About HSBC Bank
Providing a wide-ranging financial services such as investment, private and commercial banking, insurance and many more, HSBC Bank in Singapore functions as a Qualifying Full Bank. Established in 1877 in Singapore, it now boasts of 11 sub offices in the country, 5 HSBC Premier Centres and 33 ATMs.
Most individuals merely skirt around the significance of any kind of insurance, especially term insurance. It does not seem to be a must for them and is often viewed as an additional expenditure. But not if you take a few moments to pause and think about your near and dear ones! How would this impact their lives financially if you were not there? Not a thought you would normally entertain when things are hunky-dory. But this ‘playing dead’ can help you understand that term insurance is a crucial tool to make sure that your family is supported even in your absence. This will not only take care of any debts that are due or other financial commitments, but also ensures that the burden will not fall on your family.
About HSBC Term Insurance:
A person’s insurance requirements differ at different phases in life. Some insurance policies such as vehicle insurance policies are mandatory at any age, but there are a few policies which are nothing but a budget buster. HSBC Term Insurance is a breath of fresh air amidst such shams. HSBC Term Insurance plan is known by the name ValueTerm and is an inexpensive and flexible term insurance plan that offers all-inclusive coverage against life-threatening illness or partial, total and permanent incapacity. This policy firmly follows the ideal that more peace of mind should not come at the cost of a good night’s sleep.
How it works:
The following chart will give you an idea how HSBC term insurance normally works.
[Please note that the following is only applicable for non-smokers]
|Age||Cover||Advantages||Premium Sum Per Annum||Premium Sum Per Month|
|30 year old, men||Demise, and total and permanent incapacity||Amount assured of SGD 2 lakhs up to age 65||SGD 570||SGD 48.45|
|35 year old, women||Demise and terminal disease||Sum guaranteed is SGD 5 lakhs for 20 years||SGD 700||SGD 59.50|
Benefits of HSBC Term Insurance:
- Affordable financial cover: You can enjoy term life insurance coverage up to age 90 and gift wrap the future of your family if something unexpected occurs.
- Flexibility to opt for two kinds of cover or both (fatal illness or disability): You can choose terminal disease coverage for a specific term. There is also a total and permanent incapacity insurance coverage up to age 65.
- Fixed premium tenures: It is an undeniable fact that as time passes, the requirement for insurance policy can only increase and consequentially it gets expensive with age. But the premium sum for your ValueTerm plan will remain the same throughout the entire term of the policy.
- Flexibility to increase your coverage: ValueTerm grants you the opportunity to add complementary perks for broader cover in two scenarios.
- Lady FirstCare for extra benefits against female-related life-threatening illnesses (like breast or cervical cancer) and
- Junior FirstCare or Junior FirstCare Plus to deliver added coverage for your kid against general child-related grave diseases such as acute asthma or leukemia.
Eligibility of HSBC Term Insurance:
- You should be a Singaporean citizen.
- You should be of at least age 18 and no more than age 65.
- The application will be rejected if you are employed in a perilous occupation or you are found to have health history that doesn’t comply with the insurance conditions.
HSBC Term Insurance Documentation:
- A duly filled application form with details about the nominees
- Age proof and income proofs
- Duplicate copy of your up-to-date NRIC.
- Information regarding your other insurance plans if any
- Most recent medical certificate
Compare HSBC Term Insurance With Other Insurance Companies Offering Term Insurance in Singapore
- AIA Term Insurance
- NTUC Term Insurance
- AVIVA Term Insurance
- Great Eastern Term Insurance
- Prudential Term Insurance
- Manulife Term Insurance
- Tokio Marine Term Insurance
FAQs – HSBC Term Insurance
- How is the premium estimated?
- What should I do if I want to cancel my HSBC term insurance?
- Can I apply for an SBC term insurance for someone else?
- Can I renew my HSBC term insurance without another medical exam?
- I already have a term insurance coverage at work. Should I take another?
The premium estimation is based on factors such as age, gender, smoking habit, amount insured, job as well as the individual and family health history.
You can cancel the plan by getting in touch with the agent or the branch and returning every policy document issued by the bank. There is a fortnight of free look period after which there will be a small charge levied for cancellation.
Your policy will be invalid if you apply for someone else as insurance providers need precise personal and health information of the applicant. You can have them as nominees though.
The ‘renewable’ aspect makes sure that you can renew your current policy for another term at the sole discretion of the bank as long as you haven’t made any critical medical claims so far.
Perhaps and perhaps not. It all depends on your liabilities. Term insurance from office might be sufficient if you are single and live within your income. But with spouse and/ or other dependents, extra coverage is likely to be necessary.
Conclusion – Term insurances are getting expensive by the day and this is one reason why HSBC’s policy remains popular. While nobody particularly enjoys giving away money, without an insurance policy, you may end up paying until you have almost drained your assets. Those who do not have any assets of their own have to depend on others for financial support and of course none of us wants that. Hence, it is advisable to opt for an insurance policy to be financially independent.