Important Notice
1. If the client applies for this option within initial contribution period, commission will be clawed backed proportionally and surrender charge will be applied to client account.
2. If the client applies for this option after initial contribution period, no commission will be clawed backed but surrender charge will be applied to client account.
3. Exit Charge will be 100% if the encashment is applied in the first 12 months. It will be reduced in accordance with the attached table
4. For HKD & USD policies, the payout amount will be issued in cheque. No bank in cheque service.
5. Request payment by TT should bear the HK$300 admin charge and it will be deducted from withdrawal amount first, and bank information should be provided beforehand
6. All copies of original supporting documents submitted to Heng An Standard Life (Asia) Limited (SL) must be properly certified by suitable certifiers as set out in the Anti-Money Laundering and Counter- Terrorist Financing (Financial Institutions) Ordinance (i.e. authorized HK insurance broker, notary public). An acceptable certification should have the following features:
The copy document is signed and dated by the suitable certifier;
The certification statement should state that it is a true copy of the original (or words to similar effect);
The certifier has clearly indicated his/her position or capacity on it; and
The name of the person providing the certification must be clearly and legibly printed
7. For non-HK residence case, both the policy owner / assignee and the consultant are required to sign on the certified true copy of the supporting documents.
8. Quoting on Surrender Value: (updated: 12 Sept, 2012)
Harvest 101/Harvest Supreme
Surrender value(2) = Initial Account Value - Exit charge(1)+ Accumulation Account Value
Note 1: Exit Charge = 100% within first year from Commencement Date.
2: Client Incentive will be deduced when surrender within ICP.
Example - Plan: Harvest 101; Risk Commencement Date: 05/01/2008
Surrender Date: 1/9/2012
Contribution Payment Term: 25 years
Initial Account Value: HKD24, 000
Accumulation Account Value: HKD31, 000
Exit Charge: 77% (Remaining payment term: 21 years)
Surrender value = [HKD24, 000 [Initial Account Value] X ( 100% - 77% [Exit Charge] )] + HKD31, 000 [Accumulation Account Value] = HKD36, 520
9. For cut off time, please refer to the Cut-off time table.For Heng An Standard Life (Asia) Limited (SL), daily cut off time is HK business day before 3pm received by SL.
Checklist
1. Policy Alteration Form - Form A (please kindly refer to Form [P1]) - Form filling tips Please provide all of requested personal information. Any incomplete personal information may result in a delay or rejection in processing your request. (Updated: 5 Jun 2024)
1) Provide information about the policy: (i) Policy number; (ii) Name of Policy Owner(s); and (iii) Name of Life Insured(s)
2) Complete Section 4 Surrender and Selecting the payment method
3) Please sign and date Section 6 by all relevant parties
2. Certified true copy of identity document of Policy Owner if it has not been submitted. For non-Hong Kong/Macau permanent resident, nationality proof/travel documents copy (e.g. passport copy) is also required.
3. Address proof is not required unless it is required by Heng An Standard Life, or OnePlatform has to conduct further verification with the client’s identity. (Updated: 2 Nov 2018)
4. Complete and return separate "Self-Certification Form" (Please kindly refer to Form [S5] / [S6] / [S7]) (If applicable)
5. CS eform
Payment Method
1. For policy currency = HKD or USD, surrender value will be paid by cheque
2. For other currency or specific request by client, the amount will be made in TT, which is subject to a charge of HKD300 to be deducted from the withdrawal amount. Please note that bank charges may also be applied by the receiving bank and SL will not be responsible for the bank
3. For TT to bank account, please ensure all bank information are fully filled in section 8
4. For joint owner case, please indicate the payee on the Policy Alteration form for Harvest 101 Investment Plan
5. Surrender value can be converted to other currency, but subject to the exchange rate as determined by SLA
Heng An Standard Life Customer Hotline: 21690300