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Life insurance plan with a savings element and annuity in one

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

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

Key Features

  • Accumulate your savings for 10 or 15 years (accumulation period) and you could enjoy an annuity period of 10 years
  • Boost your savings with a non-guaranteed special bonusfootnote2
  • Stay covered for; life protection, and with extra protection against accidental death, terminal illness, unemployment and payor’s benefit for free (Conditions applied). You can also choose the optional Critical Illness Select benefit (with additional premium) to enhance
  • Choose how you would like to receive your annuity payment, either in cash on a monthly basis for 10 years or leave them in the plan to earn interest, if any
  • You can fund your plan with a single premium or pay your premiums over 3, 5, or 10 years
  • Unless you have high levels of cover with us or choose to enhance protection with the optional Critical Illness Select benefitfootnote6, approval of your application is generally guaranteed with no medical examination requiredfootnote7

Product Discount Offer

Enjoy up to 3% discount off first year premium upon successful application for Income Goal Insurance Plan.

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

How to apply

At an HSBC branch

Find your nearest branch



Need to make a claim?

Fax us with the completed claim form.


Download claim form


  • Summary of cover Select to Expand Select to Collapse

    What’s included?

    Your savings

    Your savings is made up of:

    • Guaranteed cash value in your plan that builds up gradually throughout the accumulation period
    • Non-guaranteed annual dividends as determined by the Company. The amount of the annual dividends, if any, may vary from time to time at the Company’s discretion. Non-guaranteed special bonus to be declared at the commencement of the annuity payment period, i.e. on month 121 or 181 of taking out the plan

    See more about our policy dividends

    Payment

    You can choose how your savings will be paid to you

    • Begin receiving your monthly annuity payment for 10 years from month 121 or 181 (not applicable to 10 years premium payment period) of taking out the plan, depending on the accumulation period you choose
    • Leave your savings in the plan to rollover and grow with interest, if any

    Life cover

    Enjoy life cover with your total premiums paid fully protectedfootnote8

    If you were to die, your beneficiary(ies) will receive the death benefit

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

    You can choose how the death benefit will be paid while the Life Insured is still alive. The beneficiary(ies) will receive

    • The death benefit in one lump sum payment, or;
    • The unpaid Monthly Annuity Payment on a monthly basis until the end of the annuity period (this option is only applicable if the death of the life insured occurs during the annuity period)

    Note:

    If the policyholder chooses Option 1, the beneficiary(ies) will receive the death benefit in one lump sum payment.

    If the policyholder chooses Option 2, the beneficiary(ies) will continue to receive the unpaid Monthly Annuity Payments together with the future dividends, if any, under the policy over the remaining annuity periodfootnote5.

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

  • Eligibility Select to Expand Select to Collapse

    Am I eligible?

    Income Goal Insurance Plan is generally available to anyone who is between 15 days after birth to aged 65footnote3.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.

    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 Select to Expand Select to Collapse

    More help when you need it

    When life surprises you, additional benefits included in this policy can offer you more support at no extra cost.

    Additional Accidental Death Benefitfootnote11

    This extra benefit cover if the life insured die as a result of an accident before the end of the policy term or the age of 80footnote3 (whichever is earlier). In this case, we’ll pay an additional sum equal to 30% of the Total Premiums Paidfootnote8 to your beneficiary(ies).

    Payor’s Benefit (for a child’s policy)footnote12

    If you buy this policy for your child - aged 18footnote3 or below – and you die or become temporarily disabled for at least 183 days, we will waive the we will waive the future premiums until Payor’s Benefit terminates. Such benefit is not applicable for single premium policy.

    Terminal Illness Benefitfootnote11

    If the life insured is diagnosed with a terminal illness before the end of the policy term or the age of 65footnote3 (whichever is earlier) and are given a death prognosis of not more than one year, we will pay your plan’s life cover benefit in advance

    Unemployment Benefitfootnote10

    If you are unemployed for more than 30 consecutive days before the age of 65footnote3, , you can defer payment of your premiums for up to 365 days.You will still enjoy the full protection of your policy throughout.

    Critical Illness Select Benefit (additional payment) (optional)footnote6

    For an extra cost, this optional benefit provides cover until the life insured reaches the age of 65footnote3 or end of policy term whichever is earlier. The plan will pay a lump sum if the life insured is diagnosed with one of the covered illnesses. Health questions are required for the application.

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

  • Product Brochure Select to Expand Select to Collapse

    All the information you need in one place


    Income Goal Insurance Plan Product Brochure

    See more details of your Income Goal Insurance Plan policy.

    View brochure

  • Policy dividend Select to Expand Select to Collapse

    Policy dividend for Participating Products

    (Not applicable to HSBC Wealth Goal Insurance Plan)

    Participating policy

    HSBC Life (International) Limited ("the Company") issues participating policies, which are life insurance contracts providing both guaranteed and non-guaranteed benefits. The non-guaranteed benefits comprise the policy dividends which allow policyholders to participate in the financial performance of the life insurance operation. The policy dividends, if any, are in form of:

    1. i) Annual dividends which are declared by the Company on an annual basis. Once declared, the amount of annual dividends for the year becomes vested and will be credited to your policy.
    2. ii) Special bonus(applicable to Income Goal Insurance Plan only) which is a one-off entitlement declared at some a pre-determined policy year or upon early termination of the policy (e.g. death, surrender etc.) before the pre-determined policy year. The amount of special bonus may change from time to time based on the performance over the entire period before such declaration as well as the prevailing market condition and the actual amount will not be determined until it is payable.

    Please refer to the policy provision of the respective plans for detailed terms and conditions.

    The policy dividends (including annual dividends and special bonus) are not guaranteed, whether they are payable and the size of the dividends to be paid depend on how well the Company has performed with regard to investment returns on the assets supporting the policies, as well as other factors including but not limited to claims, lapse experience, expenses, and the long term future performance outlook. If the performance over the long term is better than assumed level, then dividends paid would increase and if performance is worse than expected then dividends paid would reduce.

    The key feature of participating policies over other forms of insurance policies is that in addition to the guaranteed benefits receivable, policyholders will also benefit from additional dividend payments if the insurance company's performance is better than that required to support the guaranteed benefits. The better the performance, the greater the dividend payments, and, conversely, the worse the performance, the lower the dividend payments.

    Dividend Philosophy

    The Company conducts regular review on the level of dividends payable to policyholders. Both the actual performance in the past and also management's outlook of the long term future performance will be assessed against the assumed level, and where variances arise, gains and losses will be shared with policyholders in a fair and equitable manner though the adjustment of dividend scales.

    When considering the adjustment of dividend scales, the Company also operates a smoothing philosophy in order to maintain a more stable payout to policyholders, so the level of dividends will only be changed if the actual performance is significantly different from the assumed level over a period of time or if management's expectation of the long term future performance changes substantially.

    In order to ensure the fairness between policyholders of participating products, the Company will carefully consider the experiences of different groups of policies (e.g. different products, currencies, issue years etc.) so that each group of policies will receive a fair return reflecting mostly its own performance. To balance the interest between policyholders and shareholders, a dedicated committee is established to provide independent advice on the management of the participating policies and the determination of dividends.

    Investment Policy and Strategy

    The Company follows an asset strategy that

    1. i) Ensures that we can meet the guaranteed benefits that we have committed to you;
    2. ii) Delivers to you competitive long-term returns through the non-guaranteed dividends and bonuses; and
    3. iii) Abides by a pre-defined set of risk tolerance.

    The assets supporting the participating policies predominantly consist of fixed income assets issued by corporate entities with good credit quality (average A-rated or above) and long term prospects. Growth assets, including equity-type investments and alternative investments such as property, private equity and hedge fund as well as structured products including derivatives, are utilized in order to deliver returns reflecting real economic growth in the long run.

    Our investment portfolios are well diversified in different types of assets, and are invested in different geographical markets (mainly Asia, US and Europe), currencies (mainly HKD and USD) and industries. The assets are carefully managed and monitored according to a pre-defined set of risk appetite.

    Target Asset Allocation

    Asset Allocation Table
    Asset Type Allocation %
    Income Goal Insurance Plan Other Plans
    Fixed Income 60%-100% 80%-100%
    Growth Assets
    • Equities
    • Alternative Investments
    0%-40%
    0%-30%
    0%-30%
    0%-20%
    0%-15%
    0%-15%

    There could be slight deviation from the above range due to market fluctuation.

    Actual allocations will take into consideration past investment performance of the assets supporting the policies, prevailing market conditions and future outlook, and the guaranteed and non-guaranteed benefits of the policies. This includes assessing factors such as risk tolerance and real economic growth over the appropriate time horizon.

    For assets supporting Income Goal Insurance Plan, the exposure to growth assets is normally within the range of 0% to 40% during the accumulation period and the exposure will be reduced at the absolute discretion of the Company during the annuity period in order to achieve a relatively stable investment return.

    Accumulation interest rate

    Policyholders can choose, amongst other options, to accept their dividends, endowment coupons and annuity payments either in cash or to leave them with the Company to accumulate with interests (if applicable). The rates of interests are not guaranteed and will be determined by the Company from time to time. The review on such accumulation interest rates will be conducted regularly with reference to the portfolio bond yields, prevailing market conditions, outlook on bond yields, and the likelihood of policyholders leaving their payment for accumulation.

    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

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.

Call our life insurance helpline on (852) 2583 8000(852) 2583 8000. You may also download and return the completed form to us by fax.

EarlyIncome Annuity Plan

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.

Income Goal Insurance Plan

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.

The Monthly Annuity Payment consists of Monthly Guaranteed Annuity Payment plus Monthly Non-guaranteed Annuity Payment.

The Monthly Non-guaranteed Annuity Payment is mainly derived from the accumulated dividends and interest and projected dividends and interest. Any adjustment affecting the dividends and interest and Special Bonus, which may include but not limited to dividend withdrawals, change of dividend scale or Special Bonus scale or applicable interest rate on dividends balance, if any, will trigger re-calculation of the Monthly Non-guaranteed Annuity Payment.

Special Bonus and Dividends are the non-guaranteed amounts to be declared by the Company at its absolute discretion. Dividends, if any, are declared and credited to the policy on each policy anniversary throughout the policy term and the amount of the dividends will not change once declared.

Special Bonus, if any, is declared by the Company at the commencement of the annuity period. During the accumulation period, the Company will update you the amount of the Special Bonus, if any, on the annual statement of each policy anniversary. Such amounts as shown on the annual statement(s) may be higher or lower than those illustrated on the earlier annual statement(s) issued during the accumulation period as the actual amount of Special Bonus, if any, is only declared and becomes payable at the commencement of the annuity period.

There is a 30-day grace period for premium payments that are due. If you cannot make the payment by the end of the grace period, your policy will lapse with effect from the due date of the first unpaid premium unless the net cash value calculated as at the date immediately preceding the due date of the relevant unpaid premium is greater than zero and you have elected a non-forfeiture option which will then take effect; or if no non-forfeiture option is elected and the amount of net cash value is sufficient to pay the relevant unpaid premium, an automatic premium loan equivalent to the amount of the unpaid premium will be granted and applied to pay such due premium. Interest will apply on the principal of all policy loans (including automatic premium loan) made under the policy and you will be advised of such rate of interest at that time, which may be adjusted by the Company at its discretion from time to time. Please note that the Monthly Annuity Payment will only be paid on each monthiversary during the annuity period provided that all premiums are paid when due during the premium payment period.

If you surrender the policy at any time during the accumulation period, you will receive the surrender value of the policy, which is equal to the sum of the guaranteed cash value, accumulated dividends and interest (if any), and Special Bonus (if any), less indebtedness (if any).

If you surrender the policy at any time during the annuity period, you will receive the surrender value of the policy, which is equal to the sum of the guaranteed cash value, any accumulated Monthly Annuity Payments and any accumulated dividends and interest, less indebtedness, if any.

Please note that early surrender of the policy may result in you getting back a lesser amount than the total premiums you have paid into the policy.

Income Goal Insurance Plan is specially designed for customers who want to have an effective plan to meet their personal goals. It differs from a pure savings plan in that it includes life insurance cover throughout the policy term and provides a stream of Monthly Annuity Payments during the annuity period. In the event of the death of life insured, the total amount that we have to pay to you in the form of guaranteed monthly annuity payment(if any) together with the amount that we will pay to the beneficiary(ies) as death proceeds is at least equal to the Total Premiums Paidfootnote8.

You will receive an annual statement showing updated policy values. You can also contact us on 2583 80002583 8000.

End Notes Select to Expand Select to Collapse

Endnotes

  1. 1 Income Goal Insurance Plan is not equivalent or similar to any kind of deposit.

  2. 2 The amount of Special Bonus is not guaranteed and subjected to the Company’s absolute discretion.

  3. 3 We 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.

  4. 4 The total premiums paid are fully protected upon the death of life insured.

  5. 5 The beneficiary(ies), at all times, does not have the right to change the death benefit payout instruction which was determined by the policyholder while the life insured is alive, or to surrender the Policy.

  6. 6 Critical Illness Select (Additional Payment) is applicable to the life insured agedFootnote3 between 19 and 60 who is the holder of the Hong Kong Identity Card or Macau Identity Card. The benefit will terminate at the end of the annuity period or when the life insured attains the age9 of 65 or the policy is terminated (whichever is the earliest). Such benefit is not applicable to single premium policy. Please refer to the policy provisions for detail terms and conditions.

  7. 7 For the same life insured, if the total premiums of all of the pending and in-force RetireEnrich Protection Plus, EarlyIncome Annuity Plan, RetireIncome Annuity Plan, Income Goal Insurance Plan and HSBC Wealth Goal Insurance Plan applications or policies of the life insured are more than the ‘guaranteed approval’ limit of HKD2,500,000/USD312,500 for life insured who are 15 days after birth to ageFootnote3 18 and HKD40,000,000/USD5,000,000 for life insured aged 19 to 65Footnote3, the life insured is required to complete a number of simple health questions. And we reserve the right to accept or reject any applications for the plan based on the information provided by the life insured during application.

  8. 8 Total Premiums Paid refers to the total amount of premiums due under 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 detail terms and conditions.

  9. 9 The policy anniversary at which you reach the specified age based on age at next birthday.

  10. 10 Unemployment Benefit is applicable to policyholder agedFootnote3 between 19 and 64 who is the holder of the Hong Kong Identity Card. The benefit will terminate when the policyholder attains the age9 of 65 or all due premiums have been paid or the policy is terminated (whichever is the earliest). Such benefit is not applicable for single premium policy. Please refer to the policy provisions for detail terms and conditions.

  11. 11 Additional Accidental Death Benefit and Terminal Illness Benefit will terminate when the life insured attains the ageFootnote9 of 80 or 65 respectively or payout of the relevant benefits or the policy is terminated (whichever is the earliest). Please refer to the policy provisions for detail terms and conditions.

  12. 12 The eligibility of Payor’s Benefit is applicable to the life insured who is 15 days after birth to ageFootnote3 18 and policyholder agedFootnote3 between 19 to 60. The benefit will terminate when the policyholder attains the age9 of 65 or the life insured attains the age9 of 25 or the policy holder recovers or all premiums have been paid or the policy is terminated, whichever is the earliest. Such benefit is not applicable for single premium policy. Please refer to the policy provisions for detail terms and conditions.


Disclaimers


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.

Income Goal Insurance Plan 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.

HSBC Life (International) Limited is incorporated in Bermuda with limited liability, and is one of the HSBC Group's insurance underwriting subsidiaries.