HSBC Life Singapore has introduced two innovative insurance products, HSBC Life Term Protect Secure and HSBC Life Diamond Prestige IUL III, to cater to the evolving financial needs of Singapore’s ageing population. As life expectancy in Singapore rises to 83.9 years, the gap between lifespan and health span highlights the necessity for robust financial planning.
The HSBC Life Term Protect Secure plan offers comprehensive term life insurance with the flexibility to adjust coverage as customers’ needs change. Key features include the FlexiMilestone benefit, which allows policyholders to modify their coverage and receive up to 50% of base plan premiums paid. Additionally, the plan provides enhanced critical illness coverage for up to 170 conditions and the option to extend protection until age 100.
Meanwhile, the HSBC Life Diamond Prestige IUL III is designed for lifelong protection and legacy planning. This indexed universal life plan offers six index sub-accounts, including the new Gold Prestige and S&P 500 Pro, allowing for greater diversification and flexibility in wealth accumulation and transfer. Customers can also tailor premium allocations and structure death benefits to suit their financial goals.
Harpreet Bindra, CEO of HSBC Life Singapore, emphasised the importance of these solutions, stating, “Longer lives are fundamentally changing the way we need to think about financial security. Our role as an insurer is to help customers build resilience across life stages.”
These new offerings reflect HSBC Life Singapore’s commitment to addressing the complex health and wealth needs of its clients, further solidifying its position as a leader in the insurance industry.
