Needs and goals can change as you move through life. Our flexible life insurance plan with savings element can adapt to help you at each and every stage. You’ll enjoy peace of mind with comprehensive protection while also building a cash fund that you can pay into or withdraw from as the need arises. Withdrawals are subject to Surrender Charge in the first ten policy years. Please refer to “Surrender Charge” under “Details of Charges” for details.
This is a long term universal life insurance plan underwritten by HSBC Life (International) Limited.
Financial flexibility to adjust the sum insured3 if your needs change. You may also choose to withdraw cash from the policy account to meet financial needs in special or unexpected events
Choose to boost your account value with unscheduled premiums4
Earn daily interest – at least 2% p.a. on your account value for the first 10 years
Enjoy a loyalty bonus on your savings5
Enjoy additional protection benefits on disability, payor’s benefit and terminal illness6 at no extra cost
Select optional major illness benefit7 (advance payment) which covers 60 major illnesses, at extra cost
For more details, please refer to Product Brochure [PDF]
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Summary of cover
Grow your savings
With each premium, we deduct a sum to cover policy charges and the rest is put into your policy account as an Account Value. This amount will earn interest8 – credited daily – at the prevailing general crediting interest rate9. This rate varies and can be 0%, but is guaranteed to be at least 2% p.a. for the first 10 years of your policy.
To increase the value of your savings, we offer a loyalty bonus. This is credited to your account on the 20th and 30th policy anniversary. The bonus will be 5% of your average account value over the preceding 60 months of the relevant policy anniversary.
This plan pays a lump sum if you die or are diagnosed with a terminal illness before you turn 6510. You’ll be paid the higher of the following, less any outstanding charges:
- Your Account Value; or
- The sum insured, minus any money withdrawn from your account from 12 months before your death to the claim approval date
The Account Value is determined on the date of the written notification of the life insured’s death being received by the Company. Positive Account Value is required to maintain your policy in force.
If your needs change, you can adjust the amount you’re insured for. If you paid for your plan with a lump sum, you can change your cover amount after the first policy anniversary. If you paid with regular premiums, you can adjust your cover once your premium payment period ends. Reducing your cover means you may need to pay a surrender charge.
Flexible premiums payment
You can choose the premium payment option that works for you. Pay monthly or annual premiums for 5 years, or choose to pay a single lump sum. The total amount you need to pay is fixed at the beginning of your policy so there are no surprises.
If you need funds for any special or unplanned events, you can withdraw money from your policy account. You’re eligible for withdrawals after you’ve finished paying your premiums or, in the case of a lump sum premium, on or after your one-year policy anniversary. If you withdraw cash during the first 10 years of your policy, you’ll need to pay a surrender charge ranging from 1% to 45%.
Withdrawals will reduce the Account Value which may reduce the Death Benefit and increase the chance of policy lapses. The policy will lapse when the Account Value is not sufficient to cover the policy charges for 45 consecutive days.
Am I eligible?
Goal Access Universal Life Plan (Protection) is generally available to anyone aged 6510 or below. The plan is subject to the relevant requirements on nationality and/or addresses of the policyholder and/or life insured as determined by the Company from time to time.
For corporate policyholder, the issue age10 of the life insured is between 19 and 65.
More help when you need it
When life surprises you, additional benefits included in this policy can offer you more support.
Boost your policy value with unscheduled premiums
If you have extra funds, you can choose to boost your account value by paying in unscheduled premiums4. Acceptance of unscheduled premiums is at HSBC’s discretion and minimum transaction amounts apply.
Terminal illness benefit6
If the life insured is diagnosed with a terminal disease and are given a death prognosis of one year or less we will pay the plan’s life cover benefit in advance, as long as the life insured is below the age of 6510.
Waiver of Premium on Disability benefit12
If you become temporarily disabled for 183 days before the age of 6510, we’ll pay the future outstanding Planned Premiums14 and any Supplemental Benefits Premium15 on your behalf until you are fully recovered, or until the end of your payment period, whichever is the earlier.
Payor’s benefit (for a child’s policy)13
If you buy this policy for your child – aged from 15 days to 1810 years old – and you die before the age of 6510 or become disabled for not less than 183 days, we will pay the future outstanding Planned Premiums14 and any Supplemental Benefits Premium15 on your behalf until you fully recovered or until the end of the policy premium payment period (whichever comes first).
Major illness benefit11 (Advanced Payment) (optional)
For an extra cost, the plan will pay out your life cover benefit in advance if you are diagnosed with one of the 60 covered major illnesses
Complimentary special benefits for COVID-19. See details >
Policy Crediting Interest Rates
Policy Crediting Interest Rates (for Universal Life insurance products)
Universal Life insurance products
Universal Life insurance products are long term insurance plans offering a high level of protection with competitive features and flexibility for policyholders' multi-generational planning needs and other insurance needs. For details of the product features and key risks of Universal Life insurance products, please refer to the relevant product materials and policy provisions or contact your relationship manager or insurance consultant.
The benefits provided by Universal Life insurance products are impacted by the crediting interest rates as well as applicable charges. The General Crediting Interest Rate is a floating rate determined by the Company, subject to a guaranteed minimum floor as stipulated on policy provisions.
Philosophy in deciding the General Crediting Interest Rate
The applicable General Crediting Interest Rates vary depending on the policy currency and product series. Such rates are regularly reviewed by the Company at its discretion. The Company will inform policyholders concerned for any subsequent change of the General Crediting Interest Rates for their policies.
When determining the General Crediting Interest Rate, which applies to each Universal Life insurance policy, the Company considers the investment returns on the underlying assets supporting the policies, as well as other factors, including but not limited to: the outlook of the long term future investment returns, the claims and surrender experience, and the expenses. If the investment returns over the long term are better than expected, then the General Crediting Interest Rate would increase and if the investment returns are worse than expected, then the General Crediting Interest Rate would reduce.
The investment returns on Universal Life underlying portfolios include interest earnings as well as losses or gains realized upon the disposal of assets or asset impairments. The claims include the cost of providing the death benefit and other insured benefits under Universal Life insurance policies. The surrenders include total and partial surrenders, and their corresponding impact on investments. The investment returns on Universal Life underlying portfolios are not guaranteed.
In order to ensure that discretion exercised when defining the crediting interest rates is fair to all policyholders, and that any conflicting interests of policyholders with other policyholders and/or shareholders have been addressed having due regard to the fair treatment of policyholders, the Company established a dedicated committee providing independent advice on the management of the universal life business.
Investment philosophy for Universal Life Underlying Portfolios
The Company maintains a prudent approach to investing for the Universal Life underlying portfolios, with the primary goal being the delivery of long term value to policyholders.
Each portfolio is invested in Corporate and Government bonds under pre-determined diversification and rating objectives. The current long term investment strategy is to invest in diversified long term investment grade bonds rated BBB- or above. Unrated bonds may also be considered if they fit the Company's risk appetite profile. However, the Universal Life underlying portfolios are conservatively positioned to limit the exposure to unrated bonds. The bonds are held by the Company to maturity in order to match its long term liabilities. Subject to our investment policy, derivatives may be utilized to manage the investment risk exposure, for matching between assets and liabilities and for efficient portfolio management.
For the historical crediting interest rates of the Universal Life insurance products of the Company, that had new policies issued in the previous 5 years, please refer to this document [PDF]
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Manage your policy
Manage your policy online
Access your policy details anytime, anywhere on both your HSBC HK Mobile Banking app and our Personal Internet Banking webpage, so you can check your benefits, coverage, premium due dates and much more at your fingertips.
You can also request for a withdrawal from your policy account value and submit other service requests on our Personal Internet Banking webpage.
Make a claim
Sometimes life doesn’t go according to plan and you’ll want to make an insurance claim as soon as possible.
Simply call our Tele-Consultants at (852) 31280122 who will assist you in preparing your relevant claim request(s).
The above plans are life insurance plan underwritten by HSBC Life (International) Limited. Policyholders are subject to the credit risk of HSBC Life and early surrender loss.
2 Surrender charge ranging from 1% to 45% applies during the first 10 policy years. For a policy being surrendered in early years, the surrender proceeds to be received under the policy may be significantly less than the premiums paid and you could lose all your premiums paid in the worst scenario.
3 Increasing the sum insured is subject to (i) underwriting; and (ii) increase the policy expense charge and insurance change. Reducing the sum insured may induce surrender charge2.
4 The minimum amount of unscheduled premiums per transactions is USD625, which is subject to change by the Company from time to time. The acceptance of the Unscheduled Premium is at the Company’s discretion.
6 Terminal Illness Benefit is applicable to any Life Insured with Insurance Age17 between 15 days after birth and Insurance Age17 of 64. Terminal Illness Benefit will terminate when the Life Insured attains the age16 of 65, payout of the benefit or the Policy is terminated (whichever is the earliest). No Terminal Illness Benefits shall be payable under any of the below conditions:
- Any pre-existing condition from which the life insured was suffering prior to the Issue Date of the Policy or the effective date of this Benefit or the effective date of last reinstatement, whichever is the latest; or
- Any Human Immunodeficiency Virus (HIV) or any HIV-related illness including Acquired Immune Deficiency Syndrome (AIDS) or any mutations, derivation or variations thereof.
Please refer to the relevant supplementary benefits provisions for details of terms and conditions and exclusions.
7 Major Illness Benefit (Advance Payment) is applicable to life insured who is from 15 days after birth to the age10 of 65. This benefit will terminate when the advance payment under this benefit is paid or when the policy is terminated. Please refer to the relevant supplemental benefits provisions for the detailed terms and conditions. Underwriting is required for this Major Illness Benefit (Advance Payment). We reserve the right to accept or reject any applications for this Major Illness Benefit (Advance Payment) based on the information provided by the life insured during application.
8 Interests according to the prevailing General Crediting Interest Rate are credited to the Account Value. The General Crediting Interest Rate, though it is not guaranteed and may vary while your Policy is in force, will not be less than the Guaranteed Minimum Crediting Interest Rate.
9 The General Crediting Interest Rate, though it is not guaranteed and may vary while your policy is in force, will not be less than the Guaranteed Minimum Crediting Interest Rate. In the first 10 policy years, the Guaranteed Minimum Crediting Interest Rate is 2% p.a.. After the 10th policy year, the Guaranteed Minimum Crediting Interest Rate is 0% p.a..
11 Additional premium and charges are required for optional major illness benefit (advance payment). This benefit will terminate when the advance payment under this benefit is paid or when the policy is terminated, whichever is earlier.
12 Waiver of Premium on Disability Benefit is applicable to life insured aged10 19 to 60 who is the holder of the Hong Kong Identity Card or Macau Identity Card. This benefit will terminate upon the Policy Anniversary at which the life insured attained the age16 of 65, the policy is terminated or paid up (whichever is the earliest). This benefit is not applicable for single premium policies. Please refer to the relevant supplemental benefits provisions for the detailed terms and conditions. Underwriting is required for this Waiver of Premium on Disability Benefit. We reserve the right to accept or reject any applications for this Waiver of Premium on Disability Benefit based on the information provided by the life insured during application.
13 Payor’s Benefit is applicable to life insured who is from 15 days after birth to age10 of 18 and policyholder at age10 of 19 to 60 who is the holder of the Hong Kong Identity Card or Macau Identity Card. This benefit will terminate upon the Policy Anniversary at which the policyholder attained the age16 of 65 or the life insured attained the age16 of 25 or the policy is terminated or paid up (whichever is the earliest). This benefit is not applicable for single premium policies. Please refer to the relevant supplemental benefits for the detailed terms and conditions. Underwriting is required for this Payor’s Benefit. We reserve the right to accept or reject any applications for this Payor’s benefit based on the information provided by the policyholder during application.
14 The Planned Premium is determined according to the age and gender of the life insured, sum insured, payment term, policy currency and a variety of health and lifestyle factors. All Planned Premiums must be paid during the premium payment period selected upon policy application.
15 The Supplemental Benefit Premium is determined according to the age and gender of the life insured, sum insured, payment term, policy currency and a variety of health and lifestyle factors. All Supplemental Benefit Premiums must be paid during the premium payment period selected upon policy application.
The policyholder is subject to the credit risk of HSBC Life (International) Limited.
If the policyholder discontinues and / or surrenders the insurance plan in the early policy years, the amount of the benefit he / she will get back may be considerably less than the amount of the premium he / she has paid.
Past, current, projected and / or potential benefits and / or returns (e.g. bonuses, dividends, interests) presented herein are not guaranteed and are for illustrative purposes only.
The actual future amounts of benefits and / or returns may be lower than or higher than the currently quoted benefits and / or returns.
Goal Access Universal Life Plan (Protection) is underwritten by HSBC Life (International) Limited ("the Company") which is authorised and regulated by the Insurance Authority (IA). The Hongkong and Shanghai Banking Corporation Limited (referred to as "HSBC") is an insurance agent authorised by the Company. Your benefit is subject to the credit risk of the Company. Your premiums paid will form part of the Company's assets. You do not have any rights or ownership over any of those assets. Your recourse is against the Company only. This product is a product of the Company but not HSBC and it is intended only for sale in the Hong Kong SAR.
Please refer to the respective product brochure for detailed features and the policy provisions for the detailed terms and conditions. In the event of any inconsistency between the English version and the Chinese version, the English version shall prevail.
HSBC Life (International) Limited is incorporated in Bermuda with limited liability, and is one of the HSBC Group's insurance underwriting subsidiaries.