Prime Fortune Savings Protection Plan | Tahoe Life Insurance Company Limited

Prime Fortune Savings Protection Plan

Savings Product

Everyone is working hard for their dreams throughout their life journey and aspires to achieve their financial goals with ease as soon as possible. Tahoe Life’s Prime Fortune Savings Protection Plan (the “Plan”) not only addresses your needs of savings and protection, but may also make your dreams come true by providing potential returns.

Plan Highlights

  • Three Premium Payment Terms at Choice
  • Guaranteed Cash Payment Every Year and Additional One-off Special Booster at a Designated Time
  • Annual Dividends and Terminal Dividend
  • Savings and Life Insurance in One
  • Death Benefit Settlement Option
  • No Medical Underwriting
  • Accidental Death Benefit
  • Disability Benefit
  • Optional Supplementary Contracts

Features

To fit your financial situation, the Plan offers three premium payment terms: 6 years, 9 years and 12 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.

The guaranteed cash payment1, equivalent to 1.5% (applicable to 6-year premium payment term) or 2% (applicable to 9-year and 12-year premium payment terms) of the guaranteed maturity benefit2, will be payable on the 1st policy anniversary date and every policy anniversary date thereafter until the age of 100 of the insured, the surrender of the policy or the death of the insured, whichever is earlier.

An additional one-off special booster1 of guaranteed cash payment, equivalent to 1.5% (applicable to 6-year premium payment term) or 2% (applicable to 9-year and 12-year premium payment terms) of the guaranteed maturity benefit2, will be payable on the 15th policy anniversary date or at the age of 65 of the insured, whichever is later.

You may choose to leave the guaranteed cash payments in the policy to earn interest3, receive them in cash or apply them towards future premium payments.

An annual dividend3 will be payable on the policy anniversary date. You may choose to leave the annual dividends in the policy to earn interest, receive them in cash or apply them towards future premium payments.

If the policy has been effective for 10 years, it will also bring you additional returns by providing a one-off terminal dividend3 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.

The Plan provides savings returns as well as life insurance up to the age of 100 of the insured, offering comprehensive protection for you and your loved ones. In the unfortunate event of the death of the insured, the designated beneficiary will receive the Death Benefit which is equivalent to the guaranteed cash value or total premiums due and paid of the basic plan of the policy less all guaranteed cash payments paid to you (whether accumulated or withdrawn), whichever is higher; plus accumulated guaranteed cash payments and interest (if any), accumulated dividends and interest (if any) and terminal dividend, less any indebtedness of the policy.

Instead of a lump-sum payment of Death Benefit, you may choose a monthly instalment with fixed amount4 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, premium payment term of the policy must be completed and the  Death Benefit amount must be at least equal to USD125,000. The monthly instalment with fixed amount is determined by a percentage of the Death Benefit while the minimum total monthly amount is 1% of the Death Benefit5.The unpaid balance of the Death Benefit will be accumulated at an interest rate6 to enhance the potential growth for your legacy.

If you apply for the basic plan only, no health declaration and medical underwriting are required. You could instantly kick start your savings plan.

The Plan provides an Accidental Death Benefit7. Its coverage is equivalent to 50% of the total premiums due and paid of the basic plan of the policy, up to USD 25,000 (per insured), providing added protection to you and your loved ones.

 

If the insured suffers from total disability8 due to disease or bodily injury between age 16 and 60 for a continuous period of 180 days or above, the premiums of the basic plan of the policy payable during the continuance of the total disability will be waived to maintain the protection.

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.

  1. The guaranteed cash payment will be calculated based on the latest guaranteed maturity benefit.
  2. The guaranteed maturity benefit is used to calculate premium, guaranteed cash value, guaranteed cash payments, annual dividends and terminal dividend. In case the guaranteed maturity benefit is reduced while the policy is effective, the premium and benefit amounts payable will be reduced accordingly. The guaranteed maturity benefit is not related 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.
  3. The Plan is a participating policy. Annual dividends and terminal dividend are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. Annual dividends will only be payable when the policy is effective and there are no overdue premiums. The interest rates  for annual dividends and guaranteed cash payments accumulation are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the policy dividends, 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.
  4. Only applicable to policies that the premium payment term has been completed. If the beneficiary passed away during the period of monthly instalment with fixed amount, Tahoe Life shall, upon receipt and approval of due proof of death in the form specified by Tahoe Life, pay the balance of Death Benefit and its accumulated interest (if any) to the estate of the beneficiary in a lump sum payment. Please refer to the relevant policy contract for the details of the Death Benefit settlement option.
  5. The monthly instalment amount must not be less than the minimum amount, which is determined in the sole discretion of Tahoe Life from time to time without prior notice. If there is more than one beneficiary, you must choose the same Death Benefit settlement option for all beneficiaries, failing of which, Tahoe Life will pay the Death Benefit in lump sum to all beneficiaries.
  6. Interest rate is not guaranteed, subject to change and will be determined by Tahoe Life from time to time.
  7. The Accidental Death Benefit shall be automatically terminated on the 10th policy anniversary date, or the policy anniversary date on or immediately following the 70th birthday of the insured, whichever is earlier. This Accidental Death Benefit is only applicable to the insured who is aged 65 or below on the policy date. The maximum benefit payable under the Accidental Death Benefit to each insured in Tahoe Life shall be USD 25,000, irrespective of the number of policies (excluding investment linked policy) issued by Tahoe Life for the same insured.
  8. Disability Benefit is only applicable to the insured who is aged 55 or below on the policy date and will be automatically terminated on the policy anniversary date on or immediately following the 60th birthday of the insured.
  9. Medical underwriting is required for adding supplementary contract. Please refer to the respective policy contract for the details of each supplementary contract.

Know more from the video

 

Please refer to the product brochure for details, or make an appointment for a financial needs analysis.

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