The Bank of East Asia

FlexiAchiever Savings Plan

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Life Insurance - Savings & Retirement Income

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

Financial flexibility for prosperous growth

YOUR FLEXIBLE FINANCIAL SOLUTIONS

Embrace the future with financial confidence

Life is full of unpredictable twists and turns, and having access to financial support can empower your decisions and elevate your quality of life. Whether you are tackling unexpected life situations or seizing potential opportunities, the right funding can be your key to a brighter future. FlexiAchiever Savings Plan may offer you the flexibility to enjoy cash liquidity that adapts seamlessly to your evolving needs, while accumulating wealth simultaneously.

With the right financial support, you can fulfil your dreams, grow your wealth, even pass on your wealth to future generations.

Flexible financial solutions that help you achieve your aspirations

Remarks:

⁺ Source: https://www.thestandard.com.hk/section-news/section/2/258905/Hongkongers-put-price-of-security-at-$1-million (media news: December 2023)
^& Source: https://www.scmp.com/native/lifestyle/topics/living-legacy/article/3258555/hongkongers-prioritise-ageing- gracefully-dignity-rather-leaving-inheritance-financial-goal-poll (media news: April 2024)
^# As of 9 December 2024, compared with savings insurance products provided by Hong Kong major insurance companies.
^{^} Bonus Unlock Option was pioneered by AIA in the Global Power Multi-Currency Plan 2 on 5 October 2022.
^* First-in-market refers to the Beneficiary Flexi Option’s feature where the policy owner allows the beneficiary to choose to receive the death benefit payment in accordance with the beneficiary’s selected settlement option when the beneficiary has attained the designated age chosen by the policy owner or when the beneficiary is diagnosed with a specified illness. This feature is first-in-market when compared with the savings insurance products provided by Hong Kong major insurance companies, as of 9 December 2024.

For more details of the above product features, please refer to "Cover at a glance" in this brochure.

Value Safeguard Option to fulfil your evolving needs

Rare-in-market^#

We understand that plans cannot always keep pace with changes. To help you reserve cash on hand for upcoming needs, starting from the end of the 6th policy year, you can withdraw part or all of the latest cash value of any non-guaranteed Reversionary Bonus for transfer to the Value Safeguard Account without reducing the principal amount of your policy^*. You can also withdraw part of the guaranteed cash value and the corresponding cash value of any non-guaranteed Terminal Bonus for transfer to the Value Safeguard Account, however this will reduce the principal amount of your policy^*.

By transferring amount to the Value Safeguard Account, you can earn non-guaranteed interest in the Value Safeguard Account before making any cash withdrawals from the Value Safeguard Account, empowering you to plan for the future with financial assurance. For more details on the Value Safeguard Option, please refer to “Cover at a glance” in this brochure.

Bonus Lock-in Option and Bonus Unlock Option cater to your evolving financial needs

It is crucial to secure your hard-earned assets, particularly in the face of market volatility. Through the Bonus Lock-in Option, FlexiAchiever Savings Plan enables you to realise potential returns by transferring the latest cash values of any Reversionary Bonus and Terminal Bonus into a Bonus Lock-in Account to earn interest at a non-guaranteed rate. This is available once per policy year, within 30 days after the end of each policy year starting from the end of the 15^th policy year.

To provide flexibility for your financial needs throughout various life stages, you can withdraw cash from the Bonus Lock-in Account at any time without reducing the principal amount of your policy.

Bonus Unlock Option

First-in-market^{^}

By exercising the Bonus Unlock Option, you can even unlock and transfer a certain amount of the latest value of the Bonus Lock-in Account as non-guaranteed Reversionary Bonus and Terminal Bonus to suit your financial needs. This is available once per policy year, within 30 days after the end of each policy year starting from 1 year after bonus lock-in has been made.

Flexible cash withdrawals to enhance liquidity

With FlexiAchiever Savings Plan, you can manage your cashflow easily. To meet your changing needs in the future, you can request to withdraw the non-guaranteed cash value of any Reversionary Bonus alone without reducing the principal amount of your policy*. You can also withdraw part of the guaranteed cash value and the corresponding non-guaranteed cash value of any Terminal Bonus, however this will reduce the principal amount of your policy^*.

Starting from the end of the 6^th policy year, you may transfer the withdrawal amounts to the Value Safeguard Account to earn interest at a non-guaranteed interest rate and you may subsequently withdraw amounts from the Value Safeguard Account at any time.

We will deduct all amount you owe us and all outstanding debt (if any) under your policy before we make any payments.

Accumulate wealth without hassle

FlexiAchiever Savings Plan is a participating whole-life insurance plan with guaranteed and non-guaranteed returns. The plan offers guaranteed cash value and, starting from the end of the 3^rd policy year, it may declare non-guaranteed Reversionary Bonus and non-guaranteed Terminal Bonus to your policy once per year. You can enjoy peace of mind knowing that your wealth is growing effortlessly alongside you.

Special Bonus

First-in-market^{^}

Starting from the end of the 11^th policy year, if you have not exercised the Bonus Lock-in Option, Value Safeguard Option and Mental Incapacity Option**, and if you have not withdrawn any policy values from your policy, the plan may declare Special Bonus to your policy, which is an additional non-guaranteed bonus. For more details on the Special Bonus, please refer to “Cover at a glance” in this brochure.

^# As of 9 December 2024, compared with savings insurance products provided by Hong Kong major insurance companies.

^* If the withdrawal amount consists of the cash value of any Reversionary Bonus, it will lead to reduction of the face value of the Reversionary Bonus, and any Reversionary Bonus which the Company may declare subsequently and in the future will be reduced accordingly. If the withdrawal amount consists of part of the guaranteed cash value and the corresponding cash value of Terminal Bonus, it will lead to reduction of the principal amount of your policy. The subsequent guaranteed cash value, the face value and cash value of Terminal Bonus, and total premiums paid for the basic plan (as used in the calculation of the death benefit) will all be reduced based on the reduced principal amount, and any Reversionary Bonus and any Terminal Bonus which the Company may declare subsequently and in the future will be reduced accordingly. Therefore, withdrawal of the cash value of any Reversionary Bonus or the guaranteed cash value and the corresponding cash value of Terminal Bonus will in turn reduce the death benefit, the surrender benefit, the future value of your policy and the sustainability and potential growth of the value of your policy.

^{^} Bonus Unlock Option was pioneered by AIA in the Global Power Multi-Currency Plan 2 on 5 October 2022.

^** Special Bonus may be payable if your policy is terminated due to exercise of the Mental Incapacity Option, provided all other conditions for Special Bonus are met (i.e. Value Safeguard Option and Bonus Lock-in Option have not been exercised, and no policy value has been withdrawn from your policy).

Craft the ideal settlement option for your loved ones

If the insured passes away and no contingent insured becomes the new insured, we will pay the death benefit to the person(s) whom you select in your policy as the beneficiary(ies).

Furthermore, FlexiAchiever Savings Plan offers an accidental death benefit to alleviate the financial burden on your loved ones in times of unforeseen challenges. This is paid in addition to the death benefit if the insured passes away due to a covered accident within the first year of the policy.

Apart from a lump sum payment, the Death Benefit Settlement Option (“DBSO”) offers you the option to allow the beneficiary(ies) to receive the death benefit and accidental death benefit (if any) in regular instalments. You can select different settlement option for each beneficiary by customising the amount of each instalment and specifying the date of the first instalment payment.

For added flexibility, FlexiAchiever Savings Plan allows you to choose the timing of the last instalment payment based on the age of the beneficiary as designated by you, catering to the beneficiary’s needs at various stages of life.

Beneficiary Flexi Option

First-in-market^*

If you have chosen the Death Benefit Settlement Option, you may also choose the Beneficiary Flexi Option which will enable each beneficiary to choose the settlement option for his/her share of the unpaid balance of the death benefit and accidental death benefit (if any) according to his/her needs, upon the earlier of (i) when the beneficiary attains the designated age chosen by you ("Designated Age") and (ii) when the beneficiary is diagnosed with a specified illness including cancer, stroke, heart attack, terminal illness and kidney failure (“Specified Illness”).

^* First-in-market refers to the Beneficiary Flexi Option’s feature where the policy owner allows the beneficiary to choose to receive the death benefit payment in accordance with the beneficiary’s selected settlement option when the beneficiary has attained the designated age chosen by the policy owner or when the beneficiary is diagnosed with a specified illness. This feature is first-in-market when compared with the savings insurance products provided by Hong Kong major insurance companies, as of 9 December 2024.

^{^} If the insured passes away and no contingent insured becomes the new insured, the beneficiary may apply to select the settlement option for his/her share of the death benefit and accidental death benefit (if any), provided the beneficiary must be aged 18 or above when he/she applies to select his/her settlement option. The settlement options available for selection by the beneficiary will be subject to the settlement options made available by the Company under this option at the time of the beneficiary’s application and our prevailing rules and conditions.

Terminal Illness Protection for an extra level of security for your loved ones

FlexiAchiever Savings Plan also helps alleviate the financial burden of medical expenses by providing the Terminal Illness Benefit. In the unfortunate event that the insured is diagnosed with a terminal illness and is expected to pass away within 12 months due to the terminal illness, we will pay you the Terminal Illness Benefit which is a one-off advance payment of the death benefit. If Terminal Illness Benefit is paid, no death benefit will be paid under your basic policy. Upon payment of the Terminal Illness Benefit, all benefits under the FlexiAchiever Savings Plan policy will cease. The Terminal Illness Benefit will automatically end upon the policy anniversary on or immediately following the insured’s 85^th birthday.

Ensure continuity with Change of Insured Option and Contingent Insured Option

During the lifetime of the current insured and after the end of the 1^st policy year, the Change of Insured Option allows you to change the insured to another loved one as many times as you wish, subject to our prevailing rules and conditions and our approval. That way, your policy values will not be affected and your policy will continue to be effective which can be inherited by future generations, helping you pass on your wealth with ease.

With the Contingent Insured Option, during the lifetime of the current insured, you can designate one of your loved ones as the contingent insured. There is no limit on the number of times you can designate, modify or remove a contingent insured during the lifetime of the current insured. Upon the passing of the current insured, subject to our approval, the contingent insured may become the new insured without affecting your policy values and your policy will continue to be effective, safeguarding your legacy for generations to come.

Mental Incapacity Option gives your family extra peace of mind in the face of the unknown

FlexiAchiever Savings Plan provides Mental Incapacity Option in case you will be suffering from a mental issue and may require funds for expenses. You may designate in advance the designated percentage of policy value and an aged 18 or above family member as a designated recipient. In the event you are diagnosed as a permanent mentally incapacitated person, upon our approval of the designated recipient’s application and subject to applicable laws and our prevailing rules and conditions, he/she may receive payment equals to your designated percentage of policy value.

We will deduct all amount you owe us and all outstanding debt (if any) under your policy before we make any payment under this option.

Add-on cover for extra protection

You may select an add-on plan, under which we will waive the future premiums of your FlexiAchiever Savings Plan policy if the insured becomes totally and permanently disabled before the age of 60, providing support in the face of unfortunate circumstances.

In addition, you may also select the Payor Benefit Rider. If you pass away or suffer total and permanent disability before the age of 60, we will waive the future premiums of your FlexiAchiever Savings Plan policy until the insured reaches the age of 25.

For more details of the above product features, please refer to “Cover at a glance” in this brochure.

Cover at a glance

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 / Macau only.

Bonus 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.

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 similar plans or similar groups 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 reversionary bonuses, terminal bonuses and special bonus (if applicable) as specified in your policy.

We review and determine the bonus 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 bonus payments over time through a smoothing process by spreading out the gains and losses over a period of time. The actual bonuses 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 bonuses are different from our last communication, this will be reflected in the policy anniversary statement.

A committee has been set up to provide independent advice on the determination of the bonus 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 bonuses, 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 bonuses 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 (after deducting the cost of policy benefits and expenses). 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 rates 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 the behaviours of cash withdrawals, policy surrenders, partial surrenders and policy lapses of the policies of this plan and the participating policies of other similar plans or similar groups of policies as determined by us; 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 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, and/or bonus and terminal dividend lock-in accounts with us, 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.

For bonus philosophy and bonus history, please visit our website at https://www.aia.com.hk/en/dividend-philosophy-history.html

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	25% - 100%
Growth assets	0% - 75%

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 dynamically over a range that can be wider than the target range in response to the external market conditions and the financial condition of the participating business. For example, there may be 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 (such as through pre-investing partly or fully expected future premiums) 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 general currency strategy is to minimise currency mismatches for bonds and other fixed income instruments. For these investments, our current practice is to endeavour to currency-match asset purchases with the currency of the underlying policy (e.g. US Dollar assets will be used to back US Dollar insurance plans). However, subject to market availability and opportunity, bonds or other fixed income instruments 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 of the currency is made according to our investment philosophy, investment objectives and mandate.

We will pool similar participating insurance plans for investment to determine the return and we will then 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 be different 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 bonuses.

Key Product Risks

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 surrender the policy, otherwise, the premium will be covered by a loan taken out on the policy automatically. When the loan balance exceeds the sum of guaranteed cash value and non-guaranteed cash value of Reversionary Bonus (if any) of the basic plan, the policy will be terminated and you will lose the cover. The surrender value of the policy will be used to repay the loan balance, and we will return to you any remaining value.
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 bonus 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.
You may apply in writing to withdraw part or all of the Reversionary Bonus (if any) we have declared for your policy, or to partial surrender your policy to receive part of the guaranteed cash value and the corresponding cash value of the Terminal Bonus (if any). While such cash withdrawal options offer flexibility, they will reduce the future value of your policy and the sustainability and potential growth of the value of your policy. Any repeated withdrawals may not be sustainable in the long term and which may cause you to lose the cover. Before your policy application, you may request for benefit illustrations with specific withdrawal amounts reflected to understand any potential financial impact on you.
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, except when the contingent insured becomes the new insured;
•you do not pay the premium within 31 days of the due date; or
•the outstanding debt exceeds the sum of guaranteed cash value and the non-guaranteed cash value of the Reversionary Bonus (if any) of the basic plan.
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.
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.
When applying for the Bonus Unlock Option, a new benefit illustration must be signed and the application cannot be withdrawn once submitted. After exercising the Bonus Unlock Option, the unlocked part will be subject to the risk of higher investment return volatility because the latest value in the Bonus Lock-in Account will be unlocked as non-guaranteed Reversionary Bonus and Terminal Bonus. The cash value of Reversionary Bonus, cash value and face value of Terminal Bonus may be adjusted in our subsequent declarations and amount in each declaration may be greater or less than the previous declared amount based on a number of factors, including but not limited to investment returns and general market volatility. Even if you are dissatisfied with the investment return after exercising the Bonus Unlock Option, the unlock amount which is transferred as Reversionary Bonus and Terminal Bonus cannot be reversed to the original value under the Bonus Lock-in Account. You may apply for the Bonus Lock-in Option again at least 1 year later and such action cannot offset any loss you may suffer after exercising the Bonus Unlock Option.
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.
As the cash value of Reversionary Bonus is non-guaranteed, there may be a risk of overloan when there is adjustment on the cash value of Reversionary Bonus. Loan repayment within one month is required when there is an overloan, otherwise your policy will be terminated and you or the insured will lose the cover.
The designated family member under the Mental Incapacity Option may receive payment once per policy. Payment made under the Mental Incapacity Option will reduce the surrender benefit, the death benefit, the future value of your policy and the sustainability and potential growth of the value of your policy. Once payment has been made under the Mental Incapacity Option, Special Bonus will no longer be declared and will no longer be paid under your policy, except Special Bonus may be payable if your policy is terminated due to exercise of the Mental Incapacity Option, provided all other conditions for Special Bonus are met (i.e. the Value Safeguard Option and Bonus Lock-in Option have not been exercised and no policy value has been withdrawn from the policy). Any payment made under this option cannot be reversed or cancelled, you are reminded to consider carefully before exercising this option and shall assess and understand any potential financial impact to you.

Key Exclusions to Accidental Death Benefit

Accidental Death Benefit will not cover any conditions that directly or indirectly result from any of the following:

self-destruction while sane or insane, participation in a fight or affray, being under the influence of alcohol or a non-prescribed drug
war, service in armed forces in time of war or restoration of public order, riot, industrial action, terrorist activity, violation or attempted violation of the law or resistance to arrest
racing on wheels or horse, participation in scuba diving
ptomaines or bacterial infection (except pyogenic infection occurring through an accidental cut or wound)
air travel, including entering, exiting, operating, servicing or being transported by any aerial device or conveyance (except as a passenger of a commercial passenger airline on a regular scheduled passenger trip over its established passenger route)

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

Key Exclusions to the Terminal Illness Benefit

No Terminal Illness Benefit will be paid if:

the signs or symptoms of which first occur or commence on or before 90 days from issue date or commencement date of the policy; or
any dates of the 12-month period within which the insured is expected to pass away due to the terminal illness falls on or after the Policy Anniversary on or immediately following the insured’s 85th birthday; or
the terminal illness is a pre-existing illness, disease, impairment or condition from which the insured was suffering prior to the policy being issued or being reinstated (if applicable), whichever is later, unless the insured makes a declaration in the application for the policy or in the application for reinstatement of the policy (as applicable), 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) according to the Company’s opinion; or
the terminal illness is due (directly or indirectly) to a congenital defect or disease which manifests or is diagnosed before the insured attains the age of 17; 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 or being reinstated (if applicable), whichever is later, and which was not disclosed in any application or in any health statement relating to the policy (as applicable) before the commencement of cover or reinstatement of the policy (as applicable); or
the diagnosis of terminal illness is made in any hospital in mainland China which is not one of the designated hospitals in mainland China. Regarding the designated hospitals in mainland China, please visit the Company’s website (www.aia.com.hk) for retrieval of the most current hospital list. The list may be varied, updated and amended from time to time at the Company’s discretion, and any change shall be deemed as effective on the date of publication on the Company’s website irrespective of whether any separate notice is given.
The above list is for reference only. Please refer to the policy contract of this plan for the complete list and details of exclusions.

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.

Note for Mental Incapacity Option

The existing designated recipient will be automatically revoked when one of the following happens:

i. you designate a new designated recipient and it is approved by us; or
ii. any change of policy owner or change of insured.

If we are notified or become aware that there is a guardian or committee appointed under the Mental Health Ordinance (Cap. 136 of the Laws of Hong Kong) (or a guardian or committee appointed under similar laws in the place where the policy is issued), or an attorney appointed by the policy owner pursuant to an enduring power of attorney covering the policy, then this Mental Incapacity Option will be cancelled and revoked and we will not make any payment under this option, unless we have received the written consent of such guardian, committee or attorney (as the case may be) for us to make such payment to the designated recipient. If we are notified or become aware that such guardian, committee or attorney has been appointed only after we have paid the designated recipient, we will not be liable to pay such guardian, committee, attorney or any other person under this option.

If there is (or in our reasonable belief there is) a dispute between the designated recipient and any other person, including but not limited to the guardian, committee, attorney, or beneficiary(ies), or if we may incur liability as a result of us making payment under this option, we reserve the right to withhold the payment under this option until such dispute or matter is resolved.

In the event of the death of the insured or the death of the designated recipient, no payment will be paid under the Mental Incapacity Option.

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 www.aia.com.hk, 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 www.aia.com.hk.

Suicide

If the insured commits suicide within 1 year from the date on which the policy takes effect, our liability will be limited to the refund of premiums paid (without interest) less all amount you owe us and any outstanding debt.

After exercising the Change of Insured Option or upon the contingent insured becoming the new insured, if the new insured commits suicide within 1 year from the effective date of change as recorded by us, our liability will be limited to (i) the refund of premiums paid (without interest) or (ii) the sum of guaranteed cash value, cash value of Reversionary Bonus (if any), cash value of Terminal Bonus (if any), cash value of Special Bonus (if any) and any remaining balance of the Value Safeguard Account and the Bonus Lock-in Account as at the date the new insured passes away, whichever is higher. We will deduct all amount you owe us and any outstanding debt before making such payment.

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. After exercising the Change of Insured Option or upon the contingent insured becoming the new insured, such two-year period will be counted again starting from the effective date of change as recorded by us.

Warning Statement and Cancellation Right

FlexiAchiever Savings Plan 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

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 (incorporated in Bermuda with limited liability) (“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
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 and returns 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 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. Projected and / or potential benefits and / or returns (e.g. reversionary bonus, terminal bonus, special bonus) presented in the product brochure are not guaranteed and are for illustrative purposes only. The actual future amounts of benefits and / or returns may be lower than or higher than the currently quoted benefits and / or returns.
Apart from the key product risks mentioned in product brochure, you are also reminded of the following risks:
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 benefit 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 benefit 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 bonus scale – non-guaranteed benefits are based on the bonus 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 reversionary bonus, terminal bonus, and special bonus (if applicable) you will receive. Under some circumstances, the non-guaranteed benefits may be zero.

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