Life Protection for Your Peace of Mind1
The Plan includes a life protection package. In the event of death of the Life Assured during the benefit term, his / her loved ones (e.g., the beneficiary) will receive the sum assured1, which can be used to settle the outstanding mortgage balance and reduce the financial burden.
- For the purpose of calculating the premium and the sum assured, the current interest rate for the Plan is 8% p.a., and it may differ from the actual interest rate for the mortgage. Hence, the sum assured to be received upon death may differ from the actual outstanding mortgage balance
Simplified Underwriting2 for Hassle-Free Protection
You can enjoy hassle-free protection, as this plan is designed to offer simplified underwriting to customers who are income earners aged 19-55 (age next birthday) and are applying for or have taken out the mortgage loan amount equivalent to HK$6,000,000 or lower. By making a simplified underwriting declaration only, you do not need to worry about providing complicated information about your medical history.
- Simplified underwriting is only available to eligible customers. For details, please refer to the "Remarks" below.
Sum Assured Diminishes on a Monthly Basis to Reflect Your Need
With the Plan, the sum assured will diminish on a monthly basis, according to the benefit term and the interest rate at 8% p.a., in order to match the level of mortgage protection needed. At the policy inception, the minimum sum assured is HK$360,000, while the maximum sum assured is equivalent to HK$6,000,000 or the mortgage loan drawdown amount (for a new mortgage applicant of Standard Chartered Bank (Hong Kong) Limited ("the Bank")) or the mortgage loan outstanding amount (for existing mortgage customers either with the Bank or not), whichever is lower on a per Life Assured basis.
You can enjoy a premium discount on the policy with a sum assured of HK$2,000,000 or above. For details, please contact the Bank's staff.
Different Payment Methods to Suit Your Needs
You can choose the payment method and benefit term that best suit your financial needs. The Plan provides coverage up to age 71 (age next birthday). Other than for the single premium payment, the premium payment period will be 3 years less than the benefit term.
The calculation of the premium is based on the Life Assured's age, gender and selected benefit term. If you choose to pay your plan in regular mode, your premium will be levelled during the whole premium term, so you do not have to worry about future premium increments.
||Single Premium Payment
||Regular Premium Modes: Monthly, Quarterly, Semi-Annually and Annually
|Issue Age of the Life Assured (age next birthday)
||Age of 19 - 66, or 71 (age next birthday) less benefit term, whichever is lower
||Age of 19 - 61, or 71 (age next birthday) less benefit term, whichever is lower
||5 - 30 years, or till age 71 (age next birthday), whichever is shorter
||10 - 30 years, or till age 71 (age next birthday), whichever is shorter
- Benefit term must be the same as or less than the remaining tenor of mortgage loan.