Explore all the Insurance plans offered by HSBC Singapore
As you journey through life, you will encounter various scenarios which you might have planned for or would have totally not expected. What life brings you around the corner can be an event that could be exciting, happy or unanticipated. When your life’s on a roll, there is nothing to worry about. But it is best to be financially prepared to meet unforeseen incidents and personal commitments relating to you and your families. A robust personal insurance policy serves up as a trusted companion for you and your family and secures you financially during times of needs.
HSBC Singapore Overview
With its presence in over 72 countries, HSBC is a leading financial institution catering to a diverse clientele. HSBC Singapore’s banking history dates back to 1877, when the first branch was opened in the island nation. HSBC has grown to be a premium banking institution in Singapore with a strong retail network, self-service centres and HSBC Premier Centres. HSBC’s banking portfolio comprises of retail banking, wealth management, global banking, commercial banking and private banking products. HSBC offers a wide array of personal insurance products inclusive of endowment plans, term insurance plans, health insurance, home insurance, motor insurance and personal accident insurance.
Types of Insurance products offered by HSBC Singapore
- HSBC Personal Insurance
- HSBC Endowment Plans
- HSBC Investment-linked Plans
- HSBC Term Protection Plans
- HSBC Mortgage Repayment Protection Plans
- HSBC Critical Illness Plans
- HSBC Accident and Health Insurance Plans
- HSBC Home Insurance
- HSBC Motor Insurance
- HSBC Travel Insurance
HSBC Personal Insurance
Secure yourself and your family with a comprehensive HSBC personal insurance policy which can be availed with attractive offers and benefits in Singapore.
HSBC Endowment Plans
- Savings Accumulator
LifeEnrich Endowment Plan
Plan your retirement with an affordable LifeEnrich endowment plan from HSBC today. This all-inclusive plan contains life insurance coverage along with retirement income benefits. Customers can choose from two different premiums and enjoy flexible payout options. The life insurance coverage is available up to 99 years with guaranteed cash benefits during retirement. Policyholders can also enhance their coverage and get waivers on premiums in cases of total permanent disablement.
SecureIncome Endowment Plan
SecureIncome ensures that your retirement is well-planned and you are financially secure at that time. This plan offers you the flexibility of planning your retirement early, with income payouts during the term tenure. Policyholders can determine the monthly guaranteed income amount required for their retirement. SecureIncome also offers flexible premium payout options with additional sources of funds during the retirement period. Additionally, applications can be easily made to avail a SecureIncome Endowment Plan, as no medical underwriting is required by HSBC.
Savings Accumulator Endowment Plan
A Savings Accumulator endowment plan helps you to allot lump sum amounts of money as savings to achieve long-term goals. Accumulate your funds with flexible premiums, policy tenures and also enjoy the option of enhancing your coverage. HSBC gives you capital guarantee at the time of maturity of the policy, along with guaranteed coupon payouts happening every six months, from the third year of the policy. Savings Accumulator also offers extra protection for death and terminal illness for you and your family.
HSBC Investment-linked Plans
Plan - GrowthInvest Insurance Plan
Safeguard your future with a GrowthInvest Insurance Plan and earn high returns on your long term investments. The plan offers policyholders the flexibility to manage their money better with premium holiday benefits, free switching of funds and just a four year surrender penalty period. In the event of death or terminal illness, the policy offers a guaranteed minimum payout of 110% of the premium paid or according to the market value of the policy.
HSBC Term Protection Plans
Plan - ValueTerm
ValueTerm is an affordable life insurance plan from HSBC with coverage for death and total permanent disablement. Life insurance cover is give up to 90 years with terms ranging from 10 to 30 years. The policy also includes disability coverage along with the flexibility to increase your insurance coverage. The unique feature of this policy is that the premium determined at the time of issuance remains unchanged for the entire term period.
HSBC Mortgage Repayment Protection Plans
Plan - MortgageProtector
MortgageProtector provides comprehensive life insurance coverage to two joint home owners in Singapore. The policy compensates for any unpaid mortgage repayments, in cases of death or occurrence of permanent total disablement to any of the policyholders. Life insurance cover can be availed up to the age of 70 for terms ranging from 10 to 40 years. Premium payments end four years before the completion of the policy tenure, but policyholders can enjoy continued coverage. HSBC also offers a waiver on the first premium.
HSBC Critical Illness Plans
Plan - Early Critical Care
Early Critical Care provides financial assistance to policyholders when a critical illness has been diagnosed at the initial stage. This policy covers 102 medical conditions with 100% sum payouts at the early stages. With an affordable premium of S$160, monthly, the policy covers up to S$180,000. The Early Critical Care plan also includes coverage for illnesses such as Dengue Haemorrhagic Fever, Osteoporosis, Diabetic Retinopathy and Severe Rheumatoid Arthritis.
HSBC Accident and Health Insurance Plans
- AccidentSurance Plus
- SmartCare Optimum
- HospitalSurance Plus
AccidentSurance Plus is a personal accident plan targeted towards individuals and their families providing cover for death and total permanent disablement. The benefits included under this plan are Accidental death coverage, Accidental injury coverage, Broken Bones coverage and Traditional Chinese Medicine coverage. Policyholders can also receive 30% of the premium paid as No-claim bonus, every three years. Family coverage includes spouse and children and HSBC offers three types of AccidentSurance Plus plans with different premium requirements.
The SmartCare Optimum compensates for expenses like Surgeon’s fees, ICU charges, hospital room fees and other miscellaneous hospital charges. The plan does not contain any deductibles and provides cover for Outpatient Kidney Dialysis, Major Organ Transplants, Surgical Implants and Outpatient Cancer Treatment. HSBC offers three plans under this insurance scheme - Elite, Deluxe and Classic.
HospitalSurance goes beyond a normal health insurance policy, it covers your transport, meals and also provides additional financial help to your family. The medical insurance benefits included here are Daily hospital cash benefits, Surgical allowance benefit, 30% no-claim bonus, family coverage, Broken Bones and Traditional Chinese Medicine coverage.
Avail healthcare facilities from hospitals around the globe, when you are travelling with a range of inpatient and outpatient covers. This plan gives you access to world class healthcare with benefits like 24-hour claims enquiry, New Born Accommodation, Pre-existing conditions cover, International Emergency Medical Assistance and Comprehensive pregnancy and delivery benefit. Premiums for an InternationalExclusive plan can be paid in Singapore Dollars or US Dollars and customers can choose from any of the three plans available - Plan A, Plan B and Plan C.
HSBC Home Insurance
Plans - HomeSurance Classic and AXA Art / Art Plus
HSBC offers two home insurance plans with affordable premiums and three levels of coverage. The plans offered are - HomeSurance Classic and AXA Art / Art Plus. A HomeSurance Classic plan ensures that your home, pets and other valuables are protected against all risks arising from natural and man-made disasters and also offers personal liability coverage. An added benefit is that, personal belongings do not need to be itemised while applying for this plan. AXA Fine Art Insurance provides protection to fine art and collectibles in private or corporate collections, galleries and museums. The Art Plus plan extends its coverage to valuables held by private collectors, corporate collectors, art dealers and exhibitions and also for household collectibles. Each plan can be tailor made to suit the requirement of the art collection, museum or gallery.
HSBC Motor Insurance
Plan - SmartDrive
Protect your car with a SmartDrive insurance plan with premiums customised to suit policyholders and their vehicles. Coverage is decided based on the market value of the car insured and the NCD Protector scheme also offers No-claim bonus benefits. SmartDrive provides the following covers for private cars - Windscreen replacement, compensation for accidental loss or damage to cars, Passenger risk and liability, protection against losses sustained due to natural/man-made disasters, 9 month warranty for repairs, compensation for theft or loss of personal belonging in the car, third party liability coverage and optional personal accidental coverage.
HSBC Travel Insurance
Plan - SmartTraveller
Stay protected with a SmartTraveller insurance plan while you travel on a holiday, business or study abroad. This plan ensures that you and your family are secured during travel with benefits like personal accident covers, medical and dental expenses, Emergency Medical Assistance, Travel Inconvenience covers, Travel Security and additional golf benefits. The SmartTraveller insurance scheme is available as individual and family plans with single-trip and annual trip policies.
Promotions for HSBC Personal Insurance
HSBC SmartTraveller Insurance Promotions
HSBC credit card holders can enjoy 20% discount on purchases of single-trip travel policies with a premium of S$40 and above. Customers can also get an additional LOQI luggage cover for medium sized baggage measuring between 22 inches and 26 inches. HSBC credit card holders buying annual travel plans can get a discount of 20% along with a PROTAG Duet Bluetooth tracker worth S$59.90.
The SmartTraveller Insurance Promotions are valid from 1st August 2015 to 31st August 2015.
HSBC SmartDrive Insurance Promotions
HSBC credit card holders can get a complimentary S$100 petrol voucher along with a 25% discount on the premium amount when they purchase a SmartDrive insurance plan online using their credit cards. This promotion is valid between 1 July 2015 and 31st September 2015.
As part of the promotion, customers holding policies expiring between 1st August and 31st December 2015, can complete the online SmartDrive registration form and receive petrol vouchers worth S$10 from HSBC.
Vehicle Makes - Audi, Mercedes, BMW, Volvo, Land Rover, Lexus, and Opel.
|Continental Car discounts||25%|
|Discount for cars manufactured between 2011 and 2015||15%|
|Special Discounts for cars manufactured in 2010 and earlier.||5%|
HSBC Life insurance promotion
Customers can enjoy a discount of 10% on the first year premium when they purchase any regular life insurance plan from HSBC Singapore. Additionally, HSBC also offers low insurance premium rates, medical examination waiver and 30-day grace period for customers to review their new policies.
HSBC Personal Accident Insurance promotion
As part of the SG50 celebrations, HSBC customers can enjoy enhanced personal accident coverage of up to S$150,000 at an annual premium of S$15, under the Protect 150 plan. Policyholders enrolling their spouses under this plan can get a discount of 5% on the annual premium. Customers including both their spouses and children can enjoy additional discounts of 10%. The Protect 150 plan also offers 24/7 worldwide coverage and lump sum payments for accidental death and permanent disablement.
FAQs for HSBC Insurance
- What is the geographical area covered by the HSBC SmartDrive insurance policy?
The SmartDrive policy covers Singapore, West Malaysia and peninsular Thailand.
- What are the benefits under the AXA Premium Workshop Scheme for a SmartDrive policyholder?
Customers can enjoy an instant discount of 15% on the premium, when they sign up for this scheme.
- What is the maximum coverage amount for the HSBC ValueTerm policy?
The maximum coverage amount is up to S$1,000,000 for HSBC ValueTerm policyholders.
- What are the golfing benefits covered under the HSBC SmartTraveller policy?
The HSBC SmartTraveller policy includes cover for damages to golfing equipment, hired golfing equipment and Hole-in-One reimbursements.
- What are the premium payment options for a HSBC MortgageProtector policy?
Premium payments can be done as monthly, yearly, quarterly or half-yearly installments.
News About HSBC Insurance in Singapore
HSBC Insurance becomes Tier-1 MAS insurer
HSBC Singapore’s insurance wing has been upgraded to Tier-1 Insurer by the Monetary Authority of Singapore (MAS). This happened after the company’s total assets crossed S$5 billion in 2016.
Tier-1 Insurers are direct life or composite insurers who have total assets worth a minimum of S$5 billion, or direct general insurers or reinsurers who have annual gross premiums of a minimum of S$500 million. Tier-1 insurers are regulated by higher corporate governance standards.
Ian Martin, Chief Executive Officer, HSBC Insurance (Singapore), said, “This is a significant milestone for us as a result of our focus to sustainably grow the business since we first acquired the initial insurance book in 2003.” HSBC started out in the Singapore insurance market by acquiring Keppel Insurance in 2003.
10th April 2017