China Life Harvest Income Plan (USD)
China Life Harvest Income Plan (USD) allows you to accumulate wealth in a simple and flexible way and easily cope with your financial needs at different stages of your life. This product provides lifetime income1 and is designed for long-term savings, with single, 5-year or 10-year payment term options for selection. This is a capital guaranteed2 plan which provides you with guaranteed yearly income1 to protect your wealth, and will distribute a non-guaranteed loyalty bonus6 every five years, allowing you to pursue your ideal lifestyle, have a documented financial future, and easily cope with retirement living expenses and education expenses for children. For the premature death3 or terminal illness4, this plan will also provide you with a death benefit to give you and your family peace of mind and a lasting gift for future generations. Signing up is simple and convenient, and there is no need for any medical examination.
Product Features
Enjoy Lifetime Yearly Income1
100% Capital Guarantee2
Inheritance for The Next Generation
Flexible Premium Payment Term
Hassle-Free Application
Distributed By
1. For regular payment, the yearly income, both guaranteed and non-guaranteed, may be payable from the end of the premium payment term (5-year or 10-year) as long as the life insured is alive and while the policy is in force. The guaranteed yearly income is set at 1% of the face amount.
For single payment, the yearly income, both guaranteed and non-guaranteed, may be payable from the end of the 5th policy year as long as the life insured is alive and while the policy is in force. The guaranteed yearly income is set at 1% of the face amount.
2. For regular payment, the capital guarantee, which is based on yearly premium payment mode, applies only from the end of the premium payment term and if all yearly premiums due on the policy have been paid before the end of the grace period. For single payment, the capital guarantee applies only at the end of the 5th policy year.
3. For regular payment, if the life insured dies while the plan is in force, we will pay the sum of:
- 108% of the total yearly premiums due to-date or the guaranteed cash value, whichever is higher;
- a non-guaranteed terminal bonus(if any);
- accumulated guaranteed yearly income, non-guaranteed yearly income (if any) and loyalty bonus (if any); and
- interest on the accumulated guaranteed yearly income, non-guaranteed yearly income and loyalty bonus (if any), less amounts owing (if any) and outstanding premium (if any).
For single payment, if the life insured dies while the plan is in force, we will pay the sum of:
- 101% of the single premium paid or the guaranteed cash value, whichever is higher;
- a non-guaranteed terminal bonus (if any);
- accumulated guaranteed yearly income, non-guaranteed yearly income (if any) and loyalty bonus (if any); and
- interest on the accumulated guaranteed yearly income, non-guaranteed yearly income (if any) and loyalty bonus (if any); less amounts owing (if any).
4. If the life insured is diagnosed with a terminal illness while the policy is in force, we will advance the death benefit.
5. Accumulate with interest: accumulate guaranteed yearly income, non-guaranteed yearly income and loyalty bonus with the company at the prevailing non-guaranteed interest rate.
Prevailing non-guaranteed interest rate is 3.0% p.a. based on the illustrated investment rate of return of 4.5% p.a. (or 2.0% p.a. if the illustrated investment rate of return is 3.25% p.a.)
6. The Face Amount is a notional value and is not the benefit that will be paid upon the death of the life insured.
7. For regular payment, a non-guaranteed loyalty bonus may be payable starting from the end of the premium payment term and every 5 years thereafter as long as the Life Insured is alive while the policy is in force.
For single payment, a non-guaranteed loyalty bonus may be payable starting from the end of the 5th policy year and every 5 years thereafter as long as the Life Insured is alive while the policy.
8. Exchange Rate and Currency Risk Exposure: This plan’s premium and pay out value are in USD. The USD exchange rate may impact the value of your benefits when converted to other currency.
You should seek advice from a financial adviser representative before making a commitment to purchase the plan. 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, www.lia.org.sg, www.sdic.org.sg). This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is correct as at 30th November 2022.