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HSBC Wealth Goal Insurance Plan

Grow your wealth for a better tomorrow

It’s never too early to start planning for your future, whether you’re focused on saving for a comfortable retirement or simply want to grow your wealth.

 

The HSBC Wealth Goal Insurance Plan (the "Plan" or the "Policy") is a whole life insurance plan that has been designed specifically for people with long-term wealth savings objectives underwritten by HSBC Life (International) Limited.

Key features

  • An opportunity for long-term capital growth
  • Life protection coverage up to Age1 99 with Supplementary Benefits
  • A choice of premium payment terms denominated in US dollars
  • A Policy Value Management Option2,3 to lock-in a portion of your policy value when you need more certainty

Note: HSBC Wealth Goal Insurance Plan is not equivalent or similar to any kind of deposit.

Product Discount Offer

Enjoy up to 3.5% discount off first year premium upon successful application for HSBC Wealth Goal Insurance Plan.

Promotional terms and conditions apply. Please visit branch for details.

Need to make a claim?

Fax us with the completed claim form.

HSBC Wealth Goal Insurance Plan

Summary of cover

What’s included?

 

Life cover9

In addition to offering the opportunities for long-term capital growth, HSBC Wealth Goal Insurance Plan provides life protection during the term of the Policy. In the unfortunate event of your death as the Life Insured, your family or your chosen Beneficiary(ies) will receive a Death Benefit amount equal to:

  • The Total Basic Plan Premium Paid10 plus an amount of US$2,500 or the Guaranteed Cash Value (whichever is higher);
  • Plus any non-guaranteed Special Bonus4;
  • Plus any Policy Value Management Balance5;
  • Less any Indebtedness11.

 

Please refer to Product Summary in Product Brochure and Policy Provisions for details. 

 

Multiple Premium Payment Terms

Denominated in US dollars, the HSBC Wealth Goal Insurance Plan offers multiple payment options. You can choose to pay your regular premiums in 3, 5, 10, 15 or 20 year instalments or you can make a single premium payment. Please refer to Product Summary in Product Brochure for details.

 

Policy Value Management Option2,3

Having reached a certain stage in life, and especially as you approach retirement, you may want more certainty and protection over your policy value.

 

That’s why HSBC Wealth Goal Insurance Plan includes a Policy Value Management Options2,3, which allows you to lock-in a portion of the Plan’s Net Cash Value. You have control over whether to exercise this option (which is subject to the three conditions mentioned below) as well as the amount under the Policy that you want to lock-in2,3. Upon exercising this option, a portion of the Net Cash Value will be allocated to the Policy Value Management Balance5. The "lock-in" amount is guaranteed and will be accumulated at an interest rate5 that is non-guaranteed and is determined by the Company from time to time.

 

This Policy Value Management Option2,3 may be exercised when all of the following three conditions are met:

 

(i) This Policy has been in force for 20 Policy Years or longer;

(ii) All premiums have been paid when due; and

(iii) There is no Indebtedness11 (including Policy Loans, interests and unpaid premium due) under this Policy.

 

Upon exercising the Policy Value Management Option2,3, the Sum Insured and Total Basic Plan Premium Paid10 under the Policy will be adjusted and reduced proportionally. Consequential adjustments will be made in the calculations of Guaranteed Cash Value, Special Bonus4 (if any) and Death Benefit in accordance with the terms of the Policy.

Eligibility

Am I eligible?

HSBC Wealth Goal Insurance Plan is generally available to anyone who is between Age115 days after birth and Age165, depending on the premium payment terms selected. The Plan is subject to the relevant requirements on nationality and/or addresses of the Policyholder and/or the Life Insured as determined by the Company from time to time.

Please refer to the respective product brochure for detailed product features and product risks,and the policy provisions for the detailed terms and conditions. 

Additional benefits

More help when you need it

The following Supplementary Benefits are embedded in this Policy, subject to eligibility, with no additional premiums required.

 

Unemployment Benefit12 (Not applicable to single premium policy)

If you are unemployed for at least 30 consecutive days before reaching the Age1 of 65, the Grace Period for payment of any subsequent premiums will be extended up to 365 days, during which you will still have the Policy’s full protection.

 

Additional Accidental Death Benefit13

In the unfortunate event that the death of the Life Insured is the result of an accident before the end of the policy term or prior to Age1 80 (whichever is earlier), the Beneficiary(ies) will receive an additional 30% of the Total Basic Premium Paid10 on top of the Death Benefit payable under the Policy.

 

Terminal Illness Benefit7

If the Life Insured is diagnosed with a Terminal Illness before the Age1 of 65, and such illness is likely to result in death within one year, the Death Benefit will be paid in advance. The Policy will be terminated once the Death Benefit is paid.

 

For detailed terms and exceptions of these Supplementary Benefits, please refer to the respective Supplementary Benefits Provisions.

Product brochure

All the information you need in one place

HSBC Wealth Goal Insurance Plan Product Brochure

See more details of HSBC Wealth Goal Insurance Plan.

Policy dividend

Policy dividend for Participating Products

We issue participating life insurance policies providing both guaranteed and non-guaranteed benefits. The guaranteed benefits may include the death benefit, guaranteed cash value and other benefits that vary depending on your chosen plan. The non-guaranteed benefits comprise the policy dividends which allow policyholders to share in the financial performance of the life insurance operation. 

For HSBC Wealth Goal Insurance Plan, the policy dividends, if any, is in the form of:

Special Bonus which is declared upon early termination of the policy due to, for example,  death or surrender, the exercise of Policy Value Management Option or at policy maturity. 

The Special Bonus amount may change from time to time based on the performance over the life of the policy before the time of declaration and prevailing investment market conditions. The actual amount will not be determined until it is payable. 

 

Please refer to the “Product Summary” section of product brochure for more details.

 

What factors will affect your Special Bonus?

The Special Bonus, if any, is not guaranteed. The size of the Special Bonus and whether it is payable depend on factors including but not limited to:

  • The investment performance of the assets supporting the policies; 
  • Claims, lapses, and expenses experiences; and
  • The long-term expected future performance of investment and other experiences mentioned above. 

If the performance over the long term is better than expected, the Special Bonus paid would increase. If the performance is below expectation, the Special Bonus paid would decrease. 

 

Please refer to the “Key risks – Non-guaranteed benefit” section of product brochure for more details. 

 

What are the key benefits of participating policies?

The key feature of participating policies over other forms of insurance policies is that in addition to the guaranteed benefits, you will also benefit from an additional Special Bonus payment if the investment performance is better than that required to support the guaranteed benefits. The better the performance, the greater the Special Bonus, and, conversely, the worse the performance, the lower the Special Bonus.

 

Dividend philosophy

Establishing a risk-sharing mechanism

We have a clear interest in the performance of your participating policy as our participating business operates on the principle of sharing risks between you and ourselves to achieve a reasonable balance. We regularly review the level of Special Bonus payable to you. Both the past actual performance and management's expectation for the long-term future performance will be assessed against the assumed level. If variances arise, considerations will be taken for sharing these with you through adjusting Special Bonus scales.

 

Fairness across policyholder groups

To ensure fairness between policyholders of participating products, we will carefully consider the experience (including investment performance) of various policy groups such as products, product generations and currencies and issue years so that each policy group will receive a fair return based mainly on its own performance. To balance the interest between you and us, a dedicated committee formed from a group of professionals will provide independent advice on managing the participating policies and determining the Special Bonus.

 

Stable long-term returns

When considering adjusting the Special Bonus scales, we strive to maintain a more stable payout to you by smoothing, which means the Special Bonus level will only be changed if the actual performance is significantly different from the assumed level over a period of time, or if management's long-term future performance expectations change substantially.  

We may also reduce the extent of smoothing or even stop smoothing the effects of the change in asset values for a time in the determination of the Special Bonus. We would do this to protect the interests of the remaining policyholders. For example, we may reduce smoothing when payouts with smoothing are higher than payouts without smoothing.

 

Investment policy and strategy

We follow an asset strategy that:

  • Helps to ensure that we can meet the guaranteed benefits that we have committed to you;
  • Delivers competitive long-term returns to you through Special Bonus; and
  • Maintains an acceptable level of risk

The assets supporting the participating policies consist of fixed income and growth assets. The fixed income assets predominately include fixed income assets issued by corporate entities with good credit ratings (average A-rated or above) and long-term prospects. Growth assets, including equity-type investments and alternative investments such as property, private equity or hedge funds, as well as structured products including derivatives, are utilised to deliver returns that are more reflective of economic performance over the long term.

Our investment portfolios are well diversified across various types of assets, and are invested in varied geographical markets (mainly Asia, the United States and Europe), currencies (mainly USD) and industries. The assets are carefully managed and monitored according to our own acceptable level of risk.

Target Asset Allocation Table

Asset Type

Long-term target allocation percentage

Fixed Income Assets (government bonds, corporate bonds and alternative credit such as infrastructure debt)

30%-50%

Growth Assets

50%-70%

Target Asset Allocation Table

Asset Type

Fixed Income Assets (government bonds, corporate bonds and alternative credit such as infrastructure debt)

Long-term target allocation percentage

30%-50%

Asset Type

Growth Assets

Long-term target allocation percentage

50%-70%

Note: there could be slight deviation from the above range due to market fluctuation. 

We consider other factors when deciding the actual asset allocations, including, but not limited to:

  • Past investment performance of the assets supporting the policies;
  • Current and expected future market conditions;
  • Guaranteed and non-guaranteed benefits of the policies;
  • The acceptable risk level of the policies; and
  • Expected economic growth after adjustment for inflation over a period of time. 

Subject to our investment policy, actual asset allocation could deviate from the above long-term target allocation from time to time.

For policies with the Policy Value Management Option exercised, the assets supporting the Policy Value Management Balance are 100% invested into fixed-income assets.

 

Accumulation interest rate

You can choose to exercise the Policy Value Management Option to allocate a portion of the Net Cash Value to the Policy Value Management Balance to accumulate with interest (if applicable). 

Interest rates are not guaranteed, and will be reviewed by us regularly with reference to the following factors:

  • Portfolio bond yields; 
  • Prevailing market conditions;
  • Expectations of future bond yields; and 
  • The likelihood and duration of policyholders leaving their payment for accumulation.

The policy of determining the Special Bonus (if any) and accumulation of interest rates may be reviewed and adjusted by us from time to time. For more updated information, please visit our website [https://www.hsbc.com.hk/insurance/info/].

You may also visit the above website to refer our dividend history. The past or current performance of our business may not be a guide for future results.

Manage your policy

Manage your policy online

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

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). 

Have you considered

 

If you’ve turned 35 and are thinking about retirement, make sure you receive a regular income later by making a smart move now.

 

Note: EarlyIncome Annuity Plan is not equivalent or similar to any kind of deposit.

 

Business to fund? School fees to pay? Perhaps you are simply looking forward to a comfortable retirement.

 

Note: Income Goal Insurance Plan is not equivalent or similar to any kind of deposit.

1 The Policy Anniversary at which the Policyholder or the Life Insured is of the specified age based on age at next birthday.

2 You may apply to exercise this Policy Value Management Option to allocate a portion of the Net Cash Value as of the date of such request is processed, to the Policy Value Management Balance5 provided that:

- This Policy has been in force for 20 Policy Years or more;

- All premiums are paid up when due; and

- There is no Indebtedness11 under the Policy.

3 The exercise of the Policy Value Management Option is subject to the minimum amount requirements on (i) the Net Cash Value to be allocated per transaction; and (ii) the Sum Insured after the exercise of this option. Such minimum amount requirements are determined by the Company from time to time without prior notice to Policyholder.

4 The amount of Special Bonus is not guaranteed and the payment is subject to the Company’s discretion.

5 Policy Value Management Balance means the amount of the accumulation of the proceeds from exercising the Policy Value Management Option2,3 which is allocated to the Policy to accumulate at such non-guaranteed interest rate(s) that are determined at the Company’s discretion from time to time, and less any previously withdrawn amounts.

6 Upon the partial surrender of the Policy, a portion of the Special Bonus4 (if any) attributable to the reduced portion of the Sum Insured may be declared at the Company’s discretion and such amount, if any, will be payable as part of the partial surrender payment subject to the applicable requirements. Please refer to the Policy Provisions for detailed terms and conditions of partial surrender.

7 Terminal Illness Benefit is applicable to the Life Insured who is aged1 64 or below and it will terminate when the Life Insured attains the Age1 of 65 or payout of the benefit or the Policy is terminated (whichever is earlier). Please refer to the Policy Provisions of the Supplementary Benefits for detailed terms and conditions of coverage and exceptions.

8 Upon full surrender, the Company’s liability under this Policy shall be fully discharged.

9 If the Life Insured commits suicide, within one year of the Issued Date or from the effective date of reinstatement, whichever is later, whether sane or insane, the Company’s liability will be limited to the amount of premiums paid to us less any amount paid by us to you since the Policy Date. Please refer to the Policy Provisions of the Basic Plan for detailed terms and conditions.

10 Total Basic Plan Premium Paid refers to the total amount of premium due of the Basic Plan (whether or not actually paid) as of the date of death of the Life Insured. Please refer to the Policy Provisions for detailed terms and conditions.

11 Indebtedness is the sum of all outstanding Policy Loans or Automatic Premium Loans advanced in accordance with the Policy plus the accrued interest on such loans as well as any outstanding premiums or payments.

12 Unemployment Benefit is applicable to Policyholder’s Age1 between 19 and 64 who is a holder of a Hong Kong Identity Card. This benefit will terminate when the Policyholder attains the Age1 of 65 or all due premiums have been paid or the Policy is terminated (whichever is earlier). Such benefit is not applicable to single premium policy. Please refer to the Policy Provisions of the Supplementary Benefits for detailed terms and conditions of coverage and exceptions.

13 Additional Accidental Death Benefit will terminate when the Life Insured reaches the Age1 of 80 or when the payment of this Supplementary Benefit has been paid out or the Policy is terminated (whichever is earlier). Please refer to the Policy Provisions of the Supplementary Benefits for detailed terms and conditions of coverage and exceptions.

14 For the same Life Insured, if the total premiums of all the pending and in-force Guaranteed Acceptance Applications or policies, including RetireEnrich Protection Plus, EarlyIncome Annuity Plan, RetireIncome Annuity Plan, Income Goal Insurance Plan and HSBC Wealth Goal Insurance Plan of the Life Insured are more than or equal to the "guaranteed acceptance" limit of USD5,000,000, the Life Insured is required to complete a number of simple health questions. 

For the same Life Insured, if the total premiums of all the pending and in-force Simplified Underwriting Policies plus the Guaranteed Acceptance Applications, including RetireEnrich Protection Plus, EarlyIncome Annuity Plan, RetireIncome Annuity Plan, Income Goal Insurance Plan and HSBC Wealth Goal Insurance Plan are more than or equal to the simplified underwriting limit of USD8,750,000, the application will be rejected. 

The Company reserves the right to accept or reject any applications for the Plan based on the information provided by the Life Insured and/or Policyholder during application.

15 If you choose to pay premiums in monthly payments mode for a Policy Year, the total premiums payable for that Policy Year will be greater than that in annual payment mode.

 

Disclaimers

HSBC Life (International) Limited ("the Company") is incorporated in Bermuda with limited liability, and is one of the HSBC Group’s Insurance underwriting subsidiaries.

HSBC Wealth Goal Insurance Plan is underwritten by HSBC Life (International) Limited ("the Company') which is authorised and regulated by the Insurance Authority (IA) to carry on long-term insurance business in the Hong Kong SAR. The Hongkong and Shanghai Banking Corporation Limited (referred to as "HSBC") is an insurance agent of the Company. This product is a product underwritten by the Company and it is intended only for sale through HSBC in the Hong Kong SAR.

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.