PhoenixLife Insurance Plan

Plan overview

PhoenixLife Insurance Plan ("PhoenixLife" or “the Plan”) is a whole life insurance plan which integrates legacy planning, asset accumulation and whole-life protection to safeguard your family and meet your various needs.

Visit one of our branches for plan details and save your time from comparing various whole life insurance plans.  

Key features

  • You can pay a Single Premium to enjoy whole life insurance coverage
  • Guaranteed Death Benefit that equals to 100% of Sum Insured in the first 10 Policy Years
  • You can choose to pay out the Death Benefit either in a lump-sum or by monthly instalments to better plan for the financial needs of your family
  • When this whole life insurance policy is in force, you can designate a Contingent Owner of the Policy who shall become the new policyholder upon your death, so policy term can last longer to accumulate wealth for the family
  • Change of Life Insured is allowed up to 3 times to fulfil your need of legacy planning, ensuring stable financial support for your family in the future

In the event of this whole life insurance policy termination, a lump-sum non-guaranteed Special Dividend (if any) may become payable to you or the Beneficiary(ies), providing extra potential returns.

While this whole life insurance policy is in-force and upon attaining the 10th policy year, the Policyholder has the right to exercise the Policy Value Management Option, to lock in a portion of the Plan’s guaranteed cash value and non-guaranteed Special Dividend (if any) which mitigate the impact of fluctuations in the investment market.

Policyholder can withdraw Policy Value Management Balance under the Policy anytime, increasing the liquidity and flexibility of funds to fulfil their personal and family needs.

With Preferential Underwriting Procedures, applying for the Plan is simple. As long as the Sum Insured does not exceed the maximum Sum Insured amount at the time of application, provided that the Life Insured and/or the Policyholder fulfils the Insurance Age and other application requirements of the Plan, medical examinations or health declarations are not required, making it easy for you to apply for the protection you need.

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Claim procedures

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Forms and documents centre

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Other point(s) to note

  1.  PhoenixLife Insurance Plan (“the Plan”) is underwritten by Hang Seng Insurance Company Limited, which is authorised and regulated by the Insurance Authority of the HKSAR. Hang Seng Bank Limited (“Hang Seng Bank”) is an insurance agent authorised by Hang Seng Insurance Company Limited and the product is a product of Hang Seng Insurance Company Limited, not Hang Seng Bank.
  2. In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between Hang Seng Bank and you out of the selling process or processing of the related insurance product transaction, Hang Seng Bank will enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the insurance products should be resolved between Hang Seng Insurance Company Limited and you directly.
  3. The above information is intended as a general summary of information only. Please refer to the actual policy for the exact terms, conditions and exclusions of the Plan.
  4. You understand that the Plan is underwritten by Hang Seng Insurance Company Limited. You have to pay premium to Hang Seng Insurance Company Limited for your application for the Plan. The premium includes various fees and charges such as insurance cost (e.g. cost of death benefit determined formulated according to the mortality rate that is affected by sex and age of the insured person) and policy administration charges, etc. You also understand that Hang Seng Insurance Company Limited will pay commissions and sales incentives to Hang Seng Bank for marketing the Plan. The current remuneration system that Hang Seng Bank adopts is a measurement of the staff’s overall performance instead of focusing on sales production only.
  5. Please refer to the Product Brochure for detailed terms and conditions and exclusions. And please refer to the Notes on Participating Policy for details of dividend philosophy, investment strategy and historical fulfilment ratio of dividend distribution.