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“We Shine” Protection Linked Plan
This plan is an investment-linked insurance plan that may cater for your investment and insurance needs.
Key Product Features
Two premium payment periods
Two premium payment periods
You may choose a premium payment period of 5-year or 20-year for the payment of basic premium that suits your financial planning goals subject to the age range of the insured and age range of owner. The premiums you pay will be used by the company to allocate notional units of investment choices you select and will go towards accretion of the value of your ILAS policy.
For details, please refer to the section on “Premium Payment Period” under “Plan Features” in the Product Guide of the offering documents.
Note: During the mandatory contribution period, you are required to pay the basic premium and not allowed to adjust the amount of the basic premium, make withdrawal from your ILAS policy and exercise premium holiday. Please refer to the sub-section of “Basic Premium Adjustment” under the section of “Premium”, section of “Partial Withdrawal” and section of “Premium Holiday” in Product Guide for details.
Death benefit
Death benefit
| Period | Death Benefits |
|
If the insured dies before the later of (i) and (ii): (i) the policy anniversary on or immediately following insured’s 65th birthday ("Insured aged 65”); or (ii) the policy anniversary immediately following the end of the premium payment period |
High Life Protection The higher of: (i) the sum insured less the aggregate amount of withdrawals made from the basic account (if any); or (ii) 105% of the account value of the basic account; Plus 105% of account value of the top-up account |
|
If the insured dies on or after the later of (i) and (ii): (i) Insured aged 65; or (ii) the policy anniversary immediately following the end of the premium payment period |
Low Life Protection The higher of: (i) Total basic premium paid less the aggregate amount of withdrawals made from the basic account (if any); or (ii)105% of the account value of the basic account; Plus 105% of account value of the top-up account |
For details, please refer to the section on “Sum Insured and Death Benefit” under “Plan Features” in the Product Guide of the offering documents.
A range of investment choices
A range of investment choices
You can choose from a range of investment choices which are linked to the underlying funds that are managed by investment specialists. This plan offers you the flexibility to formulate your investment portfolio. Switching between investment choices is free of charge.
The investment choices available under this product can have very different features and risk profiles. Some may be of high risk.
For details, please refer to the section on “Switching” and sub-section of “Allocation of Investment Choices” under “Plan Features” in the Product Guide of the offering documents. To learn more about the investment choices, please refer to the Investment Guide of the offering documents.
Welcome bonus / Special bonus / Refund of insurance charge
Welcome bonus
You will receive welcome bonus upon our receipt of each payment of basic premium due for the first policy year.
Special bonus
You will be entitled to a special bonus while the policy is in force, commencing from the end of the 4th policy year and the end of each subsequent policy year provided that the average monthly basic account value at the end of the relevant policy year is more than USD37,500 / HKD300,000.
Refund of insurance charge
Provided that the policy has not been reinstated, you will be entitled to a one-off refund of insurance charge equivalent to up to 50% of the insurance charge being charged on the basic account on the later of the following date: (i) at the end of the policy year immediately following insured aged 60; or (ii) at the end of the 20th policy year.
For details, please refer to the sections on “Welcome Bonus”, “Special Bonus” and “Refund of Insurance Charge” under “Plan Features” in the Product Guide of the offering documents.
Note: Welcome bonus, special bonus and refund of insurance charge are subject to conditions and claw back in certain events. The bonuses and refund of insurance charge will form part of the account value of the basic account, therefore they are subject to the relevant fees and charges applicable to the policy as set out in the section of “Summary of Fees and Charges” in the Product Guide.
Fees and charges
Fees and charges
The current policy fees and charges of the plan includes the administration fee, insurance charge, surrender charge and fees and charges for the underlying funds.
CTF Life reserves the right to vary the above fees and charges or impose new charges by giving not less than 1 month prior written notice or such shorter period of notice in compliance with the relevant regulatory requirements.
For details, please refer to the section of “Summary of Fees and Charges” in the Product Guide of the offering documents.
Important notes:
- If the policy account value remains insufficient for the deduction of the fees and charges due and drops
to zero or below immediately following 31 calendar days from the fees and charges due date, the ILAS policy will be terminated.
- If you are not prepared to hold your policy (i) with premium payment period of 5 years for at least 6 years; or (ii) with premium payment period of 20 years for at least 9 years, the policy is not suitable for you and it may be cheaper to purchase an insurance policy and make separate fund investments. You should seek independent professional advice.
Important Notice
Investment involves risk. For details of the above key product features, please refer to the offering documents of “We Shine” Protection Linked Plan comprise the Principal Brochure and the Product Key Facts Statement.
“We Shine” Protection Linked Plan is offered by Chow Tai Fook Life Insurance Company Limited (“CTF Life”). Your investment under the plan is subject to the credit risks of CTF Life. The plan is classified under Class C linked long-term business, as defined in the Insurance Ordinance.
This webpage is issued by Chow Tai Fook Life Insurance Company Limited.
Common Tools
Inspiration of planning
(such schemes are currently available for new insurance policy applications)
Cheers Plus / Oscar / Legend / Aviator Plus / 888 Universal Life / Cheers Investment Life Insurance Plan / Columbus / Investment-Linked Accumulation Rider / SMILE Investment Life Insurance Plan / Wealth Accumulator / "Wealth Accumulator" Plus / Wealth Builder / Wealth Partner / Wealth Smart / "Wealth Smart" Plus / "Wealth Smart" Premier (such schemes are no longer available for new insurance policy applications and are not marketed to the public in Hong Kong)
Important Notes:
- The investment-linked assurance scheme (the “Scheme”) is an insurance policy issued by Chow Tai Fook Life Insurance Company Limited (“CTF Life”) with benefits linked to the performance of investment choice(s) selected by you. Your investments are subject to the credit risk of CTF Life.
- All premiums you pay towards the Scheme, and any investments made by CTF Life in the underlying funds corresponding to the investment choices you selected, will become and remain part of the assets of CTF Life. I.e., you are not investing in the underlying funds of the investment choices and you do not have any rights or ownership over any of those assets. Your recourse is against CTF Life only. The allocations of the units of investment choice(s) to your policy are notional and are solely for the purpose of determining the account value of your policy.
- Your return on investments is calculated by CTF Life with reference to the performance of the underlying funds corresponding to the investment choices selected by you. The return of investments under the Scheme shall be subject to the charges of the Scheme and may be lower than the return of the corresponding SFC-authorized fund.
- The investment choices available under the Scheme can have very different features and risk profiles. Some may be of high risk. Please read the offering documents of the underlying funds involved, which will be made available upon request or can be downloaded at our website: www.ctflife.com.hk.
- The underlying fund of certain investment choice(s) is classified as derivative fund, and its net derivative exposure may be more than 50% of the underlying fund’s net asset value. This type of investment choice is only suitable for clients who understand the complicated structure of derivative product and associated risks, and you may incur significant loss of principal if investing in this type of investment choice. Please read the offering documents of the underlying funds involved, which will be made available upon request or can be downloaded at our website: www.ctflife.com.hk. You are strongly advised to exercise caution in relation to such investment choice.
- The Scheme is designed to be held for a long term period. Early surrender or withdrawal of the policy, suspension of or reduction in premium (if applicable) may result in a significant loss of principal and / or bonuses. Poor performance of underlying funds may further magnify your investment losses, while all charges are still deductible.
- With no premium contribution during the period of contribution interruption/ premium holiday (if applicable), the value of the Scheme may be significantly reduced due to fees and charges, and additional premium for optional rider(s) (if any), which are still deductible during the period of contribution interruption/ premium holiday, and your entitlement to bonuses may also be affected.
- More importantly, investors of “We Shine” Protection Linked Plan / Legend 2 / Oscar / Cheers Plus / Cheers Investment Life Insurance Plan / SMILE Investment Life Insurance Plan / Wealth Builder / 888 Universal Life should be aware of the following regarding your death benefit and the insurance charges:
- Part of the fees and charges you pay that will be deducted from the value of your policy will be used to cover the insurance charges for the life coverage.
- The insurance charges will reduce the amount that may be applied towards investment in the investment choice selected.
- The insurance charges may increase significantly during the term of your policy due to factors such as age and investment losses etc. This may result in significant or even total loss of your premiums paid.
- If deduction of notional units for payment of all the ongoing fees and charges, including the insurance charges, causes the value of your policy to fall to zero or below, your policy will terminate early and you could lose all your premium paid and benefits.
- You should consult your consultant for details on the insurance charges, such as how the insurance charges may increase and could impact the value of your policy.
- Although the Scheme is a life insurance policy, because part of your death benefit is linked to the performance of the underlying funds corresponding to the investment choices you selected from time to time, the death benefit is subject to investment risk and market fluctuations. Any partial withdrawal, the reduction in premium of your policy (if applicable), exercise of premium holiday (if applicable) or poor performance of the underlying funds may also reduce the death benefit amount, which may not be sufficient for your needs.
- Investment involves risk. You should not purchase the Scheme unless you understand it and your consultant has explained to you how it is suitable for you. The final decision is yours.
- (Applicable to Legend 2 and Legend only) The investment choice ended with “(Dis)” in its name (the “Investment Choice (Cash Distribution)”) linked to the share class of the corresponding underlying fund which aims to distribute cash dividend on a regular basis. If you choose to invest in the Investment Choice(s) (Cash Distribution), you will receive cash dividend if CTF Life receives such dividend from the underlying fund(s) of the Investment Choice(s) (Cash Distribution). Please note:
- There is no guarantee that the underlying fund of an Investment Choice (Cash Distribution) will distribute cash dividend, distribute fixed amount of cash dividend or distribute cash dividend at a periodic frequency. The amount of cash dividend paid is in no way an indication, a forecast or a projection of cash dividends to be paid in the future.
- Underlying fund of Investment Choice (Cash Distribution) may at its discretion, according to their dividend policy, (a) pay cash dividend out of the capital of the underlying fund; or (b) pay cash dividend out of gross investment income while paying or charging all or part of the underlying fund’s expenses and fees out of or to the capital of the underlying fund, resulting in an increase in distributable income for payment of cash dividend by the underlying fund and hence, the underlying funds may effectively pay cash dividend out of capital.
- Payment of cash dividend out of capital amounts to a return or withdrawal of part of the original investment or from any capital gains attributable to that original investment. Such payments of cash dividend will result in an immediate decrease in the net asset value per unit of the underlying funds, and may result in an immediate reduction of the unit price of the Investment Choice (Cash Distribution).
- In comparison to investment choice(s) that reinvest dividend, Investment Choice(s) (Cash Distribution) pay out cash dividend and hence, may reduce the account value of the policy. This may in turn (i) reduce the death benefit and surrender value payable, (ii) lead to the reduction of applicable bonuses, and (iii) lead to the policy termination when the account value is insufficient to cover the relevant policy charges. If the account value is reduced to zero or below, the policy will be terminated.
- You should not select the Investment Choices (Cash Distribution) unless you understand them, and your consultant has explained to you how they are suitable to you.
- You should not invest based on the information in this website only. You should read the offering documents (which consist of the Product Guide, Investment Guide and Product Key Facts Statement) of the Scheme and the offering documents of the relevant underlying funds which will be made available upon request or can be downloaded at our website: www.ctflife.com.hk, free of charge, for details.
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