Important Notice
1. For Premier plans the ICP is 18 months. There is no maximum term for making allowing a plan to remain paid up. However the plan is paid up and the surrender value falls to a value that is less than three months future charges the plan will be lapsed.
2. For Flexible Growth Plan, the ICP is 24 months, if FPI does not receive any more contribution, they will be made the policy paid up without prior notices.
3. Plans can be made paid up (the contract remains in force although no premium are received) at any time after the initial unit payment period.
4. If the value of a Paid up Premier Plan becomes insufficient to meet three months' projected charges, including the Surrender Fee, the plan will be surrendered. Clients must cancel the bank standing order (BSO) direct with his/her bank before submitting the paid-up request. Friends Provident must to receive the paid-up request 10 working days before the policyholder’s due date to allow them time to process the request. e.g. if the policy due date is 15 April 2009 and instruction is received on 16 April 2009, the next available due date client can make the policy paid-up is 15 May 2009.
If paid-up request was to be processed for 15 April 2009, Friends Provident must receive the instruction on 10 business days before this date. If policy is paid-up and client has not cancelled the BSO, and payments are received, FPI will not refund until it is confirmed by the policyholder that he/she has cancelled the BSO with bank.
5. For FGP/ESP, the minimum value that need to be retain is HKD 75000 (or currency equivalent). (updated: 3 March 2012)
Checklist
1. Request for premium policy contribution change ([R7])
2. CS eform
Special Case
For Client Using Standing Order payment
Please stop bank standing order by the client himself. Otherwise, the overpaid premium will be refunded by TT only, which will take remittance bank charges around HKD250 - 300.
Friends Provident Customer Hotline: 35506188