Understanding your Investment Linked Policy’s Renewal Benefit

Renewal Benefit is an option where you, as the Policy Owner, may choose to exercise to extend your investment-linked insurance coverage, 90 days before the maturity of your policy. If exercised, your policy’s coverage term will be extended up to age 99 next birthday, without any underwriting or medical requirement provided that your policy is in force at the time of the renewal.

Renewal Benefit is applicable to Investment-Linked policies that was purchased from 01 July 2019 onwards that comes with the Renewal Benefit feature, with coverage terms of either 20 years, up to age 70 years old, or up to age 80 years old.

We will inform you ninety (90) days prior to the Expiry Date of your policy. This notification will provide you with details on how to exercise the option(s) available to you, which is to either: 

(a) maintain your current policy coverage term and your policy will mature on its Maturity Date; or

(b) extend your policy coverage to age ninety-nine (99) years next birthday.

Both basic plan and riders attached (if any) to the policy, will be extended at the same level of coverage unless:

(a) the extension exceeds the rider (if any) maximum coverage term, and/or

(b) a partial claim has been made prior to the renewal, in which case, the basic plan and rider(s) benefit will be based on the reduced or remaining Face Amount.

If you choose to exercise the Renewal Benefit option, there will be no changes to your policy’s existing terms and conditions. The waiting period, exclusion period and contestable period, whichever applicable, will remain unchanged.

The same underwriting decision that has been imposed on the policy prior to renewal will be applied upon renewal, hence you will not need to undergo medical or show evidence of insurability.

Your premium amount could change after the renewal depending on your age, policy account value at maturity, and duration of policy coverage. This is to ensure that the revised premium can sustain your extended coverage until age 99. 

Exercising the Renewal Benefit option will not incur additional fees to your policy.

Upon Renewal:

(a) both basic plan and riders attached to the policy, if any, will be extended at the same level of coverage unless a partial claim has been made prior to the renewal, in which case, the basic plan and rider(s) benefit will be based on the reduced or remaining Face Amount;

(b) rider(s) that pay(s) annual income benefit or waives premium will not be extended; 

(c) rider(s) that exceed(s) the rider’s maximum coverage term will not be extended;

(d) the same underwriting decision that has been imposed on the policy prior to renewal will be applied; 

(e) there will be no changes to the policy’s existing terms and conditions. The waiting period, exclusion period and contestable period, whichever applicable, will remain unchanged.

Please do not hesitate to contact your Sales Representative. Alternatively, you may contact our Customer Service during business hours:

Business Hours : Monday – Friday, from 9:00am to 5:30pm

Telephone : 03-2719 9112 or 1-300-13-2323

Email : MYCARE@manulife.com