Captain Cool Children Savings Plan

1. The policyowner must submit a written request together with supporting document(s) to our satisfaction within 180 days that the insured fulfilled the designated conditions. The Company reserves the right to change the terms and conditions of the Captain Cool Dreams Come True Award from time to time. For the details of Captain Cool Dreams Come True Award, please refer to the policy contract of the Plan. 
2. The ranking is based on the latest ranking published on Tahoe Life’s website at the time on or before the issue date of an unconditional offer from the university. The ranking of the top 10 universities in the world is based on the source as determined by the Company from time to time. 
3. If the insured receives funding from the entrepreneurial programme as a team applicant instead of an individual applicant, the Company will pay you a benefit, which is equivalent to the funding received by the team divided by the total number of team applicants in the team, subject to a maximum amount of USD26,000. 
4. Guaranteed cash payments will be calculated based on the latest notional amount. The Company will first use the guaranteed cash payments to repay any indebtedness of the policy to the Company before paying to the policyowner. 
5. The notional amount is used to calculate non-medical limit, premiums, guaranteed cash value, guaranteed cash payments and terminal dividend. In case the notional amount is reduced while the policy is effective, the premium and benefit amounts payable will be reduced accordingly. The notional amount is not equal to the death benefit and will not be paid upon the death of the insured. For details of the death benefit, please refer to the policy contract of the Plan. 
6. The Plan is a participating policy. Terminal dividend (the “non-guaranteed benefits”) is not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the non-guaranteed benefits, please refer to the below section “Key Product Disclosures” regarding “Non-guaranteed benefits”. The accumulation interest rates for guaranteed cash payments are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the terminal dividend, please refer to the below section on “About Policy Dividends” or visit Tahoe Life’s website, https://www.tahoelife.com.hk/tl/doc/pd_en.pdf. 
7. After the premium payment term, the policyowner can submit a written request of prescribed form within 30 days before the policy anniversary date on or immediately following the 15th, 16th, 17th or 18th birthday of the insured to receive a lump-sum of the partial guaranteed cash payments in advance to replace the guaranteed cash payments received every year from the insured’s age of 18 to 21. The Company will first use the advanced guaranteed cash payments to repay any indebtedness of the policy to the Company before paying to the policyowner. Upon exercising this option, guaranteed cash value will become zero until the policy anniversary date on or immediately following 21st birthday of the insured. Exercising this option will not affect the terminal dividend, however, the guaranteed cash payments originally payable from insured’s age 18 to 21 are no longer payable after this option is exercised. This option can be exercised once only under the policy. 
8. The premium prepayment option is only applicable to policies with five-year premium payment term and annual payment mode. The application of prepayment of renewal premium can only be valid when the renewal premium and levy on renewal premium are fully pre-paid (“Prepaid Amount”) at the time of policy application together with the filled application form and signed illustration of premium prepayment option. Prior to the renewal premium due, the Prepaid Amount will not form part of the paid premium. The Prepaid Amount will not form part of the guaranteed cash value, nor any benefit under the policy, and will not be attributed to the calculation of death benefit. The accumulation interest rates for the Prepaid Amount are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. If the insured passes away before the end of the premium payment term, the balance of the Prepaid Amount shall be returned to the policyowner or his/her estate. Upon policy surrender or full withdrawal of the balance of the Prepaid Amount before the end of the premium payment term, the relevant balance of the Prepaid Amount shall be returned to the policyowner, and any interest on the balance of the Prepaid Amount of that policy year will be forfeited. Only full withdrawal of the balance of the Prepaid Amount will be accepted by Tahoe Life. 
9. Accumulation interest rate for the Prepaid Amount is not guaranteed, subject to change and will be determined by Tahoe Life from time to time. 
10. Any application for the nomination of a contingent owner must fulfil the relevant rules and procedures as determined by Tahoe Life from time to time. Upon the death of the policyowner, the transfer of the ownership of the policy in accordance with the following conditions shall be approved and become effective after Tahoe Life's receipt of satisfactory proof of the policyowner's death and any documents as requested, and subject to fulfilling of the prevailing administrative rules and procedures of Tahoe Life: (i) if a contingent owner of the policy is nominated, the contingent owner will become the new owner of the policy provided that the contingent owner and the insured must be still alive during the approval of the contingent owner as the new owner of the policy; or (ii) if there is no contingent owner nominated or the contingent owner is unable or unwilling to take the ownership of the policy for whatever reason, the policy shall form part of the policyowner's estate. Tahoe Life reserves the right not to accept any application of nomination of contingent owner and not to approve the contingent owner as the new owner of the policy. 
11. After lock-in of terminal dividend, the Company will correspondingly reduce the amount of any future terminal dividend at a rate prorated to the terminal dividend which have been locked-in. You may submit a written request by filing with Tahoe Life’s prescribed form to cancel your application in respect of the lock-in(s) of terminal dividend which has / have yet to take place. Once approved, your cancellation request is irrevocable. For details of the terminal dividend lock-in option, please refer to the policy contract. 
12. Qualified schools include any kindergarten, primary school, secondary school and post-secondary education in Hong Kong registered with Education Bureau of the Hong Kong Special Administrative Region. 
13. Annual premium refers to the premium payable in annual payment mode, regardless that you select the premium payable on an annual, semi-annual, quarterly or monthly basis, annual premium will be used to calculate the class suspension benefit. 
14. The Company reserves the right to change the terms and conditions of the Captain Cool Academic Success Award from time to time. For details of the Captain Cool Academic Success Award, please refer to the policy contract of the Plan. 
15. You may exercise the guaranteed insurability option to purchase one of Tahoe Life's then available whole life insurance plan for the insured without any proof of insurability upon (i) the 21st birthday; ii) the first wedding anniversary; or (iii) the birth of a child of the insured. The application of the new whole life insurance plan and all necessary documents required by Tahoe Life must be submitted and received by Tahoe Life within 90 days after one of the above life events happens. The guaranteed insurability option is only applicable to policy with standard class of risk. It is, however, not applicable to policy of the basic plan which is converted from any term plan policy or purchased under any guaranteed insurability options. The maximum sum assured and / or notional amount of the new whole life policy is 50% of the latest notional amount of the basic plan of the original policy or USD500,000 per insured, whichever is lower. When exercising this option to purchase Tahoe Life's whole life plan, the new policy must fulfill any prevailing business requirements of the new whole life insurance plan, including but not limited to the issue age, sum assured and / or notional amount, at the time Tahoe Life receives the application. Tahoe Life has the right to determine any prevailing rules at its sole discretion from time to time. 
16. “Bodily injury” means injury to the insured on any part of his / her body (i) resulting solely and directly from an accident and independently of all other causes; and (ii) caused by external, violent and visible means of which, except in the case of drowning or of internal injury revealed by autopsy, there is evidence of a visible contusion or wound on the exterior of the body. 
17. “Accident” means any sudden, unforeseen, unexpected incident caused by violent, external and visible means. 
18. In the event that more than one loss shall arise due to different accidents, the maximum liability of the Company shall not exceed 75% of the amount of coverage, excluding the amount of double indemnity benefit payable. 
19. “Amount of coverage” means the protection amount of the accidental death and dismemberment benefit, which is equal to total annual premium payable of the Plan. Annual premium refers to the premium payable in annual payment mode, regardless that you select the premium payable on an annual, semi-annual, quarterly or monthly basis, annual premium will be used to calculate the amount of coverage. 
20. The following conditions must be fulfilled in order for the policyowner and/or the policyowner’s spouse to be covered under this benefit:

(i)      the policyowner is one of the parents or grandparents of the insured;

(ii)     the policyowner’s spouse is the legally married spouse of the policyowner (provided that the policyowner is one of the parents of the insured);

(iii)    the policyowner is aged 50 or below on (a) the issue date of the policy; or (b) the date that the Company approve any application of change of ownership, whichever is later; and

(iv)   the policyowner’s spouse is aged 50 or below on (a) the issue date of the policy; or (b) the date that the policyowner and the policyowner’s spouse are legally married, whichever is later (provided that the policyowner is one of the parents of the insured). 

For the avoidance of doubt, if the policyowner is one of the grandparents of the insured, spouse of the policyowner is not eligible to be covered under this benefit. 

If the policyowner or the policyowner’s spouse passes away on or before the premium paid up date while the policy is in force, the Company will waive the basic plan premiums from the next premium due date after the date of death until the premium paid up date, provided that the death of the policyowner or the policyowner’s spouse is at least two years from: 

(i)          the effective date of this benefit; or

(ii)         the reinstatement date,

 whichever is later (“2-year Waiting Period”). 

The 2-year Waiting Period does not apply if the death of the policyowner and/or the policyowner’s spouse is due to accident. 

The effective date of this benefit covering the policyowner means (i) the effective date of the policy; or (ii) the date we approve any application of change of ownership, whichever is later. The effective date of this benefit covering the policyowner’s spouse means (i) the effective date of the policy; or (ii) the date that the policyowner or the policyowner’s spouse are legally married, whichever is later.  

This benefit will terminate when it becomes payable or on the premium paid up date, whichever is earlier. In the event that the insured, the policyowner and / or the policyowner’s spouse pass away at the same time, we shall only pay the death benefit relating to the death of the insured. Please refer to the policy contract of the Plan for details of parental premium waiver benefit. 

21. Please refer to the respective policy contract for the details of each supplementary contract.

Table 1: Accidental death and dismemberment benefit

Note:

1. If the insured is left-handed, the percentage for the various disabilities of right hand and left hand shall be transposed. In the event that more than one loss shall arise out of the same accident, no indemnity shall be paid for more than one of the losses, for which the amount of indemnity payable shall be the greatest amount of indemnity as determined by the Company in the Table 1. In the event that more than one loss shall arise due to different accidents, the maximum liability of the Company shall not exceed 75% of the amount of coverage, excluding the amount of double indemnity benefit payable. When the accidental death and dismemberment benefit becomes payable, the amount of coverage of this benefit shall be reduced accordingly.
2. This benefit shall automatically terminate:

(i)         on the policy anniversary date on or immediately following the 21st birthday of the insured; or

(ii)        when the sum of all accidental death and dismemberment benefits paid or payable under Table 1 is equal to or greater than 75% of the amount of coverage of this benefit,

whichever is earlier.

3. Subject to our prevailing administrative rules, if the notional amount of the basic plan is reduced for any reason, we reserve the right to reduce the amount of coverage of this benefit.