Hong Kong, 8 March 2019 - Fubon Life Insurance (Hong Kong) Company Limited ("Fubon Life") announced today the official launch of Prosperity Booster Whole Life Plan 2 ("Prosperity Booster 2"), an insurance plan designed for long-term savings to help fulfill the financial goals of the mass affluent segment at different life stages.
"Customers nowadays have more sophisticated needs and they are seeking for a financial plan that can cater to their longer-term view in managing wealth. The launch of Prosperity Booster 2 aims to meet customers' aspirations beyond one generation and it helps customers achieve their multiple objectives simply through one single policy," Chief Sales and Marketing Officer, Patricia Wong said.
The plan is available for customers who are of age between 15 days to 60. Different premium payment terms at 3 / 5 / 10 years and policy currency, HK or US dollars, are provided to enable customers to pay up the plan within a defined period. The plan offers Guaranteed Cash Value and non-guaranteed annual dividends1 that allow customers to accumulate savings1 with the non-guaranteed interest rate at the policy or pass down their wealth to the next generation.
Key benefits with Prosperity Booster Whole Life Plan 2:
Mr Cheung, age 35, would like to start a Prosperity Booster 2 when his son is born:
|Policy Issue Year:||2019|
|Policyowner:||Mr Cheung, age 35|
|Insured Person:||Son of Mr Cheung, age 0|
|Payment Period:||5 years|
With a total premium payment of US$500,000, Mr Cheung aims to save for an education fund for future use and to achieve asset appreciation over the long term. The projected values shall help achieve several key financial objectives for the family through withdrawal8:
When Mr Cheung's son reaches his age of 18-22, he can provide a withdrawal8 of US$500,000 for his son's overseas study ;
When Mr Cheung is at age 60, he can further apply a withdrawal8 of US$500,000 as his retirement fund;
When Mr Cheung is at age 80, he can arrange to change the Policyowner to be his son (who is at age 45 at that time) and his grandson, who is at age 5, as the Insured Person. The Policy could now extend to cover another generation for the family till the age of 138 of the grandson;
The Policy can further provide an education fund for the grandson when he reaches 18-22 by a withdrawal8 of US$1m;
At age 65, Mr Cheung's son retires. He can further make a withdrawal (assume the withdrawal8 to be US$1m). The Policy continues to help manage the wealth for the family from one generation to another.
The above information, illustrative example, and figures are for reference only. For the details of the product features, key product risks, important notes, investment policy and other information, please refer to the product brochure, standard illustration and the terms & conditions of the Policy contract.
1. Annual Dividend is non-guaranteed. Such dividend can be withdrawn or accumulated with the Policy for interest. However, the interest rate is not guaranteed and it shall be determined by Fubon Life from time to time. No change will be made on the value of the distributed Annual Dividend and its interest. Past declaration of Annual Dividend is not an indicator for future declaration. Future declaration of Annual Dividend can be lower or higher than the past declaration and it is determined based on the Dividend Philosophy. Please refer to the Dividend Philosophy for relevant risk factors and details.
2. Terminal Dividend is not guaranteed and shall be determined by Fubon Life at absolute discretion. It will be subject to Fubon Life's review at least once a year and shall not be vested in the Policy until the time of payment. It, if any, will be payable upon the following situations: (a) the death of the Insured Person, which occurs on or after the 10th Policy Anniversary; (b) maturity; or (c) surrender of the Policy, which occurs on or after the 10th Policy Anniversary. Past declaration of Terminal Dividend is not an indicator for future declaration. Future declaration of Terminal Dividend can be lower or higher than the past declaration and it is determined based on the Dividend Philosophy. Please refer to the Dividend Philosophy for relevant risk factors and details.
3. The claim is referring to Death Benefit claim.
4.The premium discount is referring to banding discount, which has been reflected in the premium amount as stated in the standard illustration. For calculating the Death Benefit amount, it will be based on the total premium amount as stated in the standard illustration.
5. Change of Insured Option is available from the 1st Policy Anniversary and subject to the prevailing administrative rules and underwriting requirements of Fubon Life Insurance (Hong Kong) Company Limited ("Fubon Life"). The new Insured Person has to be age 60 or below and younger than the original Insured Person, where insurable interest should be upheld. Endorsement on such change should be obtained from Policyowner, Insured Person and assignee (if any). Both new and existing Insured Person must be alive at the time of the change request. The maturity date will be updated to the Policy Anniversary on or after the 138th birthday of the new Insured Person. For details, please refer to the policy provisions.
6.Total permanent disability means the occurrence of any of the following to the Insured Person or Policyowner (as the case may be) that results from an Illness or Injury: (i) the total and irrecoverable Loss of Sight of both eyes; or (ii) the Permanent Paralysis of two limbs or actual severance at or above wrist or ankle of two limbs; or (iii) total and irrecoverable Loss of Sight of one eye and either the Permanent Paralysis of one limb or actual severance at or above wrist or ankle.
7. The mentioned benefits are Waiver of Premium Benefit and Payor Benefit respectively. Future premiums falling due under the Plan during relevant benefit period will be waived when Waiver of Premium Benefit / Payor Benefit becomes payable. Entitlement of Waiver of Premium Benefit / Payor Benefit is subject to the conditions as stipulated in the policy provisions and the Company's policies and rules. A 2-year waiting period is required for incidents resulted from an Illness, while there is no waiting period for incidents resulted from an accident. And there is a maximum amount of such premium wavier per policy. Waiver of Premium Benefit cannot be exercised in conjunction with the Payor Benefit. Should the Waiver of Premium Benefit become payable, the entitlement of the Payor Benefit shall no longer be available under the Policy and vice versa. If the Waiver of Premium Benefit / Payor Benefit is triggered by Total Permanent Disability of the Insured Person / Policyowner and becomes payable, a subsequent change of Insured Person / Policyowner will terminate relevant benefit. No Waiver of Premium Benefit / Payor Benefit will be payable for any Pre-existing Condition mentioned in the policy provisions. Please refer to the policy provisions for more details.
8.The withdrawal of policy cash value is allowed through reduction of Nominated Amount. However, no withdrawal of the accumulated Annual Dividends with non-guaranteed interest are allowed if the withdrawal shall cause the total indebtedness under the Policy exceeds 80% of the aggregate of Guaranteed Cash Value and accumulated Annual Dividends with non-guaranteed interest.
About Fubon Life Insurance Hong Kong
Fubon Life Insurance (Hong Kong) Company Limited, ("Fubon Life HK") is a wholly-owned subsidiary of Fubon Life Insurance Company Limited incorporated in Taiwan. Our parent company, Fubon Financial Holdings Company Limited, is one of the largest financial groups in Taiwan with major subsidiaries including Fubon Life, Taipei Fubon Bank, Fubon Bank (HK), Fubon Bank (China), Fubon Insurance, Fubon Securities. As of the end of September 2018, Fubon Financial Holdings had total assets of US$245.2 billion, ranking second among of Taiwan's financial holding companies, and it has been the most profitable company in the industry in terms of earnings per share (EPS) for nine consecutive years.