SecureIncome offers you the flexibility to plan your retirement early. With income payout during the income term (comprises of guaranteed and non-guaranteed portion), it provides an additional source of funds for your retirement and the assurance of income post retirement. It is easy to apply for SecureIncome as no medical underwriting is required.
Guaranteed payout option upon end of accumulation term
• Instead of worrying about the future, you can now look forward to it. SecureIncome lets you establish upfront, the amount of monthly guaranteed income1 required. During the accumulation term2, it also provides payout in the event of death or terminal illness, which will be more than the premiums paid.
• At the end of the accumulation term, you will receive a guaranteed payout which you can choose to spend any way you like. Kick-start your retirement with a lump sum payment, receive a fixed monthly income upon retirement, or accumulate your monthly income with us to earn the prevailing non-guaranteed interest, whichever serves your needs better.
Flexible premium payment options
• SecureIncome can complement CPF Life whilst offering you the flexibility to plan your retirement around your lifestyle needs. You can determine your premium amount in accordance to the income you would like to receive, and opt to pay with a single premium or via regular premiums where premium payment term is determined by you3.
Income flexibility and no medical underwriting
• SecureIncome offers flexible income payout options to cater to your financial commitments and post retirement lifestyle. You get to decide how you want to receive your income payout via different draw down options. This can either be:
- a stream of regular monthly income over a period of 10 years or
- if you do not require immediate access to your cash, you can deposit the monthly income and earn non-guaranteed interest at the rate applicable from time to time, and receive a maturity payment at the end of 10 years.
• You or the person entitled to the death benefit can choose to receive the remaining payout in lieu of the death benefit until the end, if the life insured passes on during the payout term.
• Applying for SecureIncome is hassle-free as there are no health checks.
The answer to Singapore's top two retirement fears - illness and unemployment benefit
• To allay your fear of the financial drain an unexpected illness may cause, SecureIncome offers Terminal Illness cover. Upon diagnosis of a terminal illness, you will receive the death benefit in advance, providing comfort at a financially draining time.
• Loss of employment will no longer affect the continuity of your retirement plan, as SecureIncome comes with unemployment benefit4 that will ensure the continuation of your policy even if you are unable to pay your premiums due to job cuts. With 365 days of extended premium grace period, the policy offers you ample time to find another job without causing the policy to lapse.
Funding executive bonus for key employees
• SecureIncome can also assist you in your business endeavours. If you are a business owner who wants to retain your key employees, you can insure them with SecureIncome.
• SecureIncome allows you to fund an executive bonus to reward your key talents with monthly income over 10 years.
• For corporate owned policies, it also gives you the flexibility to continue the policy by changing the named life insured5 to another employee if the key employee leaves.
SecureIncome is a limited premium payment term plan designed to build up your savings for retirement. It accumulates for a predefined period of 10 years known as the accumulation term, after which you will receive a monthly income payout over a 10-year income term. You can opt for a lump sum guaranteed payout at the end of this accumulation term instead of a regular income, in which case the policy will end.
SecureIncome has two phases: during the accumulation term it is a non-participating plan, and it continues as a participating plan during the income term. See illustration below for SecureIncome 10.
At the start of the income term, you will receive the income payment according to the option you've selected.
The earlier you begin planning, the higher your chances of achieving your dream retirement. SecureIncome can provide you with guaranteed monthly payout that is customised to suit your retirement needs.
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1 Income Term for SecureIncome 10 is 10 years which will commence at the end of the Accumulation Term.
2 Accumulation Term for SecureIncome 10 is 10 years.
3 The basic premium payment term for SecureIncome 10 is six years.
4 Benefit offered is interest free. There is a waiting period of one year from date of inception or reinstatement. This benefit ends at the end of the premium payment term or age 65, whichever is earlier. This benefit is not applicable to corporate-owned policies.
5 Acceptance of the new life insured will be at HSBC Insurance (Singapore) Pte Limited's discretion and will depend on the insurability of the new life insured. HSBC Insurance (Singapore) Pte Limited may, at its discretion, reduce the death and terminal illness benefit payable for the new life insured.
SecureIncome is underwritten by HSBC Insurance (Singapore) Pte. Limited (Reg. No. 195400150N), 21 Collyer Quay #02-01 Singapore 049320 and distributed by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch ("HSBC"). It is not an obligation of, a deposit in, or guaranteed by, HSBC.
This webpage contains only general information and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. It does not constitute an offer to buy or sell an insurance product or service. A copy of the Product Summary in relation to SecrueIncome is available and can be obtained from our authorized product distributor. A person interested in this product should read the relevant product summary for details before deciding whether to buy this product. Buying a life insurance policy is a long term commitment. An early termination of the policy usually incurs a high cost and the surrender value payable may be less than the total premiums paid.
Information is correct as at 23 November 2015.
This material is issued by HSBC Insurance (Singapore) Pte. Limited.