we have just received this notification from hsbc insurance:
LAUNCH OF SECUREINCOME
We are pleased to announce the launch of SecureIncome on 16 August 2010.
SecureIncome is a 2-in-1 plan that helps you plan for your accumulation and payout of wealth.
Key features of the product are:
Simple application with no medical examination required
Wide choice of decumulation options available to help match your drawdown needs
Guaranteed income payout during Income Term for greater certainty in managing your cash flows
Peace of mind and financial security with up to 110%+ Death Benefit and Terminal Illness protection
Ease your financial burden during unemployment by extending your premium grace period for up to 365
Premium Term
The Premium Term is:
Premium Term SecureIncome 10 - 6 Years
SecureIncome @55 - Up to policy year when Life Insured reaches age 50
Benefits at a glance
Guaranteed reward upon end of accumulation term
• Instead of worrying about the future, you can now look forward to it. SecureIncome lets you establish at the outset, the amount of monthly guaranteed income required. During the accumulation term*, it also provides payout in the event of death or terminal illness, which will be more than the premiums paid.
• At the end of the accumulation term, you will receive a guaranteed reward which you can choose to spend any way you like. Kick-start your retirement with a lump sum payment, receive a fixed monthly income upon retirement, or accumulate your monthly income with us to earn the prevailing non-guaranteed interest, whichever serves your needs better.
Flexible premium payment options
• SecureIncome offers you the flexibility to plan your retirement around your lifestyle needs. You can determine your premium amount in accordance to the income you would like to receive, and opt to pay with a single premium or via monthly premiums where the number of years of payment is determined by you+. To complement CPF LIFE, SecureIncome gives you a head start by allowing you to prepare for your retirement even if you are in your 20s.
Income flexibility and no medical underwriting
• SecureIncome offers flexible income payout options to cater to your financial commitments and postretirement lifestyle. You get to decide how you want to receive your income payout via different draw down options. This can either be:
- a stream of regular monthly income over a period of 10 years or
- if you do not require immediate access to your cash, you can roll-over the monthly income and earn non guaranteed interest at the rate applicable from time to time, and receive a maturity payment at the end of 10 years you may also withdraw your guaranteed reward and maturity payment in accordance with the term or installment quantum agreed with us.
• You or the person entitled to the death benefit can choose to receive the remaining payout in lieu of the death benefit until the end, if the life insured passes on during the payout term.
• Applying for SecureIncome is hassle-free as there are no health checks.
The answer to Singapore's top two retirement fears - illness and unemployment benefit
• To allay your fear of the financial drain an unexpected illness may cause, SecureIncome offers Terminal Illness cover. Upon diagnosis of a terminal illness, you will receive the death benefit in advance, providing comfort at a financially draining time.
• Loss of employment will no longer affect the continuity of your retirement plan, as SecureIncome comes with unemployment benefit^ that will ensure the continuation of your policy even if you are unable to pay your premiums due to job cuts. With 365 days of extended premium grace period, we offer you ample time to find another job without causing the policy to lapse.
Funding executive bonus for key employees
• SecureIncome can also assist you in your business endeavours. If you are a business owner who wants to retain your key employees, you can insure them with SecureIncome.
• SecureIncome allows you to fund an executive bonus to reward your key talents with monthly income over 10 years.
• It also gives you the flexibility to continue the policy by changing the named life insured to another employee if the key employee leaves. This change in life insured¶ feature is available on SecureIncome 10 for corporate-owned policies.
Option to Elect
Before the expiry of the Accumulation Term and during the Option Election Period, you may choose one of the
following options (without providing evidence of the Life Insured’s health):
Option 1 (Income Payout option)
To continue the Policy during the Income Term during which you will be paid the Monthly Income.
Option 2 (Income Reward option)
To continue the Policy during the Income Term during which we will credit the aggregate of the Monthly Income
and a non-guaranteed interest element on that aggregated Monthly Income to your Policy account. You may
withdraw the aggregated Monthly Income and the interest earned on that Monthly Income at any time in full.
Option 3 (Guaranteed Reward option)
To terminate this Policy at the expiry of the Accumulation Term and we pay you the Guaranteed Reward in
accordance with any Payment Option you choose (less any sum owing to us).
A fresh Policy Schedule will be issued to you if you have chosen Option 1 or Option 2.
If you do not make an election during the Option Election Period, the Policy will automatically continue as if you had
chosen Option 2. You cannot change your Options after the Option Election Period.
days^
Flexibility to change the Life Insured for corporate ownership upon a change in your key employee# anytime after the first Policy Anniversary
+ Up to higher of 110% of total premiums paid, or cash value at the date of death/terminal illness during the Accumulation Period. 110%
of guaranteed surrender value plus any accumulated Monthly Income, non-guaranteed interest and a one-time non-guaranteed terminal
dividend (if any) during the Income Period.
^ The policy will lapse if all premiums due are not paid by the end of the Extended Grace Period and an automatic premium loan is not
available.
# Subject to terms and conditions as the Company shall determine from time to time
important notes:
SecureIncome is underwritten by HSBC Insurance (Singapore) Pte. Limited, 10 Eunos Road 8, #11-01 Singapore Post Centre,
Singapore 408600. Company registration no. 195400150N.
This blog contains only general information. It does not constitute an offer to buy or sell an insurance product or service. It is also not intended to provide any insurance or financial advice. You should seek professional advice from your legal, tax or accounting advisor before taking any actions based on this information.
A person interested in this product should read and consider the Product Summary and Benefit Illustration in deciding whether to buy this product. You can ask for the Product Summary from our authorised agents or distributors, including The Hongkong and Shanghai Banking Corporation Limited (together "the Agents"). Buying this life insurance policy is a long-term commitment. An early termination of the policy includes high cost and the surrender value payable may be less than the total premiums paid.
The Agents are neither underwriter nor broker for you. To the fullest extent permissible pursuant to applicable law, the Agents make no warranties or representations as to the accuracy, correctness, reliability or otherwise of the content of this marketing material. Under no circumstances, including, but not limited to negligence, shall the Agents or any party involved in creating, producing or delivering the marketing material be liable to you for any indirect, incidental, consequential, or punitive damages that result from the use of the information in this marketing material, even if the Agents have been advised of the possibility of such damages. The Agents and/or their employees will receive a commission from HSBC Insurance (Singapore) Pte. Limited in respect of the insurance product and service purchased by you. The Agents are not suppliers of the products and services and will not accept liability in relation thereto.
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