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Promotion Offer
Successfully apply for LionPatron from now until 31 December, 2024, you can enjoy a Premium Refund Promotion of 12%. For details, please visit here.
LionPatron
Life is filled with opportunities and challenges that are difficult to predict.
LionPatron (the "Plan") is a long-term savings and participating life insurance plan underwritten by Generali Life (Hong Kong) Limited (“Generali”). The Plan provides comprehensive whole-life protection and savings, helping you adapt to life’s changes with confidence.
With extensive coverages, the Plan allows you to navigate life’s challenges and embrace every opportunity that comes your way.
LionPatron is an eligible life insurance plan under Policy Reverse Mortgage Programme, providing you with a steady stream of income to elevate the fulfilment of your retirement. For details, please refer to the Hong Kong Mortgage Corporation Limited website: www.hkmc.com.hk or the Policy Reverse Mortgage Program Leaflet for further information.
Key Highlights:
Extra Death Benefit
Your hard work aims to provide a better life for your loved ones. To safeguard their financial well-being and provide them with stability even if the worst happens to you, the Plan offers robust protection.
On top of the 100% of the Sum Assured’s guaranteed Death Benefit, the Plan bolsters your protection with an Extra Death Benefit in the first 20 Policy Years. This ensures your loved ones are supported with abundant protection no matter what the future may hold.
Policy Year 1 - 10:
Guaranteed Death Benefit: 100% of the Sum Assured + Extra Death Benefit: 130% of the Sum Assured
= Total Guaranteed Death Benefit: 230% of the Sum Assured
Policy Year 11 - 20:
Guaranteed Death Benefit: 100% of the Sum Assured + Extra Death Benefit: 100% of the Sum Assured
= Total Guaranteed Death Benefit: 200% of the Sum Assured
Critical Illness Premium Waiver Benefit2 [Unique-in-market*]
If the Insured is unfortunately diagnosed as suffering from Cancer, Stroke or Heart Attack, Generali will waive 100% of the Basic Plan’s premium for the upcoming 2 years, alleviating your financial burden for continuing with the insurance coverage. This benefit will be entitled for one time.
*This additional benefit is unique in market attached to the savings and life insurance plans and based on comparison with other similar insurance plans issued by Hong Kong’s major life insurance companies as of September 2024.
Terminal Illness Benefit
If the Insured is diagnosed with Terminal Illness3 unfortunately, Generali will advance the Death Benefit and Extra Death Benefit (if any) in a lump sum amount to you for providing immediate financial support during your hard time.
Accidental Death Benefit4
In the event of unfortunate death of the Insured due to an Accident within the first 3 Policy Years, Generali will pay the Death Benefit, Extra Death Benefit (if any) together with an Accidental Death Beneft4 to help your beloved(s) overcome the sudden hardship. The Accidental Death Benefit is equivalent to
• 200% of Total Premiums5; or
• 400% of Total Premiums5 in case such accidental death is due to designated events6
To help you build a solid foundation for achieving your financial planning goals, the Plan provides Guaranteed Cash Value and non-guaranteed Terminal Dividend7.
Market volatility could affect your wealth. The Plan provides you with a versatile solution to realize the potential gain and grow your wealth more steadily through the Terminal Dividend Lock-In Option9 and Benefit Accumulation Account.
Remarks:
1. The default option for the Death Benefit Payment Option is Lump Sum Payment. You can apply to change this option before the death of the Insured, subject to Generali’s prevailing administrative rules. Please refer to Policy Provisions for details.
2. Any premium falling due shall continue to be paid while pending for the approval of a claim under the Critical Illness Premium Waiver Benefit. Following such approval, Generali shall refund any paid premium (without interest) during the 24-month premium waiver period.
3. Terminal Illness refers to an illness or disease which is highly likely to cause death within twelve (12) months in the opinion of a Specialist. Without limiting the generality of the Medical Examination provision, such prognosis must be confirmed by a Registered Medical Practitioner of Generali’s choice. Terminal Illness Benefit will be paid for one Terminal Illness only and for once only, even if the Insured is diagnosed as having more than one Terminal Illness.
4. Accidental Death Benefit shall automatically terminate on the occurrence of the earlier of (i) the 3rd Policy Anniversary; and (ii) once the Accidental Death Benefit is payable.
5. Total Premiums refers to all premiums paid and payable to Generali based on the latest Sum Assured before the Expiry Date excluding any substandard premiums and premiums of any supplementary benefits.
6. If the death of the Insured is due to an Accident which happens under one of the following events, Generali will double the payment of Accidental Death Benefit to 400% of Total Premiums:
(i) the Insured is a riding as a fare-paying passenger on any public conveyance licensed to carry passengers;
(ii) in fire in a public building including theatre, public auditorium, licensed hotel or guest house, school, hospital, restaurant, shopping mall and public transport station. The Insured must be in the building when the fire starts;
(iii) in an elevator (apart from any elevators in a mine or construction sites);
(iv) being struck by a motorized vehicle while being a pedestrian; or
(v) earthquake, natural fooding or landslide.
7. Terminal Dividend is not guaranteed and may be altered by Generali at any time. Generali will update you the amount of Terminal Dividend (if any) on the respective anniversary statement every year.
8. Partial surrender is subject to the minimum Sum Assured of the Policy as per Generali’s prevailing administrative rule. Upon partial surrender, the Guaranteed Cash Value, Terminal Dividend, Sum Assured, Total Premiums Paid and Total Premiums for calculation of relevant Benefits will be reduced proportionately.
9. The Terminal Dividend Lock-in Option will be effective upon Generali’s approval of the request. Upon approval, no cancellation or change of your request is allowed. After lock-in of the Terminal Dividend, Generali will correspondingly adjust the amount of any future Terminal Dividend at a rate to be determined by us based on the Terminal Dividend which have been locked-in. The actual amount of Terminal Dividend (if any) will only be determined at Generali’s absolute discretion when exercising Terminal Dividend Lock-in Option or when it is payable. Please refer to the terms and conditions in the Policy Provisions for details of the Terminal Dividend Lock-in Option.
10. Total Premiums Paid refers to all premiums due and paid to Generali for the latest Sum Assured before the Expiry Date excluding substandard premiums (if any) and premiums of any supplementary benefits.
Important notes for Policy Reverse Mortgage Programme ("PRMP")
Please note that this product is the eligible life insurance plan under PRMP, but it does not necessarily mean that your PRMP application will be approved. The eligibility of this product under the PRMP is based on the features of the product. Therefore, you and your life insurance policy are still required to meet all the eligibility requirements under PRMP before you apply for the policy reverse mortgage loan.
Any general information provided on PRMP is for your reference only, and you should not make any decisions based on such information alone. You should always seek for advice from professional bodies if you have any doubts. Please note that the information provided is subject to change including the eligibility criteria for PRMP. Generali does not take any responsibility to inform you about any changes and how they may affect you. The PRMP is operated by HKMC Insurance Limited, a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited. For further information, please refer to The Hong Kong Mortgage Corporation Limited website: www.hkmc.com.hk.
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