Reinstatement - ILAS - Zurich

Important Notice

1. Most documents should be submitted within 26 calendar days after sign date of client.

2.  If the policy is held in trust, then the settler of the trust should sign the form.

3. If the initial contribution period is not completed and the policy is lapsed, all the outstanding premiums have to be paid by a cheque / bank draft/TT (submission of “proof of source fund” is needed where applicable).(Updated: 4 Nov 2015)

4. If a bonus is reclaimed when policy made suspended, lapse or paid-up, all the reclaimed bonus will not be paid back to the client even though the policy is reinstated.

5. For Vista 2 reinstatement cases:
There is no charge incurred for reinstatement. However, if a policy is paid up within the first five years, a paid up charge of HK$1,600 will be deducted from the account value. The paid up charge will not be paid back even though the policy is reinstated.

6. For Vista 3, no charge is required for reinstatement.

7. Zurich will reinstate a lapsed policy subject to the following criteria being met:
(a) The validity period for reinstatement from lapse is 12 months from the last missed premium (updated : 12 Oct 2016)

(b) All outstanding premiums are paid in one go

(c) It is the first request for reinstatement from lapse

(d) The requirements of the Zurich Business Acceptance Policy are met. (updated : 18 Jan 2011)  (For details please refer PSTAR 722 Recommencing or reinstating Vista policies and MSPD4050 Important message (ENG)

(e). To preserve any value at the lapse date, policies will now be invested into the relevant Money Market fund in line with the policy currency.  If there is no appropriate Money Market fund, any value will be invested in the USD Money Market Fund. New investment instruction MUST be advised when client reinstate the policy from lapse.  (For details please refer to PSTAR 772A Recommencing or or reinstating Vista Policies) (updated: 7 March 2011)

(f). If the client is China resident, the reinstatement form must be signed in HK and proof of entry is required.

8. For policy to be reinstated from suspension or paid up, it’s not request for the PRC clients to sign the reinstatement documents in HK or submit an entry proof. (Updated: 23 Jun 2017)

9. The free accidental death benefit will cease once the policy becomes suspend/lapse and it cannot be reinstated from suspense or lapse. (Updated: 4 Nov 2015)

10. For benefit case, a Health and lifestyle questionnaire is needed.

Checklist 

1.    Premium change / reinstatement form ([R1])

•   Please note client’s email address & mobile number must be provided on the request form. (Updated: 22 Aug 2017)

2.    CS eform

3.   Certified HKID Copy (It is optional if submitted previously and it is still valid. It is also subject to Zurich’s record if it should be submitted again.)

4.   Certified residential address proof (Updated: 17 Jan 2014) (It is optional if submitted previously and it is still valid. It is also subject to Zurich’s record if it should be submitted again.)
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.

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)
*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
*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
*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.
5.   Cheque / bank draft / TT payment for all missing premiums for lapse reinstatement. (Updated: 4 Nov 2015)
To ensure timely premiums payment by cheque / bank draft, kindly remind and make sure your customers write the ONLY correct payee name in full, which   is: Zurich International Life Limited. Please note that any Chinese payee names are NOT acceptable. If the payee name is abbreviated or incomplete, it may defer your customers’ premium payment and affect their policies. (updated: 18 Jul 2013)

6.    Cheque payment for 1 month for reinstatement from suspense or paid up.
To ensure timely premiums payment by cheque / bank draft, kindly remind and make sure your customers write the ONLY correct payee name in full, which   is: Zurich International Life Limited. Please note that any Chinese payee names are NOT acceptable. If the payee name is abbreviated or incomplete, it may defer your customers’ premium payment and affect their policies.If Method of Payment is not valid or is not provided, Zurich will NOT reinstate the policy and will raise the requirement for funds and Method of Payment confirmation. The reinstatement request will be cancelled if payment/ method of payment is not received by the Zurich within the stated time frame raised on the servicing pipeline. (updated: 5 Aug 2016)

7.     New payment method instruction

    1. DDA payment

Charge :

No extra charge by Zurich

Direct Debit set up charged by different banks.

Procedure :

Fill in Method of Payment Form ([M2])

        2. Credit Card Payment

            For security reason, do not copy and send the back page of credit card to SOD/Zurich. (Updated: 6 Dec 2013)

Charge

If the policy is a Vista II and was using credit card as payment method, there will be a 2 % credit card charge once the policy is reinstated.
If payment method is changed from HKDD to credit card payment, there will be a charge apply.
For Vista II, the credit card charge is 2%
For Vista III, the credit card charge is 2%
Procedure

Fill in Method of Payment Form ([M2])

Specify the month of contribution starting to pay by credit card at the top right hand corner. The starting date should be at least 3 weeks later from the submission date

      3. Banker's Standing Order (BSO)

         Zurich only accepts Bank Standing Order from HSBC and Hang Seng Bank

         Charge

No extra charge by Zurich

Procedure (Updated: 4 Nov 2015)
*Please contact HSBC or Hang Seng Bank and use the bank’s own Standing Instruction form for set up.
*Any additional charge made by the bank for collection of premium will be met by the payor.
*Payments from PRC residents can only be accepted from a bank account in Hong Kong.
*Please state the policy number and the full name of the policy owner(s) as the reference to set up the standing order instruction.
*Please note that clients have to set up the standing order instruction by themselves through HSBC or   Hang  Seng. Once the instruction is set up, please send     a certified true copy of the instruction slip to “Policy Data Management Team” at 25-26/F, One Island East, 18 Westlands Road, Island East, Hong Kong.

Lapsed Reinstatement for PRC resident (Updated: 19 May 2015)

To reinstate policy from lapse, the PRC client can request Zurich to collect all the outstanding premiums from the client's existing DDA instead of using personal cheque or bank draft.
Client has to state this request clearly on the first page of the reinstatement form with specific wordings. (see example below)