Whole-in-One Prime 3 - Essence

Whole-in-One Prime 3 – Essence is a long-term participating life-insurance product with a savings element, supplemented with an option for advance payment in case of terminal illness and option for advance realization of the cash value of special bonus for designated illnesses, and is provided and underwritten by Manulife (International) Limited (incorporated in Bermuda with limited liability). The above provides only general information on this product for your reference only. Please download the product guide now or ask your Insurance/Financial Advisor for a copy which will give you more details about this product including the ‘Other product disclosures’ showing the product risks.

1. The non-guaranteed special bonus consists of a face value and a cash value, both of which are non-guaranteed and not necessarily equal. Additionally, the special bonus is non-cumulative and varies over time. Both the face value and cash value of special bonus are not guaranteed. We will review and adjust the special bonus at least once a month, but we may do so more often. Please see ‘The main risks affecting the non-guaranteed special bonus and the accumulation interest rate of realized special bonus under ‘Other product disclosures’ and ‘Important Information’ sections in the product guide.
2. There may be a delay in making payment when you cash in your policy, exercise the realization option or Body and Mind Advance Benefit, especially during periods when the market is experiencing significant rises and falls in value. The actual amount of the cash value of special bonus that you can get will only be determined after your request has been processed. Under certain circumstances, for example, if the request is not received by us before our prevailing cut-off time or is not in our prescribed format, such amount can be lower or higher than the amount of the cash value of special bonus tentatively indicated to you at the time you submit the request. Please check with us for the prevailing operational rule and latest amount of the special bonus under your policy before exercising the realization option or Body and Mind Advance Benefit.
   The accumulation interest rate for building up the realized special bonus left with us is not guaranteed and we may change it from time to time. Please see point 4 ‘The main risks affecting the non-guaranteed special bonus and the accumulation interest rate of realized special bonus’ under the ‘Other product disclosures’ section of product guide.
3. Within 31 days from a realization anniversary (that is, the 15th policy anniversary or every policy anniversary thereafter) and during the life insured’s lifetime, the policyowner can request to realize a percentage of the cash value of the special bonus as an accumulated realized special bonus, so long as the aggregate realization percentage does not exceed 50%. To exercise this realization option, you must submit an application in the prescribed format required by us. Once submitted, the application cannot be withdrawn, and any realized special bonus cannot be reverted to the special bonus. The realization of the cash value of special bonus will come into effect within 6 months of the request, and both the cash value of special bonus and face value of special bonus will each be reduced by the realized amount. Additionally, exercising this realization option will also reduce any future special bonuses.
4. To get the Terminal Illness Advance Benefit, the insured person must still be alive when the terminal illness is diagnosed and when the doctor’s proof to reach such diagnosis is given. This rule must be met to receive the benefit. Once this benefit is paid, it will automatically end.
5. The Body and Mind Advance Benefit can be exercised 1 year after the later of the issue date or the policy year date. Exercising the Body and Mind Advance Benefit may significantly reduce any future cash value of special bonus and face value of special bonus (if any). For the avoidance of doubt, the realized percentage of the cash value of special bonus under Body and Mind Advance Benefit will not count towards the aggregate realization percentage under the realization option. Please see the ‘Body and Mind Advance Benefit Provision’ for the definition of the designated illnesses, and the terms and conditions for the Body and Mind Advance Benefit in the product guide.
   
6. Policyowner may request to change the life insured two years after the issue date. When applying for a change of life insured:
   i. the policy shall be inforce without any indebtedness; and
   ii. the date of birth of the new life insured must not be later than the issue date and must fulfil the prevailing issue age requirements as determined by the Company from time to time.
   Upon the change of life insured, the policy year date of this policy shall remain unchanged. Nonetheless, the notional amount and ‘Table of Cash Values’ on page 3 of the policy provisions shall be adjusted based on the new life insured’s age, sex, country of residence, residency code, risk classification and any extra premiums due to underwriting on the effective date of the change, subject to the Company’s prevailing policies and procedures, underwriting requirements and regulatory requirements, including but not limited to the maximum and minimum notional amounts and issue age. Hence, the non-guaranteed special bonus, guaranteed cash value, and subsequent premium due (if any) shall be adjusted accordingly. There could be a case that the notional amount may vary significantly and/or additional premiums and levies thereof (if applicable) may be required. For the avoidance of doubt, the policyowner cannot request to increase the notional amount at anytime. The policyowner may opt to reduce the notional amount by making a partial withdrawal, but such reduction will reduce the subsequent policy value and/ or benefits.
   The time period indicated under the ‘Suicide’ provisions and ‘Incontestability’ provisions shall restart from the effective date of change.
   Acceptance of the new life insured is at the Company’s sole and absolute discretion and will depend upon the insurability of such life insured, including but not limited to the Company’s prevailing policies and procedures, underwriting requirements and regulatory requirements. This service is provided for corporate policyowners. It will be terminated once the policy ownership is changed to a person other than a corporation. For details, please refer to the ‘Change of Life Insured Provision’ in the policy provisions.