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About the Product & Service
1) General Insurance
2) Life Insurance
About the Application
Other Questions
About the Product & Service
1) General Insurance
Is there a duplication if I buy the Home Contents Insurance and Fire Insurance together?
No. Home Contents insurance is designed to cover your personal possessions that are movable such as furnishings, appliances, clothing, jewelry, cash, etc. whereas Fire insurance is designed to cover those things you would not take like fixtures and fittings.
How many types of Motor Insurance are available in the market?
In terms of coverage, the following types of motor insurance policies are available
- Third Party Only - it covers the liability at law for death, injury or property damaged to third parties
- Third Party, Fire and Theft - it includes cover of (i) and coverage to insured motor car's own damage caused by fire or theft
- Comprehensive - it is the type of policy with most comprehensive coverage and in general most expensive
What is NCB?
NCB means no claim bonus under the Motor insurance policy. Policyholder with one completed year of clean claim record will be given 20% NCB upon renewal of the policy and then the NCB will be increased by 10% for each additional consecutive year of clean claim record up to a maximum of 60%. The NCB is reflected in the renewal premium.
Do I still need to buy another Travel insurance policy for myself if my travel agent already have an insurance policy for me?
Most insurance policies effected by travel agents provide coverage to serious accidents or injuries and do not cover loss of luggage, delay or cancellation of trip, medical expenses, etc. As such, each individual should have his or her own policy.
How many day(s) in advance should I apply Travel Insurance for my trip?
As most travel insurance policy would have trip cancellation coverage, you are suggested to effect the insurance as soon as your itinerary is confirmed.
Is there any specially designed insurance policy for people who frequently travel to Mainland China?
Yes. There is a kind of China Medical insurance available in the market that provides the policyholder with hospital admission guarantee without worrying about the deposit in case of accidents or acute sickness in China.
What is the difference between Domestic Helper Insurance and Employee's Compensation?
An Employees' Compensation Insurance covers compensation that the policy holder is legally liable to pay as an employer to his/her employee for his/her bodily injury by accident or disease arising out of and in the course of employment. A Domestic Helper Insurance is a specially designed insurance product that includes an Employees' Compensation Insurance cover and some other optional insurance that the employer may want to buy because of the employment of a domestic helper. Domestic Helper Policy is now generally regarded as Employees' Compensation insurance for employment of domestic helper.
What is Personal Accident Insurance?
Personal Accident Insurance Policy provides benefit to the insured person upon his death or disablement as a result of an accident. Many Personal Accident Insurance Policies available in the market provides other additional benefits such as Hospital Cash Allowance either as optional benefit of the policy or as added value.
Is medical examination required for purchasing Personal Accident insurance?
No medical examination is required.
2) Life Insurance
How many categories of life insurance are available in the market?
Major categories are: Whole Life, Term, Endowment, and Unit linked.
What is the difference between Term Life insurance and Whole Life insurance?
Term life insurance are policies that provide life cover for a fixed duration or term and if the insured dies during this term, the insurance company will pay the sum insured. If the insured lives until the end of the term, no payments would be made and the policy expires. Normally the longer the term and older the person the more the premium charged.
Whole life insurance is the most common type of life insurance plan. It offers protection throughout the life of the insured and in addition there is normally an element of savings involved. Whole life policies are policies that build up a cash value. It is also normal for the policies to have dividends.
Is medical examination required for life insurance?
All applicants are required to complete a health declaration or health questionnaire. Whether medical examination is required depends on the answers to the health questions and insurance companies' guideline.
Why does the premium get higher as I get older?
There are very complex ways of describing this in the insurance industry but the simplest answer is as you get older so the chance of dying increases, and with this increased risk the premiums become more expensive.
What is "Cash Value"?
Cash Value is an amount accumulate by the Policy. This amount can be withdrawn any time by the policyowner.
What is "Policy Value"?
Policy Value starts to accumulate from the first policy year. The death benefit payable upon death of the life insured is calculated based on the policy value according to the Death Benefit Option.
How is "Death Benefit" paid?
Death Benefit is payable to the beneficiary upon death of the life insured. With the "Level Benefit Option", the death benefit is either the policy value or the basic sum insured less all withdrawals made in the 12 months preceding the date of death, whichever is the higher. With the "Increasing Benefit Option", the death benefit is equal to the basic sum insured plus the policy value.
I have financial difficulty at the moment and cannot afford to pay for my savings insurance plan. What should I do if I would like to keep my insurance plan?
In the situation of temporary financial difficulty, terminating the insurance policy is not the best way to solve problem. You are recommended to draw cash from the policy to meet your financial needs if you have accumulated sufficient cash value in the policy. The cash value after withdrawal should be sufficient to pay for the premium for the coming 2 months. The withdrawal fee is only HK$200 per transaction. Alternatively, you can enjoy premium holiday if the accumulated cash value is sufficient to cover the premium payment.
About the Application
What is the application procedure if I want to take out an insurance policy from China Construction Bank (Asia)?
It's simple. You can visit any of our Branches and complete the enrolment form, or you can apply specified insurance products through Online Banking or Bank by Phone Center at 2903 8388.
Which kinds of policy can I apply through Online Banking?
They are Travel insurance, Domestic Helper insurance, Personal Accident insurance and Home Contents insurance.
Can I enjoy privilege discount via online application?
Yes, you can enjoy 20% premium discount.
Other Questions
In case of loss, damage or injury, what should I do in order to make a claim?
You should contact your insurance company's claims department immediately. You need to fill in a claim form and submit the following documentary evidence to support your claim:
- Invoices, receipts and /or estimates for property damage, loss or theft
- Full medical evidence and receipts for medical claims
- Birth and death certificates for personal accident/life insurance policies
In liability cases, only the third party makes the claim, therefore, the claim is out of the policyholder's hands.
Can I still keep my policy after migrating to other countries?
Yes, if the policy is a worldwide contract.
If I terminate my policy, can I get any refund?
It depends on different types of policy and insurance companies' guideline.
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