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Unilateral Contract & Contract Right
The insurance company promise to pay the death benefit in exchange for Policyowner's payment of future premium.
Summary of Contract Feature
Guaranteed Renewal
The insurance coverage shall automatically be renewed at each Policy Anniversary till the end of the specified term without submitting evidence of continued insurability. |
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Policy Proceed
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Paid on death, whenever that occurs, and not before the Policy Expiry |
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Policy Cash Value |
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| Policy cash value = Guaranteed cash value (if any)+ Non Guarantee Dividend / Maturity Dividend (if any) + Endowment Cash Value (if any) |
Guarantee Cash Value |
- Shown in the Table of Guaranteed Values on the Policy Data Page, provided that Premiums have been paid in full
- Exclusive and known value at the outset throughout the policy maturity
- Normally equal to 100% of Life Sum Insured upon Maturity
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| Dividends (Participating Life Insuance) |
- A refund to the Policyowner of a portion of a life insurance premium after the company meets such obligations as claims, expenses, and reserves.
- Non Guarantee Value that is only shown on proposal as estimation only depending on the actual distribution at the determination of insurance company.
- Not to be confused with a dividend to stockowners of stock insurance companies.
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| Maturity Dividends |
| Non Guarantee Value that is paid to the Policyowner at the time when policy is matured. |
| Dividend Options |
- Paid-up addition
- It used to buy paid-up additional insurance
- Dividend accumulation - It left with the insurer to earn interest;
- Premium reduction - It applied towards future premiums of the policy;
- Cash - It paid in cash at once.
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| Guarantee Endowment Cash Value |
- A fixed amount in relation to certain percentage to Life Insurance Sum Insured is released to policy account at specified period or at the time of maturity, such as every 3 or 5 years, or at 10th / 15th / 20th years or at age 55 / 60 / 65.
- Bears Loan function if specified in the Policy
- Can withdraw out with affecting the sum insured of Life Insurance
- Can or cannot leave deposit to Insurance Company for interest accumulation
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| Loan Value |
- Collateral Loan against Policy Cash Value
- Loan Interest charge, normally determined by insurer from time to time
- Equal to certain percentage or lower of Policy Cash less any unpaid loans together with accrued interest, if any. (i.e 60% to 90%)
- No Repayment Schedule unless the accumulated loan value has exceed the policy cash value
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| Surrender Value |
- Equal to any guaranteed Cash Value, cash value of any Paid-Up Addition, any accumulated Dividends, any bonuses together with accumulated interest, less any outstanding Premiums and loans together with accrued interest.
- Select to surrender it in accordance with the Non-Payment of Premium section
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| Option Upon Lapse |
- Cash surrender value - is paid when the Policyowner terminates the policy;
- Reduced paid-up insurance – is purchased by the net cash value in a single premium as life insurance of the same plan at lower face amount than the face amount of the original policy for coverage of life time;
- Extended term insurance - is purchased by the net cash value in a single premium as life insurance of the same plan for the same amount as the original face amount for certain period of coverage
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| General Terms |
Incontestability
- Except for material misrepresentation, fraud or non-disclosure, the insurer will not contest this Policy after it has been in force during the lifetime of the Insured for two (2) years from the Date of Issue or any dates of subsequent Reinstatement.
- The Incontestability provision will also apply to any riders attached to this Policy unless stated otherwise.
Suicide Exclusion
- If the Insured commits suicide, while sane or insane, within one or two (1 or 2) years of the Date of Issue or any subsequent date of Reinstatement, the coverage of this Policy and any attached term riders will end.
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