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Investment Linked Insurance
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Treasure Advantage 2 is a regular premium investment-linked assurance scheme that provides you with life insurance coverage and access to a range of investment options during the policy term which will end when the insured becomes 80 years old. Treasure Advantage 2 is available to applicants between the age of 18 and 60 (inclusive) and life insured between 15 days and 60 (inclusive).
You can select your premium payment period ranging from 5 to 10 years which cannot be changed once your Basic Policy is issued. You can choose to pay your premium monthly, quarterly, semi-annually or annually, and the minimum regular premium contribution is US$100 per month, US$300 per quarter, US$600 per half year or US$1,200 per year. Once the premium contribution is set by you, any increase in premium contribution is not allowed. On the other hand, you will not be allowed to reduce the amount of regular premium payable under the Basic Policy within the Initial Contribution Period. However, you can reduce the premium amount to no less than the minimum regular premium contribution requirement after the Initial Contribution Period. The Initial Contribution Period of either 18 or 20 months is determined according to your selected premium payment period.
Total Account Value: The premium contribution you have made shall be used to notionally allocate units of your selected investment options to the Initial Unit Account as regards your premium paid for the Initial Contribution Period and the Accumulation Unit Account as regards your premium paid for the remaining premium payment period after the Initial Contribution Period. These notional units are for the determination of the Total Account Value and benefits.
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In the unfortunate event of the death of the life insured while the Basic Policy is in force, we will pay the beneficiary the higher of (a) 105% of the Total Account Value; and (b) 105% of the balance of total premiums paid under the Basic Policy less any partial withdrawals made.
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You can temporarily suspend paying premium by applying for a premium holiday after the Initial Contribution Period until the end of the premium payment period as long as the value of the Accumulation Unit Account is sufficient to cover the on-going fees and charges. Please note that, during premium holiday, the ongoing fees and charges will continue to be deducted from the Initial Unit Account and the Accumulation Unit Account. Such deduction during a prolonged premium holiday, magnified by unfavorable investment performance and/or partial withdrawal, may lead to significant drop in the Total Account Value, and therefore the death benefit and the loyalty bonus payable.
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We have made a number of investment options available to Treasure Advantage 2 for your selection. You may switch the units in the investment options held in your Initial Unit Account or Accumulation Unit Account, provided that the switched amount is at least US$100 per transaction. No switching across the Initial Unit Account and the Accumulation Unit Account is allowed.
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* Partial withdrawal: After the Initial Contribution Period, you may withdraw from your Accumulation Unit Account free of charge anytime subject to the conditions that the withdrawal amount is not less than US$600 and the balance of your Accumulation Unit Account immediately after the withdrawal does not fall below US$1,500. However partial withdrawal from the Initial Unit Account is not allowed throughout the entire policy term. Please note that once the partial withdrawal has been made, your Total Account Value and death benefit will be reduced.
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The following bonuses and policy fee refund will be credited to your Initial Unit Account and/or Accumulation Unit Account, as the case may be.
Please note that these bonuses and policy fee refund will form part of the values of the Initial Unit Account and/or the Accumulation Unit Account and will be subject to the ongoing fees and charges (as well as the early encashment charge for the special bonus).
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Accumulation Unit Account
The account that the Company establishes and maintains for you under the Basic Policy which shall be notionally allocated with units in accordance with the allocation instructions as regards your premium paid for the remaining premium payment period after the Initial Contribution Period for determination of the value of the Accumulation Unit Account.
Basic Policy
The contract of policy, including the schedule of fees and charges, as may be amended by endorsement from time to time.
Initial Contribution Period
The period that is determined according to your selected premium payment period and is shown on the policy information page as the “Initial Contribution Period”. The premium payable under the Basic Policy for the Initial Contribution Period is used for the allocation of units to the Initial Unit Account.
Initial Unit Account
The account that the Company establishes and maintains for you under the Basic Policy which shall be notionally allocated with units in accordance with the allocation instructions as regards your premium paid for the Initial Contribution Period for determination of the value of the Initial Unit Account.
Monthiversary
The same day of each subsequent month as the Policy Date. If there is no corresponding date in the month, then the Monthiversary will be the last date of such month.
Policy Date
The date by which Monthiversary, policy anniversary, policy month and Policy Year are determined and shown on the policy information page as the “Policy Date” or, where amended, the date shown on an endorsement to the Basic Policy (if any). It shall be the same as the application date of your Basic Policy.
Policy Year
Each 12-month period starting from the Policy Date.
Total Account Value
The total value of all investment options notionally allocated to the Initial Unit Account and the Accumulation Unit Account. The value of each investment option equals the number of units of the investment option multiplied by the bid price of the investment option on the relevant valuation day.
4.5% of the value of the Initial Unit Account per annum chargeable during the premium payment period.
1.5% of the Total Account Value per annum chargeable throughout the policy term.
Subject to the Total Account Value and the attained age, gender and class of risk of the insured, and chargeable throughout the policy term.
US$6 per month chargeable throughout the policy term.
Equivalent to the value of the Initial Unit Account multiplied by the relevant early encashment charge rate, which is up to 49%, in the event of policy lapse or policy surrender.
The underlying fund charges may include management fee, performance fee, bid-offer spread and/or switching fee and such fees will be deducted and reflected in the unit price of the underlying funds.