Hong Kong: HSBC launches whole-of-life plan designed for commercial customers

| 26 May 2020

HSBC has launched HSBC Health Goal Insurance Plan (HGIP), a whole-of-life insurance plan designed for commercial customers in Hong Kong. Commercial customers can now integrate HGIP into their business continuity strategy to cover enhanced keyman protection, talent retention and long-term wealth growth.

By focusing on the top three diseases that kill in Hong Kong – cancer, heart disease and stroke, the plan can help strengthen protection for their keyman through up to three times additional cash claims, without affecting the policy value.

As part of commercial customers’ plan to retain specific talent under different circumstances, they can also enjoy the special feature on a change of the life insured for up to three times so as to transfer the coverage to different executives.

At the same time, HGIP is endowed with a value added service – Global Medical Care Services, which provides world class medical advisory service and personalised care management.

Key features of HGIP include:

  • Growth potential – Offer wealth growth potential with projected return at 4.73% p.a. over 30 years
  • Additional Critical Illness Benefits – Receive an additional lump sum payment for the diagnosis of cancer, heart disease or stroke, up to three times (once for each type of disease and subject to a one-year waiting period from the last claim). Policy value will remain unchanged after these claims
  • Benefit transfer – Flexibly change the life insured option three times and pass to next generation or different talented employees
  • Value-added service to provide extra care – The Global Medical Care Services consist of a world-class personal care manager, diagnosis verification and treatment plan, doctor-to-doctor dialogue with Harvard-level specialists and US care management service
  • Simplified underwriting – Simple solution with five underwriting questions
  • Reasonable entry level – Minimum total premium amount at USD100,000 and the early potential breakeven can be as low as sixth year

Terence Chiu, Head of Commercial Banking, Hong Kong, HSBC, said, “This period of market uncertainty has put the business community in an unprecedented situation… The new plan serves to cater for their evolving business needs and assist their long-term planning.”

Read: Hong Kong: Health conscious office workers appreciate benefits of working from home

Edward Moncreiffe, Chief Executive Officer, Hong Kong, HSBC Life, said, “As key persons often play a crucial role in the operation of companies, particularly small and medium-sized enterprises which account for 98% of companies in Hong Kong, we are providing an extra layer of medical support to safeguard their businesses. Regardless of the scale of business, the plan comes with a flexible entry threshold with protection that could address the needs of both employee and business during the current difficult times.”

HSBC Life announced earlier this year to provide additional free benefits to all of its life insurance customers and their immediate family diagnosed with COVID-19, with coverage guaranteed for one year. All existing commercial customers holding HSBC Life insurance policy, or new customers purchasing insurance policy before 30 June 2020, can receive complimentary benefits including hospital cash benefit and extended premium grace period, so as to have peace of mind and extra protection during this time of uncertainty.

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