Wisdom Term Life Plan

Life Insurance - Life Protection

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

PLAN FOR EVERY STAGE IN YOUR LIFE

Certain protection in an uncertain world. Join AIA Vitality and receive an instant 10% premium discount and an array of rewards and discounts that help you live a healthier lifestyle.

Life is unpredictable. As a breadwinner, you will always worry about the wellbeing of your family when mishap unexpectedly happens.

That is why we have specially designed Wisdom Term Life Plan, a life protection insurance plan that provides you and your family with ample protection at affordable premiums, which are guaranteed to remain unchanged within each renewal period. The plan is also guaranteed to be renewable at the end of each renewal period up to the age of 85. In addition, as your need of life insurance may change over time, our Super Lifestage Option provides you with the flexibility to purchase additional term insurance cover at milestone events in your life.

Different options to suit your needs

Wisdom 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.

Renewal Period	1 year	5 years	20 years
Basic Plan
Insured's Age at Application	Age 16 - 70	Age 16 - 70	Age 16 - 65
Add-on Plan
Insured's Age at Application	15 days to age 70	15 days to age 70	15 days to age 65

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.

Super Lifestage Option

You may need better life insurance protection when you enter another stage of life. Wisdom Term Life Plan offers you an option to purchase an additional term life insurance plan in the form of add-on plan without requiring further health information upon any of the following milestone events:

• the insured obtains a property mortgage and drawdown the mortgage loan (new purchase of residential property);
• the insured’s marriage; or
• the birth of a natural child of the insured (excluding adoption).

You may exercise the Super Lifestage Option:

• a maximum of once per milestone event and any two milestone events for the same insured;
• each purchase of the additional add-on plan must be separated by at least 2 consecutive years;
• after the plan has been in force for 2 years;
• on or before the anniversary of cover immediately following the insured’s 60th birthday;
• within 180 days from the date of the milestone events; and
• provided that no claim is submitted to us or has been made under this policy.

The sum assured of each new add-on plan cannot exceed:

• US$250,000 or HK$1,875,000;
• 50% of the sum assured of this plan; or
• the mortgage loan amount obtained by the insured for the new purchase of residential property.

whichever is lower.

Eligibility of this benefit is subject to underwriting requirements determined by us from time to time.

  

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.
Guaranteed Renewal Wisdom Term Life Plan guarantees that your premium will not be increased because of any changes in your health condition within each renewal period. This cover is guaranteed to be renewable at the end of each renewal period up to the age of 85 of the insured. Renewal premium of next renewal period will be based on the prevailing premium rates for the age of the insured at the time of renewal (Please refer to the “Premium Adjustment” under Important Information).
Conversion Privilege On or before the anniversary of cover immediately following the insured’s 70th birthday, the plan can be converted into a whole life protection insurance plan without requiring additional health information, subject to increase in premium and choices of products then made available for the purpose of this privilege.
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.

 

 

AIA Vitality

AIA Vitality rewards you to live healthy lives with premium discounts, enabling you to enjoy life with protection in a smart way.

 

How to calculate my future payments?

The below tables illustrate the annual premium required for the first seven policy years based on the highest and lowest attainment of AIA Vitality Status by the Insured. Thereafter your annual premium will continue to be calculated in accordance with your AIA Vitality Status achieved on each subsequent Policy Anniversary. No AIA Vitality Insurance Premium Discount will be offered if the Insured’s AIA Vitality membership is terminated for whatever reason. The annual premium as shown in the table is“fictitious”for illustrative purposes.

 

BEST SCENARIO

• We assume the Insured achieves “Platinum” AIA Vitality Status (i.e. highest status) at the end of each subsequent Policy Year, starting from Policy Year 1
• The maximum attainable AIA Vitality Insurance Premium Discount Percentage is 15% and it can be attained starting from Policy Year 6

 

WORST SCENARIO

• We assume the Insured achieves “Bronze” AIA Vitality Status (i.e. lowest status) at the end of each subsequent Policy Year, starting from Policy Year 1
• No AIA Vitality Insurance Premium Discount will be offered starting from Policy Year 6

 

Remarks:

1. All premiums (including renewal premiums) shown above are based on the standard premium rate and do not include   any extra premiums due to loading. Moreover, the above renewal premiums have not reflected the premium increase due to medical cost inflation (applicable to medical protection insurance plans only) and overall claim experience. The actual renewal premiums will be calculated according to the Insured’s attained age and the applicable premium rate at the time of renewal. Such premium rate is non-guaranteed and subject to revision by the Company from time to time.
2. The AIA Vitality Insurance Premium Discount is only applicable to standard premiums and shall not apply to any extra premiums due to loading.

 

Important Note:

1. For up-to-date information on each benefit, please visit aia.com.hk/aiavitality. Partners and benefits may vary at any time without prior notice. All representations within this document made on behalf of AIA International Ltd have been thoroughly researched, and are verifiable by documentary evidence. Representations within this document made on behalf of our AIA Vitality partners are based upon information that AIA International Ltd has received from them, and such information has been provided to us along with an assurance from our AIA Vitality partners that it is accurate.
2. The AIA Vitality Insurance Premium Discount is only applicable to the specific Basic Policy or Supplementary Contract named under this product brochure. The AIA Vitality Insurance Premium Discount is not extended to any other policies or supplementary contracts unless it is specifically stated otherwise.
3. The AIA Vitality Insurance Premium Discount Percentage is capped at 15% and floored at 0%.
4. The Insured has to be an AIA Vitality member in order to enjoy the AIA Vitality Insurance Premium Discount.
5. 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 AIA Vitality Insurance Premium Discount (if any) in the subsequent policy years.
6. If the AIA Vitality member is insured by more than one policy or supplementary contract under the AIA Vitality Series, the AIA Vitality Insurance Premium Discount or AIA Vitality Power Up Coverage applied, as the case may be, should be calculated independently for each policy or supplementary contract. For the avoidance of doubt, AIA Vitality Insurance Premium Discount and AIA Vitality Power Up Coverage are mutually exclusive. Please check the illustration of each policy or supplementary contract to find out which one applies.
7. Whether to apply for AIA Vitality is your / the insured’s own individual decision.
8. Please note that any change / modification of structure or terms of AIA Vitality may possibly affect the accumulation of points, and therefore the AIA Vitality status and also the benefits under a Vitality policy (including without limitation, premium discount).
9. Please note that if an AIA Vitality member is insured by more than one policy or supplementary contract under the AIA Vitality Series, you / the insured is only required to pay the Vitality membership fee once annually to enjoy the related benefits.

 

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.

“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

Wisdom 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.