QuickReward Endowment Life Insurance Plan (1-Year)

Please note the relevant product risks. The above life insurance plan is underwritten by Hang Seng Insurance Company Limited.

Plan overview

The QuickReward Endowment Life Insurance Plan (1-Year) ("QuickReward" or "the Plan") are short-term life insurance plans with saving element underwritten by Hang Seng Insurance Company Limited ("Hang Seng Insurance"). Neither bank deposit nor banking savings plan, these plans are designed as a short policy term of 1-year life protection and provide a Guaranteed Cash Value upon maturity to help you to prepare for unforeseen expenses with wealth protection. Application is easy - simply submit your application online.

You can also compare the two endowment plans from Hang Seng Insurance with the comparison table below to learn more wealth management solutions.

Only 3 simple steps to apply online – Quote > Apply > Payment

Key features

The plans provide 3 currency options, enabling the Policyholder of this short-term endowment life insurance plan to achieve the savings goal with 1-Year premium payment period with ease.

  • HKD: With premium discount, you can enjoy up to 1.18% annualised guaranteed rate of return, with Guaranteed Cash Value of 101.18% of the Total Premium Paid upon maturity
  • USD: With premium discount, you can enjoy up to 1.18% annualised guaranteed rate of return, with Guaranteed Cash Value of 101.18% of the Total Premium Paid upon maturity
  • RMB: With premium discount, you can enjoy up to 2.68% annualised guaranteed rate of return, with Guaranteed Cash Value of 102.68% of the Total Premium Paid upon maturity

You could complete lump sum premium payment with ease through direct transfer.

There are 4 premium options for HKD and USD plan; and over 6 premium options for the RMB plan to suit your savings needs:

Plan

Premium

HKD Plan HKD60,000 / HKD80,000 / HKD120,000 / HKD180,000
USD Plan USD7,500 / USD10,000 / USD15,000 / USD22,500
RMB Plan RMB60,000 / RMB80,000 / RMB120,000 / RMB180,000 / RMB250,000 / RMB500,000

In the event of an unfortunate death of the Life Insured during the policy effective period, the Beneficiary will be able to claim the death benefit in lump sum, the amount will be equivalent to 101% of the Total Premium Paid on the date of death of the Life Insured. Policy will be terminated immediately once the claim amount is paid.

In the event of an unfortunate death of the Life Insured in an Accident during the policy effective period, the Beneficiary will be able to receive the Accidental Death Benefit, which equals to 10% of the Total Premiums Paid. The Accidental Death Benefit will be paid in addition to the Death Benefit (101% of Total Premium Paid). Policy will be terminated immediately once the claim amount is paid.

QuickReward offers limited quota. Each policyholder can only hold up to 1 policy of with plan currency of either HKD or USD. Hang Seng Insurance reserves the right to stop online applications of the Plan without prior notice and the right to accept or decline any applications for the Plan based on the information provided by the Life Insured and / or Policyholder during online enrollment.

Comparing endowment life insurance plans

QuickReward Endowment Life Insurance Plan (1-Year)
5-Year eEndowment Life Insurance Plan
Plan features
  • Guaranteed rate of return in 1 year to help you manage wealth effectively
  • Limited offer (Each policy holder can only apply for up to 1 policy with HKD / USD premium option)
  • Enjoy short policy term of 5-year life protection and help you achieve savings goals with guaranteed rate of return
  • Limited offer
Policy Term

1 year

5 years

Premium payment term

1 year

2 years

Annualised Guaranteed Rate of Return

Up to:
1.18% (HKD) /
1.18% (USD) /
2.68% (RMB)

Up to:
2.90% (HKD) /
3.10% (USD) /
3.25% (RMB)

Policy currency

HKD / USD / RMB

HKD / USD / RMB

Premium payment mode

Single Premium

Annual or monthly payment mode

Plan options

Single Premium

HKD Plan
HKD60,000 / HKD80,000 / HKD120,000 / HKD180,000

USD Plan
USD7,500 / USD10,000 / USD15,000 /USD22,500

RMB Plan
RMB60,000 / RMB80,000 / RMB120,000 / RMB180,000 / RMB250,000 / RMB500,000

Annual mode[2]

HKD Plan
HKD7,200 / HKD12,000 / HKD36,000 / HKD60,000

USD Plan
USD900 / USD1,500 / USD4,500 / USD7,500

RMB Plan
RMB36,000 / RMB60,000 / RMB120,000 / RMB180,000

Monthly mode

HKD Plan
HKD600 / HKD1,000 / HKD3,000 / HKD5,000

USD Plan
USD75 / USD125 / USD375 / USD625

RMB Plan
RMB3,000 / RMB5,000 / RMB10,000 / RMB15,000

Life Protection

Equals to 101% of Total Premium Paid for the Basic Plan as at the date of the death of the Life Insured less indebtedness (if any)

Equals to 101% of Total Premium Paid for the Basic Plan as at the date of the death of the Life Insured less indebtedness (if any)

Accidental Death Benefit

Equals to 10% of Total Premiums Paid under the Basic Plan less indebtedness (if any)

Equals to 30% of Total Premiums Paid under the Basic Plan less indebtedness (if any)

The above information is intended as a general summary of endowment life insurance of Hang Seng Insurance for reference only. It shall not be construed as an offer to sell or solicitation of an offer or recommendation of any products. Customer should explore short term endowment life insurance based on their insurance needs and affordability, and no advice has been given by Hang Seng Bank.

Product details

Achieve short-term savings goal and grow your wealth in only 1 year through endowment plan

Mr. Chan wants to meet his goal of steady wealth growth in uncertain market conditions but also want to manage his wealth effectively. So he chooses QuickReward Endowment Life Insurance Plan (1-Year) of HKD policy with single payment of HKD179,676 to accumulate wealth with ease.

  1. Policy starts

    Single premium: HKD179,676

  2. End of year 1

    Receive Guaranteed Cash Value upon policy maturity

    HKD181,800 (101.18% of total premium paid)

With a single premium paid, Mr. Chan can enjoy 1.18% annualised return and receive up to 101.18% Guaranteed Cash Value upon maturity.

Savings with multiple policies in multiple currencies

Mr. Wong keeps his savings in multiple currencies to diversify risks and would also like to accumulate wealth. So he chooses the USD policy of QuickReward Endowment Life Insurance Plan (1-Year) with single payment of USD14,973. He would like to further grow his wealth with RMB as well, so he applies for the RMB policy of QuickReward Endowment Life Insurance Plan (1-Year) with single payment of RMB491,800.

  1. Policy starts

    1st policy with USD payment

    Single premium: USD14,973

  2. 6 months later

    Start of 2nd policy with RMB payment

    Single premium: RMB491,800

  3. End of year 1

    Receive Guaranteed Cash Value upon maturity of policy with USD payment

    USD15,150 (101.18% of total premium paid)

  4. End of year 1.5

    Receive Guaranteed Cash Value upon maturity of policy with RMB payment

    RMB505,000 (102.68% of total premium paid)

With 2 policies, Mr. Wong can enjoy 1.18% annualised return for policy in USD and 2.68% annualised return for policy in RMB, enjoying steady saving and effective wealth management.

Eligibility

  • QuickReward Endowment Life Insurance Plan (1-Year) is only available to tax residents of Hong Kong aged between 18-64, the applicant also needs to possess valid Hong Kong Identity Card and Hang Seng bank account
  • Premium payment should be debited from customer’s Hang Seng Bank account

FAQs

Application

QuickReward Endowment Life Insurance Plan (1-Year) is a non-participating life insurance product with savings element and is designed to help fulfilling short term saving need. By successful online application of QuickReward and pay a lump-sum premium payment, you can receive Guaranteed Cash Value after 1 year and enjoy up to 2.68% annualised guaranteed rate of return. Please ensure your selected option is suitable for your insurance needs and expectation.

Yes, you may apply online for more than 1 Hang Seng Insurance’s QuickReward Endowment Life Insurance Plan (1-Year) policy with RMB premium option. Yet QuickReward offers limited quota and if you would like to apply for more than one QuickReward Endowment Life Insurance Plan (1-Year) policy with RMB premium option, please note that your total premium paid for all life insurance plans in Hang Seng Insurance cannot exceed RMB11,000,000.

QuickReward Endowment Life Insurance Plan (1-Year) currently only accepts online applications.

Once you complete the online QuickReward Endowment Life Insurance Plan (1-Year) application form, you will be asked to confirm and review your details on a verify page. The same day, an acknowledgement email with reference number will be sent to the email address you provided in the application, to assure your application has been received.

We will notify you regarding the application notification by sending a SMS to your default mobile number on record at Hang Seng Bank after 7 to 10 working days under normal circumstances. Once the policy has been successfully processed, you can view the policy details and policy pack by logging on Hang Seng Bank Personal e-Banking (Desktop) > "Insurance" > "My insurance". If you haven't registered for Hang Seng Bank Personal e-Banking, a paper version of the policy pack will also be prepared for you. This simplified process frees you from the hassle of typical insurance applications.

You can also call our hotline at (852) 2198 7838 for queries.

Payment and Policy Administration

You may choose to pay your premiums in HKD or policy currency.

Policy currency

Payment currency

HKD

HKD

USD

USD or HKD

RMB

RMB or HKD

If you choose to pay your premiums for your non-HKD policy in HKD, currency conversion is subject to the market-based prevailing exchange rate as determined by Hang Seng Insurance on the premium payment date when processing the premium payment. This exchange rate is subject to market fluctuation and will have a direct impact on the amount of the premium payment in HKD. Please ensure there are sufficient funds for premium payments in your designated payment account[3] to avoid service charges incurred due to insufficient funds.

If you are a Hang Seng Bank Personal e-Banking customer, you can manage your policy(ies) and check policy information 24/7 via Personal e-Banking (Insurance Overview). You may also call our hotline at (852) 2596 6262 for queries about your policy.

Make a claim

Claim procedures

Find details on how to submit your claim and more.

Download form

You can find all the forms and documents here for our insurance products.

Need more help?

Call us (General enquiry)

(852) 2198 7838

Service hours:

Mon to Fri: 9:00am to 5:30pm

Sat: 9:00am to 1:00pm

Call us (Policy enquiry)

(852) 2596 6262

Service hours:

Mon to Fri: 9:00am to 5:45pm

Sat: 9:00am to 1:15pm

Closed on Sunday and Public Holidays

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Footnote

Other point(s) to note

  1. QuickReward Endowment Life Insurance Plan (1-Year) is underwritten by Hang Seng Insurance Company Limited. Hang Seng Insurance Company Limited is authorised and regulated by the Insurance Authority of the HKSAR. Hang Seng Bank is an insurance agent authorised by Hang Seng Insurance Company Limited and the insurance products are products of Hang Seng Insurance Company Limited but not Hang Seng Bank. 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.
  2. The above information is intended as a general summary of information for reference only. It shall not be construed as an offer to sell or solicitation of an offer or recommendation to purchase or sale or provision of any products of Hang Seng Insurance Company Limited. Please refer to the actual policy for the exact terms, conditions and exclusions of the Plan.
  3. QuickReward Endowment Life Insurance Plan (1-Year) is limited offer only. Hang Seng Insurance Company Limited reserves the right to stop online applications of the Plan without prior notice. Hang Seng Insurance Company Limited reserves the right to accept or decline any applications for the Plan based on the information provided by the Life Insured and / or Policyholder during online enrollment. If you wish to know more such as about product coverage, product risk and exclusions, please read the Product Brochure – QuickReward Endowment Life Insurance Plan (1-Year).
  4. QuickReward Endowment Life Insurance Plan (1-Year) offers limited daily quota. New quota will be released at 12 noon every day. Hang Seng Insurance Company Limited reserves the right to accept or decline any applications subject to the plan's availability.

Remark(s)

  1. This is a rate of Guaranteed Cash Value upon maturity of RMB plan with first year premium discount included. Terms and conditions apply. Limited Quota.
  2. For Annual Mode, there will be within 0.001% difference between the actual premium figures and the quoted premium amount due to rounding up of the system setting.
  3. If integrated account is chosen for payment, the premium will be debited from your Hang Seng Bank current account by Hang Seng Insurance.
  4. The description of “Endowment Plan with (the) Shortest Maturity in Town" is based on comparison of policy term of similar life insurance plans and policy term publicly offered to individual customers by major life insurance companies in Hong Kong as of 24 August 2022.
  1. Terms and Conditions apply. Please note the relevant product risk. To borrow or not to borrow? Borrow only if you can repay!
  2. This is the return rate of RMB plan in annual payment mode with first year premium discount included. Terms and Conditions apply, please note the relevant product risks.