Income Goal Insurance Plan II¹

¹ Application for Income Goal Insurance Plan II is subject to our relevant requirements on your nationality and/or addresses and/or residency as determined by us from time to time.

² Under the payment at monthly intervals option, only Monthly Guaranteed Annuity Payments are paid out. Under the rollover option, Monthly Guaranteed Annuity Payments are accumulated with interest (if any) which is non-guaranteed and determined at our discretion from time to time.

³ The amount of Special Bonus, if any, is not guaranteed and is subject to our absolute discretion.

⁴ You may apply to exercise the Policy Value Management Option to allocate a portion of the Net Cash Value and Special Bonus³ as of the date of such a request is processed, to the Policy Value Management Balance¹² provided that:

• This Policy has been in force for 10 Policy Years or more;
• All premiums are paid up when due; and
• There is no Indebtedness¹³ under the Policy.

The exercise of the Policy Value Management Option is subject to the minimum amount requirements on (i) the Net Cash Value and Special Bonus³ to be allocated per transaction; and (ii) the Monthly Guaranteed Annuity Payment² after the exercise of this option. Such minimum amount requirements are determined by the Company from time to time without prior notice to Policyholders.

⁵ An amendment to an insurance policy that becomes a part of the insurance contract which expands or limits the benefits payable.

⁶ The Additional Accidental Death Benefit will terminate when the Life Insured attains the age¹¹ of 80 or payout of the relevant benefits or the Policy is terminated (whichever is earlier). The Policy will terminate upon the payment of the Additional Accidental Death Benefit.

⁷ Unemployment Benefit is applicable to Policyholder’s Insurance Age¹¹ between 19  and 64 who is the holder of  a Hong Kong Identity Card. The benefit will terminate when the Policyholder attains the age¹¹ of 65 or all due premiums have been paid or the Policy is terminated (whichever is earlier). Such benefit is not applicable to for single premium policies.

⁸ The eligibility of Payor’s Benefit is applicable to the Life Insured who is 15 days old after birth to the Insurance Age¹¹ of 18 and Policyholder’s who are at Insurance Age¹¹ of between 19 to and  60. The benefit will terminate when the Policyholder attains the age¹¹ of 65 or the Life Insured attains the age¹¹ of 25 or the Policyholder recovers or all premiums have been paid or the Policy is terminated, whichever is earlier. Such benefits are is not applicable for single premium policies.

⁹ Critical Illness Select (Additional Payment) is applicable to the Life Insured’s Insurance Age¹¹ between 15 days and 60 who is the holder of a Hong Kong Identity Card or Macau Identity Card. The benefit will terminate if the Policy terminates, expires, lapses, or is surrendered (whichever is applicable) or when the Life Insured attains the age¹¹ of  65 or the Policy is terminated (whichever is earlier). Such benefit is not applicable to single premium policy.

¹⁰ For the same Life Insured, if the total premiums of all the pending Guaranteed Approval / Simplified Underwriting Applications and in-force policies of RetireEnrich Protection Plus, RetireIncome Annuity Plan, HSBC Wealth Goal Insurance Plan, HSBC Wealth Goal Insurance Plan II, EarlyIncome Annuity Plan, HSBC EarlyIncome Deferred Annuity Plan, Income Goal Insurance Plan, Income Goal Insurance Plan II and HSBC Income Goal Deferred Annuity Plan are:

• more than the “guaranteed approval” limit of HKD2,500,000/USD312,500 for a Life Insured who is 15 days after birth to Insurance Age¹¹ of 18 and HKD40,000,000/USD5,000,000 for a Life Insured who is at the Insurance Age¹¹ of 19 to 65, the Life Insured is required to complete a number of simple health questions; or
• more than the simplified underwriting limit of HKD70,000,000/USD8,750,000, the application will be further reviewed by the Company, and the acceptance of the application will be subject to the Company's discretion.

¹¹ Insurance Age means the age of the Life Insured or Policyholder where applicable at his or her next birthday.

¹² Policy Value Management Balance means the amount of the accumulated proceeds from the exercise of the Policy Value Management Option⁴ which is allocated to the Policy to accumulate at such non-guaranteed interest rate(s) as are determined at the Company’s discretion from time to time, and less any previously withdrawn amounts.

¹³ Indebtedness means the sum of all outstanding Policy Loans, any interest accrued on such Policy Loans, and any outstanding premiums under this Policy.