HSBC Life Singapore recognised at Insurance Asia Awards 2020
HSBC Life Variable Annuity is a retirement plan which combines the assurance of a steady guaranteed base level of income with the ability to generate significant upside income potential. Launched early this year, HSBC Life Singapore is currently the only insurer here to offer this unique retirement solution.
Mr Carlos Vazquez, CEO, HSBC Life Singapore: “We are honoured to be recognised for introducing Variable Annuity to the Singapore market. In these volatile markets, protecting our retirement nest egg from downslide while still staying invested to capture the upside remains critical. HSBC Life Variable Annuity is a new and much needed solution that can support our customers in achieving their retirement goals. This also reflects our continued investments in our insurance capabilities in Singapore, where we expect to meaningfully contribute to become the #1 wealth manager in Asia.”
Into its fifth year, Insurance Asia Awards is presented by Insurance Asia magazine. The awards programme recognises the most acclaimed insurance firms in Asia that have introduced exceptional initiatives and solutions that allowed them to successfully adapt with the rapidly changing customer demands and digital transformation.
HSBC Life Variable Annuity offers:
- A stream of guaranteed retirement income and potential lump sum payout at maturity
- Full participation in the market upside locking in higher guarantees along the way – this plan’s ratchet feature increases policyholder’s guarantee on a monthly basis whenever the account value is higher than the existing guarantee
- Protection against downside risk – Policyholder’s guaranteed monthly payout will never decrease even when the market falls1
- Flexibility to access the account value without surrender charges to help with life’s uncertainties
Since 2019, HSBC Life Singapore has added various new protection and retirement solutions targeted at both the retail and high net worth segments to their bench strength. These include:
- Life Protect Advantage which offers competitive protection value with unique features including coverage of pre-existing conditions and the option to get higher guaranteed protection up to 99 years old.
- Emerald Legacy Life Plan which offers a unique feature where customers have the choice to further increase their protection cover.
- HSBC Life Retirement Income which offers a regular stream of monthly income when the insured reaches retirement as well as additional coverage should they be diagnosed with age-related conditions and chronic diseases.
HSBC Life Singapore has also widened its distribution channels to include independent Financial Advisory firms. HSBC Life Singapore’s business overhaul reflects the overall growth and evolving composition of the Singapore insurance market. Specifically, an ageing and wealthier domestic population, and a rise in international citizens seeking more sophisticated wealth and insurance solutions.
Media enquiries:
Betty Fong | +65 6658 4103 | betty.c.y.fong@hsbc.com.sg
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, managing total assets of close to SGD 7 billion with a 199% Capital Adequacy Ratio (CAR) as at 31 December 2019 and received an A+ rating by Standard & Poor’s in 2019. 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 13 branches (comprising 10 dedicated HSBC Premier Centres, 2 HSBC Jade Centres and a Premier International Centre) and 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$2,923bn at 30 June 2020, HSBC is one of the world’s largest banking and financial services organisations.
1 The monthly payout will never decrease once the Guaranteed Payout Base is locked-in on the monthiversary of the policy. Capital is guaranteed only if the policyholder holds the policy to the end of the policy term, provided he/she has not made any partial withdrawals. The total amount of the monthly payout that he/she will receive will at least equal the amount of the invested capital.