The Bank of East Asia

Insurance, MPF & Trust

Life Insurance - Life Protection

Underwritten by AIA International Limited (Incorporated in Bermuda with limited liability)


Admire Life 2 gives you lifetime protection and stable returns to let you enjoy life with your loved ones.

We all want the bestfor our loved ones. Which means paving the way for them at every stage of life


Lifelong protection for your loved ones

Admire Life 2 provides lifetime insurance with stable returns. If the insured, who is the person protected under the policy, passes away, we will pay the death benefit to the person whom you select in your policy as beneficiary. The death benefit will include:

  1. the sum assured of the policy;
  2. any non-guaranteed cash amounts distributed on a yearly basis, called Annual Dividends, which have accumulated with interest under this policy; plus
  3. a one-off non-guaranteed cash amount, called a Terminal Dividend, provided that the policy has been in force for 5 years (for a one-time premium payment policy) or 10 years (for a policy other than one-time premium payment policy).

We will deduct all outstanding debt under your policy before we make the payment to the beneficiary.


Accumulate wealth for a lifetime of prosperity

Admire Life 2 is a participating insurance plan that provides  you with both guaranteed cash value and non-guaranteed dividends. The plan will provide guaranteed cash value, enabling you to accumulate wealth for a prosperous future for yourself and your family. In addition, we will provide you with a non-guaranteed cash amount called an Annual Dividend on a yearly basis. You may choose to receive the Annual Dividends in cash, or use them to reduce any premium due under this policy (for a policy other than one-time premium payment policy). Otherwise, these sums shall accumulate in your policy, potentially earning interest.

Also, once the policy has been in force for 5 years (for a one-time premium payment policy) or 10 years (for a policy other than a one-time premium payment policy), we will provide you with the non-guaranteed Terminal Dividend if:

  1. you surrender the policy; or
  2. the insured passes away.


Flexible premium payment terms

With Admire Life 2, you can select from five premium payment terms according to your personal financial needs. Premium amounts are guaranteed to be fixed throughout the premium payment term, making it easy for you to budget.

Premium Payment Term Insured’s Age at Policy Issue Benefit Term 
One-time premium payment 15 days to age 75 Whole life
5 years 15 days to age 65
10 years 15 days to age 60
18 years 15 days to age 60
25 years 15 days to age 55

Different premium payment modes are available for this plan, including as a single premium (only applicable for one time premium payment policies), annually and monthly.


Extra cover for more protection

(For a policy other than one-time premium payment policy)

To support you in unfortunate circumstances, we will waive the future premiums for Admire Life 2 if the insured becomes totally and permanently disabled before the age of 60. Offer of this benefit will be subject to our underwriting decision and exclusions.
In addition, you may select the Payor Benefit Rider under which we will waive the future premiums for the basic plan until the insured reaches the age of 25 should you pass away or suffer total and permanent disability before the age of 60.
You can also choose from a range of optional add-on plans offering accident, medical, critical illness and disability protection if you want more cover. Once the basic plan is paid up, you can renew these add-on plans until their expiry by continuing to pay their respective premiums.
All add-on plans are subject to additional premiums, underwriting and exclusions. All benefits under add-on plans will be terminated when your Admire Life 2 plan terminates.


A currency that suits you

For your convenience, we offer this policy in US dollars and  HK dollars. If the policy is issued in Macau, you can also choose Macau pataca as the currency.


Important Information

This brochure does not contain the full terms and conditions of the policy. It is not, and does not form part of, a contract of insurance and is designed to provide an overview of the key features of this product. The precise terms and conditions of this plan are specified in the policy contract. Please refer to the policy contract for the definitions of capitalised terms, and the exact and complete terms and conditions of cover. In case you want to read policy contract sample before making an application, you can obtain a copy from AIA. This brochure should be read along with the illustrative document (if any) and other relevant marketing materials, which include additional information and important considerations about this product. We would like to remind you to review the relevant product materials provided to you and seek independent professional advice if necessary.

This brochure is for distribution in Hong Kong only.

Effective from 1 January 2018, all policy owners are required to pay a levy on each premium payment made for both new and in-force Hong Kong policies to the Insurance Authority (IA). For levy details, please visit our website at or IA’s website at


Dividend Philosophy

This is a participating insurance plan in which we share a portion of the profits earned on it and related participating insurance plans with the policy owners. It is designed to be held long term. The premiums of a participating insurance plan will be invested in a variety of assets according to our investment strategy. The cost of policy benefits (including guaranteed and non-guaranteed benefits as specified in your plan that may be payable on death or surrender, as well as charges we make to support policy guarantees (if applicable)) and expenses will be deducted as appropriate from premiums of the participating insurance plan or from the invested assets. We aim to ensure a fair sharing of profits between policy owners and shareholders, and among different groups of policy owners. For this plan’s target profit sharing ratio between policy owners and shareholders, please visit our website at

Divisible surplus refers to profits available for distribution back to policy owners as determined by us. The divisible surplus that will be shared with policy owners will be based on the profits earned from your plan and related groups of similar plans or similar group of policies (as determined by us from time to time by considering factors such as benefit features, policy currencies and period of policy issuance), divisible surplus may be shared with the policy owners in the form of annual dividends and terminal dividends as specified in your policy.

We review and determine the dividend amounts payable to policy owners at least once per year. Divisible surplus depends on the investment performance of the assets which we invest in and the amounts of benefits and expenses we need to pay for the plan. It is therefore inherently uncertain. Nevertheless, we aim to deliver relatively stable dividend payments over time through a smoothing process by spreading out the gains and losses over a period of time. The actual dividends declared may be different from those illustrated or projected in any insurance plan information provided (e.g. benefit illustrations) depending on whether the divisible surplus, past experience and / or outlook are different from what we expected. If dividends are different, this will be reflected in the policy anniversary statement.

A committee has been set up to provide independent advice on the determination of the dividend amounts to the Board of the Company. The committee is comprised of members from different control functions or departments within the organisation both at the AIA Group level as well as Hong Kong local level, such as office of the Chief Executive of   the Company, legal, compliance, finance, investment and risk management. Each member of the committee will endeavour to exercise due care, diligence and skill in the performance of his or her duties as a member. The committee will utilise the knowledge, experience, and perspectives of each individual member to assist the Board in the discharge of its duty to make independent decisions and to manage the risk of conflict of interests, in order      to ensure fair treatment between policy owners and shareholders, and among different groups of policy owners. The actual dividends, which are recommended by the Appointed Actuary, will be decided upon the deliberation of the committee and finally approved by the Board of Directors of the Company, including one or more Independent Non-Executive Directors, and with written declaration by the Chairman of the Board, an Independent Non-Executive Director and the Appointed Actuary on the management of fair treatment between policy owners and shareholders.

To determine the dividends of a participating policy, we consider both past experience and the future outlook of all factors including, but not limited to, the following:

Investment returns: include interest earnings, dividends and any changes in the market value of the backing assets, i.e. the assets in which we invest your premiums (the cost of policy benefits and expenses will be deducted from the investment). Depending on the asset allocation adopted for the insurance plan, investment returns could be affected by fluctuations in interest income (both interest earnings and the outlook for interest rates) and various market risks, including interest rate risk, credit spread and default risk, fluctuations in listed and private equity prices, real estate prices as well as foreign exchange currency if the currency of the backing assets is different from the policy currency, etc.

Claims: include claims for death benefits and any other insured benefits under the insurance plan.

Surrenders: include policy surrenders, partial surrenders and policy lapses; and their corresponding impact on the backing assets.

Expenses: include both expenses directly related to the policy (e.g. commission, underwriting, issue and premium collection expenses) and indirect expenses allocated to the insurance plan (e.g. general administrative costs).

Some participating insurance plans (if applicable) allow the policy owners to place their annual dividends, guaranteed and non-guaranteed cash payments, guaranteed and non-guaranteed incomes, guaranteed and non-guaranteed annuity payments with us, potentially earning interest at a non-guaranteed interest rate. To determine such non-guaranteed interest rate, we consider the returns on the pool of assets in which these amounts are invested with reference to the past experience and future outlook. This pool of assets is segregated from other investments of the Company and may include bonds and other fixed income instruments. You have the right to request for historical accumulation interest rates before committing the purchase.

For dividend philosophy and dividend history, please visit our website at


Investment Philosophy, Objective and Strategy

Our investment philosophy aims to deliver sustainable long-term returns in line with the insurance plan’s investment objectives and the Company’s business and financial objectives.

Our aforementioned objectives are to achieve the targeted long-term investment results while minimising volatility in investment returns to support the liabilities over time. They also aim to control and diversify risk exposures, maintain adequate liquidity and manage the assets with respect to the liabilities.

Our current long-term target strategy is to allocate assets attributed to this insurance plan as follows:

Asset Class Target Asset Mix(%)
Bonds and other fixed income instruments 60% - 80% 
Growth assets 20% - 40%

The bonds and other fixed income instruments predominantly include government and corporate bonds and are mainly invested in the United States and Asia-Pacific. Growth assets may include listed equity, equity mutual funds, physical real estate, real estate funds, private equity funds and private credit funds, and are mainly invested in the United States, Asia-Pacific and Europe. Growth assets generally have a higher long-term expected return than bonds and fixed income assets but may be more volatile in the short term. The range of target asset mix may be different for different participating insurance plans. Our investment strategy is to actively manage the investment portfolio i.e. adjust the asset mix in response to the external market conditions and the financial condition of the participating business. For example, there is a smaller proportion of growth assets when interest rates are low and a larger proportion of growth assets when interest rates are high. When interest rates are low, the proportion of growth assets may be even smaller than the long-term target strategy, so as to allow us to minimise volatility in investment returns and to protect our ability to pay the guaranteed benefits under the insurance plans, whereas the proportion of the growth assets may be even larger than the long-term target strategy when interest rates are high to allow for the possibility that we may share more investment opportunities in growth assets with the policy owners.

Subject to our investment objectives, we may use a material amount of derivatives to manage our investment risk exposure and for matching between assets and liabilities, for example, the effects of changes in interest rates may be moderated, while allowing for more flexibility in asset allocation.

Our currency strategy is to minimise currency mismatches. For bonds or other fixed income instruments, our current practice is to endeavour to currency-match bond purchases with the currency of the underlying policy (e.g. US Dollar assets will be used to back US Dollar insurance plans and HK Dollar assets will be used to back HK Dollar insurance plans). Subject to market availability and opportunity, bonds may be invested in a currency other than the currency of the underlying policy and currency swaps may be used to minimise the currency risks. Currently assets are mainly invested in US Dollar. Growth assets may be invested in a currency other than the currency of the underlying policy and the selection is done according to our investment philosophy, investment objectives and mandate.

We will pool the investments from similar participating insurance plans to determine the return and we will allocate the return to specific participating insurance plans with reference to their target asset mix. Actual investments (e.g. geographical mix, currency mix) would depend on market opportunities at the time of purchase, hence may differ from the target asset mix.

The investment strategy is subject to change depending on the market conditions and economic outlook. Should there be any material changes in the investment strategy, we will inform policy owners of the changes, with underlying reasons and expected impact to the dividends.

Key Product Risks

  1. You should pay premium(s) on time and according to the selected premium payment schedule. If you stop paying the premium before completion of the premium payment term, you may elect one of the non-forfeiture options to surrender the policy or convert the policy to a non-participating insurance plan with life protection only. Compared with the original plan, such a plan will have less cover or a shorter term.

    If no non-forfeiture option has been elected, the premium will be covered by a loan taken out on the policy automatically for one year so as long as the sum of guaranteed cash value and accumulated Annual Dividends with interest (if any) of the basic plan is sufficient to cover the premium in default and any outstanding debt. Afterwards, we will use the remaining cash value to convert to a non-participating insurance plan with life protection only.

  2. The plan may make certain portion of its investment in growth assets. Returns of growth assets are generally more volatile than bonds and other fixed income instruments, you should note the target asset mix of the product as disclosed in this product brochure, which will affect the dividend on the product. The savings component of the plan is subject to risks and possible loss. Should you surrender the policy early, you may receive an amount considerably less than the total amount of premiums paid.
  3. You may request for the termination of your policy by notifying us in written notice. Also, we will terminate your policy and you / the insured will lose the cover when one of the following happens:

    • the insured passes away;
    • you do not pay the premium within 31 days of the due date and the policy has no cash value;
    • the end of the benefit term if basic policy has been continued as a non-participating insurance plan;
    • any benefit is paid under an add-on plan that triggers termination of the policy; or
    • the outstanding debt exceeds the guaranteed cash value of the policy. Where the premium is covered by a loan taken out on the policy automatically, the outstanding debt exceeds the sum of guaranteed cash value and accumulated Annual Dividends with interest (if any) of your policy.

  4. We underwrite the plan and you are subject to our credit risk. If we are unable to satisfy the financial obligations of the policy, you may lose your premium paid and benefits.

  5. You are subject to exchange rate risks for plans denominated in currencies other than the local currency. Exchange rates fluctuate from time to time. You may suffer a loss of your benefit values and the subsequent premium payments (if any) may be higher than your initial premium payment as a result of exchange rate fluctuations. You should consider the exchange rate risks and decide whether to take such risks.

  6. Your current planned benefit may not be sufficient to meet your future needs since the future cost of living may become higher than they are today due to inflation. Where the actual rate of inflation is higher than expected, you may receive less in real terms even if we meet all of our contractual obligations.


Note for Pre-underwriting Option

This option is subject to underwriting requirements determined by us from time to time. Once approved, it will simplify the medical underwriting process for subsequent Wealth Elite 2 - Sapphire policy, you need to consent pre-set health questions and other requirements of policy application will remain unchanged. You must consent  to the health questions truthfully. If you fail to disclose or withhold pre-existing health conditions, the approval of the policies or future claims will be affected. If the pre-set health questions are not passed, you will need to perform full health underwriting and complete full health questions in normal application form. We have a right to decline any application via pre-underwriting option if the medical underwriting result is unsatisfied.

The pre-approved sum assured for the subsequent  policies will expire after 36 months. The approved pre-underwriting option will be no longer available when there is product closure of Wealth Elite 2 - Sapphire. We will give you a written notice of any revision 30 days before product closure.


Claim Procedure

If you wish to make a claim, you must send us  the  appropriate forms and relevant proof. You can get the appropriate claim forms in, from your financial planner, by calling the AIA Customer Hotline (852) 2232 8968 in Hong Kong, or by visiting any AIA Customer Service Centre. For details related to making a claim, please refer to the policy contract. If you wish to know more about claim related matter, you may visit “File A Claim” section under our company website


If the insured commits suicide within one year from the date on which the policy takes effect, our liability will be limited to the refund of premiums paid (without interest) less any outstanding debt.


Except for fraud or non-payment of premiums, we will not contest the validity of this policy after it has been in force during the lifetime of the insured for a continuous period of two years from the date on which the policy takes effect. This provision does not apply to any add-on plan providing accident, hospitalisation or disability benefits.

Warning Statement and Cancellation Right

Admire Life 2 is an insurance plan with a savings element. Part of the premium pays for the insurance and related costs. If you are not happy with your policy, you have a right to cancel it within the cooling-off period and obtain a refund of any premiums and levy paid. A written notice signed by you should be received by the Customer Service Centre of AIA International Limited at 12/F, AIA Tower, 183 Electric Road, North Point, Hong Kong within the cooling-off period (that is, 21 calendar days immediately following either the day of delivery of the policy or cooling-off notice (informing you / your nominated representative about the availability of the policy and expiry date of the cooling-off period), whichever is earlier). After the expiration of the cooling-off period, if you cancel the policy before the end of the term, the projected total cash value may be substantially less than the total premium you have paid.

Important Notes from the Insurance Agent of The Bank of East Asia, Limited

  1. Liquidity risk – this insurance plan is designed to be held long term. You should only apply for this insurance plan if it is intended to pay the premium for the whole of the premium payment term. If you fail to pay the premium for the whole of the premium payment term, this will cause the policy to lapse or to be terminated earlier than the original policy term, and the total surrender value (if any) that get back by you may be less than the total premiums paid.
  2. Risk from surrender – if you cancel the policy before the end of the policy term, you may suffer a significant loss, and the total surrender value received may be substantially less than the total premiums paid.
  3. Non-guaranteed dividend scale – non-guaranteed benefits are based on the dividend scale of AIA determined under current assumed investment return. The actual amount payable may change anytime with the values being higher or lower than those being projected. In other words, a change in the current assumed investment return will affect the annual dividend and terminal dividend you will receive. Under some circumstances, the non-guaranteed benefits may be zero.