DIRECT – China Life Whole Life Plan

DIRECT – China Life Whole Life Plan

Product Summary

DIRECT – China Life Whole Life Plan is a regular premium, participating whole life plan which provides financial protection in the event of death, terminal illness (TI) and total and permanent disability (TPD). It also allows you to participate in the performance of our participating fund in the form of non-guaranteed bonuses. As this is a direct purchase insurance plan, you may purchase the plan directly from us without seeking advice from a financial adviser.

 

You have a choice of 2 premium payment terms under this plan:

  • Premium payment term till age 69 (last birthday); or
  • Premium payment term till age 84 (last birthday)

 

Product Features:

Features Details
Premium Payment Term Up to age 69 and age 84
Policy Term Till the life insured is age 100
Non-guaranteed Bonuses There are 2 types of non-guaranteed bonuses – reversionary and terminal. Reversionary bonus1 may be declared and added to the policy starting from the end of the third policy year. Terminal bonus2 may be payable upon death, TPD and TI of the life insured, maturity or surrender of the policy (where applicable), whichever is the earliest.
Entry Age for Life Insured Minimum: Age 18 (last birthday)
Maximum (pay till age 69): Age 59 (last birthday)
Maximum (pay till age 84): Age 64 (last birthday)
Benefit Limit You may choose to be covered with a sum insured between SGD50,000 and SGD200,0003 .
Maturity Benefit The policy will mature on the policy anniversary following the life insured’s 100th birthday, we will pay the maturity benefit4 and the policy will automatically terminate on the maturity date.
Death Benefit In the event of death of the life insured while the policy is in force, we will pay the death benefit5 and the policy terminates thereafter.
Total and Permanent Disability (TPD) Benefit6 If the life insured is diagnosed with TPD before the life insured’s 65th birthday, we will advance the death benefit and the policy terminates thereafter.
Terminal Illness (TI) Benefit If the life insured is diagnosed with a terminal illness7 within the policy term, we will advance the death benefit and the policy terminates thereafter.

There are certain conditions under which no benefit under this plan will be payable. Please refer to the policy contract for full details of the exclusions.

 

Important to Know:

To purchase or enquire about DIRECT – China Life Whole Life Plan, please call our Customer Care hotline at 6727 4800 or send us an online enquiry.

For more information on Direct Purchase Insurance, please visit the MoneySENSE website at http://www.moneysense.gov.sg/

 

Download Direct Purchase Insurance Infographics
Download DPI Fact Sheet and Checklist
View Direct Purchase Insurance Video

1. This is a non-guaranteed annual bonus which may vary according to the future performance of the participating fund. We may declare and add to your policy starting from the end of third policy year. Once the bonus is declared and allocated, it will form part of the guaranteed benefits of your policy.

2. The one-off terminal bonus is a percentage of the accumulated reversionary bonuses. It may be payable upon death, TPD or TI of the life insured, maturity or surrender of the policy, whichever is the earliest. No terminal bonus is payable within the first 3 policy years.

3. The sum insured is subject to the following:

  1. the maximum sum insured of SGD200,000 as aggregated with all DPI Whole Life Plan issued by us on the same life insured;
  2. the maximum sum insured of SGD400,000 as aggregated with all direct purchase insurance products issued by us on the same life insured; and
  3. the sum insured must be in multiples of SGD1,000.

4. The maturity benefit comprises:

  1. sum insured;
  2. accumulated reversionary bonuses (if any); and
  3. a non-guaranteed terminal bonus (if any),

less amounts owing (if any).

5. The death benefit comprises:

  1. sum insured;
  2. accumulated reversionary bonuses(if any); and
  3. a non-guaranteed terminal bonus (if any),

less amounts owing (if any), outstanding premium (if any) and future instalment premiums which are required to make up the full year’s premiums (if any).

6. The TPD benefit payable is subject to the TPD per life limit of SGD3,000,000 as aggregated with other policies and riders issued by us on the same life insured.

7. Terminal Illness means the conclusive diagnosis of an illness that is expected to result in the death of the life insured within 12 months. This diagnosis must be supported by a specialist and confirmed by the CLIS’s appointed doctor.

As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.

This marketing material is for reference only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. The specific details applicable to this insurance plan are set out in the policy contract. In case of discrepancy between the English and Mandarin versions, the English version shall prevail.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact your insurer or visit the GIA/LIA or SDIC web-sites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).

This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is correct as at 15 Dec 2021.