AXA’s Disability Income Protection Plus, contains a number of important features, ie
ESCALATING BENEFIT
The monthly benefit for either total or partial disability will be adjusted at the end of each 12 continuous months of payment. The adjustment will reflect the percentage change in the consumer price index during the preceding 12 months, whether upwards or downwards, up to a maximum of 6%.
TO HELP YOU KEEP PACE WITH INFLATION
To help you keep pace with inflation, an Index-linked Increase Endorsement is attached to your policy. While this endorsement is in effect, the protection amount(s) of the basic plan and supplement(s) (where applicable) will be automatically increased every year with extra premium. The rate of increase will be determined with reference to rises in the consumer price index. No further proof of the Insured’s insurability is required for this extra benefit.
You may decline the increase of a particular policy year by giving us a written notice within 30 days of the relevant policy anniversary date. The endorsement will be terminated on the occurrence of the earliest of the following events:
– when the owner declines 2 consecutive increases made in accordance with the conditions in endorsement; – on the policy anniversary on or following the Insured’s 60th birthday;
– when the policy becomes fully paid up.
The availability of Index-linked Increase Endorsement is subject to the Company’s underwriting requirements.
WORRY FREE FOR THE PREMIUM WHILE THE INSURED IS TOTALLY DISABLED!
This is called Waiver of Premium.
If the Insured becomes totally disabled and is unable to work for a continuous six-month period or longer before Age 60, premiums due for all the plans in this proposal will be waived until the Insured’s total disability stops.
The policy will continue as if you have been paying the premiums.
Summary of Benefits
EXCLUSIONS AND LIMITATIONS
Exclusions
This policy does not cover any loss, fatal or non-fatal, caused by or resulting from:
- Any pre-existing conditions prior to the policy date or any date of reinstatement, whichever is later; or
- Any pre-existing HIV and/or HIV-related illness including AIDS and/or any mutations, derivations or variationsthereof prior to the policy date or any date of reinstatement, whichever is later; or
- Any intentional self-inflicted injury or any attempt at suicide or self-destruction whether sane or insane; or
- Pregnancy, childbirth or miscarriage; or
- Declared or undeclared war or any act thereof; or
- Service in the armed forces of any country or international organization; or
- All sicknesses contracted and commencing within 30 days from the policy date; or
- All sicknesses contracted and commencing within 10 days following any date of reinstatement.
Limitations
- (1) Benefit payments for total and partial disability will be reduced by 50% during any periods in which the Insured lives in a place other than North America, Europe, Australia, New Zealand, Japan, Singapore, Hong Kong or Macau.
- (2) If the sum of the total disability benefit plus any amount the Insured is entitled under: – the Employees’ Compensation Ordinance or similar legislation; or
– social security or similar legislation; or
– any other insurance policiesexceeds 70% of the Insured’s monthly earnings before disability, the monthly benefit will be reduced to an amount equal to the excess of 70% of the Insured’s monthly earnings before disability over the sum of the above amounts. - (3) If disability commences after the Insured’s 63rd birthday and before the renewal date following the Insured’s 65th birthday, the maximum period for which benefits will be paid is two years.
- (1) Benefit payments for total and partial disability will be reduced by 50% during any periods in which the Insured lives in a place other than North America, Europe, Australia, New Zealand, Japan, Singapore, Hong Kong or Macau.
- (2) If the sum of the total disability benefit plus any amount the Insured is entitled under: – the Employees’ Compensation Ordinance or similar legislation; or
– social security or similar legislation; or
– any other insurance policies exceeds 70% of the Insured’s monthly earnings before disability, the monthly benefit will be reduced to an amount equal to the excess of 70% of the Insured’s monthly earnings before disability over the sum of the above amounts. - (3) If disability commences after the Insured’s 63rd birthday and before the renewal date following the Insured’s 65th birthday, the maximum period for which benefits will be paid is two years.