Legacy and Retirement Planning

Universal Life Insurance

Help you meet both your life protection and wealth accumulations needs.

Universal Life Insurance

To enjoy retirement without compromising on your standard of living, sufficient retirement savings and steady income are very important. RWI survey* conducted in 2015 found that along with MPF and ORSO, cash savings and return from investments are the major sources of retirement income for people in Hong Kong.

As you are planning for your retirement life with your savings, you may also want to plan ahead for the inheritance of your wealth. Universal Life may be a solution to both. Universal Life is a life insurance policy with flexible payment terms that may help you meet your life protection needs and may provide long-term savings potential to help meet your wealth accumulation needs.


Universal Life


  • Allows flexible premium payment
  • Provides life protection and long-term savings potential to help meeting your wealth accumulation needs
  • Particularly suitable to sophisticated individuals with life protection needs and are willing to pay a premium to help meet their life protection target
  • Provides flexibility and easy access to policy savings
  • Tailored to meet your unique personal requirements
  • Offers high level of flexibility and transparency
Note: the above is neither an exhaustive list nor a set definition of Universal Life Insurance. Insurance products are not bank deposits and are not underwritten by DBS (Hong Kong) Limited.


How Universal Life Works?

When you pay a premium:

  1. A premium charge will be deducted.
  2. The balance of the premium will be deposited to your policy’s Guaranteed Interest Account. When a premium is paid, the only charge is premium charge (I) before depositing to the Guaranteed Interest Account (II). Afterwards, as described in (III) the charges will be deducted monthly from the account.
  3. Each month the cost of insurance charge and face amount charge will be deducted from your Guaranteed Interest Account. Interest at the current interest crediting rate will then be applied to your Guaranteed Interest Account.

The following diagram describes what happens when you pay a premium:


Wealth planning is also an important step for your retirement!

Please contact DBS and discuss your insurance needs with us.


*The Retirement Wellness research, commissioned by DBS and Manulife represents the views of more than 6,000 non-retirees on their preparedness and expectations towards retirement. The research spans 6 countries: China, Hong Kong, Indonesia, India, Singapore and Taiwan. In Hong Kong, a total of 1,009 residents, aged 40 to 60 year old took part in the research which was conducted online by Nielsen in November 2015.


Important Notes:

  1. Universal Life (the “Product”) is a life insurance plan which aims for customers who look for a long term life protection and have ability to fulfill the premium requirement. The product will be subject to a Surrender Charge in the first 15 policy years. You are advised to prepare enough financial resource for future premium, if applicable
  2. The Product is underwritten by Manulife (International) Limited which is authorised and regulated by the Commissioner of Insurance of the Hong Kong SAR. DBS Bank (Hong Kong) Limited is an insurance agent authorised by Manulife
  3. Credit Risk - Premiums paid would become part of Manulife’s assets and therefore you will be subject to the credit risk of Manulife. Manulife's financial strength may affect its ability to meet the ongoing obligations under the insurance policy
  4. Fees and Charges - The product is an insurance plan with a savings element. Part of the premiums pays for the insurance and related costs. The savings element is reflected in the Cash Surrender Value and may not be guaranteed. You should refer to the proposal and policy provisions for information on the Net Surrender Value/Cash Surrender Value. You should also refer to the “Policy Charges” section of this Product Guide and the policy provisions for the detail fees and charges
  5. Withdrawal Risk - Withdrawals may be taken any time after the first policy year, and a withdrawal will lower the death benefit and the Policy Value of the policy. Coverage will terminate if the Net Cash Surrender Value is less than or equal to zero, and if the Early Lapse Protection is not in effect. From the eighth (8th) policy year onwards, the total amount of withdrawal in each policy year in excess of 5% of the Guaranteed Interest Account as of the previous policy anniversary is subject to a pro-rata Surrender Charge only when the Level Death Benefit Option is selected and during the Surrender Charge period. The Surrender Charge will be deducted from the Policy Value. As a result, the amount you get in case of surrender would be considerably less than the premium you paid
  6. Cooling-off period - If you are not happy with your policy, you have a right to cancel it within the cooling-off period and obtain a refund of any premiums paid less any market value adjustment, if applicable. A written notice signed by you should be received by Manulife at 22/F, Tower A, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong within the cooling off period (that is, 21 days after the delivery of the policy or issue of a notice (informing you/your representative about the availability of the policy and expiry date of the cooling off period), whichever is the earlier). After the expiration of the cooling off period, if you cancel the policy, the projected total cash value may be less than the total premium you have paid


This webpage is for reference and it is intended for use in Hong Kong Special Administrative Region only. It does not constitute a contract of insurance or an offer, invitations or recommendation to any person to enter into any contract of insurance or any transaction described therein or any similar transaction. You should not base solely on this webpage to make decision on applying for the product. The information disclosed above is not exhaustive and you should refer to the policy provision and the leaflet for more information and if in doubt, please seek independent professional advice. You may contact our bank staff to obtain a copy of the policy provision and the leaflet for reference.