Hang seng bank target income life insurance plan

IncomePower Life Insurance Plan
Bringing monthly passive income for your wealth accumulation and legacy planning

IncomePower Life Insurance Plan (“IncomePower” or “the Plan”) is a life insurance plan and is not equivalent or similar to any kind of bank deposit. It is underwritten by Hang Seng Insurance Company Limited (“Hang Seng Insurance”). The policyholder is subject to the credit risk of Hang Seng Insurance and early surrender loss. This product information does not contain the full terms of the policy and the full terms can be found in the relevant policy document.

IncomePower Life Insurance Plan not only provides a stable stream of cash flow to create passive income for you, but also comes with a Medical Advance Benefit to meet your needs at different life stages. On top of the above, it can pave the way for your legacy planning to empower wealth succession with an adaptive approach, to fulfill infinite potential for yourself and your succeeding generations.

Plan Highlights

Non-guaranteed Monthly Income is payable on each monthiversary starting from the 25 th monthiversary until policy maturity (i.e. 50 th monthiversary). The annual total income is projected to be 5% of the Total Premiums Paid, based on the assumptions of a USD policy, single premium payment, and our prevailing projections for investment returns and dividend rates. This is not guaranteed and Hang Seng Insurance Company Limited has the absolute discretion in making such distributions. The future actual benefit may be higher or lower.

Including cancer, heart disease, stroke or continuous hospitalisation of 25 days or above. Application Offer

Customers can be entitled upon successful application for IncomePower Life Insurance Plan during the promotion period.

Terms and Conditions apply. Please note the relevant product risks.

For the Terms and Conditions relating to the first-year premium discount, please click here.

Please refer to the Product Brochure for detailed terms and conditions, risks and exclusions.

To find out more, please contact our branch staff or call 2198 7838 2198 7838
  1. Monthly Income may be payable on every Monthiversary starting from the 25 th Monthiversary until the Benefit Cessation Date of the Basic Plan, provided that the Policy is in force and all premiums due up to such Monthiversary have been fully paid. The amount of Monthly Income is non-guaranteed and will be determined by us on each Monthiversary at our absolute discretion. Monthly Income will be proportionally reduced in case the Policy has been partially surrendered (8) or upon payment of the Mental Incapacity Benefit Plus (4) .
  2. Guaranteed acceptance is subject to the maximum total premium amount (per Life Insured), which the limit is the same for all Insurance Age (9) of the Life Insured. Total premium amount refers to the total premium amount of the Plan and other life insurance plans determined by “Hang Seng Insurance”. For details of the underwriting requirements, please contact our “Hang Seng Bank” branch staff. This Plan is subject to the relevant requirements on nationality, and/or addresses of the Policyholder and/or Life Insured as determined P. 10 by “Hang Seng Insurance” from time to time. “Hang Seng Insurance” reserves the right to accept or decline any applications for the Plan based on the information provided by the Life Insured and/or Policyholder during enrollment.
  3. The Medical Advance Benefit takes effect after (i) the Payment Cessation Date, or (ii) the 2nd Policy Anniversary, or (iii) one year after the effective date of last reinstatement pursuant, or (iv) one year after the effective date of last Change of Life Insured (6) pursuant (whichever is the latest). While the Medical Advance Benefit is still in force and before the Life Insured attains 90 years of Insurance Age (9) , if the Life Insured is (i) first diagnosed by a Registered Doctor as suffering from Cancer, Heart Attack or Stroke; or (ii) is admitted to Hospital for a Confinement of 25 or more consecutive Days due to a Bodily Injury, Sickness, Disease or Illness, where such confinement is certified by a Registered Doctor to be Medically Necessary (whichever is earlier), upon receipt of acceptable proof and where approved by “Hang Seng Insurance”, we shall pay the Medical Advance Benefit. The Medical Advance Benefit will be paid in one lump sum amount in cash which equals to the sum of Monthly Income (1) projected for the Advance Benefit Period (10) as at the date of claim approval of Medical Advance Benefit. Any Indebtedness shall be deducted from the Medical Advance Benefit payable at the time of payment. Upon payment of the Medical Advance Benefit, Monthly Income (1) will then be suspended during the Advance Benefit Period (10) and will become payable again after the end of the Advance Benefit Period (10) unless this is the Benefit Cessation Date of the Basic Plan. The Medical Advance Benefit is only payable once while this Policy is in force and provided that the Life Insured is alive as at the date of claim approval of Medical Advance Benefit. In the event a Specified Event for Deduction (11) occurs during the Deduction Period for Medical Advance Benefit Paid, the Deduction Portion of Medical Advance Benefit Paid (12) will be deducted from any benefit payable under the Basic Plan or any Supplementary Benefit. In the event that the Policy is cancelled or lapsed, we reserve the right to claim the Deduction Portion of Medical Advance Benefit Paid (12) from you. No adjustment on the payment of Medical Advance Benefit will be made if the amount of Monthly Income (1) within Advance Benefit Period (10) changes subsequent to the date of claim approval of Medical Advance Benefit. Please refer to the policy provisions for the definitions and other details of Medical Advance Benefit.
  4. If the Life Insured is diagnosed as a Mentally Incapacitated Person while this Policy is in force, we will pay the Mental Incapacity Benefit which equals to Designated Percentage of Mental Incapacity Benefit X (a) Guaranteed Cash Value, plus (b) accumulated Monthly Income (1) & interest (7) (if any), plus (c) Special Dividend (if any) as at the date of claim approval of this Supplementary Benefit. Any Indebtedness shall be deducted from the Mental Incapacity Benefit at the time of payment. If the Medical Advance Benefit (3) has been paid and the claim for Mental Incapacity Benefit is approved during the Deduction Period for Medical Advance Benefit Paid, the Deduction Portion of Medical Advance Benefit Paid (12) will be deducted from the Mental Incapacity Benefit payable. If the Designated Percentage of Mental Incapacity Benefit is less than 100%, the Deduction Portion of Medical Advance Benefit Paid (12) shall be reduced proportionally. The Mental Incapacity Benefit is only payable once while this Policy is in force. Only when a Mental Incapacity Benefit Recipient is designated in this Policy by the Policyholder, such Mental Incapacity Benefit Recipient will be entitled to this Supplementary Benefit. Mental Incapacity Benefit Recipient must be aged 18 or above at the time of designation. While the Policy is in force, the Policyholder may designate or change the Designated Percentage of Mental Incapacity Benefit and/or Mental Incapacity Benefit Recipient by giving a written request in a form specified by “Hang Seng Insurance”. The Designated Percentage of Mental Incapacity Benefit shall be a whole number percentage between 10% to 100%, subject to our requirements as determined by us from time to time. A change of Designated Percentage of Mental Incapacity Benefit and/or Mental Incapacity Benefit Recipient shall be effective only if accepted and recorded by “Hang Seng Insurance”. The Mental Incapacity Benefit is paid only if the Mental Incapacity Benefit Recipient has been designated. In case (i) there is a guardian or committee appointed under the Mental Health Ordinance (Cap.136 Laws of Hong Kong SAR) (or if there is a guardian or committee appointed under similar laws in another jurisdiction) or an enduring power of attorney covering this Policy; and/or (ii) the Policyholder is not the Life Insured; and/or (iii) this Policy has been assigned, this Supplementary Benefit will only be paid to the designated Mental Incapacity Benefit Recipient with the consent of the guardian or committee or attorney (as applicable in (i)); and/or the Policyholder (as applicable in (ii)); and/or the assignee (as applicable in (iii)), as the case may be. In case there is a dispute or in the Company’s reasonable belief, there is a dispute between the Mental Incapacity Benefit Recipient and any other person, including but not limited to the Policyholder, Life Insured’s guardian or committee, attorney, Beneficiary(ies) or assignee, “Hang Seng Insurance” reserves the right to withhold payment until such dispute is resolved. If the Designated Percentage of Mental Incapacity Benefit is 100%, upon payment of the Mental Incapacity Benefit, the Policy which includes the Basic Plan and all Supplementary Benefits (if any) will be terminated and the Company will be fully discharged from all further liability. If the Designated Percentage of Mental Incapacity Benefit is less than 100%, upon payment of the Mental Incapacity Benefit, the Total Premiums Paid (13) , Policy Amount, Guaranteed Cash Value, Special Dividend (if any), Monthly Income (1) (if any)and subsequent premium (if any) under this Policy will be adjusted and reduced proportionally and the Death Benefit will be adjusted accordingly. A revised Policy Schedule will be issued to the Policyholder.
  5. Accidental Death Benefit will be automatically terminated (i) when such Accidental Death Benefit is paid out, or (ii) when the Life Insured has been changed, or (iii) on the date the Policy of basic plan lapses, terminates, expires, becomes void, is surrendered (8) or cancelled, or (iv) on the Benefit Cessation Date of this Supplementary Benefit (whichever is the earliest).
  6. Our acceptance of any Change of Life Insured request will be entirely at our absolute discretion and shall be subject to satisfactory proof of the insurability of the new Life Insured, the Policyholder having adequate insurable interest in the new Life Insured and any other requirements as determined by us from time to time. The Company will issue a Policy Endorsement and a revised Policy Schedule to effect the Change of Life Insured. Upon Change of Life Insured, we may adjust the Total Premiums Paid (13) , Policy Amount, Guaranteed Cash Value, Special Dividend (if any), Monthly Income (1) (if any) and Death Benefit at our absolute discretion.
  7. The accumulation interest rates are not guaranteed and will be determined by “Hang Seng Insurance” at its discretion from time to time. Please refer to the proposal for prevailing accumulation interest rate for Monthly Income (1) .
  8. If the Policyholder surrenders the Policy after the cooling-off period and when the Policy is in force, the surrender proceeds to be received may be less than the total premium and levy paid. Please refer to the illustration summary of this Plan for details. If Policyholder surrenders the Policy within the policy term, the surrender proceeds payable to the Policyholder will be an amount equal to the Guaranteed Cash Value plus Special Dividend (if any) plus accumulated Monthly Income (1) and interest (7) (if any) minus Indebtedness (if any) as at the date the surrender request. Upon partial surrender, the Policy Amount and Total Premiums Paid (13) will be adjusted and reduced proportionally and consequential adjustments will be made in the calculations of Guaranteed Cash Value, Special Dividend (if any), Monthly Income (1) (if any), and Death Benefit in accordance with the terms of this Policy. If Medical Advance Benefit (3) has been paid and surrender (in full or in part) occurs during the Deduction Period for Medical Advance Benefit Paid, the Deduction Portion of Medical Advance Benefit Paid (12) will be deducted from the surrender benefit payable. Deduction Portion of Medical Advance Benefit Paid (12) will be proportionally reduced in case the Policy has been partially surrendered (8) .
  9. Insurance Age means, at any date, the age of the Life Insured or the Policyholder (where applicable) on the last birthday prior to (or on the birthday the same day as) the Policy Date or the relevant Policy Anniversary.
  10. Advance Benefit Period means the period starting from the date of the 1st Monthiversary following the claim approval date of Medical Advance Benefit (3) and ending on (i) the 36th Monthiversary following such claim approval date or (ii) Benefit Cessation Date of the Basic Plan (whichever is earlier).
  11. Specified Event for Deduction means any of the following events that occurs during the Deduction Period for Medical Advance Benefit Paid: (i) the death of the Life Insured; (ii) surrender (8) , whether in full or in part, of this Policy; (iii) cancellation, lapse or termination of this Policy; or (iv) the claim for Mental Incapacity Benefit is approved.
  12. Deduction Portion of Medical Advance Benefit Paid means the portion of Medical Advance Benefit (3) paid for the period between the next Monthiversary following the occurrence of a Specified Event for Deduction (11) and the end of Advance Benefit Period (10) .
  13. Total Premiums Paid is the total amount of premiums due and paid for the Basic Plan.
  14. If you enroll the Plan in foreign currency, all premium payable and policy benefits of this Plan will be recorded in the corresponding foreign currency. Since the two-way exchange of foreign currency and Hong Kong dollar bears the risk of exchange rate fluctuation, you should consider exchange rate risk before making the decision to enroll in the Plan. If you pay the premium or receive policy benefits in Hong Kong dollars, “Hang Seng Insurance” will convert the relevant amount from Hong Kong dollars to the corresponding foreign currency or from the corresponding foreign currency to Hong Kong dollars at the market-based prevailing exchange rate on the date your premium is processed or your policy benefits are settled. The exchange rate applicable at the relevant time is determined by “Hang Seng Insurance” and would be varied from time to time. The foreign currency exchange rate can go up or down. If you pay the premium in Hong Kong dollars, when the corresponding foreign currency appreciates against the Hong Kong dollars, the annual premium payable in Hong Kong dollars at the subsequent Policy Years would be higher than initial annual premium. If you settle the policy benefits in Hong Kong dollars and the corresponding foreign currency depreciates against the Hong Kong dollars when your policy benefits are settled in Hong Kong dollars, you could lose a substantial portion of your policy benefit value in Hong Kong dollars.

Disclosure of Information

The above information is a product summary of information for reference only. The Plan is intended only for sale in the Hong Kong SAR. It shall not be construed as an offer to sell or solicitation of an offer or recommendation to purchase or sale or provision of any products of Hang Seng Insurance Company Limited. Please refer to the promotion leaflets/flyers and contracts for the important information such as detailed coverage, exact Terms and Conditions and exclusions of the relevant Life Insurance Plan. Please refer to the product brochure for the relevant product risks.

The above Life Insurance Plan is underwritten by Hang Seng Insurance. Hang Seng Insurance is authorised and regulated by the Insurance Authority of the HKSAR. Hang Seng Bank is an insurance agent authorised by Hang Seng Insurance Company Limited and the insurance products are the products of Hang Seng Insurance Company Limited but not Hang Seng Bank. In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between Hang Seng Bank and you out of the selling process or processing of the related insurance product transaction, Hang Seng Bank will enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the insurance products should be resolved between Hang Seng Insurance Company Limited and you directly. If you surrender the Policy after the expiry of the cooling-off period, the surrender proceeds to be received may be significantly less than the Total Premiums Paid. Please refer to the illustration summary of this Plan for the projected surrender values.

The benefits and/or returns mentioned throughout this material are not guaranteed and for illustrative purpose only. The actual future amounts of benefits and/or returns may be lower than or higher than the currently quoted benefits and/or returns. The policyholder is subject to the credit risk of “Hang Seng Insurance”. If the policyholder discontinues and/or surrenders this policy in early policy years, the amount of benefits he/she will get back may be considerably less than the total premiums he/she has paid. All details regarding policy surrender should be referred to the relevant policy provisions.