Savie Insurance Plan

Product Features

How is Death Benefit calculated?
The Death Benefit equals 105% of Account Value.
What is the compensation for Accidental Death?
If the death of the insured is caused by Accident, FWD Life Insurance Company (Bermuda) Limited ("FWD Life") will pay a Death Benefit equivalent to 105% of Account Value, together with an extra Accidental Death Benefit of 100% of Account Value. In total, 205% of Account Value is payable. Additional Accidental Death Benefit is capped at HKD 400,000 per life for Savie Insurance Plan provided that:
  1. the death of the Insured is caused directly and solely by an Accident; and
  2. the death of the Insured occurs within 180 days from date of the Accident; and
  3. the Accident takes place before the Policy Anniversary immediately preceding the seventy-first (71st) birthday of the Insured.
Is there a limit on number of withdrawals and withdrawal amount?
Currently, no limit on number of withdrawals. The minimum withdrawal amount is HKD 500 and maximum amount is subject to minimum account balance after withdrawal which is HKD 3,000.
What are the charges of this product?
No charges apply.
Is there any other currency offered?
No, only Hong Kong Dollar is available.
Can I make additional premium payments?
No, additional premium payments are not accepted.
Is the crediting rate guaranteed?
During the first three policy years, the crediting rate is guaranteed. Please refer to i.FWD.com.hk for latest offers on guaranteed crediting rates. The crediting rate is non-guaranteed for policy year 4 and onward.
Is the interest calculation based on simple interest or compound interest basis?
Interest is accumulated using simple interest method and will be credited to policy account at each policy anniversary.
What is the 4th year crediting rate?
The declared crediting rate will be announced through FWD Life corporate website. It is non-guaranteed and determined by FWD Life from time to time at its absolute discretion based on a series of factors including but not limited to market conditions, investment outlook, policy persistency, claims experience, expenses and FWD Life’s investment return. The crediting rates are subject to change during the term of the policy and may be zero in adverse situation. FWD Life invests through reinsurance arrangement.
How is the crediting rate being determined?
The crediting rate is determined by FWD Life from time to time at its absolute discretion based on a series of factors including but not limited to market conditions, investment outlook, policy persistency, claims experience, expenses and FWD Life’s investment return. The crediting rates are subject to change during the term of the policy and may be zero in the most adverse situation. FWD Life invests through reinsurance arrangement. Declared crediting rate will be announced through FWD Life corporate website.
Is my money protected by the Deposit Protection Scheme in HKSAR?
No, money deposited in an insurance policy is not protected by the Scheme.
How is the interest calculated if the customer partially withdraws between policy anniversaries?
The interest is calculated daily. Any withdrawal will reduce the principal for interest calculation.
How is Account Value calculated?
Account Value is the accumulation of Premium paid with interest added (if any), less Partial Withdrawal(s) (if any).
How can I check my Account Balance?
You can contact the Insurance Solutions Centres or refer to the latest annual statement.
Is there any premium limits?
Yes. The single premium is subject to the following minimum and maximum amounts:-

Single premium (Per Policy)
Minimum HKD 30,000
Maximum HKD 400,000

In addition, each policyholder may only hold a total premium of not more than HKD2M across all of their Savie policies.         
What are the risks associated with this plan?
Application of the Plan and all benefits payable under the Plan are subject to the credit risk of FWD Life. Policyowners will bear the default risk in the event that FWD Life is unable to satisfy its financial obligations under the insurance policies. When considering the benefits payable, please note that the cost of living in the future is likely to be higher than it is today due to inflation. Crediting rate from policy year 4 and onward is non-guaranteed and determined by FWD Life from time to time at its absolute discretion based on a series of factors including but not limited to market conditions, investment outlook, policy persistency, claims experience, expenses and FWD Life’s investment return. The crediting rates are subject to change during the term of the policy and may be zero in the adverse situation. FWD Life invests through reinsurance arrangement.

Application

Is backdating applicable to this Plan?
No, backdating is not applicable for this Plan.
Are there any riders attachable to this Plan?
No attachable riders.
How long does it take to process an application and put a policy inforce?
The policy will be inforce within 4-10 working days upon receiving all the necessary documents with full initial payment made from you and underwriting has been completed by FWD Life Insurance Company (Bermuda) Limited ("FWD Life"). A SMS will be sent to policyowner once the policy is inforce.
When will Direct Debit Authorization (DDA) be debited?
On the 3rd and 25th of each month.
If I am not a HKID cardholder, can I buy this product?
No. Only HKID cardholders are accepted. Note that non-permanent residents need to provide their passport as a supporting document.
Can I change my mind and cancel the policy?
If you are not satisfied with the policy, you have the right to cancel it within the Cooling-off Period (that is, 21 days after either the delivery of the policy or the issue of a Notice informing you or your representative that the policy is available for collection and expiry date of the Cooling-off Period, whichever is earlier) by giving a written notice and obtain a refund of any premium paid provided that you have not made any claims under the policy. The written notice with your signature must be given to the office of FWD Life and you must ensure that such notice must be received by FWD Life on or before the expiry date of the Cooling-off Period. The office address of FWD Life is 1/F., FWD Financial Centre, 308 Des Voeux Road Central, Hong Kong.
Do I have to submit all the supporting documents during the online application?
No, you may either upload the documents later, or bring them in person to FWD Insurance Solutions Centre.
Are there any age limits for applying to the Savie Insurance Plan?
The issue age must be 19-70 (your age next birthday) at the time of application.
If I submit my application online, in what ways can I submit the payment?

You can submit cheque payment by your personal cheque, or set up direct debit authorisation for the payment.

For Cheque Payment

You can visit FWD Insurance Solutions Centre to submit your personal cheque or send it by mail to "G.P.O. Box 11832, Hong Kong". Please write down the policy number at the back of the cheque. Otherwise, it will delay the policy issuance.

For Direct Debit Authorisation

It usually takes 4-6 weeks for the bank to set up the direct debit authorisation.

Please note that the policy will not be issued until the application is accepted and the premium is received by FWD Life.

Policy Services

Can the policy be reinstated?
No, reinstatement is not applicable for a policy which is surrendered by the Policy Owner.
What value will I get upon surrender?
You will receive the account value in HKD.
How can I withdraw money from the account?
Fill in the Policy Service Request Form under Section 8 - Withdrawal of Policy Value. The form is available to be downloaded from the following website
http://www.fwd.com.hk/en/support-claims/forms-listing/
How long does it take to process the partial withdrawals and surrender?
It takes 7 working days for partial withdrawal and 14 working days for surrender under normal circumstances. However, FWD Life Insurance Company (Bermuda) Limited may defer the payment of partial surrender or surrender benefits up to 6 months from the date of receipt of the duly completed request.

Regular Payment Plan

Can I stop paying premiums during the Policy Term if I chose monthly payment mode?
You may ask for your premiums to be suspended and in such case Premium Holiday term will apply.
If I would like to stop paying the premiums, how to notify you?
You have to complete section 9.2 of the Policy Services Request Form to apply for Premium Holiday. The form is available to be downloaded from the website:http://www.fwd.com.hk/en/support-claims/forms-listing/. Otherwise, Premium Holiday term will apply if no premium is received after the expiration of Grace Period.         
If I do not pay the regular premium, will the policy lapse?
The policy term provides for a Grace Period of 30 days after the premium due date. If the premium is unpaid after the expiration of the Grace Period, Premium Holiday term will apply. However, when the Account Value is equal to or less than zero, the policy shall automatically be terminated.
Can the customer change the premium amount?
Yes, but only if you have a regular premium plan. The amount of the regular premiums can only be reduced but cannot be increased. It cannot be reduced to an amount less than the specified minimum regular premium.
What if my DDA account value has no sufficient fund to pay the premium?
FWD Life Insurance Company (Bermuda) Limited will attempt the transfer again in next month, along with the next month premium. If there is still insufficient fund to pay the premiums, then Premium Holiday term will apply.

Instant Withdrawal Service

Which FWD Life products are available for Instant Withdrawal Service?
Savie Insurance Plan and Provie Insurance product (Only apply to HKD policies).
Any restrictions on the use of instant withdrawal service?
Per Policy:
  • The minimum account value is HK$3,000
  • The minimum withdrawal amount is HK$500 for each transaction
  • The maximum total withdrawal amount is HK$3,000 per day
  • The maximum number of withdrawals is 3 per day
  • The maximum total withdrawal amount is HK$50,000 per calendar year 
Are there any charges for using instant withdrawal service?
This service is free of charge.
How long will it take to complete an instant withdrawal?
Normally it will only take 3-5 minutes.
The Instant withdrawal service available on iFWD can be paired with Tap&Go only?
Yes.
Can I pair my policies with other mobile wallet?
Withdrawal can only be made to a Tap&Go account.
How can I obtain a one-time password again if I failed to provide a correct one?
Customers may request for the resend of a one-time password after a 1-minute interval.
Why my instant withdrawal service has been temporary suspended? What should I do?
As a security measure, if a customer consecutively failed to input a correct one-time password for 3 times, our system will temporary suspend his/ her account. The customer needs to contact FWD Financial 24-hour Service Hotline at 3123 3338 to unlock his/ her account.
Can I use the instant withdrawal service to surrender my policy?
No.
I have a question about Tap&Go….
Please contact Tap&Go's 24 Hour service hotline at 2888 0000.
Can I track my withdrawal record?
You can login to FWD Financial member account and select Instant Withdrawal record for details.

Can I return the withdrawal amount to my policy?

The withdrawal amount cannot be returned into the policy.

I just purchased Savie/ Provie Insurance plan, how could I use this service?
You need to register a member account as a "FWD Financial customer" on www.i.fwd.com.hk/en/joinus before you can use this service.
Can I use the member account when I purchased Savie/ Provie Insurance?
No, you need to register a member account as a "FWD Financial customer"on www.i.fwd.com.hk/en/joinus before you can use this service.

I have already purchased a Savie Insurance plan online, can I use this instant withdrawal service?

No. To use the instant withdrawal service, you must first visit FWD Insurance Solutions Centre to verify your identity.