1 While your Policy is in force and all Premiums due in respect of the Forever Diamond Plan II have been paid in full, we will pay you a Guaranteed Cash Coupon on each Policy Anniversary commencing from the specific Policy Anniversary till the Maturity Date as defined by your Policy Terms. The amount and Distribution Period of Guaranteed Cash Coupon will be determined based on the Premium Payment Term and Guaranteed Cash Coupon option you have selected.
2 While the Policy is in force and all Premiums due in respect of the Forever Diamond Plan II have been paid in full, we will declare Annual Dividend for your Policy annually starting from the 13th Policy Anniversary. The amount to be declared is determined by us at our sole discretion.
3 The Policy will be entitled to Terminal Dividend after it has been in force for 10 years from the Policy Date. The amount of Terminal Dividend will be determined by us based on the Notional Amount.
4 On or after the 10th Policy Anniversary while the Policy is in force and the Insured is alive during the application, you may change the Insured if conditions are fulfilled.
5 The Insured can only be changed once under your Policy and only on or after the 10th Policy Anniversary while the Policy is in force and conditions are fulfilled.
6 The “Happy Check Event Bonus” is equal to 5% of latest Notional Amount and requires the application to meet certain conditions under the Policy.
(i) These case studies are purely fictional and are for illustrative purposes only. Any relation to or reference to any actual person, party or event is purely coincidental. The nature of these case studies should not be interpreted as any comment on, or confirmation or extension of, insurance coverage for any past, present or future case. Furthermore, these case studies should not be relied upon to predict the outcome of any actual case as all cases are evaluated on their own individual merits and subject to the actual terms and conditions of the relevant Policy. It is important to note that each actual case is unique.
(ii) Figures are based on current projection and rounded to the nearest whole number.
(iii) These case studies involve some assumptions, including the following:
a. All Premiums are paid in full when due and insurance levy is not included;
b. No Policy loans or Premium Holiday are taken throughout the Policy term;
c. No Successor Owner has been designated;
d. The Notional Amount of Forever Diamond Plan II and the premium payment mode remain unchanged throughout the Policy term;
e. The Owner applied to withdraw from the accumulated Guaranteed Cash Coupons. If the accumulated Guaranteed Cash Coupons are insufficient to pay for the withdrawals, the interest of the accumulated Guaranteed Cash Coupons will then be taken out to pay for the withdrawal. When more funds are required, the accumulated Annual Dividends and the interest of accumulated Annual Dividends will be taken out to pay for the withdrawal. The interest accumulation rate applied in these case studies are 4.0% per annum which is non-guaranteed and subject to change by the Company from time to time; and
f. Projected Surrender Value is the sum of guaranteed Cash Value, the Accumulated Coupons, Accumulated Annual Dividends, Terminal Dividend and “Happy Check Event Bonus” and its accumulated interest. Annual Dividend and Terminal Dividend included in the projection of non-guaranteed benefits are based on the Company’s current assumed dividends scales which are not guaranteed and are determined by the Company from time to time and based on the Company’s experiences and expectation of a series of factors including but not limited to investment return, claims, policy surrenders and expenses. The actual amount of Surrender Value payable may change anytime with the values being higher or lower than those illustrated.
(iv) The Owner must have adequate insurable interest in the proposed New Insured and/or Successor Insured in accordance with our prevailing underwriting requirements and we may require explanation or proof of such insurable interest.
(vi) Written requests are required for change of Insured, naming the Successor Insured and making Cash Withdrawal. Such requests are valid only if recorded and approved by us. Please refer to the policy provision of this product for the exact terms and conditions.