1. SwissPlusAccount II is an investment-linked assurance scheme issued and guaranteed by AXA Wealth Management (HK) Limited. 

2. This brochure is to be read in conjunction with the Application Form.

3. This brochure is for reference only, please refer to the Terms and Conditions in the Payment Confirmation for exact wordings. Sample of the Terms and Conditions is available from AXA Wealth Management (HK) Limited upon request.

Product Description

SwissPlusAccount II is a whole of life investment-linked assurance scheme under Class C linked long term business as defined in the Insurance Companies Ordinance ("ICO") providing a "guaranteed return" at the end of the Initial Guaranteed Period of up to 3 months.

Insurer

The contract is issued by AXA Wealth Management (HK) Limited ("the Company"), a company incorporated in Hong Kong whose registered office is at 20/Floor, AXA Centre, 151 Gloucester Road, Wanchai, Hong Kong. The Company is an authorized insurance company under the ICO in Hong Kong.

Policy Structure

The contract term of this product is Whole of Life. The Company shall guarantee a "return" at the end of the Initial Guaranteed Period. Immediately after the Initial Guaranteed Period, the amount guaranteed in excess of the Encashment Value will be re-invested into the fund selected by the Customer. Performance of the fund is subject to the movement of the performance of the corresponding money market. The operation of the guarantee is explained in the sub-section "D. Guaranteed Bonus" The current minimum premium level for single premium investment is US$12,800 and may be adjusted by the Company from time to time.

Investment Mechanism

The Funds

Each Fund will be a separately identifiable fund within the Companys life insurance fund. The Funds assets belong to the Company and the Company may at its discretion change the investments. The income of any Fund will be added to the capital of that Fund.

Unit Allocation

The number of units allocated will be the Investment Amount dividing by the Buying Price of those units and will be allocated to the Client's Account.

Unitized Fund Valuation

The assets of each Fund will be valued by the Company at least once every month. Securities listed on a Stock Exchange will relate to their publicly quoted prices. The value of any holdings in collective investment schemes will relate to the publicly quoted prices. 

Unit Prices

Each unit of a Fund will have a Buying Price and a Selling Price. There will be no bid and offer spread, and the Buying Price equals the Selling Price.

The Buying Price shall not exceed the value of the unitized Fund based on the offer price of the underlying assets, divided by the number of units in the unitized Fund. The result shall be rounded up by not more than 1%.

In the calculation of number of units, a fraction of less than one-ten thousandth of a unit will not be created to or cancelled from Client's Account.

All rounding adjustments shall accrue to the Company.

The Investment Policy

The client may select from any Fund currently offered by the Company for this Policy. Switching between Funds is not allowed.

The investment policy of the Funds is shown in the Fund Information section.

Each Fund shall not borrow more than 25% of its Net Asset Value. Normally any borrowings by a Fund will be to meet liquidity requirements in the event of redemption. However each Fund may borrow to increase the fund proportion invested.

As a consequence of the general nature of varied investments and possible exchange or interest rate fluctuations, the value of investments and the yield from them may go down as well as up.

Fund Closure

The Company has a right to close any Fund. The Customer will receive three months' notice or any shorter periods notice as approved by the Securities and Futures Commission prior to any closure of the Fund selected by the Customer.

Charges

The types of charges and the detailed levels are set out in the summary table below:-

Summary Table

The Company reserves the right to revise these charges. Any variation of charges will be subject to not less than three months prior written notice, or any shorter periods notice as approved by the Securities and Futures Commission.

Fund Management Charge

Each month, the Company will debit the Clients Account with a Fund Management Charge by cancellation of units. 

All front end charges made by external fund managers will be borne by the Company.

Privileges and Conditions

Amounts Payable by the Company

All amounts payable by the Company under this Policy are payable in the Plan Currency at the Company's registered office in Hong Kong or at any other place designated by the Company. All Benefits are denominated in the Plan Currency. 

The payment of Encashment will normally be dispatched within 5 working days of receipt of Encashment notification and satisfactory proof. If this cannot be achieved, interest will be payable for the period between the date of receipt of the Encashment notification and the payment of Encashment at a rate to be determined by the Company.

A. Encashment

At any time the Customer may elect in writing to the Company to encash the Policy for a cash sum ("the Encashment Value"). The Encashment Value shall be the value of the units in the Clients Account at the current Selling Price. There is no withdrawal penalty.

At any time during the Initial Guaranteed Period, the Encashment Value is the maximum of the value of the Relevant Clients Account at the current Selling Price of the underlying units and the Investment Amount specified in the Payment Confirmation. 

B. Partial Encashment

The Customer may elect in writing to the Company to partially encash any Benefit for a cash sum after the Initial Guaranteed Period. Corresponding units calculated at the Selling Price will be cancelled in the Clients Account. The Partial Encashment shall be subject to a minimum amount (currently HK$100,000 or US$12,800) and the remaining Encashment Value must exceed a minimum amount (currently HK$100,000 or US$12,800). These amounts may be revised by the Company from time to time after giving the Customer three months notice.

C. Death Benefit

On the death before the 65th birthday of the Relevant Life Insured under any Benefit, the Company shall pay to the Customer 101% of the Encashment Value of that Benefit (100.1% of the Encashment Value if death occurs on or after the 65th birthday). The Benefit will terminate.

D. Guaranteed Bonus

A Guaranteed Bonus in the form of additional units is payable at the end of the Initial Guaranteed Period of up to 3 months, it is the excess of the Guaranteed Amount as specified in the Payment Confirmation over the Encashment Value as at the end of the Initial Guaranteed Period. The amount payable will be re-invested as an Investment Amount. The number of units allocated will be the re-invested amount divided by the ruling Buying Price of those units on the Relevant Allocation Date. This amount will be allocated into the funds as chosen for the corresponding Benefit as at the Relevant Allocation Date. 　

General Provisions and Notes

Law and Interpretation

The place of law governing the Policy shall be Hong Kong unless otherwise agreed with the Company. 

Jurisdiction

The Policy shall be subject to the non-exclusive jurisdiction of the Hong Kong courts. 

Right of Cancellation

The Customer has the right to cancel this Policy and obtain a refund of any premium(s) paid after any market value adjustment* (if applicable) by returning the Policy Document and giving written notice. Such notice must be signed and sent by the Customer and received directly by the Company within fourteen (14) days from the Issue Date, twenty-one (21) days from the Application Date or five (5) days from the date of delivery of the Policy / a Notice informing the Customer or his representative about the availability of the Policy and the expiry date of the Cooling-off Period, whichever is later. With regard to the delivery of the policy/notice, the aforesaid 5 days period will be counted from the date of delivery of the policy or notice (whichever is earlier). The Policy will thereupon be cancelled from the Confirmation Issue Date specified in the Payment Confirmation.

* where premium(s) have been allocated to purchase units, the premium refund after the market value adjustment is the premium(s) adjusted downward by the ratio of the buying price of the units at the time of cancellation to the buying price at the time of Unit Allocation, or the premium(s) paid whichever is lower.

Application

The Customer is required to complete the enclosed application form to apply for a Policy.

Accuracy of Information

The Company accepts responsibility for the accuracy of the information contained in this brochure at the date of publication.

Interest

In the event of the death of the Relevant Life Insured in respect of any Benefit, interest shall be paid in respect of any Benefit for the period between notification of death and the date of payment at a rate to be determined by the Company from time to time based on short term call interest rates in the relevant currency.

Taxation

The Customer is advised to consult his own advisers with regard to his particular tax circumstances.

Money Market Fund

Investment in a money market fund is not the same as placing funds on deposit with a bank or deposit-taking company. After the Initial Guaranteed Period, Company has no obligation to redeem units at the offer value and such funds are not subject to supervision of the Hong Kong Monetary Authority.

SFC Authorization

The documentation of SwissPlusAccount II has been authorized by the Securities and Futures Commission, pursuant to sections 104(1) and 105(1) of the Securities and Futures Ordinance. In giving this authorization, the Commission has made no assessment of, nor does it take responsibility for, the financial soundness or merits of the scheme, nor has it verified the accuracy or truthfulness of statements made or opinions expressed in the documentation. SFC authorization does not imply official recommendation. 　

Fund Information

AXA Wealth HK$ Money Market Fund and AXA Wealth US$ Money Market Fund are offered for this Policy. Please refer to the following for a brief description of the investment fund.

AXA Wealth HK$ Money Market Fund

The objective of the fund is to achieve a rate of return higher than that available for personal deposits.

The fund will be invested in portfolio consists of high grade monetary instruments such as treasury bills, bills of exchange, commercial paper or certificates of deposits.

AXA Wealth US$ Money Market Fund

The objective of the fund is to achieve a rate of return higher than that available for personal deposits.

The fund will be invested in portfolio consists of US dollar denominated fixed-term deposits and high grade monetary instruments such as treasury bills, bills of exchange, commercial paper or certificates of deposits.

(Not for use in Mainland China)

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