Terms & Conditions for Direct Credit Arrangement
- I / we understand that after my / our submission of the paper and / or online application for Direct Credit Arrangement (“Application Form”), the service applied for will be effective after the Direct Credit Arrangement is approved by Manulife (International) Limited (“Manulife”) and the Direct Debit Authorization is approved by Manulife and the bank. The service provided by Manulife in respect of Direct Credit Arrangement is subject to the terms and conditions, rules, regulations and official issuances of Manulife applicable to and/or governing Direct Credit Arrangement (which may be from time to time enacted, revised, modified or altered according to the Manulife’s policy) and in accordance with the terms and conditions of the relevant insurance policy.
- I / we understand that Manulife will arrange payment of policy benefits to policyowner’s bank account only and if the aforementioned account is a joint account, Direct Credit Arrangement shall not apply. The bank account number indicated on the Application Form is that of the policyowner of the relevant policy at the time of this application. I / We authorize Manulife to verify the bank account holder details with the relevant bank if necessary. I / We understand that Manulife will only accept bank account of those banking institutions with branches in Hong Kong.
- If the policy is subsequently assigned and/or if there is any change of policy ownership, no payment will be made to the designated bank account and any service in respect of Direct Credit Arrangement rendered by Manulife shall cease immediately.
- If payout instruction for ‘Payout Distribution Investment Choice” or regular withdrawal (for applicable products only) with direct credit arrangement to HKD bank account has been set up for the policy, newly applied Direct Credit Arrangement (after it has become effective) will supersede the existing payout instruction.
- Payment(s) made by Manulife will only be made in Hong Kong dollar dominated currency, and if any benefit payable under the relevant policy is designated in any other currencies, the amount will be converted to the currency of Hong Kong dollars based on the currency exchange rate provided by Manulife on the day that the payment is processed. I / We agree to release and indemnify Manulife from and against all liabilities arising from and in connection with the application of such exchange rate for the conversion and payment to my / our designated bank account.
- Any payment made by Manulife will be subject to a maximum amount as Manulife may determine at its absolute discretion. If the benefit payable exceeds the maximum limit prescribed by Manulife, the entire amount will not be deposited into the bank account designated by me / us but will be paid to me / us by cheque or by way of other methods as Manulife thinks fit.
- If, for any reason, Manulife is unable to arrange payment(s) to my / our designated bank account, I / we agree that Manulife may use cheque or other methods of payment as it thinks fit.
- To cancel the Direct Credit Arrangement and/or to change the designated bank account, I / we shall give prior written notice to Manulife in its prescribed form. Manulife will only accept such request if I / we am / are the policyowner at the time of the submission of the prescribed form. Any cancellation of Direct Credit Arrangement or change of the designated bank account will only be effected after the written request in prescribed form is received and approved by Manulife. I/we agree that Manulife shall not be liable for any liability, loss or damage arising from or in connection with my / our application for the cancellation of the Direct Credit Arrangement / change of designated bank account.
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