Expert Term Life Plan



Life Insurance - Life Protection

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


THE TIME TO MAKE THE MOST OF EVERY PRECIOUS MOMENT

That is why we have specially designed Expert Term Life Plan, a life protection insurance plan with sum assured starting from US$500,000 or HK$3,750,000 that provides more protection with the flexibility you deserve.

Premiums are affordable and guaranteed to remain unchanged within each renewal period. The plan is also renewable at the end of each renewal period up to the age of 85. In addition, the plan provides you flexibility to purchase additional cover at pivotal moments in life and, in the advent of a mishap, your wealth can be passed to future generations. You and your beloved ones will all be better prepared, protected for life’s uncertainties and free to indulge every priceless moment together.




Plan Highlights

  • Different options to suit your needs

Expert Term Life Plan provides 3 renewal periods for you to choose from: 1 year, 5 years and 20 years. This plan is also available as a basic plan or an add-on plan. Pick one that best suits your needs so that you can plan ahead.


  • Protection for your loved ones

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 be equal to 100% of the sum assured. We will deduct all outstanding amount you owe to us under your policy before we make the payment to the beneficiary.



  • Terminal Illness Benefit

In the unfortunate event that the insured is expected to pass away within 12 months due to a terminal illness, as confirmed by both the registered medical practitioner in the appropriate medical specialty and our appointed registered medical practitioner, a one-off advance payment, equal to 100% of the sum assured will be paid as Terminal Illness Benefit to help you alleviate the financial burden of medical expenses. The sum assured will be reduced accordingly after the advance payment is paid. The maximum aggregate amount of payment made by us under all terminal illness benefit(s) issued by us will be US$2,000,000 or HK$15,000,000 for the same insured. Eligibility of this benefit is subject to underwriting requirements determined by us from time to time. Terminal Illness Benefit is applicable to basic plan only.



Notes:

1.  “We”, “our”, or “us” herein refers to AIA International Limited (Incorporated in Bermuda with limited liability) ("AIA").
2.  The above product information in this material does not contain the full terms of the product, for the details of the product features, terms and conditions, exclusions and key product risks, you may refer to the product brochure and policy contract of relevant products. In case you want to read policy contract sample before making an application, you can obtain a copy from AIA.
3.  We would like to remind you to review the relevant product materials and proposal illustrations (if applicable) provided to you and seek independent professional advice if necessary.
4.  AIA Vitality (the “Membership Programme”) is not an insurance product. It is a membership programme and obligation of the AIA International Limited (“AIA”) and not of The Bank of East Asia, Limited (“BEA”). BEA’s role is limited to introducing the Membership Programme only and you should obtain further details about the Membership Programme directly from AIA. BEA shall not be responsible for any matters in relation to the Membership Programme provided by AIA.
5.  The applicants for AIA Vitality must be aged 18 or above and must be the life insured of the in-force policy of an AIA Vitality selected insurance product. An annual membership fee will be charged for AIA Vitality and a member has to renew the AIA Vitality membership annually on time in order to maintain the membership and enjoy premium discount (if any) in the subsequent policy years. The membership fee of AIA Vitality may vary at any time without prior notice. Likewise, programme benefits may be added or removed without prior notice.


Please refer to the Product Brochure for the details, coverage, key risks, major exclusions, terms and conditions of the plan.

 
 
 



Important Information

The 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. The 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 plan is an insurance plan without any savings element. All premiums are paid for the insurance and related costs.


This plan can be only purchased through The Bank of East Asia, Limited as a basic plan.


The brochure is for distribution in Hong Kong / Macau only.


“AIA”, “the Company”, “We”, “our” or “us” herein refers to AIA International Limited (Incorporated in Bermuda with limited liability).


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 www.aia.com.hk/useful-information-ia-en or IA’s website at www.ia.org.hk.



Key Product Risks
  1. You need to pay the premium for this plan till age 85; or for this add-on plan until age 85 or when the basic plan it is attached to is terminated, whichever is earlier. If you do not pay the premium within 31 days of the premium due date, the policy will be terminated and you / the insured will lose the cover.
  2. We will terminate your policy and you / the insured will lose the cover when one of the following happens:
    • the insured passes away;
    • the Terminal Illness Benefit is paid and the sum assured under this policy is fully paid in advance;
    • you do not pay the premium within 31 days of the premium due date;
    • when you take this plan as an add-on plan of any basic plan which has been terminated or converted to a nonparticipating insurance plan; or
    • anniversary of your cover immediately following the insured’s 85th birthday.
  3. 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.
  4. 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.
  5. 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.
  6. Total premiums payable may be greater than the sum assured.


Key Exclusions

Under this plan, we will not cover any terminal illnesses that result from any of the following events:

  • the signs and symptoms of terminal illness first occur on or before 90 days from the issue date of the policy; or
  • the 12-month period which the insured is expected to pass away due to the terminal illness falls on or after the Policy Anniversary immediately following the insured’s 85th birthday; or
  • the terminal illness is caused by any pre-existing illnesses, diseases, impairments or conditions from which the insured was suffering prior to the policy being issued, unless the insured makes a declaration in the application for the policy, and such application is specifically accepted by us; or
  • the terminal illness is the result of or is related (directly or indirectly) to Acquired Immunodeficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV); or
  • the terminal illness is due (directly or indirectly) to a congenital defect or disease which manifests or is diagnosed before the insured attains 17 years of age; or
  • the terminal illness is the result of self-inflicted injury or injuries; or
  • the terminal illness is the result of any physical or mental condition existing before the policy was issued, and which was not disclosed in any application or in any health statement relating to the policy before the commencement of cover.


The above list is for reference only. Please refer to the policy contract of this plan for the complete list and details of exclusions.



Premium Adjustment

In order to provide you with continuous protection, we will review the premium of your plan from time to time and adjust it accordingly at the end of each renewal period if necessary. During the review, we may consider factors including but not limited to the following:

  • claim costs incurred from all policies under this plan and the expected claim outgo in the future which reflects the impact of change in the incidence rate of death

  • historical investment returns and the future outlook of the product’s backing asset
  • policy surrenders and lapses
  • expenses directly related to the policy and indirect expenses allocated to this product



Suicide

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 amount you owe to us under the policy.


Incontestability

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

Expert Term Life Plan is a term life insurance plan without any savings element. All premiums are paid 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, you will not receive the refund of premiums paid.



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

  • The Bank of East Asia, Limited (“BEA”), being registered with the Insurance Authority as a licensed insurance agency, act as an appointed licensed insurance agent for AIA International Limited (“AIA”). This insurance plan is a product of AIA but not BEA.
  • This insurance plan is underwritten by AIA and it is not a bank savings plan with free life insurance coverage. Part of the premium pays for the insurance and related costs. The premium paid is not a placement of a savings deposit with the bank and hence is not protected by the Deposit Protection Scheme in Hong Kong.
  • Add-on plan (if any) is an add-on coverage for this insurance plan with additional premium paid required. BEA does not distribute any add-on plan; therefore, you cannot apply the add-on plan through BEA. If needed, you can contact AIA Customer Service Centre for inquiry after the policy is issued by AIA. For the avoidance of doubt, Super Lifestage Option is one of the product feature that offer you an option to purchase an additional term life insurance plan in the form of add-on plan without requiring further health information upon meeting the prescribed conditions and requirements (for details, please refer to the product brochure). However, you can only exercise the option by contacting AIA directly after the basic plan has been in force for two years and fulfilling the required conditions.
  • 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 BEA and the customer out of the selling process or processing of the related transaction, BEA is required to enter into a Financial Dispute Resolution Scheme process with the customer.
  • Claims under this insurance plan must be made by you to AIA directly. You can get the appropriate claim form by calling AIA Customer Service Hotline (852) 2232 8968 in Hong Kong or visiting www.aia.com.hk or any AIA Customer Service Centre. For details, please refer to the policy contract provided by AIA.
  • BEA’s sales staff (including direct sales staff and authorised agents) are remunerated not only based on their financial performance, but also according to a range of other factors, including their adherence to best practices and their dedication to serving customers’ interests.
  • The information you disclosed in response to all AIA’s questions must be true, complete and correct. Failure to disclose true, complete and correct information to AIA may render AIA unable to accept or process your application or the policy void.
  • You are reminded to carefully review the relevant product materials provided to you and be advised to seek professional/ independent advice when considered necessary.
  • For the benefits mentioned throughout the product brochure and Important Notes, please note that the policy owner is subject to the credit risk of AIA. If the policy owner discontinues and/or cancels this policy, he/she will not get back any of the premiums he/she has paid.



 

For enquiries, please visit your nearest BEA branch or call 2232 8968.