You cherish your home
We offer you a comprehensive coverage
We know that home is where the heart is. That is why we present you with Mortgage Life Assurance II which is underwritten by The Prudential Assurance Company Limited and designed to give you and your loved ones a comprehensive and suitable mortgage protection. This way, you'll be able to build your future more securely and with a peace of mind.
Comprehensive protection, your peace of mind
Life Insurance
This plan comes with a life protection package. In the event of death of the customer (Life Assured) during the benefit term, his/her loved ones(beneficiary) will receive the sum assured^ which can be used for paying the outstanding mortgage balance to reduce financial burden.
Free Disability and Terminal Illness Benefit
If the Life Assured becomes totally and permanently disabled as a result of injury or illness for a continuous period of more than 180 days, or the Life Assured is diagnosed as having any terminal illness, he/she will then receive the sum assured^ which can be used for paying the outstanding mortgage balance to reduce financial burden of the Life Assured. He/ she can then focus on recovery.
Sum assured diminishes on monthly basis and you only pay for the cover you need
With Mortgage Life Assurance II, the sum assured will diminish according to the benefit term and interest rate selected upon the issue of the policy on a monthly basis in order to match the level of mortgage protection needed. That means you are only paying for the actual cover you need. The minimum and maximum sum assured is HK$360,000 and HK$8,000,000 (or the mortgage loan amount, whichever is lower) respectively.
Different choices of interest rates
The interest rate chosen upon the policy issued will be used for calculating the premium as well as the Life benefit schedule. To meet your different needs, this plan offers you different choices of interest rates, 6% p.a., 8% p.a. or 10% p.a.. This will give you a comprehensive protection.
Premium rate discount offer
You can enjoy premium rate discount on the policy with a sum assured at HK$2,000,000 / US$ 250,000 or above. For discount details, please contact our branch 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 66 (age next birthday). Except for the single premium payment, the payment term will be 3 years less than the benefit term.
| Single premium payment | Regular premium payment: Monthly, quarterly, semi-annually and annually | |
| Life Assured (age next birthday) |
Age of 19 - 61 | Age of 19 - 56 |
| Benefit Term | 5-30 years | 10-30 years |
Premium payment financing service
Also, there is a premium payment financing service where the repayment period can be as long as the mortgage repayment period. This way, you can enjoy the coverage freely and easily.
Level premium for regular premium payment
The calculation of the premium is based on the Life Assured's age, gender, smoking habits, selected benefit term and interest rate. The premium will be levelled during the whole benefit term so that you do not have to worry about future premium increments.
Example:
Total sum assured: HK$1,000,000
Gender: Male (non-smoker)
Age: 30 (age next birthday)
Interest rate: 10%
Benefit term: 20 Years
| Payment method | Premium (HK$) |
| Single | 13,190 |
| Annual | 1,410 |
| Monthly | 130 |
An average daily premium of approximately HK$1.80+!
Act now and give your loved ones the gift of security!
The above example is calculated under certain assumptions and is for illustration purpose only.
+ Calculation is based on the single payment for benefit term of 20 years with a basis of 365 days per year
Remarks
- The Mortgage Life Assurance II(the "Insurance Plan") is only eligible for the mortgage customer of Standard Chartered Bank (Hong Kong) Limited ("the Bank") who is holding a Hong Kong Identity Card and residing in Hong Kong. The customer is required to provide proof of his or her mortgage loan with the Bank to The Prudential Assurance Company Limited ("Prudential") when applying for the Insurance Plan within 6 months from the mortgage loan drawdown date.
- The Life Assured will be paid for the same amount of death benefit if the Life Assured continues to suffer from Total and Permanent Disability without interruption for more than 180 days. The Life Assured will be considered as totally and permanently disabled which must be certified in writing by a Registered Doctor acceptable to Prudential if he or she suffers from any one of the following conditions as a result of injury or illness:
- total and irrecoverable loss of sight in both eyes; or
- total and irrecoverable loss of or loss of use of any two limbs at or above wrist or ankle; or
- total and irrecoverable loss of sight in any one eye and total and irrecoverable loss of or loss of use of
any one limb at or above wrist or ankle; or - permanent inability to perform at least 3 Daily Activities without the assistance of another person. Daily Activities shall be any one of the following: Washing, Dressing, Feeding, Toileting, Transferring or Mobility.
- The Life Assured will be paid for the same amount of death benefit if the Life Assured is diagnosed as having a Terminal Illness. The Life Assured is considered as having a Terminal Illness if, in the opinion of the medical specialist involved and subject to the acceptance of such opinion by Prudential's appointed Registered Doctor, the advent of death of the Life Assured is highly likely within 12 months.
- If the Life Assured is not eligible for the Free Disability and Terminal Illness Benefit, Prudential will only offer the death benefit of the policy to the Life Assured. Prudential reserves the right to the final decision on eligibility for this Free Disability and Terminal Illness Benefit.
- Once a claim for the Free Disability and Terminal Illness Benefit for Insurance Plan of the Life Assured is paid, the entire policy will terminate immediately.
- The Free Disability and Terminal Illness Benefit shall not apply or be payable if the Total and Permanent
Disability or the Terminal Illness of the Life Assured:- existed before the effective date of the Benefit or the date of any reinstatement; or
- occurs within 90 days of the effective date of the Benefit or of the date of any reinstatement (this does not apply if the Total and Permanent Disability or the Terminal Illness is caused by an Accident and the Life Assured suffers from the Total and Permanent Disability or the Terminal Illness within 90 days of the Accident); or
- is a direct or indirect result of:
- war, hostilities (whether war is declared or not), rebellion, insurrection, riot, or civil commotion; or
- participation in any criminal offence; or
- attempted suicide or self-inflicted injuries while sane or insane; or
- cosmetic treatment unless necessitated by injury caused by an Accident and the Life Assured sustains the injury within 90 days of the Accident; or
- alcoholism, alcohol, narcotics or drugs unless taken as prescribed by a Registered Doctor; or
- scuba diving or engaging in or taking part in any kind of race other than on foot; or
- Acquired Immune Deficiency Syndrome (AIDS), any Human Immunodeficiency Virus or any related or associated condition or AIDS Related Complex; or
- mental disorders including but not restricted to Anorexia Nervosa, Anxiety, Depression, Mania, Neurosis, Paranoia, Psychosis and Schizophrenia; or
- unreasonable failure to seek or follow medical advice provided by a Registered Doctor; or
- traveling or flights in any vehicle or device for aerial navigation other than as a fare-paying passenger on a scheduled public air service; or
- an activity or disease under the exclusion(s) for the benefit shown on the Special Provision
(if any)
- The new sum assured, after reduction, cannot be lower than HK$360,000 under any circumstances.
- The assurance is subject to acceptance of the proposal by Prudential, and the assurance will not commence until the policy has been issued and the premium has been paid.
Terms & Conditions:
In the event that the policy holder wishes to make an application of premium payment financing service with Standard Chartered Bank (Hong Kong) Limited ("the Bank"), the Bank reserves the right of final approval, and to request the policy holder to provide the Bank at any time with supporting documents for review. The premium payment financing service is only applicable to borrower(s) with property mortgaged at the Bank and the applicable interest rate of the premium payment financing service will be same as the prevailing interest rate of the related mortgage loan.
Important Note:
The Insurance Plan is underwritten by Prudential. Prudential is not an associate or subsidiary of the Bank and is solely responsible for all coverage, protection and claims issues concerning the Insurance Plan. The premium payment financing service is provided by the Bank. This promotional leaflet is intended for the purpose of reference only and is neither a contract of insurance nor an offer for contract of insurance. For the full terms and conditions of the contract of insurance plan, please refer to the policy, which will be forwarded to you upon issuance of your policy by Prudential. The Bank does not accept any responsibility regarding any statement made in or any discrepancy or omission between any provisions of the contract of insurance and this promotional leaflet nor shall the Bank be held liable in any manner whatsoever for your application or the contract of insurance.
This material is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Hong Kong. The Prudential Assurance Company Limited, Hong Kong Branch and Standard Chartered Bank (Hong Kong) Limited do not offer or sell any insurance product in any jurisdictions outside Hong Kong in which such offering or sale of the insurance product is illegal under the laws of such jurisdictions.
Should there be any inconsistency or conflict between the English and the Chinese versions, the English version shall prevail for all purposes.