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Insurance

Extended Term Insurance Refund Arrangement

To ensure continuing protection for our customers, some of our life insurance policies will become Extended Term Insurance if a premium is not paid when due. As part of our ongoing commitment to improving customer service, a review has been conducted recently in the way which our life insurance policies were managed following non-receipt of premium. We have identified that some policyholders of the following life insurance plans are affected by calculation error at the time of the conversion of the Extended Term Insurance benefits.

  • LifeSave Protection Plus
  • Lifestyle Education Protection Plus
  • Lifestyle Protection Plus
  • Lifestyle Retirement Protection Plus
  • Lifestyle Wealth Protection Plus
  • Lifetime Protection Plus
  • SaveEnrich Protection Plus (2-year payment)
  • Target Protection Plus
  • WholeLife Protection Plan

Since August 2017, we have been contacting these policyholders on the matter. If you have been contacted and / or have any queries, please call our HSBC Life Insurance Service Hotline on (852) 3128 0145 (Monday to Friday from 9am to 6pm, Saturday from 9am to 1pm).

Financial Strength

Standard & Poor's

HSBC Life (International) Limited is rated AA-

Standard & Poor's category description 'AA':

An insurer rated "AA" means very strong capacity to meet financial commitments.

Rating 'AA' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

Identity of Service Provider

The Hongkong and Shanghai Banking Corporation Limited is an insurance agent authorised by HSBC Life (International) Limited and AXA General Insurance Hong Kong Limited. 

Address: 1 Queen's Road Central, Hong Kong SAR

Telephone Number: 

For HSBC Premier customers: (852) 2233 3322

For HSBC Advance customers: (852) 2748 8333

For Other customers: (852) 2233 3000

Underwriters

The life insurance plans are underwritten by HSBC Life (International) Limited ("HSBC Life") and the medical and general insurance plans are underwritten by AXA General Insurance Hong Kong Limited ("AXA"). HSBC Life is authorised and regulated by the Insurance Authority (“IA”)  of the Hong Kong Special Administrative Region ("HKSAR") to carry on long-term insurance business in the HKSAR. AXA is authorised and regulated by IA to carry on general insurance business in the HKSAR. The Hongkong and Shanghai Banking Corporation Limited ("HSBC") is an insurance agent authorised by HSBC Life for the distribution of life insurance products in the HKSAR and also by AXA for the distribution of medical and general insurance products in the HKSAR. 

 

Address:

For Life Product: 18/F, Tower 1, HSBC Centre, 1 Sham Mong Road, Kowloon, Hong Kong SAR 

For Medical Product: PO Box 90784 Tsim Sha Tsui Post Office 

For General Insurance Product: PO Box 90918 Tsim Sha Tsui Post Office 

 

Authorisation Status

Insurance products offered by AXA General Insurance Hong Kong Limited are only available for subscription by residents of the Hong Kong SAR applying in Hong Kong SAR.

Prescribed Levy to Insurance Authority ("IA")

Effective from 1 January 2018, the Insurance Authority ("IA") will impose a prescribed levy on your insurance policy pursuant to section 134 of the Insurance Ordinance (Cap. 41). Such levy payment should be made together with the premium payment to the insurer for direct remittance to the IA within the remittance period as specified by the IA. Subject to the applicable levy cap, the amount of levy payable for each premium payment is the amount of premium multiplied by the applicable levy rate as prescribed in the table below: 

 

-   Life insurance plans - levy will be collected by HSBC Life (International) Limited ("HSBC Life") on behalf of the IA 

-   Medical and general insurance plans - levy will be collected by AXA General Insurance Hong Kong Limited ("AXA") on behalf of the IA 

 

Levy Rate Table
Levy Rate Table

Policy effective date or policy anniversary date which
marks the beginning of a policy year

Levy Rate %

Specified General Business Levy Cap in HK$

Specified Long Term Business
Levy Cap in HK$ 

From 1 January 2018 till 31 March 2019 (both dates inclusive)

0.04%

HK$2,000

HK$40

From 1 April 2019 till 31 March 2020 (both dates inclusive)

0.06%

HK$3,000

HK$60

From 1 April 2020 till 31 March 2021 (both dates inclusive)

0.09%

HK$4,250

HK$85

From 1 April 2021 onwards (date inclusive)

0.10%

HK$5,000

HK$100

Levy Rate Table
Levy Rate Table

Policy effective date or policy anniversary date which
marks the beginning of a policy year

From 1 January 2018 till 31 March 2019 (both dates inclusive)

Levy Rate %

0.04%

Specified General Business Levy Cap in HK$

HK$2,000

Specified Long Term Business
Levy Cap in HK$ 

HK$40

Policy effective date or policy anniversary date which
marks the beginning of a policy year

From 1 April 2019 till 31 March 2020 (both dates inclusive)

Levy Rate %

0.06%

Specified General Business Levy Cap in HK$

HK$3,000

Specified Long Term Business
Levy Cap in HK$ 

HK$60

Policy effective date or policy anniversary date which
marks the beginning of a policy year

From 1 April 2020 till 31 March 2021 (both dates inclusive)

Levy Rate %

0.09%

Specified General Business Levy Cap in HK$

HK$4,250

Specified Long Term Business
Levy Cap in HK$ 

HK$85

Policy effective date or policy anniversary date which
marks the beginning of a policy year

From 1 April 2021 onwards (date inclusive)

Levy Rate %

0.10%

Specified General Business Levy Cap in HK$

HK$5,000

Specified Long Term Business
Levy Cap in HK$ 

HK$100

For more details about the levy matter, you may visit www.ia.org.hk/en/levy.

Policy dividend for Participating Products

Participating policy

Policy dividend for Participating Products - not applicable to HSBC Wealth Goal Insurance Plan and HSBC Family Goal Insurance Plan

Policy dividend for Participating Products - applicable to HSBC Wealth Goal Insurance Plan and HSBC Family Goal Insurance Plan

 

Fulfillment Ratio and Total Payout Ratio

Fulfillment Ratio - in respect of non-guaranteed benefits

Total Payout Ratio - in respect of total benefits including guaranteed and non-guaranteed benefits

Policy Crediting Interest Rates (for Universal Life insurance products)

Insurance Terminology Glossary

With effect from 1 July 2017 (except for the Jade Universal Life Plan as specified below), the following new insurance terminology shall be used for the purpose of reading the policy provisions and other documents related to your policy. Please note that the below changes will not impact the original meanings and definitions of the insurance terminology for your policy concerned.

 

Participating Product

Income Goal Insurance Plan
Income Goal Insurance Plan

Heading ColumnTerminology currently used (if applicable)

New terminology(with effect from 1 July 2017)

General Meaning

Terminal Bonus

Special Bonus

A non-guaranteed amount to be declared by the Company at its absolute discretion.

Income Goal Insurance Plan
Income Goal Insurance Plan

Heading ColumnTerminology currently used (if applicable)

Terminal Bonus

New terminology(with effect from 1 July 2017)

Special Bonus

General Meaning

A non-guaranteed amount to be declared by the Company at its absolute discretion.

Universal Life Products

Goal Access Universal Life Plan
Goal Access Universal Life Plan

Heading ColumnTerminology currently used (if applicable)

New terminology

(with effect from 1 July 2017)

General Meaning

Administrative Charge

Change of Life Insured Charge

The charge which may apply in the case of Change of Life Insured. The Company reserves the right to impose the charge, as shall determine from time to time.

Benefit Amount

Sum Insured / Protection Amount

The amount at any time specified as such under the Policy Schedule or in any Policy Endorsement.

General Crediting Rate

General Crediting Interest Rate

The rate of interest credited to the Account Value of the policy.

Guaranteed Minimum Crediting Rate

Guaranteed Minimum Crediting Interest Rate

The minimum rate of interest credited to the Account Value as specified in Policy Schedule 2.

Goal Access Universal Life Plan
Goal Access Universal Life Plan

Heading ColumnTerminology currently used (if applicable)

Administrative Charge

New terminology

(with effect from 1 July 2017)

Change of Life Insured Charge

General Meaning

The charge which may apply in the case of Change of Life Insured. The Company reserves the right to impose the charge, as shall determine from time to time.

Heading ColumnTerminology currently used (if applicable)

Benefit Amount

New terminology

(with effect from 1 July 2017)

Sum Insured / Protection Amount

General Meaning

The amount at any time specified as such under the Policy Schedule or in any Policy Endorsement.

Heading ColumnTerminology currently used (if applicable)

General Crediting Rate

New terminology

(with effect from 1 July 2017)

General Crediting Interest Rate

General Meaning

The rate of interest credited to the Account Value of the policy.

Heading ColumnTerminology currently used (if applicable)

Guaranteed Minimum Crediting Rate

New terminology

(with effect from 1 July 2017)

Guaranteed Minimum Crediting Interest Rate

General Meaning

The minimum rate of interest credited to the Account Value as specified in Policy Schedule 2.

Savings Protection Plus; Integrated Protection Plus
Savings Protection Plus; Integrated Protection Plus

Terminology currently used (if applicable)

New terminology

(with effect from 1 July 2017)

General Meaning

Balance in the Savings Fund

Account Value

The accumulation of premiums paid, with interest added less any charges, and any previously withdrawal amounts (if any) in accordance with the terms and conditions of the policy.

Savings Bonus Rate

Crediting Interest Rate

The rate of interest credited to the Account Value of the policy.

Savings Protection Plus; Integrated Protection Plus
Savings Protection Plus; Integrated Protection Plus

Terminology currently used (if applicable)

Balance in the Savings Fund

New terminology

(with effect from 1 July 2017)

Account Value

General Meaning

The accumulation of premiums paid, with interest added less any charges, and any previously withdrawal amounts (if any) in accordance with the terms and conditions of the policy.

Terminology currently used (if applicable)

Savings Bonus Rate

New terminology

(with effect from 1 July 2017)

Crediting Interest Rate

General Meaning

The rate of interest credited to the Account Value of the policy.

Jade Universal Life Plan
Jade Universal Life Plan

Terminology currently used (if applicable)

New terminology

(with effect from 6 June 2016)

General Meaning

Administrative Charge

Currency Switch Charge

The charge which may apply in the case of Currency Switch. The Company reserves the right to impose the charge, as shall determine from time to time.

Administrative Charge

Change of Life Insured Charge

(For Jade Global Generations Universal Life/ Jade Ultra Global Generations Universal Life)

The charge which may apply in the case of Change of Life Insured. The Company reserves the right to impose the charge, as shall determine from time to time.

Attained Age

Insurance Age

As at any date, the age of the Life Insured or Policyholder (as applicable) specified as Insurance Age at Effective Date in Policy Schedule 1 plus the number of completed Policy Years.

Crediting Rate

Crediting Interest Rate

The rate of interest credited to part or all of the Account Value of the policy.

The rate of interest credited to part or all of the Account Value of the policy.

General Crediting Interest Rate

The rate of interest credited to the Account Value of the policy upon expiry of any Guaranteed Crediting Interest Rate Lock period; and to the Account Value in relation to all premiums paid into the policy subsequent to the First Premium.

Guaranteed Interest Rate Lock

Guaranteed Crediting Interest Rate Lock

The mechanism for guaranteeing a fixed rate of interest for a period of time.

Guaranteed Interest Rate Lock Rate / Interest Rate for the Guaranteed Interest Rate Lock Period

Crediting Interest Rate for the Guaranteed Crediting Interest Rate Lock Period

The rate of interest credited to the Account Value of the policy in relation to the First Premium paid into the policy.

Guaranteed Minimum Crediting Rate

Guaranteed Minimum Crediting Interest Rate

The minimum rate of interest credited to the Account Value.

Jade Universal Life Plan
Jade Universal Life Plan

Terminology currently used (if applicable)

Administrative Charge

New terminology

(with effect from 6 June 2016)

Currency Switch Charge

General Meaning

The charge which may apply in the case of Currency Switch. The Company reserves the right to impose the charge, as shall determine from time to time.

Terminology currently used (if applicable)

Administrative Charge

New terminology

(with effect from 6 June 2016)

Change of Life Insured Charge

General Meaning

(For Jade Global Generations Universal Life/ Jade Ultra Global Generations Universal Life)

The charge which may apply in the case of Change of Life Insured. The Company reserves the right to impose the charge, as shall determine from time to time.

Terminology currently used (if applicable)

Attained Age

New terminology

(with effect from 6 June 2016)

Insurance Age

General Meaning

As at any date, the age of the Life Insured or Policyholder (as applicable) specified as Insurance Age at Effective Date in Policy Schedule 1 plus the number of completed Policy Years.

Terminology currently used (if applicable)

Crediting Rate

New terminology

(with effect from 6 June 2016)

Crediting Interest Rate

General Meaning

The rate of interest credited to part or all of the Account Value of the policy.

Terminology currently used (if applicable)

The rate of interest credited to part or all of the Account Value of the policy.

New terminology

(with effect from 6 June 2016)

General Crediting Interest Rate

General Meaning

The rate of interest credited to the Account Value of the policy upon expiry of any Guaranteed Crediting Interest Rate Lock period; and to the Account Value in relation to all premiums paid into the policy subsequent to the First Premium.

Terminology currently used (if applicable)

Guaranteed Interest Rate Lock

New terminology

(with effect from 6 June 2016)

Guaranteed Crediting Interest Rate Lock

General Meaning

The mechanism for guaranteeing a fixed rate of interest for a period of time.

Terminology currently used (if applicable)

Guaranteed Interest Rate Lock Rate / Interest Rate for the Guaranteed Interest Rate Lock Period

New terminology

(with effect from 6 June 2016)

Crediting Interest Rate for the Guaranteed Crediting Interest Rate Lock Period

General Meaning

The rate of interest credited to the Account Value of the policy in relation to the First Premium paid into the policy.

Terminology currently used (if applicable)

Guaranteed Minimum Crediting Rate

New terminology

(with effect from 6 June 2016)

Guaranteed Minimum Crediting Interest Rate

General Meaning

The minimum rate of interest credited to the Account Value.

Customer Feedback

We welcome any feedback about this web site or about the Bank's insurance services and products. Please contact us via email or call (852) 2233 3322 for HSBC Premier customers, (852) 2748 8333 for HSBC Advance customers or (852) 2233 3000 for other customers.

In the event that we have not resolved any claim to your satisfaction, you may contact Insurance Claims Complaint Bureau(ICCB), an independent industry body established for the purpose of revolving personal claims issues, on (852) 2520 1868, or visit the ICCB website.

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For details, please refer to Personal Information Collection Statement.