Lead you to a wealthy life
Lead you to a wealthy life
The world is ever changing. Grasping the right time is the key to success. Fubon Life is here to tailor-make a plan, the Wealth Creator Universal Life Plan (the “Plan”), featuring with life protection and wealth growth elements. You can utilize your wealth at any time you need.
Key Features
- Multiple Guarantees on Interest Rate
- Potential of High Return
- Flexible Payment Term & Easy to Withdraw
- Guaranteed Policy Charges with High Transparency
- Protect Your Loved Ones with Life Protection
- Hassle-free Application
Multiple Guarantees on Interest Rate
The Plan specially offers you multiple guarantees on interest rate to ease your worry.
The 1st guarantee, during the 1st and 2nd Policy Years, you can enjoy special guaranteed interest rate of not lower than 3.8% p.a., including guaranteed Crediting Interest Rate1 of not lower than 3.33% p.a. and the Bonus Interest3 at 0.47%p.a..
The 2nd guarantee, on the 5th Policy Anniversary, your Account Value will be reviewed, and will not be lower than the sum calculated based on the Crediting Interest Rate2 of 2% p.a. for the first 5 Policy Years.
The 3rd guarantee, on the 10th Policy Anniversary, your Account Value will again be reviewed, and will not be lower than the sum calculated based on the Crediting Interest Rate2 of 2.8% p.a. for the first 10 Policy Years.
Potential of High Return
The non-guaranteed Crediting Interest1 Rate at 3.33% p.a. will be credited to your Account Value every month for your accumulation. Prepares you to meet any need ahead.
Flexible Payment Term & Easy to Withdraw
To meet your need, the Plan offers flexible payment term. You can choose to pay annually for 2 years or prepay the 2nd Policy Year Premium at policy issue4,5,6 to enjoy extra 4.5% premium discount on the Prepaid Premium.
Grasp your chance with this flexible plan. Except for the 1st Policy Year, during the 2nd – 8th Policy Years, a respective percentage of Free Withdrawal7,8 of your last anniversary’s Account Value every year is offered to you. Starting from the 9th Policy Year, no charge will be applied for any Withdrawal7.
Guaranteed Policy Charges with High Transparency
For the sake of your benefit, all the Policy Charges, including Premium Charge, Policy Administration Fee and Surrender Charge, are guaranteed. You can have more control over your financial planning.
Protect your Loved Ones with Life Protection
Death Benefit is offered which helps taking care of your loved ones to face the unexpected challenge.
Hassle-free Application
Enjoy the hassle-free application process without medical examination9. Save your time to plan for future.
Plan Summary
Plan Summary
|
Issue Age
|
15 days to age 75 (Age Last Birthday)
|
|
Policy Currency
|
USD
|
|
Premium Payment Term
|
2 years
|
|
Premium Mode
|
Annual or annual with prepayment4,5,6
|
|
Policy Term
|
Until 110 years old
|
|
Minimum Nominated Amount10
|
US$40,000
|
| Death Benefit |
Should the Insured Person passes away, the beneficiary will get the Death Benefit as:
| (1) |
the higher of the following: |
| (a) |
101% of the Account Value as at the death of the Insured Person; or |
| (b) |
101% of the difference between (i) the paid Premium as at the death of the Insured Person, and (ii) any previous Withdrawal plus any previous Surrender Charge upon Withdrawal as at the death of the Insured Person; |
|
| |
| less the aggregate of: |
| (2) |
Indebtedness as at the death of the Insured Person (if any); and |
| (3) |
Any outstanding and unpaid balance of Policy Charges (i.e. Policy Administration Fee and Premium Charge) up to and including the death of the Insured Person (if any). |
| |
|
| In case there is any Premium Prepayment Balance at the death of the Insured Person, the balance will also be paid. |
|
| Application Procedure |
No medical examination9 |
Crediting Interest Rate
Crediting Interest Rate
| Crediting Interest Rate1 (Non-guaranteed) |
3.33% p.a.1 The Crediting Interest will be credited monthly into the Account Value. |
| Guaranteed Crediting Interest Rate2 |
- Crediting Interest Rate1 will be guaranteed to be not lower than 3.33% p.a.1 for the first 2 Policy Years.
- The Account Value at the 5th Policy Anniversary will not be lower than the sum calculated based on the Crediting Interest Rate2 of 2% p.a. for the first 5 Policy Years.
- The Account Value at the 10th Policy Anniversary will not be lower than the sum calculated based on the Crediting Interest Rate2 of 2.8% p.a. for the first 10 Policy Years.
The Crediting Interest will be credited monthly into the Account Value. |
| Bonus Interest3 |
0.47% p.a.3 of Account Value will be credited monthly on top of the Crediting Interest Rate into the Account Value for the first 2 Policy Years. |
Withdrawal
Withdrawal
| Withdrawal7 |
During the 2nd – 8th Policy Years, the yearly maximum Free Withdrawal8 is the respective percentage of the Account Value as of the last Policy Anniversary (please see below):
| Withdrawal Year |
Free Withdrawal Rate |
| Policy Year 2 – 5 |
10% |
| Policy Year 6 – 8 |
15% |
Surrender charge shall apply and be deducted from the Account Value at the applicable Surrender Charge Rate (as below Fees and Charges) of the Withdrawal amount in excess of any unused Free Withdrawal8.
The Account Value should not be lower than US$5,000 (subject to change from time to time) after Withdrawal.
Withdrawal7 is not allowed in the 1st Policy Year. |
Fees and Charges
Fees and Charges
| Premium Charge |
Annual: 6.5% of annual Premium
Annual with prepayment: 13% of the annual Premium (equivalent to 6.64% of the sum of the 1st year Premium plus the Prepaid Premium) |
| Policy Administration Fee |
US$6 per month |
Surrender Charge
(Full / Partial) |
In case of Withdrawal7, the Surrender Charge shall be deducted from the Account Value as a percentage (in the below table) of the amount of Withdrawal in excess of any unused Free Withdrawal8.
In case of Policy surrender, the Surrender Charge shall apply as a percentage (in the below table) of the Account Value in excess of the unused Free Withdrawal8:
| Policy Year |
Withdrawal |
Surrender |
| Surrender Charge Rate (as percentage of Withdrawal in excess of any unused Free Withdrawal) |
Surrender Charge Rate (as percentage of Account Value in excess of any unused Free Withdrawal) |
| Year 1 |
N/A |
7.5% |
| Year 2 |
6.5% |
6.5% |
| Year 3 |
5.5% |
5.5% |
| Year 4 |
4.5% |
4.5% |
| Year 5 |
3.5% |
3.5% |
| Year 6 |
3% |
3% |
| Year 7 |
2% |
2% |
| Year 8 |
1% |
1% |
| Year 9 and onwards |
0% |
0% |
|
Remarks:
| 1 |
Other than those guarantees provided in the first two policy years, the Crediting Interest Rate afterwards is not guaranteed and shall be determined by Fubon Life Insurance (Hong Kong) Company Limited (“Fubon Life”) from time to time at its discretion. It should not be interpreted as an indicator of future performance and will be subject to change by giving not less than 30 days’ notice prior to the change. New rate will apply to the Policy on the 1st day of the Policy Month immediately upon or after the effective date of the new rate. The current rate is 3.33% p.a. (equivalent to 0.2734% per month), and the rate may go up (above the current rate) or down (but not below 0% p.a.). The Crediting Interest will be calculated on a monthly compound basis and credited to the Account Value on the expiry of each Policy Month. |
| 2 |
Should your Policy be terminated before the 5th or 10th Policy Anniversary, the relevant guaranteed Crediting Interest Rate applicable at the 5th or 10th Policy Anniversary shall not apply. For avoidance of doubt, such guarantees shall not apply after the 10th Policy Anniversary. |
| 3 |
Bonus Interest Rate at 0.47% p.a. (equivalent to 0.0391% per month) is guaranteed, which will be credited to Account Value on a monthly basis during the 1st and 2nd Policy Years. |
| 4 |
The respective Premium for the related Policy Year(s) shall be deducted from the Premium Prepayment Balance annually on each and every Premium Due Date. |
| 5 |
Should you surrender the policy during the 1st Policy Year, a 7.5% Surrender Charge on Premium Prepayment Balance (if any) will be charged by Fubon Life. |
| 6 |
Premium Prepayment Balance cannot be refunded or withdrawn except in the event of Death Benefit payment or Policy surrender. |
| 7 |
Withdrawal is allowed starting from the 2nd Policy Year provided that the Policy is paid up. Surrender Charge may apply when the policyowner withdraws part of the Account Value which exceeds the unused Free Withdrawal limit during the 2nd to 8th Policy Years. The Withdrawal is subject to requirements with regard to maximum number of Withdrawal requests, minimum Withdrawal amount, and the minimum Account Value (currently at US$5,000) as imposed by Fubon Life and are subject to change from time to time. |
| 8 |
Any unused balance of Free Withdrawal for a particular Policy Year can be used in subsequent Withdrawals in the same Policy Year, and not applicable to the next Policy Year. |
| 9 |
Fubon Life has set a limit as to the total annualized premium of insurance policies in respect of the same type of insurance products (as determined and revised by Fubon Life from time to time). No medical examination is required if the purchase of this policy does not exceed such limit. |
| 10 |
The Nominated Amount serves as an amount for the calculation of premium and other policy values for the Plan. It is not equivalent to the amount of the Death Benefit payable in case of the death of the Insured Person. |
Protect your Life and Enjoy Potential Wealth Growth
Protect your Life and Enjoy Potential Wealth Growth
For enquiries, you can visit any Fubon Bank branch or simply call Fubon Bank Integrated Customer Service Hotline 2566 8181 (Press 3 after language selection) during office hours* for more details.
*Office hours: Monday to Friday: 9am to 7pm; Saturday: 9am to 1pm (except public holidays).
Warning Statement:
Wealth Creator Universal Life Plan is a life insurance plan (including guaranteed and non-guaranteed crediting interest rate). Part of the premiums pays for the insurance and related costs. The policy is underwritten by Fubon Life Insurance (Hong Kong) Company Limited (“Fubon Life”) and is subject to the company’s credit risk. In the worst scenario, you may lose all premium paid and benefits provided under the Policy. The savings part of the Plan is also subject to risk and loss. You must be aware of the long-term nature of life insurance plan. If you surrender your Policy before maturity, the amount you get back may be less than that you have paid and thus resulting in a pecuniary loss. The insurance plan includes guaranteed and non-guaranteed parts. The non-guaranteed part is projected figures and for illustrative purposes only and is not guaranteed. The actual benefits and/or returns may be lower or higher than the projected figures. You should fully understand all of the risks involved in this product and consider whether this product is affordable and suitable to you before making your application. If you are not satisfied with the Policy, you have the right to cancel the Policy within the cooling-off period and obtain a refund of any premiums paid by giving written notice to Fubon Life provided that you have not made any claims under the Policy. Such notice must be signed by you and directly received by Fubon Life at Suites 701 - 705, 7/F, 12 Taikoo Wan Road, Taikoo Shing, Hong Kong within 21 calendar days immediately following either the day of the delivery of the Policy or the Cooling-off Notice to you or your nominated representative, whichever is earlier.
-
Terms and Conditions
Key Product Risks:
Nature of the Product and Liquidity Risk
The Plan is of long-term nature and is not of any bank savings nature. You are advised to carefully consider your financial capability, cash flow and liquidity needs before making any purchase decision. The Plan may not be suitable for you and you should not purchase the Plan if you are in need of short-term liquidity.
Policy Currency Risk
Policy currency is denominated in the currency as set out in the Policy Schedule. Should the premiums and benefits requested to be paid in the currency other than the Policy currency, approval of such request would be subject to Fubon Life’s absolute discretion and Fubon Life reserves the right to adopt an exchange rate as determined by Fubon Life’s absolute discretion. Please refer to “Foreign Exchange Risk” section below for more details.
Risk on Delaying or Missing Premium Payment
The premium will be paid to Fubon Life and part of the premiums will become part of the assets of Fubon Life while part of it will be paid for the insurance and related costs. The Policyowner does not have any direct rights nor ownership over any of these assets. The Policyowner’s rights are subject to terms and conditions of the Policy Provisions and his/her recourse is against Fubon Life only.
You should pay the initial premium on or before the Policy date and subsequent premium(s) on time according to the selected premium mode. Besides, if you fail to make subsequent premium payment before the expiry of the Grace Period (within 31 days after the premium due date), the Policy will be terminated on the premium due date that triggers the Grace Period and you will lose the coverage afterward. The Surrender Benefit will be refunded to you. You may refer to the related Benefit Illustration document for details.
Surrender Risk
The Plan has a savings component and is subject to risks and possible loss. Should you surrender the Policy before maturity, you may receive an amount considerably less than the amount of total premiums paid.
Termination Condition
Unless otherwise specified, all benefits provided under the Policy shall terminate on the earliest of the following events:
- Death of the Insured Person;
- At Policy maturity;
- Account Value is not sufficient to cover the Policy Charges (i.e. Premium Charge and Policy Administration Fee);
- Policy Loan and/or Indebtedness exceeds Surrender Value;
- Surrender or cancellation of the Policy; or
- If Fubon Life is unable to collect any subsequent premiums which are due by the expiry of Grace Period.
Suicide
If the Insured Person commits suicide whilst sane or insane within the first 13 months from the Issue Date, Fubon Life shall only refund to the Policyowner or the estate of the Policyowner the amount of the premiums paid and the prepaid premiums (applicable to the Policies of Annual with Prepayment mode) without interest less any Indebtedness and benefits paid under this Policy.
Policy Loan
The Plan offers Policy Loan. The loan shall bear interest computed at such rate as may be adopted by Fubon Life from time to time. No Policy Loan shall be granted if the loan shall cause the total Indebtedness under the Policy exceeding 80% of the Surrender Value. Please refer to the Policy Provisions for details.
Non-guaranteed Benefit
The Crediting Interest Rate is non-guaranteed. It is subject to Fubon Life’s determination and revision from time to time.
Foreign Exchange Risk
Any transactions involving foreign currencies are subject to risks, the ever changing political and economic conditions may substantially affect the premium amount paid in Hong Kong dollars due to the currency exchange rate or liquidity of currencies. The premiums received by Fubon Life in a currency different from your Policy currency will be converted to the Policy currency at the prevailing exchange rate determined by Fubon Life from time to time with reference to market rates. All monies payable to Fubon Life or by Fubon Life will be paid in Policy currency, or in the currency other than the Policy currency upon your request. Approval of such request would be subject to Fubon Life’s absolute discretion and Fubon Life reserves the right to adopt the prevailing exchange rate as determined by Fubon Life’s absolute discretion. Therefore, it may be subject to foreign exchange risks in the process of currency conversion.
Inflation Risk
The benefits provided under your Policy may not be sufficient to meet your future needs as the future costs of living may be higher than that of today due to inflation.
Credit Risk
Fubon Life is the underwriter of the Plan. The Policy is subject to Fubon Life’s credit risk. If Fubon Life is unable to satisfy the financial obligations of the Policy, in the worst scenario, you may lose substantial part of, and even all, premiums paid and benefits provided under the Policy. |
| |
Crediting Interest Rate Philosophy:
This is a universal life policy. Your policy can share the investment return of the group of business determined by Fubon Life in the form of Crediting Interest Rate.
Fubon Life aims to ensure fair treatment between policyholders and shareholders and also between different groups of policyholders. The interest credited to the policyholders, and the investment return earned by the shareholders, will both increase / decrease together with the increase / decrease in investment return of the group of business.
Fubon Life will review the Crediting Interest Rate at least once a year, based on actual experience and investment outlook. Fubon Life will smooth out the volatility of the actual investment return to ensure a stable crediting interest rate. If there is any change to crediting interest rate, you will be informed in writing by Fubon Life or by the policy annual statement with explicit reasons for the change.
To determine the crediting interest rate, Fubon Life will consider the actual experience and the outlook of the following factors: |
- Interest rate risk factors: The interest earning of the asset portfolio and its capital gain / loss due to fluctuation of market interest rate.
- Market risk factors: The market value changes of the asset portfolio, reflecting different market factors such as equity price, credit spread, default and exchange rate.
- Persistency factors: These include full surrender and partial surrender and the corresponding impact on investments, etc.
|
| |
Investment Policy, Investment Objectives and Investment Strategy:
The Investment Policy aims to actively monitor and manage investment risk and policy liability and to identify asset with suitable characteristics, tenor and liquidity to meet the cash flow need of the insurance business.
The Investment Objectives are to support the guaranteed benefit of the policies and to meet the non-guaranteed benefit as illustrated to the policyowners.
The Investment Strategy is to diversify investment risks, to improve capital utilization efficiency, to enhance overall investment returns, and to safeguard the long-term interests of shareholders and policyholders. Should there be any significant changes in the investment strategy, Fubon Life would inform policyowners on the changes, with underlying reasons and impact to the policies. |
The long term target asset mix of this product is:
| Asset Type |
Target Asset Mix (%) |
| Bonds and other fixed income assets |
90 - 100% |
| Non-fixed income assets |
0 - 10% |
|
| |
To diversify the risk, Fubon Life may invest in securities of different regions, industries, credit ratings, and liquidities. This includes government bonds, corporate bonds and other fixed income assets in US, European, emerging markets, and so on. Fubon Life may also invest in non-fixed income assets including equities, private fund, public fund, mutual fund, index fund, etc. Depending on economy outlook, investment environment, as well as changes in the credit risk, Fubon Life will regularly review and adjust the asset allocation.
For details of “Crediting Interest Rates Philosophy”, “Investment Policy, Investment Objectives and Investment Strategy” and “Measure to Manage Potential Conflict”, please refer to Fubon Life’s company website at www.fubonlife.com.hk/products_philosophy_en.html.
For details of “Historical Crediting Interest Rates of Universal Life”, please refer to Fubon Life Hong Kong’s company website at www.fubonlife.com.hk/fulfillment-ratios_crediting-interest_en.html.
The historical Crediting Interest Rates are not indicator of future performance of the universal life product. The declared rates are before deduction of any relevant policy charges, including but not limited to the Premium Charge and Policy Administration Fee, and allowance of Bonus Interest. |
| |
Important Notes:
- Wealth Creator Universal Life Plan (the “Plan”) is a life insurance plan (including guaranteed and non-guaranteed crediting interest rate). Part of the premiums pays for the insurance and related costs.
If you are not completely satisfied with the Policy, you may return the Policy with your signed written request to Fubon Life for its cancellation. The Policy will be cancelled and the premium paid will be refunded, provided that the cancellation request must be received directly by Fubon Life within 21 calendar dayimmediately following either the day of delivery of the Policy or the Cooling-off Notice to you or your nominated representative, whichever is earlier. The Cooling-off Notice is the notice sent to you or your nominated representative (separate from the Policy) notifying you of your right to cancel within the stated 21 calendar day period. The business address of Fubon Life Customer Services Department is Suites 701 - 705, 7/F, 12 Taikoo Wan Road, Taikoo Shing, Hong Kong. No premium or prepaid premium (if any) shall be refunded if claim payment is made under this Policy. After the expiration of the cooling-off period, if you cancel the Policy before maturity, the projected total cash value may be less than the amount of the total premiums you have paid.
- The Plan is an insurance product, but not a bank savings plan embedded with a life insurance. The premium is not a placement of a savings deposit with the bank and hence is not protected by the Deposit Protection Scheme in Hong Kong.
- The premium will be paid to Fubon Life and part of the paid premiums will become part of the assets of Fubon Life. The policyowner does not have any direct rights nor ownership over any of these assets. The policyowner’s rights are subject to terms and conditions of the policy provisions and his/her recourse is against Fubon Life only.
- The Plan is of long-term nature and is not of any bank saving nature. You are advised to carefully consider your financial capability, cash flow and liquidity needs before making any purchase decision. The Plan may not be suitable for you and you should not buy the Plan if you are in need of short-term liquidity.
- The Plan offers policy loan which shall bear interest computed at such rate as may be adopted by Fubon Life. However, Automatic Policy Loan is not applicable. Please refer to the policy provisions for details.
- Fubon Life will not accept the withdrawal request should the Account Value reach below the minimum requirement of US$5,000 (subject to change from time to time) after such withdrawal.
- The Crediting Interest Rate is non-guaranteed. It is subject to Fubon Life’s determination and revision from time to time. For details about the determination of the Crediting Interest Rate and related policy, please click here for details.
- Fubon Life is solely responsible for all content, approvals, coverage and benefit payment of the Plan. Fubon Life reserves the right to accept or reject any insurance application.
- Fubon Life Hong Kong is fully responsible for all the above information.
- The above information is for reference only. All the policy terms and conditions are set out in the policy provisions of the Plan and shall be final and conclusive. For more information of the policy terms and conditions, please contact staff of Fubon Bank.
- The above information shall not be construed as an offer to sell or solicitation to buy or provision of any insurance of Fubon Life outside Hong Kong.
- Levy collected by the Insurance Authority will be imposed on the policy at the applicable rate, which would be borne by Fubon Life Insurance (Hong Kong) Company Limited (“Fubon Life”) on behalf of policyowners and remitted in accordance with the prescribed arrangements. Fubon Life will review the payment arrangement of levy on insurance premium regularly and reserves the right to revise the arrangement. For further information, please visit Fubon Life’s company website www.fubonlife.com.hk/products_philosophy_en.html or contact Fubon Life Customer Service Hotline at (852) 2516 0133.
- Fubon Life is the private company limited by shares incorporated and registered in Hong Kong and its registered office is situated at Suites 701-705, 7/F, 12 Taikoo Wan Road, Taikoo Shing, Hong Kong.
Important Notes for Fubon Bank (Hong Kong) Limited as an Appointed Licensed Insurance Agency
- Fubon Bank (Hong Kong) Limited (“Fubon Bank”) is the appointed licensed insurance agency for Fubon Life, and is responsible for introduction of the insurance plans. The Plan is not the product of Fubon Bank. Fubon Bank is not responsible for any Policy terms or obligations of the Plan.
- In case you file a written complaint regarding the selling process or processing of the related transaction to Fubon Bank and the complaint is an “Eligible Dispute(s)” as defined in the Terms of Reference for the Financial Dispute Resolution Centre, Fubon Bank is required to enter into a Financial Dispute Resolution Scheme process with you if the Eligible Dispute cannot be resolved after Fubon Bank has issued the final written reply. If the complaint / dispute is related to the Policy term, it should be resolved directly between Fubon Life and you. Nevertheless, where practicable and appropriate, Fubon Bank will provide reasonable assistance to customers in the dispute resolution process.
|
