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.
Note: HSBC Wealth Goal Insurance Plan is not equivalent or similar to any kind of deposit.
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.
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:
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.
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 Optionfootnote2,footnote3, 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-infootnote2,footnote3. Upon exercising this option, a portion of the Net Cash Value will be allocated to the Policy Value Management Balancefootnote5. The "lock-in" amount is guaranteed and will be accumulated at an interest ratefootnote5 that is non-guaranteed and is determined by the Company from time to time.
(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 Indebtednessfootnote11 (including Policy Loans, interests and unpaid premium due) under this Policy.
Upon exercising the Policy Value Management Optionfootnote2,footnote3, the Sum Insured and Total Basic Plan Premium Paidfootnote10 under the Policy will be adjusted and reduced proportionally. Consequential adjustments will be made in the calculations of Guaranteed Cash Value, Special Bonusfootnote4 (if any) and Death Benefit in accordance with the terms of the Policy.
HSBC Wealth Goal Insurance Plan is generally available to anyone who is between Agefootnote1 15 days after birth and Agefootnote1 55, 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.
The following Supplementary Benefits are embedded in this Policy, subject to eligibility, with no additional premiums required.
If you are unemployed for at least 30 consecutive days before reaching the Agefootnote1 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.
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 Agefootnote1 80 (whichever is earlier), the Beneficiary(ies) will receive an additional 30% of the Total Basic Premium Paidfootnote10 on top of the Death Benefit payable under the Policy.
If the Life Insured is diagnosed with a Terminal Illness before the Agefootnote1 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.
(Applicable to HSBC Wealth Goal Insurance Plan only)
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:
i) Special Bonusfootnote4 which is an entitlement declared upon early termination of the Policy (e.g. death, surrender, etc.), the exercise of Policy Value Management Optionfootnote2,footnote3 or at policy maturity. The amount of Special Bonusfootnote4 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 of Special Bonusfootnote4 (if any) will not be determined until it is payable.
Please refer to the policy provision of the respective plans for detailed terms and conditions.
The Special Bonusfootnote4 is not guaranteed. Whether it is payable and the amount to be paid depends 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 longer term is better than the assumed level, then the Special Bonusfootnote4 to be paid would increase and if performance is worse than the assumed level then the Special Bonusfootnote4 to be paid would reduce.
The key feature of participating policies over other forms of insurance policies is that in addition to the guaranteed benefits, Policyholders will also benefit from an additional Special Bonusfootnote4 payment if the insurance company’s performance is better than that required to support the guaranteed benefits. The better the performance, the greater the Special Bonusfootnote4, and, conversely, the worse the performance, the lower the Special Bonusfootnote4.
The Company conducts regular review on the level of Special Bonusfootnote4 payable to Policyholders. Both actual performance in the past and also management's outlook of the long-term future performance will be assessed against the assumed level. Where variances arise, gains and losses will be shared with Policyholders in a fair and equitable manner through the adjustment of Special Bonusfootnote4 scales.
When considering the adjustment of scales for Special Bonusfootnote4, the Company also operates a smoothing philosophy in order to maintain a more stable payout to Policyholders, so the level of Special Bonusfootnote4 will 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. We could reduce the amount of smoothing or even stop smoothing out the effects of the change in asset values for a time in the determination of Special Bonusfootnote4. 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.
To ensure fairness between Policyholders of the 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 Special Bonusfootnote4.
The Company follows an asset strategy that:
i) Helps to ensure we can meet the guaranteed benefits we have committed to you;
ii) Delivers competitive long-term returns through the Special Bonusfootnote4; and
iii) Abides by a pre-defined set of risk tolerances.
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 quality (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 used 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, the US and Europe), currencies (mainly US dollars) and industries. The assets are carefully managed and monitored according to a pre-defined set of risk appetites.
|Asset Type||Long-term Target Allocation%|
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. Subject to our investment policy, actual asset allocation could deviate from the above long-term target allocation from time to time.
Policyholders can choose to exercise the Policy Value Management Optionfootnote2,footnote3 to allocate a portion of the Net Cash Value to the Policy Value Management Balancefootnote5 to accumulate with interest (if any). The rates of interest are not guaranteed and will be determined by the Company from time to time. The review of 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 and duration of Policyholders leaving their payments for accumulation.
The policy in determining the Special Bonusfootnote4 (if any) and accumulation interest rates may be reviewed and adjusted by the Company from time to time.
At HSBC, we understand life never stands still. Which is why you can make changes to your policy online anytime.
It's easy to:
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.
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.
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 immediately lapse with effect from the due date of the first unpaid premium unless an automatic premium loan equivalent to the amount of the unpaid premium is in effect and provided that the Non-forfeiture Value is greater than the amount of the relevant unpaid premium. Interest will apply on the principal of all policy loans (including any 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. If the policy lapses, any net cash value as at the first unpaid premium due date will be paid to you.
Note: Non-forfeiture Value means the net cash value calculated as at the date immediately preceding the due date of the relevant unpaid premium.
(i) Your policy has been in force for 20 policy years or longer;
(ii) All premiums have been paid when due; and
(iii) There is no indebtednessfootnote11 (including policy loans, interests and unpaid premium due) under your policy.
Special Bonusfootnote4 is a non-guaranteed payment made at the Company’s discretion. The amount of any potential Special Bonusfootnote4 will be determined by the Company when it becomes payable. The Special Bonusfootnote4 (if any) shall be paid when you fully or partially surrenderfootnote6 or terminate the policy, when it matures or lapses or in the event of the death of the Life Insured. Upon exercising the Policy Value Management Optionfootnote2,footnote3 , a portion of the guaranteed cash value and Special Bonusfootnote4 (if any) will be allocated to the Policy Value Management Balancefootnote5 to accumulate with interest.
The Company will provide updates on the amount of the Special Bonusfootnote4, if any, on your annual statement of each policy anniversary. Such amounts shown on your annual statement(s) may be higher or lower than those illustrated on the benefit illustration at the point of sale. The actual future amounts of Special Bonusfootnote4 may be higher or lower than the amounts illustrated in the policy benefit illustration attached to your annual statement(s).
The surrender benefit will be equal to guaranteed cash value plus:
Note: If you surrender the policy before the end of the policy term, the amount you get back under the policy may be less than the total premiums you have paid.
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 Balancefootnote5 provided that:
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 Optionfootnote2,footnote3 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 Bonusfootnote4 (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 will terminate upon the pay-out of this benefit or when 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 Agefootnote1 between 19 and 55 who is a holder of a Hong Kong Identity Card. This benefit will terminate when the Policyholder attains the Agefootnote1 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 Agefootnote1 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.
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.