Splendid Harvest 2 Income Plan | Eternal Income Infinite Inheritance | Tahoe Life Insurance Company Limited

Splendid Harvest 2 Income Plan

The Plan offers monthly income up to age 130 of the insured and it can be further extended by changing life insured for unlimited times.

The Plan offers monthly income up to age 130 of the insured and it can be further extended by changing life insured for unlimited times.

To live a relaxing and wonderful life and share the brilliant future with your loved ones, it is important for you to have a comprehensive financial plan. Tahoe Life’s Splendid Harvest 2 Income Plan (the “Plan”) provides both monthly income and choices of wealth inheritance so you can meet your financial needs and achieve a fruitful life with peace of mind.

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Promotional Offers

Offer 1: The annual premium is as low as USD20,000

Enjoy 1% first year annual premium discount if the first year annual premium reaches USD188,888 or above

Features

Unlimited times for change of insured1 and extending the benefit term up to age 130 of the new insured

The Plan provides life insurance as a comprehensive protection for your loved ones and your family. You may change the insured after the premium payment term for unlimited times during the lifetime of the insured. After the insured has been changed, the policy will continue to be in force and bring you monthly income until age of 130 of the new insured, leaving your next generation a rich legacy. 

Monthly income throughout the benefit term. Guaranteed monthly income at 4% p.a. in the first three years

To help fulfil your financial goals, the Plan, while the policy is in force, provides you with guaranteed cash payments2 on each policy monthiversary date3 and annual dividends4 on each policy monthiversary date in the fourth policy year and thereafter. You may choose to leave them in the policy to earn interest5 or to receive them in cash monthly.

 

Policy year

Income amount

First three policy years

Guaranteed cash payment equivalent to 4% p.a. of the guaranteed maturity benefit

The fourth policy year and thereafter

Guaranteed cash payment equivalent to 1.8% p.a. of the guaranteed maturity benefit

plus

non-guaranteed annual dividends4 equivalent to 2.2%* p.a. of the guaranteed maturity benefit

* The figure is based on the Company’s current assumed investment return. For details, please refer to proposal.

2-year ultra-short premium payment term

The premium payment term of the Plan is two years. The premium is guaranteed to remain unchanged once it is determined, facilitating better financial planning for your future.

Accumulation of prepaid premiums at a guaranteed interest rate of 5.5% p.a.6,7

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Plan ahead with nomination of contingent owner8 and contingent insured9

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Life protection

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Death benefit settlement option

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Splendid Harvest 2 Income Plan | Eternal Income Infinite Inheritance | Tahoe Life Insurance Company Limited

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About Accumulation Interest Rates & Investment Policy

1. Change of insured option is subject to policy contract and the prevailing administrative rules in execution. The submission of the application is only applicable after the end of the premium payment term. Change of insured will not affect guaranteed maturity benefit, death benefit, accumulated annual dividends and interest (if any), accumulated guaranteed cash payments and interest (if any), guaranteed cash value, policy date and policy year, while the maturity of the policy will change to the policy anniversary date on or immediately following the 130th birthday of the new insured. Tahoe Life reserves the right to reject the application of change of insured.

2. The guaranteed cash payments will be calculated based on the guaranteed maturity benefit. The guaranteed maturity benefit is used to calculate premium, guaranteed cash value and guaranteed cash payments. The guaranteed maturity benefit 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.

3. Policy monthiversary date means the day of each month following and coinciding with the policy date. Where there is no such day in any month coinciding with the policy date, it shall mean the last calendar day of that month. Nevertheless, if the policy date falls on the last calendar day of the month, policy monthiversary date means the last calendar day of each month following the policy date.

4. The Plan is a participating policy. Annual dividends are 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 on “Non-guaranteed benefits”. Annual dividends will only be payable when the policy is effective and there are no overdue premiums. The accumulation interest rates for annual dividends 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.

5. The guaranteed cash payments and annual dividends will be accumulated at a non-guaranteed annual interest rate, which is subject to change and will be determined by Tahoe Life from time to time.

6. The application of prepayment of renewal premium ("prepaid premium") can only be valid when the prepaid premium and levy on prepaid premium are fully paid at the time of policy application together with the filled application form and signed illustration of premium prepayment option. The prepaid premium and levy on prepaid premium will only be used for the settlement of renewal premium and levy on renewal premium due. Prior to the settlement of renewal premium and levy, the prepaid premium and levy on prepaid premium will be kept in a designated account of the policy but will not form part of the paid premium until renewal premium is payable. The prepaid premium and levy on prepaid premium will not form part of the guaranteed cash value or any benefit under the policy and will not be attributed to the calculation of death benefit. If the insured passed away before the end of the premium payment term, the remaining balance of prepaid premium and levy on prepaid premium shall be returned to the policyowner or his/her estate. Upon policy surrender or full withdrawal of the balance of the prepaid premium and levy on 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 and levy on prepaid premium of that policy year will be forfeited. Only full withdrawal of the balance of the prepaid premium and levy on prepaid premium will be accepted by Tahoe Life.

7. Accumulation interest rate for prepaid premium and levy on prepaid premium is 5.5% p.a. If the prepaid premium is insufficient to pay the renewal premium when 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 has expired in accordance with the policy contract.

8. 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 policies and procedure 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 are 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.

9. The following requirements must be fulfilled for the application of nomination of contingent insured: i) a written request in Tahoe Life’s prescribed form signed by the owner, the insured, the contingent insured and assignee (if any), with all necessary documents we require; ii) only one person can be nominated as the contingent insured at any time; iii) both insured and contingent insured are alive during the application; iv) evidence that the contingent insured must fulfill the prevailing attained age requirement and in any case must not exceed the prevailing maximum issue age of the Plan at the time Tahoe Life receives the written request; and v) any prevailing rules determined in the sole discretion of Tahoe Life from time to time. Tahoe Life reserves the right not to accept any application of nomination of contingent insured and not to approve the contingent insured as the new insured of the policy. Tahoe Life shall, upon receipt and approval of such request, confirm the nomination to you in writing.

When the insured dies, the contingent insured will become the insured of the policy, provided that the following requirements and prevailing administrative policies and procedures of Tahoe Life have been fulfilled:

 i) Tahoe Life’s receipt of satisfactory proof of the insured’s death and any documents as requested;

ii) Tahoe Life’s receipt of relevant supporting document of the contingent insured, including but not limited to evidence of insurability of the contingent insured, as requested within 90 days from the date of death of the insured (otherwise the eligibility of the contingent insured to become the new insured of the policy will be forfeited);

iii) evidence that the contingent insured must fulfill the prevailing attained age requirement and in any case must not exceed the prevailing maximum issue age of the Plan on the date of death of the insured;

iv) any prevailing rules (including but not limited to demonstrating an insurable interest) determined in the sole discretion of Tahoe Life from time to time; and

v) the contingent insured is alive during the approval of the contingent insured to become the new insured of the policy.

If there is no contingent insured nominated or the contingent insured is unable or unwilling to become the insured of the policy for whatever reason, the death benefit shall be paid to the beneficiary.

Please refer to the relevant policy contract for the details of the policy terms including the nomination of contingent insured.

10. Death benefit settlement option is only applicable to policies that the premium payment term has been completed. If the beneficiary passes away during the monthly instalment period, 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. 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, we will pay the death benefit in lump-sum to all beneficiaries. The unpaid balance of the death benefit will be accumulated at a non-guaranteed interest rate, which is subject to change and will be determined by Tahoe Life from time to time. Please refer to the relevant policy contract for the details of the policy terms including the death benefit settlement option.

Applicable to Promotional Offer 1 and 2:

  1. The Promotional Offer 1 and 2 (the “Offers”) are offered by Tahoe Life and covers the period from 5 August 2019 to 31 October 2019, both dates inclusive (the “Promotion Period”).
  2. If the customer is entitled to other promotional offers simultaneously, Tahoe Life reserves the right to grant the customer with the Offers.
  3. Tahoe Life has the right to terminate or change the Offers and/or change any of the terms and conditions at any time without prior notice. If there is any dispute, Tahoe Life reserves the right of final decision.
  4. Tahoe Life reserves the right of final approval of the application of the life insurance plan.

Applicable to Promotional Offer 2 only:

  1. The First Year Premium Discount Offer (the “Offer 2”) is only applicable to (i) successful taken out the Splendid Harvest 2 Income Plan which is signed and submitted within the Promotion Period; (ii) first year annual premium of the basic plan reaches USD188,888 or above; and (iii) the application is approved on or before 31 January 2020 (“Eligible Policy”).
  2. The Offer 2 is offered based on each Eligible Policy. If the applicant has successfully applied for more than one Eligible Policy during the Promotion Period, and fulfills all the requirements under this Term and Conditions, each Eligible Policy will be qualified for the Offers. However, the first year premium discount for each Eligible Policy is subject to a maximum of USD100,000.
  3. If the policyowner (the “Customer”) cancels the Eligible Policy before policy approval/during the cooling off period or the application is not accepted by Tahoe Life, he/she will not be entitled to the Offer 2. Tahoe Life shall only refund the actual amount of premium and levy paid to the Customer. For more details of cooling off period, please refer to the Consent and Declaration section on policy application form.
  4. The Offer 2 in the form of premium voucher will be issued to eligible applicant. For detailed terms and conditions of the premium voucher, please refer to the premium voucher printed along with the proposal. Each premium voucher can be used once and for one Eligible Policy only.
  5. The Offer 2 is not for sale, resale or transfer to others and cannot be converted to cash, other products, services or discounts offers. Unless otherwise specified by Tahoe Life, the Offer 2 cannot be used in conjunction with other offers of the related services provided by Tahoe Life.