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Pulsar II Investment Insurance Plan
Section Contents Page
1. Background 2
2. Product Summary 3
3. Product Details 4 - 24
4. Charges Breakeven Growth Rate 25
5. Investment Options 26 - 28
6. Administration Guidelines 29 - 32
7. AXA Proposal System 33 - 35
8. Marketing Support 36
9. Frequently Asked Questions and Answers 37 - 38
Appendix
Appendix 1. Insurance Charge Rate Table 39
Appendix 2. Monthly EEC Rate Table 40 - 43
Appendix 3. Sample Application Form 44 - 50
Appendix 4. Delegation of Investment Option Management and Consultant Service Fee
51
The in format ion furn ished here in by AXA China Region Insurance Company (Bermuda) L imi ted ( Incorporated in Bermuda wi th l imi ted l iab i l i t y) ( “AXA”) is pr ivate and con f ident ia l and may only be used for in ternal t ra in ing purpose. This is not an invi ta t ion to the publ ic . Th is t ra in ing mater ia l is no t author i zed by AXA for publ ic d is t r ibut ion. Do not dupl icate, d is t r ibute or d isc lose such in format ion to any unauthor i zed person in whole or in par t , or use any such in format ion for any other purpose wi thout the pr ior wr i t ten permiss ion of AXA. Unauthor i zed use or d isc losure of th is document is s t r ic t ly prohib i ted.
Pulsar II Investment Insurance Plan
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1. Background
There are various new ILAS regulatory requirements introduced in 2013/4. This arouse the
customers’ awareness towards ILAS. This created an opportunity for us to further capture the
linked business and leverage off regulator’s educational promotion on ILAS.
AXA ILAS contributed approximately 40% of total APE YTD Nov 2014. AXA market share in ILAS
raised from 20% in 2013 to 35% in 2014 Q31. As a result, this is paramount to maintain the
competitiveness of AXA ILAS products.
In July 2014, OCI has launched Guidance Note on Underwriting Class C Business (“GN15”) on
product design to further enhance customer value. The directive principles and impacts are
highlighted as follows:
Principle Impacts
Bringing insurance value Death benefit
Fair treatment of customers Shorten surrender charge period
Surrender charge
Minimum contribution period
Total fees and charges
Suitability assessment Issue age
Meet clients’ expectation Illustration
Appropriate commission structure Commission Structure
At AXA, a series of revamped products were designed in order to meet GN15 and maintain the
product competitiveness. This creates a win-win-win situation to customers, distributors and issuers.
1. Source: Quarterly Release of Provisional Statistics for Long Term Business 2014, published on November 28,
2014.
Pulsar II Investment Insurance Plan
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2. Product Summary
Pulsar II Investment Insurance Plan is a regular premium investment-linked insurance product
with various contribution periods of 10 – 25 years. It offers a wide range of investment options
for customers to capture potential investment growth as well as to balance the risk of their
investment portfolios over different sectors and markets. In addition, the increase in death
benefit and addition of accident death benefit also offer customers comprehensive protection.
I. Key Selling Points and Benefits
Key Selling Point Advantage Benefit
1. Target contribution period A total of 16 payment choices Choices to meet different
financial needs
2. Monthly regular premium of
as low as HKD1,600
Start investment with life
protection with low premium
With low entry requirement
3. 85 investment options in 26
categories
A wide range of investment
choices
Meet different investment
objectives
4. Start-up bonus Extra investment award Enhance potential returns
5. Loyalty bonus On-going investment addition Offset the ongoing charges
6. Death benefits To provide life protection Should the market fluctuates,
customer at least get 5% of
account value as life
protection or original
investment amount
7. Accidental death benefits Extra protection to customers
during minimum contribution
period
Double protection during MCP
8. Partial withdrawal Flexibility To cope with unexpected
financial needs
9. No bid-offer Spread Minimise the cost of
transactions
Maximize the investment
10. No switching fee Minimise the cost of
transactions
Maximum the investment
II. Target Customers
Customers who look for long-term investment through a diversified investment vehicles
for retirement, educational fund for child(ren) or estate planning
Customers who look for investment which allows the original investment protected when
death
Customers who look for savings with upside potential and minimum life protection
Pulsar II Investment Insurance Plan
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3. Product Details
I. General Information
Plan Name Pulsar II Investment Insurance Plan (雋宇 II 投資保險計劃)
Product Code PULB + Target Contribution Period
(e.g. Pulsar II 10-year Plan, Product Code = PULB10)
Product Type Investment-linked insurance plan
Launch Date 2 Jan, 2015 for Hong Kong
Issue Age
Age 0 (14 days) – 55 (age last birthday)
Different maximum issue age for different Target Contribution
Period
Target Contribution Period + Issue Age ≤ Age 75
Target
Contribution
Period (years)
Issue Age of the
proposed policy
owner
Issue Age of the
proposed insured
10 – 20 18 – 55 14 days – 55
21 18 – 54 14 days – 54
22 18 – 53 14 days – 53
23 18 – 52 14 days – 52
24 18 – 51 14 days – 51
25 18 – 50 14 days – 50
Benefit Period To age 100
Rider Attachment Not applicable
Pulsar II Investment Insurance Plan
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II. Plan Structure
1. Premium
2. Bonus
3. Policy Charges
4. Reduction
*Apart from Policy Charges, Charges on Reference Funds (including the Fund Management Charge
and Other Charges) are also payable.
During TCP After TCP
During MCP After MCP
Premium reduction
Premium reduction N/A
Premium holiday Premium holiday, but relevant Policy
Charges will remain payable N/A
Policy surrender/ termination, subject to EEC within EEC Period
No EEC for policy surrender/ termination
Initial Units
Account (IUA)
Target Contribution Period (TCP): 10 – 25 years
Regular Premium
(for period after Minimum Contribution
Period “MCP”)
End of TCP
Regular Premium (for MCP)
End of policy
Policy Date
Accumulation Units Account (AUA)
Policy Date
Start-up Bonus (in 1st policy year)
Loyalty Bonus (from 3rd - 6th policy anniversary until end of policy)
Target Contribution Period (TCP): 10 – 25 years End of TCP
End of policy
Initial Units
Account (IUA)
Accumulation Units Account (AUA)
Administration Charge, payable till end of policy
Account Service Fee, payable till end of policy
Insurance Charge, payable till end of policy
Account Maintenance Fee, payable till end of EEC Period (10 – 12 years, subject to TCP)
EEC payable upon surrender/termination during the EEC Period (10 – 12 years, subject to TCP
upon surrender/termination)
Target Contribution Period (TCP): 10 – 25 years
Initial Units
Account (IUA)
Accumulation Units Account (AUA)
Policy Date
End of TCP
End of policy
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III. Premium Payment
Target Contribution
Period (TCP)
10 – 25 years (Must be in whole year)
TCP is the regular premium payment period
TCP cannot be changed once the policy is issued
After the end of the TCP, no premium will be accepted
Payment Frequency
and Modal Factor
Annual Semi-annual Monthly
1 1/2 1/12
Policy Currency HKD / USD / EUR / GBP / AUD / SGD
Policy currency cannot be changed once the policy is issued
Minimum Regular
Premium
Policy Currency/
Payment
Frequency
HKD USD EUR GBP AUD SGD
Annual 19,200 2,400 2,400 1,560 2,880 3,840
Semi-annual 9,600 1,200 1,200 780 1,440 1,920
Monthly 1,600 200 200 130 240 320
AXA reserves the right to change the Minimum Regular Premium
with prior written notice of not less than one month to the
customers.
Minimum Contribution
Period (MCP)
TCP (years) MCP
10 First 24 months (2 years) from the policy date
11 – 12 First 30 months (2.5 years) from the policy date
13 – 15 First 36 months (3 years) from the policy date
16 – 20 First 48 months (4 years) from the policy date
21 – 25 First 54 months (4.5 years) from the policy date
Policy Accounts
Consists of 2 accounts:
Initial Units Account (IUA)
Regular premium paid for the MCP will be allocated to the IUA
Accumulation Units Account (AUA)
Regular premium paid for the period after the MCP will be allocated
to the AUA
Account Value = IUA value + AUA value
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.7, total 51 pages
Reducing / Increasing
Regular Premium
Reducing Regular Premium:
Allowed after the MCP, customers may reduce the regular premium
to no less than the Minimum Regular Premium
Increasing Regular Premium:
Allowed only if the regular premium has been reduced, customer
may increase it back up to the original regular premium amount
committed at policy issuance
Application for increasing regular premium will be subject to the
underwriting requirements and administrative rules
Except the condition above, customers cannot increase regular
premium. However, customers can apply for a new Pulsar II
policy to increase the regular premium
Important Note
Reduction in regular premium will lead to loss of entitlement to the
Loyalty Bonus and reduction in the Account Value and further lead
to reduction in any applicable Loyalty Bonus
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.8, total 51 pages
Partial Withdrawal
During the MCP
Not Allowed
During the TCP but after the MCP
Not allowed from the IUA
Can be made only from the AUA if the remaining AUA value
immediately after the partial withdrawal is greater than 0
(please refer to “Termination” under section 3 for details)
After the TCP
Can be made from the IUA and / or AUA if (i) the remaining
Account Value immediately after the partial withdrawal meets the
Minimum Account Balance (ii) if the AUA value immediately after
the partial withdrawal is greater than 0
Minimum partial withdrawal amount (per withdrawal)
HKD4,000 / USD500 / EUR500 / GBP320 / AUD600 / SGD800
AXA reserves the right to change the minimum partial
withdrawal amount by giving the customers one month’s prior
written notice
Important Note
Making a partial withdrawal will lead to reduction in the Account
Value and further lead to reduction in any applicable Loyalty
Bonus, as well as termination of the policy
(please refer to “Loyalty Bonus” under section 3 for details)
Minimum Account
Balance HKD12,000 / USD1,500 / EUR1,500 / GBP960 / AUD1,800 / SGD2,400
Allowed
Allowed Not allowed
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.9, total 51 pages
Premium Holiday
During the MCP:
Not allowed
The policy will terminated and the EEC will apply if the regular
premium remains outstanding after the expiry of grace period
(Please refer to “Termination” under section 3)
After the MCP:
Can be applied only if the AUA value is sufficient to cover the
relevant Policy Charges due
Premium holiday will not be available if the requirements
above are not satisfied
Important Note
During the premium holiday, relevant Policy Charges will
continue to be deducted from the AUA value. If the AUA value is
insufficient to cover charges due, the premium holiday will cease
and we will notify the customer to resume payment of the regular
premium
A 31-day grace period will be allowed immediately following the
due date for the Policy Charges. If the Policy Charges remain
outstanding after the expiry of the grace period, the policy will
terminate
(please refer to “Grace Period”, “Termination” and “Early
Encashment Charge” under section 3)
Taking a premium holiday will lead to loss of entitlement to the
Loyalty Bonus and reduction in the Account Value and further
lead to reduction in any applicable Loyalty Bonus
(please refer to “Loyalty Bonus” under section 3 “Benefits” for
details)
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.10, total 51 pages
IV. Policy Benefits
Start-up Bonus
Payable upon receipt of each payment of regular premium for
the 1st policy year in cleared funds while the policy is in effect
Allocate to the IUA in the form of additional units according to
the customer’s latest investment option allocation instruction
(Please refer to section 3 for Illustrative Examples)
Start-up Bonus clawback
All / part of the Start-up Bonus will be clawback if the policy:
1. is surrendered during the MCP;
2. terminates due to the regular premium for the MCP
remaining outstanding after the expiry of grace period;
and
3. terminates due to the insured committing suicide within
one year commencing from the policy date, or the date of
reinstatement, whichever is later.
Deducted from the IUA in calculation of the EEC, the
Surrender Value and the death proceeds
(Please refer to section 3 for Illustrative Examples)
Important Note
This bonus will form part of the Account Value and is therefore
subject to relevant Policy Charges
If the policy is cancelled within the cooling-off period, the
account value relating to the Start-up Bonus will not be paid
(Please refer to “Cooling-off Period” under section 3 for
details)
Start-up Bonus
= Regular premium paid for the 1st policy year x Start-up Bonus
rate of (1% x No. of years in the chosen TCP)
Start-up Bonus clawback
= IUA value x [ Total actual amount of Start-up Bonus allocated /
( Total regular premium paid for the MCP + Total actual amount
of Start-up Bonus allocated ) ] x Clawback factor
Where clawback factor is
(a) During the 1st policy year = 1; or
(b) After the 1st policy year = No. of months from the date of
termination till the end of the MCP (any incomplete month
will be rounded up to a full month) / (MCP (in months) – 12
months)
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.11, total 51 pages
Loyalty Bonus
Payable every policy year from the respective policy
anniversary according to the chosen TCP while the policy is in
effect
During the TCP but after the MCP
Payable if the regular premium committed at policy issuance
has been fully paid
After the TCP
Payable if the policy remains in effect
TCP (years) Loyalty Bonus payable every policy year
starting from
10 the 3rd policy anniversary
11 – 15 the 4th policy anniversary
16 – 20 the 5th policy anniversary
21 – 25 the 6th policy anniversary
Allocate to the IUA in the form of additional units according to
the customer’s latest investment option allocation instruction
(Please refer to section 3 for Illustrative Examples)
Important Note
Taking a premium holiday / reduction in the regular premium
during the 12 months prior to the relevant policy anniversary
on which the Loyalty Bonus is payable will lead to loss of
entitlement of the Loyalty Bonus. However, it will be resumed
if premium holiday is ceases and regular premium is
resumed / increased to the original amount committed at the
policy issuance during the whole duration of the 12 months
prior to the relevant policy anniversary.
Once the entitlement to the Loyalty Bonus payable on a policy
anniversary is forfeited, no Loyalty Bonus will be paid for that
policy anniversary.
Loyalty Bonus
= The average calendar month-end AUA value for the 12 months
prior to the relevant policy anniversary on which the Loyalty
Bonus is payable x Loyalty Bonus rate of 0.95%
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.12, total 51 pages
Death Benefit
The higher of:
(a) 105% of the Account Value; or
(b) Total regular premium paid – Total partial withdrawals made
less any outstanding Policy Charges
(Please refer to section 3 for Illustrative Examples)
If the insured commits suicide within 1 year commencing from the
policy date or the date of reinstatement, whichever is later, the death
proceeds shall be:
The lower of:
(a) Total regular premium paid; or
(b) Total Policy Charges paid + IUA value + AUA value – IUA
value x [ Total Start-up Bonus paid / ( Total regular premium
paid for the MCP + Total Start-up Bonus paid ) ]
Accidental Death
Benefit
Annual regular premium at policy
issuance
Accidental Death
Benefit
HKD19,200
USD2,400
EUR2,400
GBP1,560
AUD2,880
SGD3,840
to
< HKD100,000
< USD12,500
< EUR 12,500
< GBP8,000
< AUD15,000
< SGD20,000
HKD300,000
USD37,500
EUR37,500
GBP24,000
AUD45,000
SGD60,000
HKD100,000
USD12,500
ERU12,500
GBP8,000
AUD15,000
SGD20,000
to
< HKD500,000
< USD62,500
< EUR62,500
< GBP40,000
< AUD75,000
< SGD100,000
HKD500,000
USD62,500
EUR62,500
GBP40,000
AUD75,000
SGD100,000
HKD500,000
USD 62,500
EUR62,500
GBP40,000
AUD75,000
SGD 100,000
and above
HKD1,000,000
USD125,000
EUR125,000
GBP80,000
AUD150,000
SGD200,000
Applicable to the Insured aged from 14 days to 65 (age last
birthday) on the policy issue date
Applicable if the insured dies before attaining the age of 65
solely and directly as a result of an accident during the MCP,
independently of any other causes and within 90 days of the
accident
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.13, total 51 pages
Accidental Death Benefit will terminate on the earliest of
1. At the end of the MCP;
2. When the policy terminates;
3. At the policy anniversary on or immediately following the
65th birthday of the insured; or
4. When the Accidental Death Benefit is paid or becomes
payable
Accidental Death Benefit will not be paid if the insured’s death
results from one or more of the following:
1. Any self-inflicted injury or suicide, whether sane or
insane;
2. Disease or infection (except infection which occurs
through an accidental cut or wound), including infection
with any Human Immunodeficiency Virus (HIV) and/or
any HIV-related illness including Acquired Immune
Deficiency Syndrome (AIDS) and/or any mutations,
derivations or variations thereof;
3. Bodily or mental infirmity;
4. Taking poison, drugs not prescribed by Medical
Practitioner, alcohol, sedatives, or inhaling gas (except
from hazard incidental to occupation);
5. The attempt or commission of assault or unlawful act by
the insured;
6. Any act due to war, declared or not, military, naval or air
service for any country at war, declared or not;
7. Travel or flight in any aircraft, except as a fare-paying
passenger on a public licensed air services;
8. Pregnancy, childbirth, miscarriage or any of their
consequences, pre-existing physical or mental defect or
infirmity; or
9. Any chemical, nuclear and biological attacks.
Surrender Value Account Value – Start-up Bonus clawback (if any) – outstanding Policy
Charges, including EEC (if applicable)
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.14, total 51 pages
V. Fees and Charges
1. Policy Charges
AXA reserves the right to vary the Policy Charges or impose new charges with not less than one
month’s prior written notice or such shorter period of notice in compliance with the relevant
regulatory requirements.
Account Maintenance
Fee (AMF)
Payable monthly in advance by cancelling units from the IUA during
the EEC Period
Administration Charge
(AC)
Payable monthly in advance while the policy is in effect
During the MCP
Payable by cancelling the units from the IUA
After the MCP
Payable by cancelling units from the AUA
Account Service Fee
(ASF)
Payable monthly in advance by cancelling units from the IUA and
the AUA while the policy is in effect
Monthly Account Service Fee
= 1% / 12 x Account Value as at the due date for the payment of
the ASF
Monthly Account Maintenance Fee
= 5.5% / 12 x IUA value as at the due date for the payment of AMF
Monthly Administration Charge
= HKD50 / USD6.5 / EUR6.5 / GBP4 / AUD7.5 / SGD10
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.15, total 51 pages
Insurance Charge
Payable monthly in advance while the policy is in effect
During the MCP
Payable by cancelling the units from the IUA
After the MCP
Payable by cancelling units from the AUA
(Please refer to section 3 for Illustrative Examples)
Switching Fee Nil
Bid-offer Spread Nil
Monthly Insurance Charge
= Applicable Insurance Charge rate p.a. / 12 x Net Amount at Risk
Where Net Amount at Risk is
The higher of:
(a) 5% of the Account Value; and
(b) Total regular premium paid – Total partial withdrawals
made – Account Value as at due date for the payment of
the Insurance Charge
(Please refer to Appendix 1 for Insurance Charge Rate Table)
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.16, total 51 pages
Early Encashment
Charge (EEC)
EEC is levied upon surrender / termination (other than as a result of
the death of the insured) during the EEC Period while the policy is in
effect
Deducted from the IUA value in calculating, after which the
Surrender Value will be paid
TCP (years) EEC Period (years)
10 – 21 10
22 – 23 11
24 – 25 12
EEC
= Applicable EEC rate x IUA value as at date the notional units of
investment options are cancelled
For surrender / termination during the EEC Period happens:
At the start of a policy year
EEC rate is as listed on the EEC rate table on page 17.
During a policy year
EEC rate shall be determined as
A – [ ( A – B ) x T / 12 ]
Where,
A = EEC rate for the start of the policy year during which the
surrender / termination takes place
B = EEC rate for the start of the policy year immediately
following the relevant policy year
T = Number of completed policy month from the start of the
relevant policy year to the date of the surrender /
termination, excluding any incomplete policy month.
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.17, total 51 pages
The EEC rate table
(Please refer to section 3 for Illustrative Examples and Appendix 2 for monthly EEC rate)
Start of /
the
relevant
policy
year
EEC rate (%) according to the chosen TCP (years)
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
1st 51 52 52 53 53 54 55 56 57 58 59 59 62 62 65 65
2nd 48 48 49 49 50 50 52 53 54 55 56 56 59 59 62 62
3rd 41 41 41 41 41 41 42 44 45 46 47 48 53 54 58 59
4th 37 37 37 37 37 37 37 37 37 37 37 38 42 43 47 48
5th 33 33 33 33 33 33 33 33 33 33 33 33 37 37 41 41
6th 28 28 28 28 28 28 30 30 30 30 30 28 33 33 37 37
7th 23 23 23 23 23 23 25 25 25 25 25 23 28 28 33 33
8th 18 18 18 18 18 18 20 20 20 20 20 18 23 23 28 28
9th 13 13 13 13 13 13 14 14 14 14 14 13 18 18 23 23
10th 7 7 7 7 7 7 7 7 7 7 7 7 13 13 18 18
11th 0 0 0 0 0 0 0 0 0 0 0 0 7 7 13 13
12th 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7 7
13th 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
2. Charges on Reference Funds
These charges are levied by the investment manager of each reference funds, and is set out in the
offering documents of the reference funds which are made available by AXA upon request, and is
reflected in the unit prices of the reference funds
Fund Management
Charge
Fund management charge for the reference funds is calculated
based on the respective net asset value of the reference funds. The
charge is determined by the investment manager of each reference
fund and is set out in the offering documents of the reference funds,
which are made available by AXA upon request. Such charge is
reflected in the unit prices of the reference funds and varies from one
reference fund to another
Other Charges
The reference funds are subject to the fees, charges and expenses
levied by the investment managers and other service providers of
the reference funds. Such fees, charges and expenses will vary from
one reference fund to another.
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.18, total 51 pages
VI. Other Information
Cooling-off Period
Customer may cancel the policy within 21 days after the delivery of
the policy / issue of a notice
AXA will refund the amount paid, or less if the value of the
customer’s investment options chosen has fallen at the time when
the cancellation request is received by us and will not be entitled
to the Start-up Bonus
Grace Period
During the MCP
31 days immediately following the due date for the payment
of regular premium
After the MCP
31 days immediately following the due date for the payment
of the Policy Charges if the AUA value is insufficient to cover
the relevant Policy Charges due
Termination
The policy will automatically terminate on the earliest of:
1. When the policy is surrender;
2. On the death of the insured;
3. At the policy maturity;
4. During the MCP, if the regular premium remains outstanding
after the expiry of the grace period; and
5. After the MCP, if the AUA value is insufficient to cover the
relevant Policy Charges due after the expiry of the grace
period
We may terminate the policy at any time if in our opinion the
customer’s ownership of the policy is likely to impose any
regulatory / tax obligation on us that it would not otherwise be
subject to
Surrender Value / Death Benefit (where applicable) shall be paid
Policy Maturity
The policy will mature and terminate on the earliest of:
(a) the Policy Anniversary which falls on the date on which the
insured attains the age of 100 if the date of the 100th birthday of
the insured coincides with such Policy Anniversary, or;
(b) the Policy Anniversary immediately after the date on which the
insured attains the age of 100 if the date of the 100th birthday of
the insured does not coincide with a Policy Anniversary
Surrender Value shall be paid
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.19, total 51 pages
VII. Illustrative Examples
1. Start-Up Bonus
(1a) Calculation of Start-up Bonus
Start-up Bonus = Regular premium paid for the 1st policy year x Start-up Bonus rate (1% x No. of
years in the chosen TCP)
Assumptions:
TCP : 20 years
Monthly regular premium : USD900
Applicable Start-up Bonus rate : 1% x 20 = 20%
If the regular premium is paid on a monthly basis, the Start-up Bonus allocated upon each regular
premium payment for the 1st policy year
= USD900 x 20%
= USD180
Total Start-up Bonus allocated for the 1st policy year
= USD180 x 12
= USD2,160
(1b): Start-up Bonus Clawback Amount
Start-up Bonus clawback = IUA value x [Total actual amount of Start-up Bonus allocated / (Total
regular premium paid for the MCP + Total actual amount of Start-up Bonus allocated)] x Clawback
factor
Clawback factor = No. of months from the date of termination till the end of the MCP (any
incomplete month will be rounded up to a full month) / (MCP (in months) – 12 months)
Assumptions:
The policy is then surrendered at the end of the 21st policy month during the MCP
TCP : 20 years
MCP : 48 months
No. of months from the date of termination till the
end of the MCP = 27 months
Total regular premium paid : USD900 x 21 = USD18,900
Total actual amount of Start-up Bonus allocated : USD2,160
Prevailing IUA value : USD21,000
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.20, total 51 pages
Clawback factor
= 27 / (48-12)
= 0.75
Total Start-up Bonus clawback amount
= USD21,000 x [ USD2,160 / (USD18,900 + USD2,160) ] x 0.75
= USD1,615
2. Loyally Bonus
(2a): Calculation of Loyalty Bonus
Loyalty Bonus = the average calendar month-end AUA value for the 12 months prior to the relevant
policy anniversary on which the Loyalty Bonus is payable x Loyalty Bonus rate of 0.95%
Assumptions:
TCP : 10 years
MCP : 24 months
Regular premium committed at policy issuance has been fully paid when due during the TCP
On the 3rd policy anniversary
The average calendar month-end AUA value for
the 12 months prior to the 3rd policy anniversary : USD15,000
Loyalty Bonus allocated on the 3rd policy anniversary
= USD15,000 x 0.95%
= USD142.5
(2b): Calculation of Loyalty Bonus in late years
Assumptions:
TCP : 10 years
MCP : 24 months
Regular premium committed at policy issuance has been fully paid when due during the TCP
On the 9th policy anniversary
The average calendar month-end AUA value for
the 12 months prior to the 9th policy anniversary : USD60,000
Loyalty Bonus allocated on the 9th policy anniversary
= USD60,000 x 0.95%
= USD570
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.21, total 51 pages
3. Death Benefit
(3a): Calculation of Death Benefit
Death Benefit = The higher of (i) 105% of the Account Value; or (ii) Total regular premium paid –
partial withdrawals made, – Any outstanding Policy Charges
Assumptions:
When the insured passed away
Total regular premium paid : USD54,000
Total partial withdrawals made : USD12,500
Account Value : USD35,000
Outstanding Policy Charges : Nil
Death Benefit payable
= (i) USD35,000 x 105%; or (ii) USD54,000 – USD12,500, whichever is higher
= (i) USD36,750; or (ii) USD41,500, whichever is higher
= USD41,500
(3b): Calculation of Death Proceeds for Suicide within 1 year
Death proceeds = The lower of (i) Total regular premium paid; or (ii) Total Policy Charges paid + IUA
value + AUA value – IUA value x [ Total Start-up Bonus paid / ( Total regular premium paid for the
MCP + Total Start-up Bonus paid ) ]
Assumptions:
TCP : 15 years
Monthly regular premium : USD500
Start-up Bonus = USD500 x 1% x 15 = USD75
The policy terminated at the end of the 6th policy month when the insured committed suicide
Total regular premium paid = USD500 x 6 = USD3,000
Total actual amount of Start-up Bonus allocated = USD75 x 6 = USD450
Total Policy Charges paid : USD100
Prevailing IUA value : USD3,060
Prevailing AUA value : USD0
Death proceeds payable
= (i) USD3,000; or (ii) USD100 + USD3,060 + USD0 – USD3,060 x [USD450 / (USD3,000 +
USD450)], whichever is lower
= (i) USD3,000; or (ii) USD2,761, whichever is lower
= USD2,761
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.22, total 51 pages
4. Insurance Charge
(4a) Calculation of Insurance Charge
Insurance charge = Insurance Charge rate x Net Amount at Risk
Net Amount at Risk = The higher of (i) 5% of the Account Value; or (ii) Total regular premium paid –
Total partial withdrawals made – Account Value as at due date for Insurance Charge
Assumptions:
Insurance charge rate for a male
insured at the attained age of 50 :
0.508% per annum
Total regular premium paid : USD36,000
Total partial withdrawals made : USD1,000
Account Value : USD29,000
Net amount at risk = (i) USD29,000 x 5% = USD1,450 or
(ii) USD36,000 – (USD1,000 + USD 29,000)
= USD1,450 or USD6,000, whichever is higher
= USD6,000
Insurance Charge for the month
= 0.508% /12 x USD6,000
= USD2.54
5. Early Encashment Charges
(5a) Calculation of EEC during Minimum Contribution Period
Assumptions:
TCP : 15 years
EEC Period : 10 years
MCP : 36 months
Policy is surrendered in the 10th policy month of the 2nd policy year, i.e. the 22nd policy month
Policy date : 1 Jan, 2015
Total regular premium paid : USD27,300
Total actual amount of start-up
bonus allocated
: USD2,340
IUA value : USD30,400
AUA value : USD0
Date of surrender : 15 Oct, 2016
Outstanding Policy Charges : USD0
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.23, total 51 pages
The clawback factor
= 15 / (36 - 12)
= 0.625
Start-up bonus clawback amount
= USD30,400 x [USD2,340 / (USD27,300 + USD2,340)] x 0.625
= USD1,500
IUA Value after deduction of the start-up bonus clawback amount
= USD30,400 – USD1,500
= USD28,900
Account Value
= USD28,900 + USD0
= USD28,900
The applicable EEC rate
= A – [(A – B) x T /12]
A = 50%
B = 41%
T = 9
where
A = EEC rate for the policy year during which the surrender or termination takes place
B = EEC rate for the policy year immediately following the relevant policy year
T = Number of completed policy month from the beginning of the relevant policy year to the date of
the surrender or termination, excluding any incomplete policy month
The applicable EEC rate
= 50% – [(50% – 41%) x 9 / 12]
= 43.25%
EEC = USD28,900 x 43.25% = USD12,499 Surrender Value = Account Value - EEC = USD28,900 – USD12,499
= USD16,401
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.24, total 51 pages
(5b) Calculation of EEC after Minimum Contribution Period
Assumptions:
TCP : 25 years
EEC Period : 12 years
MCP : 54 months
Policy is surrendered in the 6th policy month of the 11th policy year, i.e. the 126th policy month
Policy date : 1 January 2015
IUA value : USD32,000
AUA value : USD45,000
Date of surrender : 15 Jun, 2025
Outstanding Policy Charges : USD0
The applicable EEC rate
= A – [(A – B) x T /12]
A = 13%
B = 7%
T = 5
where
A = EEC rate for the policy year during which the surrender or termination takes place
B = EEC rate for the policy year immediately following the relevant policy year
T = Number of completed policy month from the beginning of the relevant policy year to the date of
the surrender or termination, excluding any incomplete policy month
The applicable EEC rate
= 13% – [(13% – 7%) x 5 / 12]
= 10.5%
EEC = USD32,000 x 10.5% = USD3,360 Surrender Value = Account Value – EEC = (USD32,000 + USD45,000) – USD3,360
= USD73,640
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.25, total 51 pages
4. Charges Breakeven Growth Rate
Monthly Regular
Premium (HKD)
TCP (Years)
10 15 20 25
1,600 2.69% 1.85% 1.45% 1.28%
5,000 2.23% 1.54% 1.22% 1.10%
10,000 2.12% 1.47% 1.17% 1.05%
15,000 2.09% 1.44% 1.15% 1.04%
33,333.33 2.05% 1.42% 1.13% 1.02%
Assumptions:
(i) The above Annual Growth Rates assume that all contributions are paid as they fall due during the TCP
(ii) The rates above are net of Fund Management Charge
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.26, total 51 pages
5. Investment Options
I. Investment Options and Categories
Currently 85 investment options of 26 categories are available
(Please refer to Investment Options Leaflet for details of the currently available
investment options)
Investment Options Categories No. of investment options
currently available
1. Short-term Bond and Money Market 3
2. Global Bond 6
3. Emerging Markets / High Yield Bond 6
4. Mixed Asset 2
5. Global Equity 3
6. Regional Equity - Europe 4
7. US Equity 2
8. Other Emerging Market Equity 11
9. Regional Equity - Asia Pacific 10
10. Greater China Equity 9
11. Japan Equity 1
12. Single Country Equity - Asia Pacific 6
13. Sector Equity - Health Care 1
14. Sector Equity - Communications 1
15. Sector Equity - Technology 3
16. Sector Equity - Consumer Goods 1
17. Sector Equity - Ecology 1
18. Sector Equity - Energy 2
19. Sector Equity - Alternative Energy 2
20. Sector Equity - Natural Resources 3
21. Sector Equity - Precious Metals 1
22. Sector Equity - Real Estate 2
23. Sector Equity - Agriculture 1
24. Sector Equity - Infrastructure 1
25. Thematic Funds 2
26. Futures and Options Funds 1
For the list of investment options, reference funds, investment objectives and other details of the
investment options, including other fees and charges etc., please refer to the corresponding
prospectus or offering documents of the reference funds
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.27, total 51 pages
II. Investment Options Allocation
Investment Options
Allocation Instruction
Minimum allocation of investment per investment option
10% of each regular premium payment. Total percentage
of the investment mix must add up to 100%
Maximum number of investment options
99 investment options per policy
AXA reserves the right to change minimum allocation
requirement and the maximum number of investment
options by giving customers one month’s prior written
notice
Switching of
Investment Options
Switching or transfer of investment options between the IUA and
the AUA is not allowed. Switching fee is nil. Switching of
investment options is subject to the Investment Option Allocation
Instruction
Minimum switching amount
HKD4,000 / USD500 / EUR500 / GBP320 / AUD600 /
SGD800
Subject to a minimum allocation of 10% of the switched
amount. AXA reserves the right to change the minimum
switching amount by giving customer one month’s prior
written notice
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.28, total 51 pages
III. New Investment Options Leaflet
Investment objectives of investment options are removed from this new Investment Options
Leaflet due to new regulatory requirement. Consultants may refer to the Company website for
the Fund Factsheets, Product Key Facts Statements and Offering Documents of the individual
reference funds.
Company website (www.axa.com.hk)
At Home > Customer Service > Downloads > Investment > Pulsar II Investment
Insurance Plan
Offering documents of the reference funds which correspond to the investment options are
available from us upon request
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.29, total 51 pages
6. Administration Guidelines
I. New Business and Underwriting
Underwriting Requirements
Underwriting Approach
Annual regular premium of ≤ HKD120,000
1 health question
If the answer is YES, application will be rejected
Annual regular premium of > HKD120,000
2 health questions
If the answer(s) is/are YES, have to provide the details and/or
reports
Medical Underwriting
Applicable
Follow existing Medical Underwriting Rule
Geographical and residential loading
Applicable
Follow existing Life Geographical and Residence Rule
Occupational Loading
Applicable
Follow existing Occupational Rule
Financial Underwriting
Applicable
Follow existing Financial Underwriting Rule
Accidental Death Benefit (Bundle)
Applicable to all occupations
Application Submission Requirements
Investment-Linked Assurance Scheme Application Form (Please refer to Appendix 3 for sample
application form)
Proposal
MCV customers also need to submit signed “Illustration Document for Premium Holiday
Taken Immediately After The First xx Months Commencing From The Policy Date”.
Client Need Analysis (CNA)
Important Facts Statement and Applicant’s Declarations (IFS & AD)
Submit Initial Premium
Direct Debit Authorisation (DDA) Form (if applicable)
Please refer to Compliance Bulletin for detailed GN15 requirements
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.30, total 51 pages
II. Policy Administration
Rules
Cooling-off Period
Customer may cancel the policy within 21 days after the delivery of
the policy / issue of a notice
AXA will refund the amount paid, or less if the value of the
customer’s investment options chosen has fallen at the time when
the cancellation request is received by us and will not be entitled to
the Start-up Bonus
Change of Basic Plan N/A
Currency Conversion N/A
Riders Addition N/A
Reducing/ Increasing
Regular Premium
Reducing regular premium:
Allowed after the MCP, customers may reduce the regular
premium to no less than the Minimum Regular premium
Increasing regular premium:
Allowed only if the regular premium has been reduced, then the
regular premium can be increased up to the original regular
premium amount committed at policy issuance
Investment Option
Allocation
Please refer to “Investment Options Allocation Instruction” under
Section 5 for details
Investment Option
Switching
Please refer to “Switching of Investment Options” under Section 5
for details
Reinstatement
Allowed within 1 year from the date when the policy ceases to be in
effect, except termination due to surrender
Reinstatement by redating only
Example
Policy Date : 13/5/2015
Regular Premium & Policy Charges Due Date : 13/11/2015
Application of policy reinstatement : 23/2/2016
Policy Date after policy reinstatement : 13/9/2015
Customers need to repay the Surrender Value paid (if any), resume
the payment of regular premium and repay the relevant Policy
Charges as determined by the company
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.31, total 51 pages
Premium Holiday
Request must be made by policyholder
Premium holiday will cease if the AUA value is insufficient to cover
3-month of the application Policy Charges due. Customer will be
notified to resume regular premium payment
Policy will lapse if AUA value is ≤ 0
(Please refer to “Premium Holiday” under section 3 for details)
Partial Withdrawal No. of unit(s) & name(s) of investment option(s) must be stated
(please refer to “Partial Withdrawal” under section 3 for details)
Surrender Policy conservation is applicable
Policy Lapsation
If customers suspend regular premium during the minimum
contribution period of the policy,
At every 15th of the second month after the due date for Regular
premium (If 15th is not a working day, checking will be performed
on last working day immediately prior to the 15th)
Total account value less Start-up Bonus clawback and EEC will
be paid to customers
Policy will lapse
If customers suspend regular premium after the minimum
contribution period of the policy,
At 15th of the second month after the due date for Policy
Charges (If 15th is not a working day, checking will be performed
on last working day immediately prior to the 15th)
AUA value will be paid for the outstanding Policy Charges and
EEC. If AUA value is insufficient for paying the total outstanding
charges, the policy will be maintained in effect until no Policy
Charges can be deducted from AUA value
Policy will lapse
For arrangement of other policy lapsation, please refer to “Grace
Period” and “Policy Termination” under section 3 for details
Required Forms
General Policy Service
Request Use existing “Policy Service Application Form I”
Investment-linked
Policy Service
Request
Use existing
“Investment-Linked Policy Miscellaneous Application Form”
“Request Form for Investment Option Management and
Consultant Service Fee”
Reinstatement Use existing “Policy Service Application Form II”
Premium Holiday
Request
Use existing “Premium Holiday Application For Investment-Linked
Policy”
Policy Surrender
Request Use existing “Application for Policy Surrender”
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.32, total 51 pages
III. Claims
Death Benefit Hong Kong Residents/Foreigners Mainland China Visitors
Required Form
and Documents
1. Death Claim Form I
2. Death Claim Form II
3. Original death certificate
4. Copy of identification document of
Insured and Beneficiary / Birth
Certificate (for Insured or
Beneficiary age < 18)
5. Proof of relationship between the
Insured and Claimant /
Beneficiary (e.g. Marriage
Certificate)
6. Original Policy Document
7. Legal Guardianship Paper (if
Beneficiary age < 18)
1. Death Claim Form I
2. Death Claim Form II
3. Original Notarial Certificate for
Death in PRC
4. Copy of identification document of
Insured and Beneficiary / Birth
Certificate (for Insured or
Beneficiary age < 18)
5. Proof of relationship between the
Insured and Claimant / Beneficiary
(e.g. Marriage Certificate)
6. Original Policy Document
7. Legal Guardianship Paper (if
Beneficiary age < 18)
8. Medical Record Book from PRC
9. Certificate of Cremation / Burial of
Corpse
10. Proof of de-registration of
Residence Certificate
11. Travel documents, such as entry
permit, passport
Accidental Death
Benefit
Hong Kong Residents/Foreigners Mainland China Visitors
Required Form
and Documents
1. Newspaper clippings (if applicable)
2. Policy report(s) (if applicable)
3. Coroner’s report and post-mortem
report (if applicable)
1.Newspaper clippings (if applicable)
2. Policy report(s) (if applicable)
3.Coroner’s report and post-mortem
report (if applicable)
Payee Proceeds will be paid to the legal guardian if Beneficiary < age 18
In the interest of any Beneficiary, who dies before, at the same time of or within
10 days after the Insured’s Death, proceeds shall pay to the estate of the
Policyowner
IV. Operation Support
Please contact Distribution Enquiries Hotline at 2802 2832 for the following enquiries:
New Business
Underwriting
Application Form
Policy Administration
Claims
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.33, total 51 pages
7. AXA Proposal System
I. Proposal System Launch Date
Proposal
Systems
AWB
(Online Proposal System)
AWB
(Offline PC)
iPro Tool Kit
Tablet (iPad/Android)
Launch Date 2nd Jan, 2015 19th Jan, 2015 2nd Jan, 2015
II. Proposal Content Highlight
In addition to net rate of return of 3%, 6% and 9% p.a., 0% p.a. (no-growth scenario) is
added
Applicable to “Illustration Document” & “Supplementary Illustration” page.
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.34, total 51 pages
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.35, total 51 pages
Death Benefit and Surrender Value are presented in separate page
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.36, total 51 pages
8. Marketing Support
Items Delivery Date Remarks
Materials for external customers
Principal
Brochure
(Including
Product
Brochure
(PB), Product
Key Facts
Statement
(KFS) &
Investment
Options
Leaflet (IOL))
Soft copy (Bilingual)
AWB on 2nd Jan, 2015
N/A
Investment
Options Info
(incl. Fund
Factsheets,
Product Key
Facts
Statements &
Offering
Documents of
the reference
funds)
Soft copy (Bilingual)
Corporate website on 2nd
Jan, 2015
https://www.axa.com.hk/downloads
Please refer to: Customer Service >
Downloads > Investment > Pulsar II
Investment Insurance Plan
Sales support materials for internal user
Product
Handbook
Soft copy (English Version)
AWB on 2nd Jan, 2015
Soft copy (Chinese Version)
AWB by end of the week of
5th Jan, 2015
Print copy (English and
Chinese Versions)
By 21st Jan, 2015
N/A
For softcopies on AWB, please refer to: Communications and Promotions > Broker >
Product Information > Pulsar II Investment Insurance Plan
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.37, total 51 pages
9. Frequently Asked Questions and Answers
Q1. Why Pulsar II consists of 2 accounts?
A: Pulsar consists of 2 accounts – IUA and AUA – in order to provide financial flexibility to
our customers. Regular premiums contributed for the minimum contribution period of the
policy will be allocated in the form of units to the “Initial Units Account”; any premiums
contributed thereafter will be allocated to the “AUA”.
If a customer suspends premium payment or makes withdrawal at the early stage of the
policy, the account value may not be sufficient to maintain the policy in effect. Hence, the
IUA is there to form the basis of Pulsar II policy such that the policy can be in effect for
the longest possible period. After the minimum contribution period, customer is allowed
to go on a premium holiday and may withdraw account value from the AUA in order to
accommodate their emergency cash needs during the TCP.
Q2. Apart from regular premium, can customers make any additional investment
contribution by paying lump sum premium?
A: No. Lump sum premium is not available in Pulsar II.
Q3. If a Pulsar II policy is surrendered before the end of the TCP, will the Start-up
Bonus paid to the policy be clawed back?
A: If the policy is surrendered during the MCP within the TCP, start-up Bonus paid to the
policy will be clawed back. However, if the policy is surrendered after the MCP before the
end of the TCP, start-up Bonus paid to the policy will not be clawed back. However,
during the EEC period, the Account Value relating to the Start-up Bonus will be subject to
an EEC when calculating the Surrender Value. After the EEC period, no EEC will be
charged. In the event that the policy is surrendered during the Minimum Contribution
Period, the Start-up clawed back will be deducted from the IUA value in calculation of the
EEC and the Surrender Value.
Q4. Can customers withdraw Account Value from the IUA during the TCP?
A: During TCP, no withdrawal from IUA is allowed. However, customers are allowed to
withdraw account value from the AUA only during the TCP, subject to a minimum
withdrawal amount of HKD4,000 / USD500 / EUR500 / GBP320 / AUD600 / SGD800 per
withdrawal. If withdrawal is made from the IUA during the TCP, policy termination will be
triggered and EEC will apply.
Q5. What should be noted about exercising a Premium Holiday?
A: Premium Holiday can only be taken after the Minimum Contribution Period of the policy.
During the Minimum Contribution Period, if the relevant regular premium due is not paid
after the expiry of the grace period, the policy will terminate and the EEC will apply.
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.38, total 51 pages
During Premium Holiday, Policy Charges will remain payable while regular premium
payments are suspended. This will lead to a reduction in the total amount of premiums
paid and affecting the account value, the death benefit and Loyalty Bonus will thus be
reduced accordingly.
Consultants should remind their customers that premium holiday is a short-term solution
for them to deal with financial difficulties only.
Q6. After the cessation of Premium Holiday, is customer allowed to pay back the
premiums suspended during the Premium Holiday?
A: After the cessation of Premium Holiday, customer is required to resume regular premium
only. No premiums suspended during the Premium Holiday is required to pay back.
Q7. If the total Account Value drops and becomes insufficient to cover the relevant
Policy Charges due during the Premium Holiday due to market fluctuations, will
the policy terminate?
A: If the total Account Value drops and becomes insufficient to cover the relevant Policy
Charges due during the Premium Holiday due to market fluctuations, the policy may not
terminate within the 31-day grace period. Regardless of a Premium Holiday has been
taken or not, the policy will terminate if the Policy Charges due remain outstanding after
the expiry of a grace period.
Q8. After going on Premium Holiday and resumed regular premium payment for
consecutive 12 months, is customer allowed to get back the Loyalty Bonus?
A: After taken a premium holiday at any time during the 12 months prior to the relevant
policy anniversary on which the Loyalty Bonus is payable, the entitlement to the loyalty
bonus on such policy anniversary is no longer retrieved.
However, if subsequently the payment of the regular premium is resumed, the
entitlement to the Loyalty Bonus will be resumed.
Q9. If wrong information was given in health declaration during application, how will
the death claim be handled?
A: We will rescind policy and reject death claim in terms of material non-disclosure. Total
premium paid less any deduction of the amount by which the value of investment has
fallen when rescission decision is made, will be refunded.
Q10. If answer(s) to the underwriting question(s) is/ are Yes, will the application be
rejected or be applied the loading?
A: Yes. It is subject to the underwriting decision.
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.39, total 51 pages
Appendix 1.– Insurance Charge Rate Tables
Annual Insurance Charge rate per 1,000
Standard
Age Male Female Age Male Female Age Male Female
0 0.96 1.15 35 1.66 1.29 70 41.77 29.06
1 0.57 0.55 36 1.76 1.38 71 45.16 31.57
2 0.57 0.55 37 1.90 1.48 72 48.70 34.29
3 0.57 0.55 38 2.05 1.59 73 53.98 37.25
4 0.57 0.55 39 2.21 1.71 74 61.91 40.46
5 0.57 0.55 40 2.39 1.88 75 67.00 43.95
6 0.57 0.55 41 2.58 2.02 76 73.73 47.73
7 0.57 0.55 42 2.77 2.18 77 82.72 51.82
8 0.57 0.55 43 3.05 2.33 78 88.74 56.23
9 0.57 0.55 44 3.27 2.51 79 94.34 62.47
10 0.57 0.55 45 3.51 2.70 80 102.28 71.21
11 0.57 0.55 46 3.76 2.89 81 111.65 82.56
12 0.57 0.55 47 4.04 3.10 82 123.02 95.16
13 0.57 0.55 48 4.33 3.31 83 135.51 108.67
14 0.57 0.55 49 4.67 3.55 84 149.19 122.73
15 0.57 0.55 50 5.08 3.84 85 164.16 138.54
16 0.76 0.55 51 5.50 4.12 86 180.53 156.29
17 0.82 0.55 52 5.98 4.40 87 198.41 174.59
18 0.84 0.55 53 6.51 4.74 88 217.93 194.87
19 0.88 0.56 54 7.24 5.25 89 239.18 215.27
20 0.94 0.6 55 8.08 5.83 90 262.28 237.51
21 0.97 0.63 56 9.00 6.49 91 287.38 261.69
22 1.06 0.65 57 10.01 7.24 92 314.58 293.66
23 1.06 0.68 58 11.12 8.08 93 344.00 329.12
24 1.08 0.7 59 12.36 9.00 94 375.73 362.03
25 1.11 0.73 60 13.72 10.01 95 409.90 398.23
26 1.14 0.76 61 15.19 11.12 96 446.56 438.05
27 1.16 0.8 62 16.77 12.36 97 485.82 493.43
28 1.17 0.85 63 18.48 13.72 98 527.67 557.45
29 1.19 0.9 64 20.33 15.19 99 572.60 600.00
30 1.22 0.96 65 22.30 16.77
31 1.28 1.02 66 27.39 18.48
32 1.34 1.08 67 29.89 20.33
33 1.45 1.14 68 34.02 22.30
34 1.55 1.22 69 36.95 24.40
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.40, total 51 pages
Appendix 2. - Monthly EEC Rate Table
During
policy
month
EEC rate (%) according to the chosen TCP (years)
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
1 51.00 52.00 52.00 53.00 53.00 54.00 55.00 56.00 57.00 58.00 59.00 59.00 62.00 62.00 65.00 65.00
2 50.75 51.66 51.75 52.66 52.75 53.66 54.75 55.75 56.75 57.75 58.75 58.75 61.75 61.75 64.75 64.75
3 50.50 51.33 51.50 52.33 52.50 53.33 54.50 55.50 56.50 57.50 58.50 58.50 61.50 61.50 64.50 64.50
4 50.25 51.00 51.25 52.00 52.25 53.00 54.25 55.25 56.25 57.25 58.25 58.25 61.25 61.25 64.25 64.25
5 50.00 50.66 51.00 51.66 52.00 52.66 54.00 55.00 56.00 57.00 58.00 58.00 61.00 61.00 64.00 64.00
6 49.75 50.33 50.75 51.33 51.75 52.33 53.75 54.75 55.75 56.75 57.75 57.75 60.75 60.75 63.75 63.75
7 49.50 50.00 50.50 51.00 51.50 52.00 53.50 54.50 55.50 56.50 57.50 57.50 60.50 60.50 63.50 63.50
8 49.25 49.66 50.25 50.66 51.25 51.66 53.25 54.25 55.25 56.25 57.25 57.25 60.25 60.25 63.25 63.25
9 49.00 49.33 50.00 50.33 51.00 51.33 53.00 54.00 55.00 56.00 57.00 57.00 60.00 60.00 63.00 63.00
10 48.75 49.00 49.75 50.00 50.75 51.00 52.75 53.75 54.75 55.75 56.75 56.75 59.75 59.75 62.75 62.75
11 48.50 48.66 49.50 49.66 50.50 50.66 52.50 53.50 54.50 55.50 56.50 56.50 59.50 59.50 62.50 62.50
12 48.25 48.33 49.25 49.33 50.25 50.33 52.25 53.25 54.25 55.25 56.25 56.25 59.25 59.25 62.25 62.25
13 48.00 48.00 49.00 49.00 50.00 50.00 52.00 53.00 54.00 55.00 56.00 56.00 59.00 59.00 62.00 62.00
14 47.41 47.41 48.33 48.33 49.25 49.25 51.16 52.25 53.25 54.25 55.25 55.33 58.50 58.58 61.66 61.75
15 46.83 46.83 47.66 47.66 48.50 48.50 50.33 51.50 52.50 53.50 54.50 54.66 58.00 58.16 61.33 61.50
16 46.25 46.25 47.00 47.00 47.75 47.75 49.50 50.75 51.75 52.75 53.75 54.00 57.50 57.75 61.00 61.25
17 45.66 45.66 46.33 46.33 47.00 47.00 48.66 50.00 51.00 52.00 53.00 53.33 57.00 57.33 60.66 61.00
18 45.08 45.08 45.66 45.66 46.25 46.25 47.83 49.25 50.25 51.25 52.25 52.66 56.50 56.91 60.33 60.75
19 44.50 44.50 45.00 45.00 45.50 45.50 47.00 48.50 49.50 50.50 51.50 52.00 56.00 56.50 60.00 60.50
20 43.91 43.91 44.33 44.33 44.75 44.75 46.16 47.75 48.75 49.75 50.75 51.33 55.50 56.08 59.66 60.25
21 43.33 43.33 43.66 43.66 44.00 44.00 45.33 47.00 48.00 49.00 50.00 50.66 55.00 55.66 59.33 60.00
22 42.75 42.75 43.00 43.00 43.25 43.25 44.50 46.25 47.25 48.25 49.25 50.00 54.50 55.25 59.00 59.75
23 42.16 42.16 42.33 42.33 42.50 42.50 43.66 45.50 46.50 47.50 48.50 49.33 54.00 54.83 58.66 59.50
24 41.58 41.58 41.66 41.66 41.75 41.75 42.83 44.75 45.75 46.75 47.75 48.66 53.50 54.41 58.33 59.25
25 41.00 41.00 41.00 41.00 41.00 41.00 42.00 44.00 45.00 46.00 47.00 48.00 53.00 54.00 58.00 59.00
26 40.66 40.66 40.66 40.66 40.66 40.66 41.58 43.41 44.33 45.25 46.16 47.16 52.08 53.08 57.08 58.08
27 40.33 40.33 40.33 40.33 40.33 40.33 41.16 42.83 43.66 44.50 45.33 46.33 51.16 52.16 56.16 57.16
28 40.00 40.00 40.00 40.00 40.00 40.00 40.75 42.25 43.00 43.75 44.50 45.50 50.25 51.25 55.25 56.25
29 39.66 39.66 39.66 39.66 39.66 39.66 40.33 41.66 42.33 43.00 43.66 44.66 49.33 50.33 54.33 55.33
30 39.33 39.33 39.33 39.33 39.33 39.33 39.91 41.08 41.66 42.25 42.83 43.83 48.41 49.41 53.41 54.41
31 39.00 39.00 39.00 39.00 39.00 39.00 39.50 40.50 41.00 41.50 42.00 43.00 47.50 48.50 52.50 53.50
32 38.66 38.66 38.66 38.66 38.66 38.66 39.08 39.91 40.33 40.75 41.16 42.16 46.58 47.58 51.58 52.58
33 38.33 38.33 38.33 38.33 38.33 38.33 38.66 39.33 39.66 40.00 40.33 41.33 45.66 46.66 50.66 51.66
34 38.00 38.00 38.00 38.00 38.00 38.00 38.25 38.75 39.00 39.25 39.50 40.50 44.75 45.75 49.75 50.75
35 37.66 37.66 37.66 37.66 37.66 37.66 37.83 38.16 38.33 38.50 38.66 39.66 43.83 44.83 48.83 49.83
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.41, total 51 pages
During
policy
month
EEC rate (%) according to the chosen TCP (years)
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
36 37.33 37.33 37.33 37.33 37.33 37.33 37.41 37.58 37.66 37.75 37.83 38.83 42.91 43.91 47.91 48.91
37 37.00 37.00 37.00 37.00 37.00 37.00 37.00 37.00 37.00 37.00 37.00 38.00 42.00 43.00 47.00 48.00
38 36.66 36.66 36.66 36.66 36.66 36.66 36.66 36.66 36.66 36.66 36.66 37.58 41.58 42.50 46.50 47.41
39 36.33 36.33 36.33 36.33 36.33 36.33 36.33 36.33 36.33 36.33 36.33 37.16 41.16 42.00 46.00 46.83
40 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.00 36.75 40.75 41.50 45.50 46.25
41 35.66 35.66 35.66 35.66 35.66 35.66 35.66 35.66 35.66 35.66 35.66 36.33 40.33 41.00 45.00 45.66
42 35.33 35.33 35.33 35.33 35.33 35.33 35.33 35.33 35.33 35.33 35.33 35.91 39.91 40.50 44.50 45.08
43 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.00 35.50 39.50 40.00 44.00 44.50
44 34.66 34.66 34.66 34.66 34.66 34.66 34.66 34.66 34.66 34.66 34.66 35.08 39.08 39.50 43.50 43.91
45 34.33 34.33 34.33 34.33 34.33 34.33 34.33 34.33 34.33 34.33 34.33 34.66 38.66 39.00 43.00 43.33
46 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.00 34.25 38.25 38.50 42.50 42.75
47 33.66 33.66 33.66 33.66 33.66 33.66 33.66 33.66 33.66 33.66 33.66 33.83 37.83 38.00 42.00 42.16
48 33.33 33.33 33.33 33.33 33.33 33.33 33.33 33.33 33.33 33.33 33.33 33.41 37.41 37.50 41.50 41.58
49 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 37.00 37.00 41.00 41.00
50 32.58 32.58 32.58 32.58 32.58 32.58 32.75 32.75 32.75 32.75 32.75 32.58 36.66 36.66 40.66 40.66
51 32.16 32.16 32.16 32.16 32.16 32.16 32.50 32.50 32.50 32.50 32.50 32.16 36.33 36.33 40.33 40.33
52 31.75 31.75 31.75 31.75 31.75 31.75 32.25 32.25 32.25 32.25 32.25 31.75 36.00 36.00 40.00 40.00
53 31.33 31.33 31.33 31.33 31.33 31.33 32.00 32.00 32.00 32.00 32.00 31.33 35.66 35.66 39.66 39.66
54 30.91 30.91 30.91 30.91 30.91 30.91 31.75 31.75 31.75 31.75 31.75 30.91 35.33 35.33 39.33 39.33
55 30.50 30.50 30.50 30.50 30.50 30.50 31.50 31.50 31.50 31.50 31.50 30.50 35.00 35.00 39.00 39.00
56 30.08 30.08 30.08 30.08 30.08 30.08 31.25 31.25 31.25 31.25 31.25 30.08 34.66 34.66 38.66 38.66
57 29.66 29.66 29.66 29.66 29.66 29.66 31.00 31.00 31.00 31.00 31.00 29.66 34.33 34.33 38.33 38.33
58 29.25 29.25 29.25 29.25 29.25 29.25 30.75 30.75 30.75 30.75 30.75 29.25 34.00 34.00 38.00 38.00
59 28.83 28.83 28.83 28.83 28.83 28.83 30.50 30.50 30.50 30.50 30.50 28.83 33.66 33.66 37.66 37.66
60 28.41 28.41 28.41 28.41 28.41 28.41 30.25 30.25 30.25 30.25 30.25 28.41 33.33 33.33 37.33 37.33
61 28.00 28.00 28.00 28.00 28.00 28.00 30.00 30.00 30.00 30.00 30.00 28.00 33.00 33.00 37.00 37.00
62 27.58 27.58 27.58 27.58 27.58 27.58 29.58 29.58 29.58 29.58 29.58 27.58 32.58 32.58 36.66 36.66
63 27.16 27.16 27.16 27.16 27.16 27.16 29.16 29.16 29.16 29.16 29.16 27.16 32.16 32.16 36.33 36.33
64 26.75 26.75 26.75 26.75 26.75 26.75 28.75 28.75 28.75 28.75 28.75 26.75 31.75 31.75 36.00 36.00
65 26.33 26.33 26.33 26.33 26.33 26.33 28.33 28.33 28.33 28.33 28.33 26.33 31.33 31.33 35.66 35.66
66 25.91 25.91 25.91 25.91 25.91 25.91 27.91 27.91 27.91 27.91 27.91 25.91 30.91 30.91 35.33 35.33
67 25.50 25.50 25.50 25.50 25.50 25.50 27.50 27.50 27.50 27.50 27.50 25.50 30.50 30.50 35.00 35.00
68 25.08 25.08 25.08 25.08 25.08 25.08 27.08 27.08 27.08 27.08 27.08 25.08 30.08 30.08 34.66 34.66
69 24.66 24.66 24.66 24.66 24.66 24.66 26.66 26.66 26.66 26.66 26.66 24.66 29.66 29.66 34.33 34.33
70 24.25 24.25 24.25 24.25 24.25 24.25 26.25 26.25 26.25 26.25 26.25 24.25 29.25 29.25 34.00 34.00
71 23.83 23.83 23.83 23.83 23.83 23.83 25.83 25.83 25.83 25.83 25.83 23.83 28.83 28.83 33.66 33.66
72 23.41 23.41 23.41 23.41 23.41 23.41 25.41 25.41 25.41 25.41 25.41 23.41 28.41 28.41 33.33 33.33
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.42, total 51 pages
During
policy
month
EEC rate (%) according to the chosen TCP (years)
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
73 23.00 23.00 23.00 23.00 23.00 23.00 25.00 25.00 25.00 25.00 25.00 23.00 28.00 28.00 33.00 33.00
74 22.58 22.58 22.58 22.58 22.58 22.58 24.58 24.58 24.58 24.58 24.58 22.58 27.58 27.58 32.58 32.58
75 22.16 22.16 22.16 22.16 22.16 22.16 24.16 24.16 24.16 24.16 24.16 22.16 27.16 27.16 32.16 32.16
76 21.75 21.75 21.75 21.75 21.75 21.75 23.75 23.75 23.75 23.75 23.75 21.75 26.75 26.75 31.75 31.75
77 21.33 21.33 21.33 21.33 21.33 21.33 23.33 23.33 23.33 23.33 23.33 21.33 26.33 26.33 31.33 31.33
78 20.91 20.91 20.91 20.91 20.91 20.91 22.91 22.91 22.91 22.91 22.91 20.91 25.91 25.91 30.91 30.91
79 20.50 20.50 20.50 20.50 20.50 20.50 22.50 22.50 22.50 22.50 22.50 20.50 25.50 25.50 30.50 30.50
80 20.08 20.08 20.08 20.08 20.08 20.08 22.08 22.08 22.08 22.08 22.08 20.08 25.08 25.08 30.08 30.08
81 19.66 19.66 19.66 19.66 19.66 19.66 21.66 21.66 21.66 21.66 21.66 19.66 24.66 24.66 29.66 29.66
82 19.25 19.25 19.25 19.25 19.25 19.25 21.25 21.25 21.25 21.25 21.25 19.25 24.25 24.25 29.25 29.25
83 18.83 18.83 18.83 18.83 18.83 18.83 20.83 20.83 20.83 20.83 20.83 18.83 23.83 23.83 28.83 28.83
84 18.41 18.41 18.41 18.41 18.41 18.41 20.41 20.41 20.41 20.41 20.41 18.41 23.41 23.41 28.41 28.41
85 18.00 18.00 18.00 18.00 18.00 18.00 20.00 20.00 20.00 20.00 20.00 18.00 23.00 23.00 28.00 28.00
86 17.58 17.58 17.58 17.58 17.58 17.58 19.50 19.50 19.50 19.50 19.50 17.58 22.58 22.58 27.58 27.58
87 17.16 17.16 17.16 17.16 17.16 17.16 19.00 19.00 19.00 19.00 19.00 17.16 22.16 22.16 27.16 27.16
88 16.75 16.75 16.75 16.75 16.75 16.75 18.50 18.50 18.50 18.50 18.50 16.75 21.75 21.75 26.75 26.75
89 16.33 16.33 16.33 16.33 16.33 16.33 18.00 18.00 18.00 18.00 18.00 16.33 21.33 21.33 26.33 26.33
90 15.91 15.91 15.91 15.91 15.91 15.91 17.50 17.50 17.50 17.50 17.50 15.91 20.91 20.91 25.91 25.91
91 15.50 15.50 15.50 15.50 15.50 15.50 17.00 17.00 17.00 17.00 17.00 15.50 20.50 20.50 25.50 25.50
92 15.08 15.08 15.08 15.08 15.08 15.08 16.50 16.50 16.50 16.50 16.50 15.08 20.08 20.08 25.08 25.08
93 14.66 14.66 14.66 14.66 14.66 14.66 16.00 16.00 16.00 16.00 16.00 14.66 19.66 19.66 24.66 24.66
94 14.25 14.25 14.25 14.25 14.25 14.25 15.50 15.50 15.50 15.50 15.50 14.25 19.25 19.25 24.25 24.25
95 13.83 13.83 13.83 13.83 13.83 13.83 15.00 15.00 15.00 15.00 15.00 13.83 18.83 18.83 23.83 23.83
96 13.41 13.41 13.41 13.41 13.41 13.41 14.50 14.50 14.50 14.50 14.50 13.41 18.41 18.41 23.41 23.41
97 13.00 13.00 13.00 13.00 13.00 13.00 14.00 14.00 14.00 14.00 14.00 13.00 18.00 18.00 23.00 23.00
98 12.50 12.50 12.50 12.50 12.50 12.50 13.41 13.41 13.41 13.41 13.41 12.50 17.58 17.58 22.58 22.58
99 12.00 12.00 12.00 12.00 12.00 12.00 12.83 12.83 12.83 12.83 12.83 12.00 17.16 17.16 22.16 22.16
100 11.50 11.50 11.50 11.50 11.50 11.50 12.25 12.25 12.25 12.25 12.25 11.50 16.75 16.75 21.75 21.75
101 11.00 11.00 11.00 11.00 11.00 11.00 11.66 11.66 11.66 11.66 11.66 11.00 16.33 16.33 21.33 21.33
102 10.50 10.50 10.50 10.50 10.50 10.50 11.08 11.08 11.08 11.08 11.08 10.50 15.91 15.91 20.91 20.91
103 10.00 10.00 10.00 10.00 10.00 10.00 10.50 10.50 10.50 10.50 10.50 10.00 15.50 15.50 20.50 20.50
104 9.50 9.50 9.50 9.50 9.50 9.50 9.91 9.91 9.91 9.91 9.91 9.50 15.08 15.08 20.08 20.08
105 9.00 9.00 9.00 9.00 9.00 9.00 9.33 9.33 9.33 9.33 9.33 9.00 14.66 14.66 19.66 19.66
106 8.50 8.50 8.50 8.50 8.50 8.50 8.75 8.75 8.75 8.75 8.75 8.50 14.25 14.25 19.25 19.25
107 8.00 8.00 8.00 8.00 8.00 8.00 8.16 8.16 8.16 8.16 8.16 8.00 13.83 13.83 18.83 18.83
108 7.50 7.50 7.50 7.50 7.50 7.50 7.58 7.58 7.58 7.58 7.58 7.50 13.41 13.41 18.41 18.41
109 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 13.00 13.00 18.00 18.00
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.43, total 51 pages
During
policy
month
EEC rate (%) according to the chosen TCP (years)
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
110 6.41 6.41 6.41 6.41 6.41 6.41 6.41 6.41 6.41 6.41 6.41 6.41 12.50 12.50 17.58 17.58
111 5.83 5.83 5.83 5.83 5.83 5.83 5.83 5.83 5.83 5.83 5.83 5.83 12.00 12.00 17.16 17.16
112 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 11.50 11.50 16.75 16.75
113 4.66 4.66 4.66 4.66 4.66 4.66 4.66 4.66 4.66 4.66 4.66 4.66 11.00 11.00 16.33 16.33
114 4.08 4.08 4.08 4.08 4.08 4.08 4.08 4.08 4.08 4.08 4.08 4.08 10.50 10.50 15.91 15.91
115 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 10.00 10.00 15.50 15.50
116 2.91 2.91 2.91 2.91 2.91 2.91 2.91 2.91 2.91 2.91 2.91 2.91 9.50 9.50 15.08 15.08
117 2.33 2.33 2.33 2.33 2.33 2.33 2.33 2.33 2.33 2.33 2.33 2.33 9.00 9.00 14.66 14.66
118 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 8.50 8.50 14.25 14.25
119 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 8.00 8.00 13.83 13.83
120 0.58 0.58 0.58 0.58 0.58 0.58 0.58 0.58 0.58 0.58 0.58 0.58 7.50 7.50 13.41 13.41
121 - - - - - - - - - - - - 7.00 7.00 13.00 13.00
122 - - - - - - - - - - - - 6.41 6.41 12.50 12.50
123 - - - - - - - - - - - - 5.83 5.83 12.00 12.00
124 - - - - - - - - - - - - 5.25 5.25 11.50 11.50
125 - - - - - - - - - - - - 4.66 4.66 11.00 11.00
126 - - - - - - - - - - - - 4.08 4.08 10.50 10.50
127 - - - - - - - - - - - - 3.50 3.50 10.00 10.00
128 - - - - - - - - - - - - 2.91 2.91 9.50 9.50
129 - - - - - - - - - - - - 2.33 2.33 9.00 9.00
130 - - - - - - - - - - - - 1.75 1.75 8.50 8.50
131 - - - - - - - - - - - - 1.16 1.16 8.00 8.00
132 - - - - - - - - - - - - 0.58 0.58 7.50 7.50
133 - - - - - - - - - - - - - - 7.00 7.00
134 - - - - - - - - - - - - - - 6.41 6.41
135 - - - - - - - - - - - - - - 5.83 5.83
136 - - - - - - - - - - - - - - 5.25 5.25
137 - - - - - - - - - - - - - - 4.66 4.66
138 - - - - - - - - - - - - - - 4.08 4.08
139 - - - - - - - - - - - - - - 3.50 3.50
140 - - - - - - - - - - - - - - 2.91 2.91
141 - - - - - - - - - - - - - - 2.33 2.33
142 - - - - - - - - - - - - - - 1.75 1.75
143 - - - - - - - - - - - - - - 1.16 1.16
144 - - - - - - - - - - - - - - 0.58 0.58
145 - - - - - - - - - - - - - - - -
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.44, total 51 pages
Appendix 3. – Sample Application Form
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.45, total 51 pages
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.46, total 51 pages
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.47, total 51 pages
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.48, total 51 pages
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.49, total 51 pages
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.50, total 51 pages
Pulsar II Investment Insurance Plan
All information is for internal use and reference only P.51, total 51 pages
Appendix 4. - Delegation of Investment Option Management and
Consultant Service Fee
2. Delegation of Investment Option Management
3. (Optional and applicable to policies applied through third-party Authorized Insurance
Brokers only)
Customers can delegate the right to consultant for application of
Switching of investment options
Change of investment option allocation instruction
Important Note
The right of the client to switch investment options and to change the investment
option allocation instruction shall only be exercise through the consultant after
Delegation of Investment Option Management is effective
4. Consultant Service Fee
5. (Optional and applicable to policies applied through third-party Authorized Insurance
Brokers only)
This Charge is not imposed by AXA and is not a Policy Charge. It is determined at the sole
discretion between the customer and the consultant, and notified to us in writing. It is
payable to the consultant via us.
Payable monthly in advance by cancelling units from the AUA only if the AUA value
(after deduction of the Policy Charges) as at the due date for the CSF is greater than 0.
The monthly consultant service fee is equal to a fixed percentage per annum (ranging
from 0% to 3% per annum) divided by 12, multiplied by the AUA Value (after deduction
of the Policy Charges) as at the due date for the payment of the consultant service fee.