HSBC Insurance launches new universal life plans
HSBC Insurance Singapore has launched two enhanced versions of its Universal Life Insurance plans to clients looking for wealth planning tools.
The plans – Jade Legacy Universal Life for customers looking to protect their legacy with a minimum of SG$750,000 sum insured and Jade Ultra Legacy Universal Life for those looking at a minimum of SG$5m sum insured and above.
Besides enhanced features and greater flexibility, both Jade Legacy and Jade Ultra Legacy are now more affordable with premiums being up to 10% lower for Asian customers from Hong Kong, Macau, Beijing/Shanghai, Philippines, Thailand, Indonesia and Malaysia.
Ian Martin, chief executive officer, HSBC Insurance, pictured left, said: “HSBC Insurance’s Jade Legacy Universal life plans are tailored to help these customers to start thinking strategically about how their wealth, and even the ownership of their business, are to be transferred through successive generations.”
He added: “Universal life plan is a good bridging tool to kick-start such conversations as it encourages the individual, family or business to conscientiously think about their legacy.”
Customers purchasing either Jade Legacy or Jade Ultra Legacy will enjoy a guaranteed crediting rate lock-in for the first year. Depending on the plan and policy currency, HSBC Insurance also provide other guaranteed crediting rate lock-in options.
Jade Ultra Legacy also offers additional loyalty feature i.e. customers can get 0.5%, 1% and 1.5% of the account value paid out at the end of the 10th, 15th and 20th policy year respectively. It also include a built-in philanthropic feature, wherein customers can nominate a charity of their choice and donate up to 1% of the sum insured or equivalent of US$100,000.
Both Jade legacy and Jade Ultra Legacy, includes a no-lapsed guaranteed benefit option wherein the policy will be in force until the death of the policy owner or up to age 100, thereby enhancing the coverage period.