Total & Permanent Disability (TPD) Benefit -
Terminal Illness (TI) Benefit -
Simplified Critical Illness (SCI) Benefit -
Accidental Death & Disablement Insurance (ADD)
Life Insurance Insured Sum And Monthly Premium
HKICPA Booklet Plan Doc 2019-2020
Life Insurance with extended Total & Permanent Disability (TPD) Benefit, Terminal Illness (TI) Benefit, Simplified Critical Illness Benefit (SCI), and Accidental Death & Disablement Benefits (ADD)
This Life Insurance covers death arising from any causes except suicide in the first year of cover, or subsequent increase of Insured Sum, or date of reinstatement after lapse. The TPD, TI, SCI and ADD are benefit extensions to the Life Insurance. The maximum benefits payable under the Life Insurance including all benefit extensions except ADD is the Life Insurance Insured Sum. ADD is payable on top of the Life Insurance. Coverage under each benefit extension is described as follows.
If as a result of sickness or accident, an Insured Member suffers TPD (as defined below) continuously for at least 6 months, 10% of the Life Insurance Insured Sum will be payable. The remaining 90% of the Life Insurance Insured Sum will be payable in one lump sum if the TPD persists at the end of a 12 month period or prior death occurs after the initial 10% payment.
TPD is defined as the inability to engage in any occupation or employment for compensation or profit for which an Insured Member is reasonably qualified by reason of his education, training or experience for the remainder of his lifetime as a result of accidental bodily injury, sickness or disease. The total and irrecoverable loss of sight of both eyes, or the loss by severance of two or more limbs at or above wrists or ankles, or the total and irrecoverable loss of one eye and loss by severance of one limb at or above wrist or ankle will be considered as TPD.
l self-destruction or intentional self-inflicted injuries or any attempt thereat while sane or insane;
l war, declared or undeclared, revolution or any warlike operations;
l participating in riot and civil commotion, strikes or terrorist activities;
l violation or attempted violation of law or resistance to arrest;
l entering, operating or servicing, riding in or on, ascending or descending from or with any aerial device, or conveyance except while the Insured Member is in an aircraft operated by a commercial passenger airline on a regular scheduled passenger trip over its established passenger route;
l racing on horse or wheels; and
l pre-existing conditions for which the Insured Member received medical treatment, diagnosis, consultation or prescribed drugs during the ninety (90) days preceding the effective date of coverage, unless the Insured Member affected by these conditions has been continually insured for Twelve (12) consecutive months.
If an Insured Member suffers from a condition, which in the opinion of a medical practitioner is highly likely to lead to death within six (6) months, a lump sum benefit equal to 50% of the Life Insurance Insured Sum, subject to a maximum of HK$300,000/US$38,500 will be paid in advance. However, no advance payment shall be made if the SCI benefit described below has been paid. The balance of the Life Insurance Insured Sum after deducting this advance payment will be payable upon death while the coverage of the Insured Member is in force.
If an Insured Member is diagnosed to have one of the following Illnesses:a) Kidney Failure, b) Paralysis or c) Coma, as defined in the Policy, a lump sum benefit equal to 100% of the Life Insurance Insured Sum subject to a maximum of HK$300,000/US$38,500 will be paid in advance. However, no advance payment shall be made if the TI benefit described above has been paid. The balance of the Life Insurance Insured Sum after deducting this advance payment will be payable upon death while the coverage of the Insured Member is in force.
The above Critical Illnesses must commence after 60 days following the effective date of coverage, and not be a result of i) self destruction or intentional self-inflicted Injuries; or ii) a condition/ symptom which was diagnosed, or advised or treated by a medical doctor prior to the effective date of coverage.
The Insured Sum of a Member will be reduced by any amount paid under TPD, TI or SCI. In any event, the total amount payable to a Member under this Life Insurance is the Insured Sum. When the Insured Sum is paid to a Member, the Life Insurance of this Member will be terminated.
The ADD Insured Sum is equal to 135% of Life Insurance Insured Sum. The ADD Insured Sum is payable according to the following Schedule of Indemnities for death or injury due to accidental and external means and the loss occurs within 12 months of an accident. Only one of the amounts specified in items 1) to 19) inclusive, with the highest amount will be paid if the injury results in more than one loss events.
SCHEDULE OF INDEMNITIES - I (SUPERIOR)
% of ADD Insured Sum
1) Permanent and incurable paralysis of all limbs 150%
2) Permanent total loss of sight of both eyes 150%
3) Loss of or the permanent total loss of use of two limbs 150%
4) Loss of or the permanent total loss of use of one limb - right hand 125%
5) Permanent and incurable insanity 150%
SCHEDULE OF INDEMNITIES - II
% of ADD Insured Sum
6) Loss of Life 100%
7) Permanent total loss of sight of one eye 100%
8) Loss of or the permanent total loss of use of one limb
-left hand/one foot 100%
9) Loss of speech and hearing 100%
10) Permanent total loss of hearing in
(a) both ears 75%
(b) one ear 25%
11) Loss of speech 50%
12) Permanent total loss of the lens of one eye 50%
13) Loss of or the permanent total loss of use of four fingers and thumb of
(a) right hand 70%
(b) left hand 50%
14) Loss of or the permanent total loss of use of four fingers of
(a) right hand 40%
(b) left hand 30%
15) Loss of or the permanent total loss of use of one thumb
(a) both right phalanges 30%
(b) one right phalanx 15%
(c) both left phalanges 20%
(d) one left phalanx 10%
16) Loss of or the permanent total loss of use of fingers
(a) three right phalanges 10%
(b) two right phalanges 7.5%
(c) one right phalanx 5%
(d) three left phalanges 7.5%
(e) two left phalanges 5%
(f) one left phalanx 2%
17) Loss of or the permanent total loss of use of toes
(a) all – both feet 15%
(b) great – both phalanges 5%
(c) great – one phalanx 3%
(d) other than great, each toe 1%
18) Fractured leg or patella with established non-union 10%
19) Shortening of leg by at least 5 cm 7.5%
NOTE: Where the Member is left-handed, the % relating to the right arm shall apply to the left arm or vice versa.
– If as a result of injury and commencing within 12 months from the date thereof, the Member is totally and permanently disabled and prevented from engaging in any gainful occupation or employment for the remainder of his lifetime, and provided such disability has continued for a period of 12 months, a benefit of 150% of the ADD Insured Sum less any other amount paid or payable for the same injury under this ADD coverage will be paid.
– If as a result of injury, a Member is suffering from Third Degree Burn covering at least 25% of the body surface, a benefit of 100% of the ADD Insured Sum less any other amount paid or payable for the same injury under this ADD coverage will be paid.
· suicide, self-inflicted injuries or any attempt thereat, while sane or insane;
· war, declared or undeclared, revolution or any warlike operation;
· participation in riot and civil commotion, strikes or terrorist activities;
· violation or attempted violation of law or resistance to arrest;
· entering, operating or servicing, riding in or on, ascending or descending from or with any aerial device, or conveyance except while the Insured Member is in an aircraft operated by a commercial passenger airline on a regular scheduled passenger trip over its established passenger route;
· racing on horse or wheels.
Members may select one of the following Life Insurance Insured Sums (Plan 1 to 17). The maximum aggregate Life Insurance Insured Sum for any one Member under this Insurance Program is a total of HK$5,100,000 or US$654,500.
Members can apply to cover their spouse and children. The Life Insurance Insured Sum of spouse and children cannot exceed the amount of cover of the Members and furthermore, children are limited to Plan 1 to Plan 6.
|
Plan |
HK$ Policy |
US$ Policy |
|
||
|
|
Life Insurance Insured Sum |
Life Insurance Insured Sum |
|
||
|
1 |
HK$ |
300,000 |
US$ |
38,500 |
|
|
2 |
|
600,000 |
|
77,000 |
|
|
3 |
|
900,000 |
|
115,500 |
|
|
4 |
|
1,200,000 |
|
154,000 |
|
|
5 |
|
1,500,000 |
|
192,500 |
|
|
6 |
|
1,800,000 |
|
231,000 |
|
|
7 |
|
2,100,000 |
|
269,500 |
|
|
8 |
|
2,400,000 |
|
308,000 |
|
|
9 |
|
2,700,000 |
|
346,500 |
|
|
10 |
|
3,000,000 |
|
385,000 |
|
|
11 |
|
3,300,000 |
|
423,500 |
|
|
12 |
|
3,600,000 |
|
462,000 |
|
|
13 |
|
3,900,000 |
|
500,500 |
|
|
14 |
|
4,200,000 |
|
539,000 |
|
|
15 |
|
4,500,000 |
|
577,500 |
|
|
16 |
|
4,800,000 |
|
616,000 |
|
|
17 |
|
5,100,000 |
|
654,500 |
|
|
Monthly Premium Rates |
as % of Life Insurance Insured Sum |
|
||
|
Age under 30 |
|
0.01252% |
|
|
|
30 - 34 |
|
0.01392% |
|
|
|
35 - 39 |
|
0.01531% |
|
|
|
40 - 44 |
|
0.01947% |
|
|
|
45 - 49 |
|
0.02783% |
|
|
|
50 - 54 |
|
0.04592% |
|
|
|
55 - 59 |
|
0.06958% |
|
|
|
60 - 64 (Renewal Only) |
|
0.09879% |
|
|
|
65 - 69 (Renewal Only)* |
|
0.15722% |
|
|
*TPD ceased at age 65
Premium calculation is by multiplying the Life Insurance Insured Sum by the Monthly Premium Rate, and then rounded to 2 places of decimal.
Premiums are adjusted at the Policy Anniversary (1 Oct) when the Insured's attained age enters the next higher age bracket.