Income Goal Insurance Plan | Life Insurance

HSBC HK
Insurance
Life
Income Goal Insurance Plan

Business to fund? School fees to pay? Perhaps you are simply looking forward to a comfortable retirement. Whatever stage of life you’ve reached, turn your ambitions into reality with our Income Goal Insurance Plan (“Income Goal”).

Income Goal is a long-term insurance plan designed to accumulate your savings, provide life protection and a steady stream of income for the future.

This is an annuity insurance plan underwritten by HSBC Life (International) Limited.

Key features

Income Goal Insurance Plan is a long-term participating life insurance product with a savings element and is not equivalent or similar to any kind of deposit.

You can receive below benefits until the end of the policy term:

You can fund your plan by paying your premiums over a few years and accumulate your savings for 10 years. Then you could enjoy an annuity period of 10 years.
Boost your savings with a non-guaranteed Special Bonus².
Stay covered for life protection with extra protection against additional accidental death benefit, terminal illness benefit, unemployment benefit and payor’s benefit for free (conditions applied). You can also choose the optional Critical Illness Select benefit (with additional premium) to enhance protection for you.

Product Discount Offer

Enjoy up to 10% discount off first year premium upon successful application for Income Goal Insurance Plan.

This offer is valid until 31 March 2020. Promotional terms and conditions apply. Please visit branch for details.

How to apply

At an HSBC branch

Find your nearest branch This link will open in a new window

Request an appointment

Need to make a claim?

Fax us with the completed claim form.

Download claim form

Additional benefits

More benefits from Income Goal

Whatever your desired retirement style, these plans provide you the following supplementary benefits³ (also known as “rider”) during the policy term, subject to eligibility, with no additional premiums. These benefits protect you against unexpected events along your life journey.

Additional accidental death cover⁴
Terminal illness benefit⁴
Unemployment benefit⁵
Payor’s Benefit⁶ (not applicable to single premium policies)

You may also be eligible for the following optional supplementary benefit³ during the policy term, with additional premium required:

Critical Illness Select Benefit (additional payment)⁷ (not applicable to single premium policies)

Please refer to the respective Policy Provisions of the Supplementary Benefits³ for their detailed terms and conditions and relevant exclusions.

What's included?

Below shows the key features of Income Goal, including the range of premium payment period, accumulation and annuity period / annuity payment option available in Income Goal to suit your varied needs and situation. Apart from Income Goal, HSBC Income Goal Deferred Annuity Plan (“Deferred Income Goal”), a qualifying deferred annuity policy certified by Insurance Authority (“IA”) is also available at your choice.
	Income Goal Insurance Plan	HSBC Income Goal Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)
Eligibility⁸	Life Insured from 15 days after birth to Insurance age⁹ of 65 can apply	Life Insured from age⁹ 41 to 65 can apply
Life Insured	Life Insured and Policyholder can be the same person or different persons	Life Insured and Policyholder is the same person
Premium payment period	3 or 5 or 10 years or in single premium	5 or 10 years
Minimum Monthly Guaranteed Annuity Payment	HKD 800 / USD 100	HKD 1,630 / USD 215
Accumulation period	10 years	10 years
Annuity period	10 years	10 years
Annual dividend payment method	Accumulate in your policy Take out as cash at any time during the policy term	Accumulate in your policy Take out as cash after premium payment period, before which all dividends declared (if any) will be accumulated in your policy with interest (if any)

Below shows the key features of Income Goal, including the range of premium payment period, accumulation and annuity period / annuity payment option available in Income Goal to suit your varied needs and situation. Apart from Income Goal, HSBC Income Goal Deferred Annuity Plan (“Deferred Income Goal”), a qualifying deferred annuity policy certified by Insurance Authority (“IA”) is also available at your choice.
	Eligibility⁸
Income Goal Insurance Plan	Life Insured from 15 days after birth to Insurance age⁹ of 65 can apply
HSBC Income Goal Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	Life Insured from age⁹ 41 to 65 can apply

	Life Insured
Income Goal Insurance Plan	Life Insured and Policyholder can be the same person or different persons
HSBC Income Goal Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	Life Insured and Policyholder is the same person

	Premium payment period
Income Goal Insurance Plan	3 or 5 or 10 years or in single premium
HSBC Income Goal Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	5 or 10 years

	Minimum Monthly Guaranteed Annuity Payment
Income Goal Insurance Plan	HKD 800 / USD 100
HSBC Income Goal Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	HKD 1,630 / USD 215

	Accumulation period
Income Goal Insurance Plan	10 years
HSBC Income Goal Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	10 years

	Annuity period
Income Goal Insurance Plan	10 years
HSBC Income Goal Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	10 years

	Annual dividend payment method
Income Goal Insurance Plan	Accumulate in your policy Take out as cash at any time during the policy term
HSBC Income Goal Deferred Annuity Plan (Qualifying Deferred Annuity Policy Certified by the Insurance Authority)	Accumulate in your policy Take out as cash after premium payment period, before which all dividends declared (if any) will be accumulated in your policy with interest (if any)

* The Qualifying Deferred Annuity Policy (“QDAP”) status of Deferred Income Goal does not guarantee that you will be eligible for a tax deduction for QDAP premiums you have paid. Deferred Income Goal’s QDAP status is based on the features of the product as well as its certification by the Insurance Authority (“IA”); not necessarily matters regarding your personal situation. IA’s certification is not a recommendation or endorsement of the policy nor does it guarantee the commercial merits of the policy or its performance. The policy has been certified by the IA but such certification does not imply official recommendation. Please refer to the product page of HSBC Income Goal Deferred Annuity Plan for Important information for Qualifying Annuity Policy.

Your savings is made up of:

Guaranteed cash value in your policy that builds up gradually throughout the accumulation period
Non-guaranteed annual dividends and interest rate (earned on any accumulated dividends and interest and any accumulated Monthly Annuity Payment¹⁰)

The dividend scale for distributing any dividends is determined by HSBC Life (International) Limited ("the Company") and may vary from time to time at the Company’s absolute discretion. If you withdraw any accumulated dividends and interest under your policy or if any adjustment affecting the dividends occurs during the policy term, the amount of future Monthly Non-guaranteed Annuity Payment may be adjusted accordingly. Non-guaranteed Special Bonus² to be declared at the commencement of the annuity payment period, i.e. on month 121 of taking out the policy.

See more about the Company's policy dividends

Annuity payment option:

Payment at monthly interval - Receive Monthly Annuity Payment¹⁰ on each Monthiversary during the annuity period; or

Rollover - Accumulate all paid Monthly Annuity Payment¹⁰ to earn interests (if any, the interest rate which will be determined by our discretion from time to time) until the end of the annuity period.

Note: You can opt to switch between these two annuity payment options anytime during policy term at your choice.

Life cover:

Ensure your loved ones are looked after with a Death Benefit in case the unexpected happens. You can choose how the death benefit will be paid while the Life Insured is still alive. Your beneficiary(ies) will receive

Option 1: The death benefit in one lump sum payment, or;
Option 2: Accumulated Monthly Annuity Payment¹⁰ (if any) before your death in one lump sum; plus the unpaid Monthly Annuity Payment¹⁰ until the end of the Annuity Period (Note: This option is only applicable if it is elected when the Life Insured is alive and the Life Insured’s death occurs during the Annuity Period)

Please refer to the respective Product Brochure for detailed product features and risks.

All the information you need in one place

Income Goal Annuity Plan Product Brochure

View Product Brochure [PDF, 2.2MB]

LIFE Talk - Uphold the promises to you and your loved ones with tips on how to protect yourself and your finances.

Learn more This link will open in a new window

Manage your policy

At HSBC, we understand life never stands still. Which is why you can make changes to your policy online anytime.

It's easy to:

check or review your policy details
change premium payment instructions, including your premium payment account, payment method or payment frequency
request for withdrawal from dividends or cash bonus of selected life policies and select your preferred settlement option

Log on to Personal Internet Banking

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).

Learn more

Have you considered

HSBC EarlyIncome Deferred Annuity Plan

Saving up for your retirement whilst apply for tax deduction on premium paid for the plan under salaries tax and personal assessment with Inland Revenue Department.

Note: Tax deduction is at Inland Revenue Department’s discretion. HSBC EarlyIncome Deferred Annuity Plan is a long-term participating life insurance product with a savings element and is not equivalent or similar to any kind of deposit.

Goal Access Universal Life Plan (Protection)

Needs and goals can change as you move through life. Our life insurance plan with a savings element that can adapt to help you at each and every stage.

Note: Goal Access Universal Life Plan (Protection) is not equivalent or similar to any kind of deposit.

Important information

Life Insurance policy guide [PDF, 159KB] This link will open in a new window

Fees & Charges

Forms & Documents

Make a claim

Policy renewals

Frequently asked questions (FAQs)

Disclaimer

Income Goal Insurance Plan is underwritten by HSBC Life (International) Limited (referred to 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.
Policyholder's 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.
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 and interest) 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.
For monetary disputes arising between HSBC and you out of the selling process or processing of the related transaction, HSBC will enter into a Financial Dispute Resolution Scheme process with you; however any dispute over the contractual terms of the product should be resolved between the Company and you directly.
Please refer to the respective product brochure for detailed features and the Policy Provisions for the detailed terms and conditions.

¹Application for Income Goal is subject to our relevant requirements on your nationality and/or addresses and/or residency as determined by us from time to time.

²The amount of Special Bonus, if any, is not guaranteed and subjected to our absolute discretion.

³An amendment to an insurance policy that becomes a part of the insurance contract which expands or limits the benefits payable.

⁴Additional Accidental Death Benefit and Terminal Illness Benefit will terminate when the Life Insured attains the age⁹ of 80 or 65 respectively or payout of the relevant benefits or the Policy is terminated (whichever is earlier). Your policy will terminate once we pay this benefit.

⁵Unemployment Benefit is applicable to policyholder aged⁹ between 19 and 64 who is the holder of the Hong Kong Identity Card. The benefit will terminate on the policy anniversary at which the policyholder attains the age⁹ of 65 or all due premiums have been paid or your policy is terminated (whichever is the earliest).

⁶The eligibility of Payor’s Benefit is applicable to the Life Insured who is 15 days after birth to age⁹18 and Policyholder’s age⁹ between 19 and 60. The benefit will terminate when the Policyholder attains the age⁹ of 65 or the Life Insured attains the age⁹ of 25 or the Policyholder recovers or all premiums have been paid or the Policy is terminated, whichever is earlier. Such benefit is not applicable for single premium policy.

⁷Critical Illness Select Benefit (Additional Payment) is applicable to the Life Insured’s age⁹ between 15 days and 60 who is the holder of the Hong Kong Identity Card or Macau Identity Card. The benefit will terminate if the Policy terminates, expires, lapses, or is surrendered (whichever applicable) or when the Life Insured attains the age⁹ of 65 or the Policy is terminated (whichever is earlier). Such benefit is not applicable to single premium policy.

⁸For the same Life Insured, if the total premiums of all the pending Guaranteed Approval / Simplified Underwriting Applications and in-force policies of RetireEnrich Protection Plus, RetireIncome Annuity Plan, HSBC Wealth Goal Insurance Plan II , EarlyIncome Annuity Plan, HSBC EarlyIncome Deferred Annuity Plan, Income Goal Insurance Plan and HSBC Income Goal Deferred Annuity Plan are:

more than the “guaranteed approval” limit of HKD40,000,000 / USD5,000,000, the Life Insured is required to complete a number of simple health questions; or
more than the simplified underwriting limit of HKD70,000,000 / USD8,750,000, the application will be further reviewed by the Company, and the acceptance of the application will be subject to the company’s discretion.

⁹We consider your age to be how old you are on your next birthday. So, if you are 54 with a birthday in 6 months’ time, we consider you to be 55.

¹⁰Monthly Annuity Payment means Monthly Guaranteed Annuity Payment plus Monthly Non-guaranteed Annuity Payment, if any. Monthly Non-guaranteed Annuity Payment is not guaranteed and is determined by the Company from time to time.

Income Goal Insurance Plan1

Key features

How to apply

At an HSBC branch

Need to make a claim?

Additional benefits

More benefits from Income Goal

Summary of cover

Product brochure

Insurance insights

Policy dividend

Manage your policy

Manage your policy

Make a claim

Have you considered

HSBC EarlyIncome Deferred Annuity Plan

Goal Access Universal Life Plan (Protection)

Important information

End Notes

Income Goal Insurance Plan¹