HSBC Insurance (Singapore) Pte. Ltd. (HSBC Life Singapore) has launched HSBC Life Sapphire Prestige Income. A retirement and legacy plan, it allows individuals to grow wealth and build a lasting legacy for future generations while maintaining the quality of life for a sustainable retirement.
Global life expectancies are also raising, and many Singaporeans have reached a pivotal period of their lives. Not only are they starting to reach retirement age, and thus have a greater need to maintain a steady income for the years ahead, they are also concerned about financial planning and preserving wealth for their future generations.
The HSBC Life +Factor Study, which surveyed more than 2,000 people in Singapore between March and April 2021, found that more than a fifth of Singaporeans (21%) quoted retirement planning as a cause of stress and more than a third (36%) said that saving sufficient funds for retirement was a financial concern. Unsurprisingly, having sufficient savings for a rainy day or unexpected major expenses was the top driver of happiness in retirement for 61% of the respondents.
The HSBC Life Sapphire Prestige Income is single premium whole life income plan that allows individuals to sustain their wealth with a regular stream of income while building up cash value, as well as accumulate and transfer wealth seamlessly across generations.
HSBC Life Sapphire Prestige Income offers:
Ho Lee Yen, Chief Executive Officer, HSBC Life Singapore says: “Our goal has always been to partner people in their health, wealth and wellness journey, and that includes giving them peace of mind when it comes to retirement and legacy planning. The HSBC Life Sapphire Prestige Income not only complements our customers’ savings to build sustainable wealth, but also helps them to build a legacy that will provide for future generations. Enabling them to enjoy the best of retirement while taking care of their family.”
Today’s announcement reflects an increased focus for HSBC Life Singapore to deliver a distinctive and holistic wealth and health planning experience to the evolving needs of Singaporeans. It is also aligned to the composition of Singapore’s insurance market which includes an ageing and wealthier domestic population and a rise in international citizens seeking more sophisticated wealth and insurance solutions.
Media enquiries to:
Moh Shuying | +65 665 82365 | shuying.moh@hsbc.com.sg
Note to Editors
About HSBC Life Singapore
HSBC Insurance (Singapore) Pte. Limited is a wholly owned subsidiary of HSBC Insurance (Asia Pacific) Holdings Limited, which is ultimately owned by HSBC Holdings plc, the London-based holding company of the HSBC Group. HSBC Insurance (Singapore) has been a Monetary Authority of Singapore’s (MAS) Tier-1 insurer and received an A+ rating by Standard & Poor’s in January 2021. It provides a wide range of solutions that cater to retirement, protection, education, legacy planning, and wealth accumulation needs. It also has a fully digital platform, HSBC Insurance Online, that offers simple and value for money term-based life insurance products online
About HSBC Singapore
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore’s financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of nine dedicated HSBC Premier Centres and two HSBC Jade Centres including an International Wealth Hub as well as many locations across the island providing self-service terminals.
About the Hongkong and Shanghai Banking Corporation Limited:
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$3,022 billion at 31 March 2022, HSBC is one of the largest banking and financial services organisations in the world.