Goal Access Universal Life Plan (Protection)¹

What’s included?

Grow your savings

With each premium, we deduct a sum to cover policy charges and the rest is put into your policy account as an Account Value. This amount will earn interest⁸ – credited daily – at the prevailing general crediting interest rate⁹. This rate varies and can be 0%, but is guaranteed to be at least 2% p.a. for the first 10 years of your policy.

Loyalty bonus

To increase the value of your savings, we offer a loyalty bonus. This is credited to your account on the 20th and 30th policy anniversary. The bonus will be 5% of your average account value over the preceding 60 months of the relevant policy anniversary.

Life cover

This plan pays a lump sum if you die or are diagnosed with a terminal illness before you turn 65¹⁰. You’ll be paid the higher of the following, less any outstanding charges:

• Your Account Value; or
  
• The sum insured, minus any money withdrawn from your account from 12 months before your death to the claim approval date

The Account Value is determined on the date of the written notification of the life insured’s death being received by the Company. Positive Account Value is required to maintain your policy in force.

Adaptable cover

If your needs change, you can adjust the amount you’re insured for. If you paid for your plan with a lump sum, you can change your cover amount after the first policy anniversary. If you paid with regular premiums, you can adjust your cover once your premium payment period ends. Reducing your cover means you may need to pay a surrender charge.

Flexible premiums payment

You can choose the premium payment option that works for you. Pay monthly or annual premiums for 5 years, or choose to pay a single lump sum. The total amount you need to pay is fixed at the beginning of your policy so there are no surprises.

Cash withdrawals

If you need funds for any special or unplanned events, you can withdraw money from your policy account. You’re eligible for withdrawals after you’ve finished paying your premiums or, in the case of a lump sum premium, on or after your one-year policy anniversary. If you withdraw cash during the first 10 years of your policy, you’ll need to pay a surrender charge ranging from 1% to 45%.

Withdrawals will reduce the Account Value which may reduce the Death Benefit and increase the chance of policy lapses. The policy will lapse when the Account Value is not sufficient to cover the policy charges for 45 consecutive days.

Please refer to the respective product brochure for detailed product features and product risks,and the policy provisions for the detailed terms and conditions. 

See more about our policy crediting interest rates 

Am I eligible?

Goal Access Universal Life Plan (Protection) is generally available to anyone aged 65¹⁰ or below. The plan is subject to the relevant requirements on nationality and/or addresses of the policyholder and/or life insured as determined by the Company from time to time.

For corporate policyholder, the issue age¹⁰ of the life insured is between 19 and 65.

Please refer to the respective product brochure for detailed product features and product risks,and the policy provisions for the detailed terms and conditions. 

More help when you need it

When life surprises you, additional benefits included in this policy can offer you more support.

Boost your policy value with unscheduled premiums

If you have extra funds, you can choose to boost your account value by paying in unscheduled premiums⁴. Acceptance of unscheduled premiums is at HSBC’s discretion and minimum transaction amounts apply.

Terminal illness benefit⁶

If the life insured is diagnosed with a terminal disease and are given a death prognosis of one year or less we will pay the plan’s life cover benefit in advance, as long as the life insured is below the age of 65¹⁰.

Waiver of Premium on Disability benefit¹²

If you become temporarily disabled for 183 days before the age of 65¹⁰, we’ll pay the future outstanding Planned Premiums¹⁴ and any Supplemental Benefits Premium¹⁵ on your behalf until you are fully recovered, or until the end of your payment period, whichever is the earlier.

Payor’s benefit (for a child’s policy)¹³

If you buy this policy for your child – aged from 15 days to 18¹⁰ years old – and you die before the age of 65¹⁰ or become disabled for not less than 183 days, we will pay the future outstanding Planned Premiums¹⁴ and any Supplemental Benefits Premium¹⁵ on your behalf until you fully recovered or until the end of the policy premium payment period (whichever comes first).

Major illness benefit¹¹ (Advanced Payment) (optional)

For an extra cost, the plan will pay out your life cover benefit in advance if you are diagnosed with one of the 60 covered major illnesses

Please refer to the respective product brochure for detailed product features and product risks,and the policy provisions for the detailed terms and conditions.  

Policy Crediting Interest Rates (for Universal Life insurance products)

Universal Life insurance products

Universal Life insurance products are long term insurance plans offering a high level of protection with competitive features and flexibility for policyholders' multi-generational planning needs and other insurance needs. For details of the product features and key risks of Universal Life insurance products, please refer to the relevant product materials and policy provisions or contact your relationship manager or insurance consultant.

The benefits provided by Universal Life insurance products are impacted by the crediting interest rates as well as applicable charges. The General Crediting Interest Rate is a floating rate determined by the Company, subject to a guaranteed minimum floor as stipulated on policy provisions.

Philosophy in deciding the General Crediting Interest Rate

The applicable General Crediting Interest Rates vary depending on the policy currency and product series. Such rates are regularly reviewed by the Company at its discretion. The Company will inform policyholders concerned for any subsequent change of the General Crediting Interest Rates for their policies.

When determining the General Crediting Interest Rate, which applies to each Universal Life insurance policy, the Company considers the investment returns on the underlying assets supporting the policies, as well as other factors, including but not limited to: the outlook of the long term future investment returns, the claims and surrender experience, and the expenses. If the investment returns over the long term are better than expected, then the General Crediting Interest Rate would increase and if the investment returns are worse than expected, then the General Crediting Interest Rate would reduce.

The investment returns on Universal Life underlying portfolios include interest earnings as well as losses or gains realized upon the disposal of assets or asset impairments. The claims include the cost of providing the death benefit and other insured benefits under Universal Life insurance policies. The surrenders include total and partial surrenders, and their corresponding impact on investments. The investment returns on Universal Life underlying portfolios are not guaranteed.

In order to ensure that discretion exercised when defining the crediting interest rates is fair to all policyholders, and that any conflicting interests of policyholders with other policyholders and/or shareholders have been addressed having due regard to the fair treatment of policyholders, the Company established a dedicated committee providing independent advice on the management of the universal life business.

Investment philosophy for Universal Life Underlying Portfolios

The Company maintains a prudent approach to investing for the Universal Life underlying portfolios, with the primary goal being the delivery of long term value to policyholders.

Each portfolio is invested in Corporate and Government bonds under pre-determined diversification and rating objectives. The current long term investment strategy is to invest in diversified long term investment grade bonds rated BBB- or above. Unrated bonds may also be considered if they fit the Company's risk appetite profile. However, the Universal Life underlying portfolios are conservatively positioned to limit the exposure to unrated bonds. The bonds are held by the Company to maturity in order to match its long term liabilities. Subject to our investment policy, derivatives may be utilized to manage the investment risk exposure, for matching between assets and liabilities and for efficient portfolio management.

For the historical crediting interest rates of the Universal Life insurance products of the Company, that had new policies issued in the previous 5 years, please refer to this document [PDF]

The above plans are life insurance plan underwritten by HSBC Life (International) Limited. Policyholders are subject to the credit risk of HSBC Life and early surrender loss.