Payment Method - CTF Life

Note:

1. Initial premium / payment is NOT mandatory. The principal will issue pending for reminding of premium settlement after underwriting decision.

2. For Payment Form [P1], the Date on top right corner of the form should be filled in the form sign date instead of the payment date.

For PRC case, please refer to the following memo:

1. The Initial Premium Collection for Mainlander.  (Updated: 04 Nov 2016)

2. Payment arrangement among Mainlanders (Please refer to Part 2) (Updated: 15 Nov 2016)  

3. Waiver of credit card charge (Mainlander) – Initial Premium (Third Quarter 2020) [Eng] [Chi] (Updated: 3 Jul 2020)

4. Certified credit card copy can replace credit card imprint,however credit card number, expiry date and cardholder name must be shown clearly on the certified copy. Memo (Updated: 06 Jun 2025) 

 Payment Channel Summary [Chi] [Eng](Updated: 06 Jun 2025)

1. Please note that PPS of CTF Life merchant code is "9128", please submit payment at least 3 working days before premium date.

2. Prepayment option is allowed for the below products -

Fortune 100 Premier 2-year & 5-year payment term

Fortune 100 Protection 9-year payment term

3. For bank deposit payment, 2 options can be chosen

    Option 1: email a color-scanned image of the bank deposit slip to CTF Life directly, please refer to below requirements and workflow. 

    Step 1: Fill in the payment information to the excel table below:

• Payment method：
• Name of applicant/ insured：
• Policy number：
• Payment purpose：
• Total Amount：
• The payment is made by：
• Consultant name：
• Consultant code：

    Step 2: Color scanned the “Bank Deposit Slip”

    Step 3: Send the excel table and also the color-scanned “bank deposit slip” to [email protected] for CTF Life handling.

      Remarks: To avoid the duplication, DO NOT NEED to return the bank deposit slip and payment form to SOD if submit with this option.

      Option 2: Submit the original of bank deposit slip and the hard copy of payment form

           - Submit via drop box and SOD will send to CTF Life for handling      

       Remarks: For this option, DO NOT NEED to send email to CTF Life.

Initial Premium 

Payment Form ([P1]) is required for all payment method

Policyowner need to sign and submit a “Large Amount / Third Party Payment Declaration Form” ([S4]) to declare the source of fund if the payment is HK$200,000 (or equivalent value of foreign currency) or above and directly deposited/ transferred to CTF Life’s bank account or paid by Electronic payment channel (i.e. PPS / E-banking /Phone banking / ATM), or requested by CTF Life in special cases.

1. Cheque payment / Bank draft payment

Payable to "Chow Tai Fook Life Insurance Company Limited" and crossed / 支票抬頭請填寫「周大福人壽保險有限公司」

Need to state the policy number and the insured's name at the back of the cheque.

Postdated cheque is not accepted.

For cheque without account holder name and bank draft payment:

2. Credit Card 

  a. for Visa & Master Card &  American Express Card 

   Please complete Credit Card Payment Authorization Form 

   Complete the original CTF Life Credit Card Slip

   Charge details please refer to “Payment channel summary”

*Please be reminded to scratch cardholder name, credit card numbers & expiry date of the credit card on blank area of the Credit Card Payment Authorization Form. For Credit Card Payment Authorization, with effect from 1 Oct 2021, for all local business, Business Partners must obtain the authorization code by calling Authorization Hotline as shown on the credit card payment authorization form. Authorization code and collection date is required to state clearly next to “Authorization Code” on Credit Card Payment Authorization Form. 

   b. Acceptable JCB Credit card (Updated:26 Apr 2017)

Payment by JCB credit card must be made by Policyholder in person to CTF Life Cashier Office

Charge details please refer to “Payment channel summary”

3.  Direct Deposit / e-banking / ATM / Telegraphic Transfer (TT)  

The deposit slip / payment advice needs to be provided (Please also state policy number, Insured’s name and IFA’s name on the deposit slip / payment advice)

Exchange rate is available at CTF Life website https://www.ctflife.com.hk/tc/support/insurance-premium-exchange-rate.cshtml (Updated: 24 Aug 2023)

The receipt/ certificate needs to be provided (Updated: 5 Jun 2015) (The policy number, Insured Name & premium amount should be stated on the telegraphic transfer form)

Service Charge of TT is borne by the customer 

Payment can be transferred through telegraphic to the following bank account:

Payee Name:  Chow Tai Fook Life Insurance Company Limited

Bank of China (Hong Kong) Limited

 Address: 3 / F, Bank of China Tower, 1 Garden Road, Hong Kong

 Swift Code: BKCHHKHHXXX

 HKD A/C: 012-875-00335096

 USD A/C: 012-875-08015237

 RMB A/C: 012-875-06009-232

Bank of East Asia

 Address: 10 Des Voeux Road Central, Hong Kong

 Swift Code: BEASHKHH

 HKD A/C: 015-514-40-66881-8

 Hang Seng Bank Limited Bank 

 Address: Causeway Bay Branch - 28 Yee Wo Street, Causeway Bay, Hong Kong

 Swift Code: HASE HKHH

 CHIPS UID: 010522

 HKD A/C: 024-281-235242668

 USD A/C: 024-383-037850201

HSBC

 Address: HSBC Head Office Building, 1 Queen 's Road Central, Central, Hong Kong

 Swift Code: HSBCHKHHHKH

 HKD A/C: 004-495-131450-001

 USD A/C:  004-741-022719-201

4.   China Union Pay Card Payment   (Updated: 11 May 2016)

Make payment at CTF Life’s Cashier counter in person

ID document of China Union Pay cardholder and relationship proof (if needed) for verification, please follow the procedure of Third Party Payment

Designated Banks in China

               -  Bank of China

               -  China Construction Bank

               -  Industrial and Commercial Bank of China

               -  China Everbright Bank

               -  China Merchants Bank

               -  China GuangfaBank

5. Online Payment Service for UnionPay Card (UPOP) (For Mainlander)

       - Only applicable for UnionPay Card which are issued by bank in Mainland China.

       - Only accept renewal premium for non-saving Medical, Personal Accident and Term Plan

      - Policyowner can simply go to Corporate Website which is able to connect to Online Payment Service for UnionPay Card (UPOP) and pay renewal premium by a registered UnionPay card via online platform. New payment gateway for Mainlander (Updated: 2 Feb 2017)

6. Cash Payment and Settle Payment by Electronic Device (Please refer to Part 1) (Updated: 15 Nov 2016)

  (LO-884) - Cash Payment by Applicant/Policyholder in person and accept amount up to USD15,000 or equivalent in HKD/RMB per policy per day (Updated: 15 Dec 2016)

7. Interest-Free Installment Plan

    By completing “Interest-Free Installment Plan Application Form”, customers can use their credit card issued by Citibank Hong Kong to settle initial premium in lump sum and the premium paid shall be charged to the credit card account by installments. More details please refer to CS–969 Interest-Free Installment Plan - Initial Premium [Eng] [Chi] . (Updated: 1 Dec 2017)

Subsequent / Renewal payment

Payment Form ([P1]) is required for all payment method except Direct Debit by bank / credit  card and electronic payment.

Grace period is 31 days according to Product Provision.

Policyowner need to sign and submit a “Large Amount / Third Party Payment Declaration Form” ([S4]) to declare the source of fund if the payment is HK$200,000 (or equivalent value of foreign currency) or above and directly deposited/ transferred to CTF Life’s bank account or paid by Electronic payment channel (i.e. PPS / E-banking /Phone banking / ATM), or requested by CTF Life in special cases.

1. Direct Debit

Direct Debit Authorization  ([D3])    

2. Credit Card (only acceptable for Visa & Master Card)   

 Available for Bank of East Asia Co-brand credit card & Overseas Credit Card only

 No charge for Bank of East Asia Co-brand credit card (But there will be charge for overseas credit card)    

 Credit Card Direct Debit Authorization Form ([C5])

3. Direct Deposit in Bank / ATM / e-banking (for semi-annual or annual payment only) / Bank draft payment           

Please state the policy no. & the insured's name & IFA's name on the deposit slip and return for CTF Life for each transaction).

4. Cheque payment (for semi-annual or annual payment only) / Bank draft payment            

Payable to "Chow Tai Fook Life Insurance Company Limited" and crossed / 支票抬頭請填寫「周大福人壽保險有限公司」

Need to state the policy number and the insured's name at the back of the cheque.

For cheque without account holder name and Bank draft payment:

 5. Cash Payment and Settle Payment by Electronic Device (Please refer to Part 1) (Updated: 15 Nov 2016)

 6. Online Payment （Resumed on 29 Sep 2021）(Updated:29 Sep 2021)

     Policyholders registered with the Customer e-service can pay renewal premium with VISA/MasterCard/UnionPay Card via “Online Payment” gateway. More details please refer to CS–960 Customer online platform new function – “Online Payment” [Eng] [Chi] & Customer e-Service Online Payment Guide [Eng] [Chi] (Updated: 1 Dec 2017)

 Third Party Payment                                                                         

1. The third party payment by Close Relatives, is subject to the following conditions:

    CTF Life will accept the premium payment made by the following parties:

a)   Policy Owner or Life Insured

b)   Policy Owner and Life Insured’s closed relatives (i.e. parents, spouse, children, sibling, grandparent, grandchild, Parent-in-law, Son-in-law/Daughter-in-law, Legal Guardian)

If payment is made by the above direct family members, “Large Amount / Third Party Payment Declaration Form (Part 1, 2 & 3)” is required to submit.

c)   Beneficiary or Settlor under trust solution

If payment is made by “Beneficiary” AND payment amount is HK$200,000 (or equivalent value of foreign currency) or above, “Large Amount / Third Party Payment Declaration Form (Part 1, 2 & 3)” is required to submit. If settlor is the same person as Insured / with insurable interest with the insured

d)   If payment is direct deposit/transferred/ bearer cheque to our company’s bank account or paid by Electronic payment channel (i.e. PPS / E-banking /Phone banking / ATM)

The payment threshold that required to submit “Large Amount / Third Party Payment Declaration Form (Part 1 & 2)” has been changed to HK$200,000 or above (or equivalent value of foreign currency).

e)    If payment is made by bank draft AND payment amount is HK$500,000 or below

Remove the requirement of declaring the source of fund by Broker’s memo. 

f)     For cash payment (including Cashier Counters/Convenience Stores/CRVanguard)

The maximum acceptable amount has been changed to USD 15,000 or equivalent per payment installment per policy. The remaining premium is required to be paid by other methods.

g)    Company owned by Policy Owner

If the payment is made by Company owned by Policy Owner, there will be no change to existing Third Party Payment Guideline. i.e. provide a valid relationship proof and submit “Large Amount / Third Party Payment Declaration Form” ([S4]).

Payment Amount	<HK$2.5M	Above HK$2.5M
Large Amount / Third Party Payment Declaration Form	√	√
Valid Relationship Proof	×	√
Copy of Payor’s identity document (certified true copy)	×	√
Financial Proof (certified true copy)	×	√

  h)   An individual trustee or a trustee company who was designated as the beneficiary of the involved policies.

        Kindly refer to “CS-922 Uplift the third party payment arrangement [Eng] [Chi]” for details. (Updated: 22 May 2017)

2. Third Party Payment - Financial Proof Requirement (Updated: 22 Feb 2019)

    If payment amount is HK$2,500000 (or equivalent value of foreign currency) or above , need to submit identity proof of third party payor (certified true copy), relationship proof (if applicable), declare the source of payment on “Large Amount / Third Party Payment Declaration Form” ([S4]) and provide financial proof requirement (certified true copy) .

3. Please note:

i. The declaration form should be signed (or with Company chop) by both Policy owner and Payor

ii. Must declare the relationship between Policy owner and Payor and the Payor’s personal (or company’s) information in the form

ⅲ. Financial Status Questionnaire (for Personal Insurance/Third Party Payor) ([F1]).

iv. When the premium payment is made by the same third party payor on the same policy again, the customer is only required to submit the latest identity proof of the same payor when the “Large Amount / Third Party Payment Declaration Form” ([S4]) had been submitted before. Otherwise, the customer is required to submit the details in accordance with the standard guideline for review. Company reserves the right to request any document proof of payor and ask to complete the "Large Amount / Third Party Payment Declaration Form" ([S4]) again when required.

Remarks: * Company will process the payment and related instruction (including investment instructions or loan repayment) after the required document(s) has been submitted

** Valid relationship proof is legal documents such as Copy of a valid Marriage Certification/ Certificate of Birth or Annual Return, etc.

***Valid relationship proof does not include the beneficiary relationship or policyowner’s occupation in existing company record 

Subject to the Anti-Money Laundering (AML)'s assessment 

FAQ / Supplementary guideline

1. Effective July 3, 2018, customers can deposit Policy Payments at designated branches of Bank of China, PRC. Details of this NEW payment method please refer to CS-1017 Policy Payment by Demand Draft - Issued by Bank of China (HK) [Eng] [Chi], [Appendix 1], BOC Demand Draft Request Form ([B6]).

2. CS-1028 Change of Cheque Issuing Bank [Eng] [Chi] (Updated: 23 Jul 2018)

Change of Payment Method

Important Notice

1. Payment mode / payment method can be changed and will be effective on next premium due date

2. If the request of changing payment mode is submitted together with cheque payment,CTF Life will process the request and settle the premium retroactively in case the turnaround time falls beyond the premium due date.

3. Form should be submitted within 26 calendar days to OnePlatform

Checklist 

Change of Payment Frequency

1. For ILAS Plan: Investment Linked Insurance Service Request Form ([I18]) / "Elite Choice" Insurance Plan Service Request Form ([E1])

2. For Traditional Life Plan: Change Form ([C2])

3. CS eform

Change Payment Method to auto-pay

1.  Direct Debit Authorization ([D3])

2.  CS eform ​​​​​​​

Change Payment Method by BEA co-brand card

Available for Fortis / CTF Life Insurance Asia Card & Overseas Credit Card only 

American Express Card is NOT accepted                                              

1.  Credit Card Direct Debit Authorization Form ([C5])

2.  CS eform 

CTF Life Customer Hotline: 28668898