WealthApex Savings Protection Plan
Investment Product
Investment Product
Have you wisely accumulated and allocated your assets? Never forget to foresee and plan the future while enjoying the present, so that to multiply wealth and secure an affluent life. Tahoe Life offers you WealthApex Savings Protection Plan (the “Plan”), which is designed for long-term savings with protection till 130 years old. The Plan combines extended life insurance with higher potential returns thus you may reach your goals promptly, and prepare yourself, your beloved and the future generation for a prosperous life.
Life protection up to age 130 of the initial insured
Change of Insured Option
No Medical Underwriting
The Plan provides an extended life protection up to age 130 of the initial insured2. During this extended protection period, you may change the insured1 according to your plan upon the completion of premium payment term of the policy and during the lifetime of the insured; so your beloved and future generations can also be protected. The plan will continue to be effective and bring you long-term potential returns until age 130 of the initial insured, helping you to build your legacy and making it a meaningful gift for the future generations.
In the unfortunate event of the death of the insured, the designated beneficiary will receive a Death Benefit according to the following calculation:
If the issue age of initial insured is 55 or below
The higher of the following:
+ accumulated annual dividends and interest (if any) ;
- any indebtedness of the policy
If the issue age of initial insured is 56 or above
The higher of the following:
+ accumulated annual dividends and interest (if any);
- any indebtedness of the policy
Instead of a lump-sum payment of Death Benefit, you may choose a monthly instalment with fixed amount3 for settling the Death Benefit to your designated beneficiary(ies). So you are in control of the future financial arrangement for the loved ones, and your legacy and love can live on.
If you choose to settle the Death Benefit by monthly instalment with fixed amount, the premium payment term of the policy must be completed and the total Death Benefit amount must be at least equal to USD125,000. The monthly instalment amount is determined by a percentage of the Death Benefit while the minimum total monthly amount is 1% of the Death Benefit4. The unpaid balance of the Death Benefit will be accumulated at an interest rate5 to enhance the potential growth for your legacy.
The Plan helps boost your wealth by offering you an annual dividend which will be payable on every policy anniversary date and a guaranteed cash value. You may choose to leave the annual dividends6 in the policy to earn interest, receive them in cash to help you fulfill your ambitions or apply them towards future premium payments.
If the policy has been effective for 4 years, it will also bring you additional returns by providing a one-off terminal dividend7 upon the surrender of the policy, the maturity of the policy or the death of the insured. Both the annual dividends and terminal dividend are not guaranteed.
To fit your financial situation, the Plan offers two premium payment terms: 5 years and 10 years. The premium is guaranteed to remain unchanged once it is determined and will not be increased with your age, facilitating better financial planning for your future.
For 5-year premium payment term, you can choose to prepay8 all the future premiums upon policy application, which will be accumulated at an interest rate5 and used for the settlement of renewal premium due.
If you apply for the basic plan only, no health declaration and medical underwriting are required. You could instantly kick start your savings plan after the simplified approval process is completed.
According to your personal needs, you may choose to enhance the protection by adding various supplementary contracts9, such as medical, critical illness, accidental and premium waiver supplementary contracts.
Please refer to the product brochure for details, or make an appointment for a financial needs analysis.
If the initial insured (whether sane or insane) commits suicide within one year after the issue date, the effective date (as indicated in the relevant endorsement or supplementary contract) or the reinstatement date of the policy, whichever is later, Tahoe Life’s liability under the Plan will be limited to a refund of the premium paid to the basic plan of the policy, not including interest, less any indebtedness of the policy. In the case of reinstatement, the refund of premiums of the basic plan of the policy will be calculated from the reinstatement date.
If the new insured commits suicide, whether sane or insane, within 1 year after the effective date of new insured, Tahoe Life’s liability under the Plan will be limited to a refund of the premium paid to the basic plan of the policy, not including interest, less any indebtedness of the policy and any type of dividend and its interest withdrawal under the policy.
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 paid. A written notice signed by you and the policy should be received by Tahoe Life’s Hong Kong Head Office at 15/F, Cityplaza One, 1111 King's Road, Taikoo Shing, Hong Kong within the cooling off period (that is, 21 days after the delivery of the policy or issue of a notice (informing you/your representative about the availability of the policy and expiry date of the cooling off period), whichever is the earlier).
The policy will then be cancelled and the premiums paid will be refunded provided that no claim has been made under the policy.
After the expiration of the cooling off period, if you cancel the policy before the end of the policy term, the projected total cash value may be less than the total premium you have paid.
If any premium due remains unpaid at the end of the 31-day grace period, any unpaid premium will be settled by way of an automatic premium loan until the guaranteed cash value of the policy is exhausted and by then, Tahoe Life has the right to terminate the policy and all the benefits under the policy will automatically be terminated.
Automatic premium loan will bear interest at a rate determined by Tahoe Life from time to time. You may inquire about the relevant interest rate from Tahoe Life. Any indebtedness of the policy may reduce the surrender benefit and the Death Benefit and lead to early termination of the policy. Tahoe Life has the right to terminate the policy if any indebtedness of the policy exceeds the guaranteed cash value and all the benefits under the policy will automatically be terminated. Please refer to the policy contract for details.
You may apply for a policy loan from Tahoe Life with an amount not exceeding 80% of the guaranteed cash value available at the time of the policy loan’s approval. A policy loan will bear interest at a rate determined by Tahoe Life from time to time. You may inquire about the latest interest rate from Tahoe Life before applying the policy loan. Any indebtedness of the policy may reduce the surrender benefit and the Death Benefit and lead to early termination of the policy. Tahoe Life has the right to terminate the policy if any indebtedness of the policy exceeds the guaranteed cash value and all the benefits under the policy will automatically be terminated. Please refer to the policy contract for details.
Annual dividends and terminal dividend are NOT guaranteed. The annual dividends payable by Tahoe Life and guaranteed cash payments (if applicable) will be automatically accumulated at an applicable interest rate(s) until you tell us to do otherwise. The accumulated interest rate is not guaranteed and is not equal to the rate of return of your premiums paid. It is subject to change and will be determined by Tahoe Life from time to time. The annual dividends, terminal dividend and accumulated interest rate set out in the illustration of the basic plan of the policy are projected figures only and are NOT guaranteed benefits of the Plan. Therefore, the actual benefits that you will receive under the Plan may be higher or lower than the illustrated amounts, and the potential return may not be comparable to the market rates or indexes throughout the benefit term. For details, please refer to the “About Policy Dividends” section below or visit the Tahoe Life website (https://www.tahoelife.com.hk/tl/doc/pd_en.pdf). Please visit the Tahoe Life website (https://www.tahoelife.com.hk/tl/doc/hfr_en.pdf) for details of dividend history.
The premium payment term of the Plan can be as long as 10 years. It is, therefore, important for you to reserve sufficient funds to pay all the premiums within the required premium payment term. Part of the premiums paid will be used to pay for the cost of insurance and related costs.
Prepaid premium will accumulate with Tahoe Life at a non-guaranteed interest rate which may vary from time to time without prior notice and can be higher or lower than that illustrated in the illustrations of the Plan. If the prepaid premium is insufficient to pay renewal premium due, the policyowner is required to pay the outstanding premium in order to keep the policy in force, otherwise the policy may lapse after the grace period. Only full withdrawal of the balance of the prepaid premium will be accepted by Tahoe Life. Upon policy surrender or full withdrawal of the balance of the prepaid premium before the end of the premium payment term, the surrender benefit or amount being withdrawn shall be returned to the policyowner, and any interest on the balance of the prepaid premium of that policy year will be forfeited.
Upon occurrence of any of the following events, Tahoe Life has the right to terminate the Plan before the maturity of the policy:
Please refer to the policy contract for details.
If you surrender your policy before the maturity of the policy, you may only receive the surrender benefit with all the indebtedness of the policy deducted which may be considerably less than the total amount of premiums paid.
The Plan is designed for a long-term purpose. You may choose to withdraw part of its guaranteed cash value or apply for a policy loan while the policy is effective. But this may reduce its guaranteed cash value and the Death Benefit. If you surrender your policy before the maturity of the policy, you may only receive the surrender benefit with all the indebtedness of the policy deducted which may be considerably less than the total amount of premiums paid. The total amount of surrender value as set out in the illustration of the Plan is for reference only.
You will be exposed to exchange rate risk if you pay your premium in a currency (e.g. Hong Kong dollars) other than the denominated currency of your policy (e.g. US dollars). The fluctuation in the exchange rates of the relevant currencies may render you to pay more premium than your last payment. When you convert the policy benefits into the currency of the premium you pay, you may suffer loss in your policy benefits as a result of the relevant exchange rate fluctuation. Where the policy currency and/or the settlement currency differ(s) from your home currency, you will be subject to an exchange rate risk against your home currency.
Benefits of your insurance policy issued by Tahoe Life are subject to the credit risk of Tahoe Life. If Tahoe Life becomes insolvent or default on any obligations under your policy, you could, in the worst case scenario, lose the entire premium(s) paid and policy benefits.
It is worth noting that the cost of living may be higher due to inflation. Where the actual rate of inflation is higher than expected, the payable benefits under the policy might become lesser in real terms than expected after adjustment of inflation even if Tahoe Life meets all of the contractual obligations.
The information shown is only a brief description of the life insurance products mentioned in this product brochure for your reference. The information contained herein is not exhaustive and does not form part of a contract of insurance. You should read carefully the relevant policy contracts for the exact terms and conditions and the policy contracts shall prevail. Applicant should seek independent professional advice before making any decision if necessary.
