New HSBC plan multiplies coverage up to six times

The plan also offers enhanced critical illness coverage.

HSBC Life Singapore has introduced Life Treasure III, a regular premium, participating whole life insurance plan which allows clients to multiply their coverage by up to six times, provides financial safeguards for accidental death, and offers broader protection against critical illnesses.

HSBC Life’s new plan allows clients to choose multiplier benefits of 2.5, 3.5, 4.5, or 6 times the basic sum assured and set the coverage term to last until they turn 65, 70, or 80.

For instance, a 30-year-old who selects a basic sum assured of $38,272.53 (S$50,000) and multiplies it by six until age 70 will receive $229,635.18 (S$300,000) in coverage. The plan also includes an accidental death benefit, paying out an additional sum based on the chosen multiplier.

The plan offers enhanced critical illness coverage through riders like the Early Critical Illness Benefit III, which covers 170 conditions, including juvenile and special conditions. 

It also provides a Guaranteed Insurability Option, allowing clients to expand coverage later without proof of health.

HSBC Life has expanded critical illness rider options for its Term Protector and Term Protector Prime plans, now offering coverage up to age 85. 

The new whole-life plan also includes a cash value component, which can be accessed as annual payouts over 10 years once the multiplier coverage ends.

($1.00 = S$1.31)