Decrease Premium - Heng An Standard Life

Important Notice

1.  Reduction of regular contribution can only be effective after the ICP of all coverage(s) has completed.   (updated:  22 May 2012)

2.  Unless specified, the fund allocation will be remaining unchanged.

3.  Minimum regular contribution is required to be remained in each coverage level.   (updated:  24 Jan 2013) 

4.  In case of multiple coverages, the reduction of contribution will be on last-in-first-out basis and applicable to each layer regardless of any top-up after ICP. Subject to all converages after ICP are eligible for reduction.

Example:        

5.  Using the previous example above,   Coverage 02 will firstly be reduced to HKD240 and then Coverage 01 will be reduced to HKD1,000 (due to Last-in-first-out rule).

6.  There is no need to terminate the top up layer before reduction can be done on the 1^st layer of contribution. In this example, customer is allowed to reduce contribution amount to as low as HKD 960.

7.  The amount up to the original contribution level – will be regarded as continuation of its coverage, therefore, no new Initial Period of Commission paid. (updated:  22 May 2012)

8.   The amount over the original contribution – will be regarded as new business, please refer to OnePortal document – Additional Regular Contribution.  (updated:  22 May 2012)

9.  Please refer to examples outlined in Guidelines for Decrease Contribution on Harvest Wealth

10.  For Standard Life (Asia) Limited (SL), daily cut off time is HK business day before 3pm received by SL. (updated:  22 May 2012)

Checklist

1.Fill in the Change in Contribution Form (please kindly refer to Form [C3])  (Updated: 10 July, 2014)

2. CS eform

3. BSO amendment form to change the monthly payment amount if client's recurring payment is by BSO. (Updated: 24 Jan 2013)

Payment Methods

Client can choose billing cycle after the policy is issued anytime after 5 February 2010 by submission of Policy Alteration Form plus one month modal premium (for monthly payment mode); same case applied to Direct Debit Authorization (DDA), Credit Card Authorization (CCA) and Banker's Standing Order (BSO) as recurring payment method for Harvest 101.

1. BSO payment:

• DO NOT write the BSO start date
• BSO payment form is applicable for HSBC and Standard Chartered Bank only
• For other banks, please use the bank's own BSO form
• Please refer to OnePortal > OnePlatform> BSO Information from Different Banksof different bank for your reference

2. Credit Card:

• The credit card expiry date must be over 3 months   (updated: 10 June 2011)
• For payment schedule, please refer to direct debit  (updated: 18 April 2011)

3. Direct Debit Authorization

For sequence DDA and Credit card payment, the details of the Policy Start Date, Issue Date Range and the available Billing Date are summarized as follows:

Policy Start Date	Issue Date Range	Billing Date (for recurrent payment)
5th of the month	between 5th and 11th of the month	Customer may choose 5th, 12th, 20th, 27th of the month as the billing date
12th of the month	between 12th and 19th of the month
20th of the month	between 20th and 26th of the month
27th of the month	between 27th and 4th of the month

• If customer does not choose any billing date on the application form, then the Policy Start Date will become the Billing Date.
• All pending cases which are issued on or after 5 February 2010 will trigger the new Billing Date cycle automatically.
• The new Billing Date can be changed after policy is issued.
• For first billing cycle on 5th; if the 1st try is rejected by the bank; we will initiate the 2nd try two weeks after on 20th; whereas if the 2nd try is also rejected by the bank, we will initiate the 3rd try (the last try) on 5th the next month; the same principle applied for first billing cycle on 12th and retry on 27th and last try on 12th the next month accordingly.

Heng An Standard Life Customer Hotline: 21690300