HSBC Insurance (Singapore) Pte. Ltd. (HSBC Life Singapore) has launched HSBC Life Variable Annuity. A retirement plan which combines the assurance of a steady guaranteed base level of income and the ability to generate significant upside income potential. HSBC Life Singapore is the only insurer to offer this unique product currently.
Many of Singaporeans have reached a pivotal period of their lives. They are starting to reach retirement and have a greater need to maintain a steady income for the years ahead. This solution responds to these needs by ensuring Singaporeans remain invested and protected from any sudden market fluctuations while allowing them to take advantage of any potential upside.
HSBC Life Variable Annuity offers:
According to the Life Insurance Association (LIA) industry report in February 2020, Singaporeans are being pro-active in planning for their retirement.
The industry recorded a 34 per cent increase in the uptake of retirement policies in YTD 4Q2019 compared to a year ago. Retirement policies totaled S$469 million in weighted premium which forms about 11% of total weighted premiums for the year.
Today’s announcement reflects an increased focus for HSBC life in Singapore. In 2019, HSBC Life Singapore added three new protection and retirement solutions targeted at both the retail and high net-worth segments to their bench strength. They included:
The product launches were part of HSBC Life Singapore’s business overhaul which also involved the launch of a new brand and widening its distribution channel to include independent Financial Advisory (FA) firms.
The business overhaul reflects the overall growth and evolving composition of Singapore’s insurance market, including an ageing and wealthier domestic population and a rise in international citizens seeking more sophisticated wealth and insurance solutions.