The plan offers customers the flexibility to allocate funds between a general account and an index account.
According to HSBC Life, the index account offers customers higher returns from the international equity market, with a crediting rate pegged to the performance of the S&P 500, currently capped at 10%. The index account has a floor rate of 0%.
HSBC Life says that the policy has a loyalty bonus of 0.35% added to the crediting rate declared for the index account and general account from policy year 11 onwards.
The plan will also offer a guaranteed minimum surrender value, and an interest of 2% per annum when a full surrender is made regardless of the performance of both the index and general accounts.
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The HSBC Life Diamond Prestige IUL has benefits and incentives pegged to health improvements and positive habits, according to HSBC Life. Clients are entitled to a 1% discount on insurance charges for 10 years if they demonstrate improvement in risk factors such as being overweight, diabetes, and high blood pressure by the end of the policy’s third year.
Also, insured smokers will have lower policy charges of a standard non-smoker for the first three policy years, and will continue to enjoy this if they can prove at the end of the third year of policy that they had quit smoking for at least 12 consecutive months prior.
CEO of HSBC Life Singapore, Harpreet Bindra, says: “In Singapore, we see sustained demand for wealth, health and insurance solutions from affluent individuals and their families. HSBC Life Diamond Prestige IUL has been designed to be an efficient instrument for wealth transfer, while giving clients added peace of mind that their wealth is protected regardless of market conditions."
