Background
When a Vista policy approaches its maturity date, Zurich International Life will send a Maturity Pack to the policy owner three months before the maturity. A maturity SMS will be sent to the policy owner one month before the maturity.The Maturity Pack aims to provide the client with the relevant policy information and the options available.
Content of the Maturity Pack
| Document | Purpose |
| Maturity Letter as attached | Zurich informs the client about:
1. Policy maturity date 2. Current value of the policy 3. Post Maturity Reserve (PMR) Switch 4. Loan Issue if applicable |
| Maturity | For the client to inform Zurich about his/her option upon the maturity of the policy |
Options for the Maturity of the policy
Option 1–Surrender (Updated: 3 Nov 2015)
1. Option A:
- Full surrender when Zurich receives the Maturity and reinvestment form (please note that surrender penalty might apply if the policy has not reached the maturity date)
- full surrender at maturity date.
2 Option B:
- Partial surrender across all policies and funds; please also complete section 4 to extend the policy
Please note:
1. Take the full maturity value or
2. Take the partial surrender value up to a maximum of 70% of maturity Value
3. Client is NOT required to return the policy document to Zurich when applying for a full surrender. Policy document has to be returned when client applying for a policy loan. Client can ignore and not to tick the options of "I have enclosed my original documents"&"I have completed the lost plan indemnity section" on the full or partial encashment form. (Updated: 28 Aug 2015)
Option 2 – Extend (Updated: 3 Nov 2015)
1. Extend the policy term by deferring the maturity/normal retirement date by at least one year (or five years if you invest in the Guaranteed Accumulation funds)
2. Extension is not limited to one time only
3. Continue / change / stop premium contribution
4.Continue / stop current levels of benefits
Please note:
The client may opt for full surrender before new maturity date and there will be no surrender
Option 3 – Apply for other investment options
Client can contact their financial advisers for other Zurich International Life investment options.
Procedure
Submit below documents to CSD 2 weeks before the maturity date
1. Maturity – your claim or reinvestment form
2. Certified copy of the Personal Identity Card
3. Certified copy of the residential address proof
4. Method of payment form (applicable only if the client extends the policy term and pay the premium)
5. Fund switch and redirection form (applicable only if client extends the policy term and request to move the
PMR funds into his/her chosen funds)
Notes:
1. If Zurich does not receive the ‘Maturity – Your claim or reinvestment form’ on or before the maturity date,
Zurich will automatically switches the clients fund holding to Post Maturity Reserve (PMR) at the maturity
date, in order to protect the client’s investment from the price fluctuations in the market. No backdate will
be offered.
2. The PMR switch will switch into the PMR funds with currency equivalent to the policy’s plan currency if it is
GBP, USD or EUR. Otherwise, the switch will be defaulted to GBP or USD PMR.
3. If Zurich receives the ‘Maturity – Your claim or reinvestment form’ to extend the policy term after Zurich
performed the PMR switch, client is required to submit a switch and redirection form to us along with the
‘Maturity and reinvestment form’ if client decides to switch his PMR funds into his chosen funds.
4. If the client has a loan on the policy and decides to take the full value of the policy, Zurich will deduct any
outstanding and interest owed before we send the remaining maturity amount to client.
5. If the client has a loan on the policy and the client decides to extend the policy the existing loan will continue
as normal.
6. If the clientchooses extension without increasing the premium, the expense recoupment charge will not be applicable. (Updated: 3 Nov 2015)
7. Administration charges and earned commission after policy is extended.
| Vista 2 | |||
| Policy Fees | Expense Recoupment Charge | Initial Commission | |
| Extend without premium | yes | no | no |
| Extend with same level premium | yes | no | no |
| Extend with decreased level | yes | no | no |
| Extend with increased level | yes | yes | yes |
| Vista 3 | |||||
| Policy Fees | Management Fees | Expense Recoupment Charge | Initial Commission | Fund Based Commission | |
| Extend without premium | yes | yes | no | no | yes |
| Extend with same level premium | yes | yes | no | no | yes |
| Extend with decreased level | yes | yes | no | no | yes |
| Extend with increased level | yes | yes | yes | yes | yes |
Checklist
1. Effective from September 16, 2018, Zurich accepts scanned encashment requests (Partial surrender/full surrender and maturity forms) from customer’s registered email address and the details are as follows:
- Zurich would accept a scanned encashment request received from customer’s registered email address.
- Joint owners can send the encashment request from either of their registered email addresses.
- To prevent duplicate request, it is not necessary to send the original form to Zurich.
- Scanned encashment request should be emailed to [email protected].
2. Maturity and Reinvestment Form ([M1])
3. Certified Proof of Address
- Client needs to fulfill both principal and OWM address proof requirement
- For details, please refer to OWM address proof requirement AND Zurich - Address Proof Requirement
4. Certified HKID Copy
- For customers residing in Hong Kong but not holding a permanent Hong Kong Identity Card, both
(1) suitably certified true copies of the originals of the passport (pages bearing photo, signature and the entry chop)
If client unable to provide either one of the suitably certified true copies of the originals of the full passport and
national identification card, the client can provide the following to provie their nationalities: (Updated: 6 Jun 2012)
(a). Original of the client's signed declaration- state the reason why the client is not able to provide national ID nor
Chinese passport (which are the primary document for verification); plus
(b). a valid Permit for Proceeding to Hong Kong and Macao (commonly know as 'One-way Permit')
《前往港澳通行証》(慣稱「單程通行證」) or
(c). a valid Document of Identity 《簽證身份書》(commonly know as "DI") for visa purpose.
AND,
(2) Non-permanent Hong Kong Identity card bearing photograph are needed.
Please note: Zurich will not require the client to submit identity proof nor address proof to process the maturity request if the client has not changed the identity nor change of address against Zurich records as well as this is not a high risk case.
5. CS eform
Zurich Customer Hotline: 3405 7150 (for general enquiries ONLY)