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China Life SOPHY a yearly renewable critical illness(CI) plan with not only easy-to-understand body-system-based coverages, but also future-proof that leap beyond the covered multifarious critical illness conditions commonly defined today.
With SOPHY, you can get covered for diseases that are not yet discovered today.
This is a yearly renewable plan and the policy term is 1 year. At the expiry of the policy term, this policy shall be renewed automatically for the same sum insured, without further evidence of insurability, at the end of the policy term for another 1-year period, provided always that all of the following conditions are met:
(a) this policy is in force and there is no outstanding premium immediately before the date on which the renewal takes effect;
(b) China Life has received and accepted the renewal premium on the date on which the renewal takes effect; and
(c) the life insured has not reached age 85.
At each renewal, premium will be based on the prevailing premium rates of the same plan type at the attained age of the life insured.
If you do not wish to renew your policy, you must inform China Life in writing no later than 30 days before the end of your policy term, otherwise your policy will be automatically renewed as stated above.
Yearly renewable term for coverage up to life insured’s age of 85 years old, with maximum renewable age up to age of 84 years.
Some things to note. This review post will get dated. And the product might not be available for new subscriptions at some point. Hopefully this serves as reference for future policyholders who have forgotten what they have taken up.
There can be shifts in planning narratives over time. For example, limited premium tenures gain popularity over the years because people are less confident of their future earning capacity or sustainability of income levels. Regular payout features gained popularity when more and more people are in tune with the FIRE (Financial independence retire early) movement. An extended period of low interest rates brought down insurance products’ returns yield for policy holders, but now in a rising interest rates environment, things are set to change.
China Life SOPHY may or may not fit into your financial plans. Understand that there is no best plan for all time, but there is a method to objectively facilitate your decisions. Read more about it here.