HSBC launches life insurance protection with investment plan, targeting high & ultra-high net worth individuals

SINGAPORE: HSBC Life Singapore launches its latest offering, the HSBC Life Diamond Prestige IUL, aimed at high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals.

This indexed universal life (IUL) plan integrates life insurance protection with investment opportunities, catering to those seeking growth potential and security in their legacy planning.

The Edge Singapore reported that the plan allows clients to allocate their funds between a general account and an index account.

Notably, the index account offers the potential for higher returns from the international equity market, with its crediting rate linked to the performance of the S&P 500, currently capped at 10%.

Moreover, it guarantees a floor rate of 0%, mitigating potential losses. HSBC Life has also introduced a loyalty bonus of 0.35%, effective from the 11th policy year onwards.

Additionally, the plan assures a guaranteed minimum surrender value and a fixed interest rate of 2% per annum upon full surrender, irrespective of the index’s performance and general accounts.

The HSBC Life Diamond Prestige IUL offers benefits and rewards tied to health improvements.

Clients who demonstrate progress in managing risk factors such as weight, diabetes, and high blood pressure within the policy’s initial three years can avail themselves of a 1% discount on insurance charges for a decade.

Additionally, smokers will pay the same rates as non-smokers for the first three years. If they quit smoking for at least 12 consecutive months by the end of the third policy year, they will continue to enjoy these lower rates.

According to Mr Harpreet Bindra, CEO of HSBC Life Singapore:

“In Singapore, we see sustained demand for wealth, health and insurance solutions from affluent individuals and their families.

HSBC Life Diamond Prestige IUL has been designed to be an efficient instrument for wealth transfer while giving clients added peace of mind that their wealth is protected regardless of market conditions.” /TISG

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