also pass on the fruits of your hard work to the next generation as you wish, providing you and your beloved family with comprehensive protection.

Bank only

 

Underwritten by: Tahoe Life Insurance Company Limited (Incorporated in Bermuda with limited liability)

Distributed by: Dah Sing Bank, Limited

 

For more information, please visit any Dah Sing Bank Branches now or contact (852) 2828 8000

Features

Guaranteed cash payment1 every year up to age 100 of the initial insured2 and additional one-off special booster1 at a designated time 2

The guaranteed cash payment, equivalent to 1.5% (applicable to 6-year premium payment term) or 2% (applicable to 9-year and 12-year premium payment terms) of the guaranteed maturity benefit3, will be payable on the first policy anniversary date and every policy anniversary date thereafter up to age 100 of the initial insured, the surrender of the policy or the death of the insured, whichever is earlier.

An additional one-off special booster of guaranteed cash payment, equivalent to 1.5% (applicable to 6-year premium payment term) or 2% (applicable to 9-year and 12-year premium payment terms) of the guaranteed maturity benefit, will be payable on the 15th policy anniversary date or on the policy anniversary date at or immediately following age 65 of the initial insured, whichever is later.

You may choose to accumulate the guaranteed cash payments in the policy to earn interest4, receive them in cash or apply them towards future premium payments.

Annual dividends4 and terminal dividend 4

An annual dividend will be payable on the policy anniversary date. You may choose to accumulate the annual dividends in the policy to earn interest4, receive them in cash or apply them towards future premium reduction.

If the policy has been effective for ten years, the Plan will also 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. Both the annual dividends and terminal dividend are not guaranteed.

Terminal dividend lock-in option5

The Plan offers terminal dividend lock-in option, allowing you to lock-in part of the terminal dividend and accumulate it as part of annual dividend for interest accumulations (“terminal dividend lock-in”), enabling you to raise the cash reserve and handle your financial needs in different life stages. On or after the 10th policy anniversary date, you may submit a written application to apply for terminal dividend lock-in according to your need. Each time you can lock-in a percentage of 10% of terminal dividend or above, and the total percentage of lock-in is capped at 60% of terminal dividend, while a three-year or above interval between each lock-in is required.

Three premium payment terms at choice

To fit your financial situation, the Plan offers three premium payment terms: 6 years, 9 years and 12 years. The premium is guaranteed to remain unchanged once it is determined and will not be increased with your age, facilitating better financial planning for your future.

Protection period up to age 100 of the initial insured and change of insured option6

The Plan provides life protection up to age 100 of the initial insured. After the first policy anniversary date and during the lifetime of the insured, you may change the insured according to your plan; so you, your beloved and future generation can also be protected. The policy will continue to be effective up to age 100 of the initial insured, making it a meaningful gift for your future generation.

Nomination of contingent owner7 and contingent insured8

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.

Moreover, you can also nominate a contingent insured after the first policy anniversary date. Should the insured unfortunately pass away, the contingent insured will become the new insured, the Plan will continue to be effective until age 100 of the initial insured, helping you transfer your wealth to your next generation.

Savings and life insurance in one

The Plan provides savings returns as well as life insurance up to age 100 of the initial insured, offering comprehensive protection for you and your loved ones. In the unfortunate event of the death of the insured, the designated beneficiary will receive the death benefit which is equivalent to the guaranteed cash value at the date of death or total premium due and paid of the basic plan of the policy less all guaranteed cash payments paid to you (whether accumulated or withdrawn) at the date of death, whichever is higher; plus accumulated guaranteed cash payments and interest4 (if any), accumulated annual dividends and interest4 (if any) and terminal dividend (if any), less any indebtedness of the policy.

Death benefit settlement option

Instead of a lump-sum payment of death benefit, you may choose a monthly instalment with fixed amount9 for settling the death benefit to your designated beneficiary(ies). So you are in control of the future financial arrangement for the loved ones, and your legacy and love can live on.

If you choose to settle the death benefit by monthly instalment with fixed amount, premium payment term of the policy must be completed and the death benefit amount must be at least equal to USD125,000. The monthly instalment with fixed amount is determined by a percentage of the death benefit while the minimum total monthly amount is 1% of the death benefit10. The unpaid balance of the death benefit will be accumulated at an interest rate11 to enhance the potential growth for your legacy.

Accidental death benefit12 and disability benefit13

The Plan provides an accidental death benefit for the initial insured. Its coverage is equivalent to 75% of the total basic plan premium due and paid of the basic plan of the policy, up to USD 50,000 (per initial insured), providing added protection to you and your loved ones.

Moreover, in order to keep your protection intact, the premiums of the basic plan of the policy payable during the continuance of the total disability will be waived if the initial insured suffers from total disability due to disease or bodily injury between age 16 and 60 for a continuous period of 180 days or above.

Extended grace period benefit14

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No medical underwriting

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Optional supplementary contracts15

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Product Brochure
About Policy Dividends & Investment Policy
  1. The guaranteed cash payment will be calculated based on the latest guaranteed maturity benefit.
  2. Initial insured means the insured whose life is insured by the policy at the commencement of the policy.
  3. The guaranteed maturity benefit is used to calculate premium, guaranteed cash value, guaranteed cash payments, annual dividends and terminal dividend. In case the guaranteed maturity benefit is reduced while the policy is effective, the premium and benefit amounts payable will be reduced accordingly. The guaranteed maturity benefit 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.
  4. The Plan is a participating policy. Annual dividends and terminal dividend (the “non-guaranteed benefits”) are 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”. Annual dividends will only be payable when the policy is effective and there are no overdue premiums. The accumulation interest rates for annual dividends and guaranteed cash payments are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the annual dividends and 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.
  5. 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.
  6. After the first policy anniversary date, change of insured is subject to the prevailing applicable administrative rules, please refer to the relevant policy contract. Change of insured will not affect guaranteed maturity benefit, death benefit, accumulated annual dividends and interest (if any), accumulated guaranteed cash payments and interest (if any), terminal dividend (if any), guaranteed cash value, policy date, maturity of the policy and policy year. Tahoe Life reserves the right to reject any application of change of insured.
  7. 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.
  8. The following requirements must be fulfilled for the application of nomination of contingent insured: i) a written request in Tahoe Life’s prescribed form signed by the policyowner, the insured, the contingent insured and assignee (if any), with all necessary documents required; ii) only one person can be nominated as the contingent insured at any time; iii) both insured and contingent insured must be still alive during the application; iv) relevant evidence that the contingent insured must fulfill the prevailing attained age requirement, and in any case must not exceed the prevailing maximum issue age of the Plan at the time Tahoe Life receives the written request; and v) any prevailing rules determined in the sole discretion of Tahoe Life from time to time. Tahoe Life reserves the right not to accept any application of nomination of contingent insured and not to approve the contingent insured as the new insured of the policy. Tahoe Life shall, upon approval of such request, confirm the nomination in writing.

    When the insured dies, the contingent insured will become the insured of the policy, provided that the following requirements and prevalling administrative policies and procedures of Tahoe Life have been fulfilled.
  1. Tahoe Life’s receipt of satisfactory proof of the insured’s death and any documents as requested;
  2. Tahoe Life’s receipt of relevant supporting document of the contingent insured, including but not limited to evidence of insurability of the contingent insured, as requested within 90 days from the date of death of the insured (otherwise, the eligibility of the contingent insured to become the new insured of the policy will be forfeited);
  3. relevant evidence that the contingent insured must fulfill the prevailing attained age requirement, and in any case must not exceed the prevailing maximum issue age of the Plan on the date of death of the insured;
  4. any prevailing rules (including but not limited to demonstrating an insurable interest) determined in the sole discretion of Tahoe Life from time to time; and
  5. the contingent insured is alive during the approval of the contingent insured to become the new insured of the policy.

    If there is no contingent insured nominated or the contingent insured is unable or unwilling to become the new insured of the policy for whatever reason, the death benefit shall be paid to the beneficiary. Please refer to the relevant policy contract for the details of the policy terms including the nomination of contingent insured.
  1. Only applicable to policies that the premium payment term has been completed. If the beneficiary passed away during the period of monthly instalment with fixed amount, Tahoe Life shall, upon receipt and approval of due proof of the beneficiary’s death in the form specified by Tahoe Life, pay the balance of death benefit and its accumulated interest (if any) to the estate of the beneficiary in a lump sum payment. Please refer to the relevant policy contract for the details of the death benefit settlement option.
  2. The monthly instalment amount must not be less than the minimum amount, which is determined in the sole discretion of Tahoe Life from time to time without prior notice. If there is more than one beneficiary, you must choose the same death benefit settlement option for all beneficiaries, failing of which, Tahoe Life will pay the death benefit in lump sum to all beneficiaries.
  3. Interest rate is not guaranteed, subject to change and will be determined by Tahoe Life from time to time.
  4. The accidental death benefit shall be automatically terminated on the 10th policy anniversary date, the policy anniversary date on or immediately following the 70th birthday of the initial insured or the effective date of the new insured, whichever is earlier. This accidental death benefit is only applicable to the initial insured who is aged 65 or below on the policy date. The maximum benefit payable under the accidental death benefit to each initial insured in Tahoe Life shall be USD50,000, irrespective of the number of policies (excluding investment linked policy) underwritten by Tahoe Life for the initial insured.
  5. Disability benefit is only applicable to the initial insured who is aged 55 or below on the policy date and will be automatically terminated on the policy anniversary date on or immediately following the 60th birthday of the initial insured.
  6. The extended grace period benefit can be applied only if the premiums for the first two policy years for the Plan are due and paid and there is no indebtedness under the policy. This benefit can be exercised once only and shall be automatically terminated on the earlier of: (i) the policy anniversary date on or immediately following the 65th birthday of the policyowner; or (ii) the end of premium payment term. Eligibility of the extended grace period benefit is subject to certain conditions and Tahoe Life’s approval, please refer to the policy contract for details.
  7. Full underwriting is required for adding any supplementary contract. Please refer to the respective policy contract for the details of each supplementary contract. In the event of change of insured, all supplementary contracts will be terminated on the effective date of new insured and no supplementary contract can be attached to the policy thereafter.