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Frequently Asked Questions

Questions: General Inquiries

Questions: TravelSurance

Questions: Motor Insurance

Questions: HomeSurance

Questions: AccidentSurance

Questions: Fire Insurance

Questions: Helper Insurance

Questions: HospitalSurance

Questions: FirstCare Medical Insurance

Questions: Cancer Care Insurance Plan

Questions: WholeLife Protection Plan

Questions: Income Goal Insurance Plan

Questions: Target Protection Plus

Questions: Goal Access Universal Life Plan (Protection)

Questions: Goal Access Universal Life Plan (Education)

Questions: Lifestyle Wealth Protection Plus

Questions: EalyIncome Annuity Plan

Questions: Term Protection Plan

Questions: HSBC Comprehensive Critical Illness Protection Plan


Answers: General Inquiries

A1: Why bother with insurance?

Insurance goes hand in hand with risk. Everything you do in life involves some sort of risk. Every day you take risks crossing the road, walking past construction sites and breathing polluted air.

The possibilities for risk are endless, so it's wise to have some kind of medical or life insurance. If you have a family, it is in your interest to protect them.

There are insurance policies that cover just about every risk you can think of, both physical and financial. Considering the benefits available, with proper planning and arrangement the costs you pay can be very reasonable.

The best way to start is to plan what you require by taking into account all the risks involved in your life.

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A2: How do I identify risk?

The things you need to protect or to be protected against in life can be divided into three basic categories:
1. Personal protection. This means protection for yourself and your family. You may need insurance for:

  • Death and disability
  • Medical and health
  • Personal and family income

2. Property and assets. You need to protect the things you own, such as:

  • Your home
  • Household contents
  • Personal belongings
  • Money and valuables

3. Liability. If by chance you are held responsible for a negligent act, you may be legally liable to pay damages. So you may need to be covered for:

  • Your employees (including domestic helpers)
  • Your tenants, if you're a landlord
  • Your rented flat, if you're a tenant
  • Personal and general risks

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A3: How do I protect my assets?

Your assets are your most valuable possessions. They would cost money to replace if they were lost, damaged or stolen. The insurance plans available to protect your assets include:

Property insurance. This protects you against losses arising from damage to your home caused by such things as typhoons, earthquakes, landslides and gas-leak explosions. If you have a mortgage on your home, this type of insurance is compulsory.

Home insurance. This refers to your household belongings, such as furniture, appliances, cameras, computers, jewellery, ornaments, paintings and even the food in your freezer. Most policies also cover your belongings even when they're not in the home, for example, when you take your camera on holiday or wear your jewellery to a party. Some policies also cover personal accident and loss or damage during the decoration or refurbishment of your home.

Travel insurance. This covers you for most of the risks inherent in traveling abroad. Most policies cover personal accident and liability, and loss and theft of your belongings, money and credit cards. Some policies even cover the delay in the arrival of your baggage and extra expenses if your flight is cancelled or delayed. Medical expenses and emergency evacuation are also covered.

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A4: What is liability insurance?

You may be legally liable for any harm, loss or damage you cause to other people or their property. Insurance against these risks is divided into two categories:

  • Statutory liability. If you have domestic helpers, you should compensate them for accidents or loss arising out of and in the course of their employment with you, even if the accident is caused by carelessness. An employees' compensation policy may cover medical expenses, loss of wages, permanent disablement, death and repatriation expenses. If you have a motor vehicle or a pleasure craft, you should also insure yourself against causing damage or injury to others or their property.
  • Third-party liability. If you're a landlord, it is wise to insure yourself against any injury or loss to your tenant or third party while he/she is in your property. If you're a tenant, you can cover yourself for any damage, loss or injury to a third party in relation to the home you're renting, resulting from your negligence. Personal liability insurance will cover you for all non-statutory, third-party risks resulting from negligence, such as property damage or bodily injury you may cause when playing sports.

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A5: What types of life insurance are there?

No one likes to think about the possibility of a serious accident or death, so people often avoid thinking about life insurance. While life insurance protects your family should the worst happen, some policies can also provide an excellent way of saving for your future or your retirement. Depending on the type of insurance plan you have, you may get back what you put into a life insurance scheme with interest when the policy matures.

Some life insurance plans carry a savings element. Part of your premium is invested, often with a choice between a guaranteed return on your money or an investment linked to the performance of the financial market. Whole-life and endowment policies are policies that build up a cash value.

A whole-life policy will stay in force until you die, even if you live up to the age of 100, if you do not wish to cash it in earlier. An endowment policy, on the other hand, matures after a set term of, say, 20 or 30 years.

Both types of policy can accumulate substantial savings. Obviously, the earlier you start, the more you will earn from the policy by the time you retire.

A disablement cover is often attached to whole-life and endowment policies. A term life insurance policy is taken out for a fixed duration or term and will pay a lump sum if the policyholder dies during the term of the policy. The premiums are reasonable for this type of policy, but there is no savings element to it, so the policy will simply cease at the end of the term, with no payable cash value. A term life policy can be linked to a mortgage, whereby the benefits will decrease as the mortgage is paid off.

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A6: What kinds of insurance cover hospital care?

Anyone who has sought private medical care will know the high cost of treatment. Even if you're fit and healthy, it pays to protect yourself and your family. Even a broken finger can be costly to treat.

Health insurance. This will cover you if you need an operation or other hospital care. It will pay in full or in part for the room, medical services and medicines, surgeon's and anesthetist's fees, consultation and outpatient benefits.

Travel insurance. There's nothing worse than falling ill while you're on holiday, especially if you're on a remote island or in a country where you don't speak the local language. Travel insurance will pay for your medical and hospital expenses abroad, and with some policies you will be flown back to your home country for treatment.

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A7: How do I buy a policy?

Today's insurance companies are flexible and accommodating, and buying insurance is a simple procedure once you know what protection you need. Just tell your insurance company what risks you would like covered and the company will usually offer a plan to meet your needs.

When you have chosen a policy or policies, you will be asked to complete a proposal form. The details you give must be truthful and accurate because the premiums and the terms of the policy will be based on the information you provide. Inaccurate information could render the policy invalid and you would not be able to make a claim.

Once the insurance company has accepted your proposal form, an offer will be made to you. Upon acceptance, you will usually be covered within a very short time.

For each policy you have, you must be satisfied that you and your family are fully covered for all the risks you want to cover. Read the policy carefully to see if it meets your requirements. Check the list of exclusions to see what you are not covered for. If you find anything in it that is not what you expected, or that seems questionable, point it out to the insurer and ask for amendments. Some policies have a short review period. If you are not happy with the cover provided, you may return your policy within the review period for a full refund.

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A8: What do I need to do to manage my policy?

Make sure the sum insured is sufficient to cover your needs. Review the policy annually, before renewal, to ensure it keeps up with inflation.

Update your insurance cover regularly to reflect any material changes, such as:

  • Additional purchases
  • Change of occupation, address, etc
  • Major changes in your health

Don't keep your insurance arrangements to yourself. Tell your spouse or best friend about your policies in case you are incapacitated when you want to make a claim.

An insurance policy is a legal document, so you must keep it in a safe place. And remember where you put it!

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A9: How much should my coverage be?

The value of your policy depends on what kind of policy it is. If you're insuring assets, then you must make sure you are covered for the replacement value of your possessions. For example, if your TV set is stolen, your insurance should cover the cost of buying a new one of exactly the same model.

If you're buying life or disability insurance, the amount you insure for depends largely on your needs and how much in premiums you are willing to spend after allowing for your lifestyle and other financial commitments.

Many companies offer packages with various levels of coverage. Simply weigh the insurance amount against the level of premium and then make your choice.

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A10: What should I do in the case of loss, damage or injury?

Take whatever steps are necessary to prevent further loss, damage or injury. Report to the police if your policy stipulates that you should. The police will complete a report with a reference number, which you may need when making a claim. Call your insurance company's hotline as soon as possible.

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A11: How do I make a claim?

You should contact your insurance company's claims department as soon as possible. You will then be asked to fill in a claim form and submit documentary evidence to support your claim:

  • Invoices, receipts and/or estimates for property damage, loss or theft.
  • Full medical evidence and receipts for medical treatment in the case of medical claims.
  • Birth and death certificates for personal accident/life insurance policies where a death benefit is payable.

In liability cases, it is actually the third party who makes the claim so, to a large extent, the claim is out of the policyholder's hands. If the third party is efficient in providing information and evidence, the insurer is in a better position to offer payment to the third party

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A12: How to make an inquiry or lodge a complaint to us on your life insurance policy?

Should you have any inquires or complaints on your life insurance policy, please contact our customer service hotline at 2867 8678.

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TravelSurance

A1:

 

Can non-HKID holders apply for TravelSurance?

Yes, non-HKID holders can apply for TravelSurance as long as the trip starts from, and returns to, the Hong Kong SAR. Please call (852) 2867 8678 or visit any HSBC branch in Hong Kong for application.

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A2: If I am going to study abroad, can I buy TravelSurance?

TravelSurance is specially designed for individuals who are travelling on a journey for leisure or business purpose. The journey should originate from the Hong Kong SAR and the period of travel is not longer than 180 days.

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A3: How can I extend the covered period when I am out of town? Can I do it over the phone?

Yes. Please call (852) 2867 8678 (during office hours) or the Emergency Assistance Hotline (852) 2528 9333 before the covered period ends for enquiry on arrangement.

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A4:

 

What kinds of sports and activities are covered by TravelSurance? Are there any excluded sports or activities?

TravelSurance covers various kinds of sports and activities provided you don't engage in such activities as a professional or in return for remuneration. For example, you are covered for dune driving, sand boarding, safari adventures, whale tours, hot springs, horse riding, cable cars, iceberg climbing, watching auto racing, water sports, skiing, ice-skating, biking, thrill rides at amusement parks etc. TravelSurance also covers hazardous sports activities such as bungee jumping, hang-gliding, parachuting, rafting, speed-boating, jet-skiing, trekking, scuba-diving (not beyond depth of 40 metres), mountaineering, rock-climbing etc.

The following sports and activities are excluded from TravelSurance: racing other than on foot, deep water diving (beyond depth of 40 metres), motor rallies and competitions, professional sports or sports in return for remuneration, aviation other than as a fare-paying passenger in a licensed aircraft operated by a recognised airline.

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A5: In case of emergency, how can I contact HSBC for assistance?

You can call Emergency Assistance Hotline on (852) 2528 9333 at any time for emergency medical and evacuation assistance, travel information, baggage assistance, medical referrals, legal referrals and emergency ticketing. The hotline operates in English, Cantonese and Mandarin.

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A6: Do I need to bear any policy excess?

You have to bear:

  • the first HK$300 for any claim under "Baggage and Personal Effects";
  • the first HK$200 for any claim under "Personal Money and Travel Documents", "Loss of Deposit or Cancellation" and "Curtailment of Journey";
  • the first HK$200 for third party property claim for "Personal Liability".

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A7: Do I need to renew my MultiTrip TravelSurance before expiry?

Unless we have received any written notice of policy termination before the renewal date, the MultiTrip TravelSurance policy will be automatically renewed for one year provided that we have successfully debited the renewal premium from your HSBC account as specified in the application form / policy schedule.

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A8: Can I purchase a China Medical Card for my family members?

Yes. For internet applications, if any of the Insured Persons under Self & Spouse, Self & Children and Family plans are to be covered by the China Medical Card, all Insured Persons under that policy must apply for an individual card. If not all the Insured Persons require China Medical Card, please call (852) 2867 8678 or visit our branches for arrangement

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A9: What extra protection can I receive if a Travel Alert# is issued for the planned destination?

You will be protected against the issuance of the Travel Alert# in the following ways:

Before trip, you may:

  • upon any Travel Alert#, cancel your Single Trip TravelSurance policy and receive a full premium refund;
  • upon Black Travel Alert#, be reimbursed irrecoverable travel-related payments upon cancellation of trip up to HK$50,000.

During the trip, you may:

  • upon any Travel Alert#, have your insurance automatically extended for 10 days free if your trip is unavoidably delayed;
  • upon Black Travel Alert#, be reimbursed the unused irrecoverable prepaid and additional travel-related costs upon curtailment of trip up to HK$50,000;
  • upon Black Travel Alert#, obtain an additional HKD1,000 allowance to subsidise any unexpected cost due to curtailment of trip or unavoidable delay of the scheduled trip.

# Travel Alert refers to travel alert issued by the Government of Hong Kong SAR for the planned destination.

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A10: Is the premium of MultiTrip TravelSurance guaranteed to remain unchanged?

The premium of MultiTrip TravelSurance depends on the coverage options (Self, Self & Spouse, Self & Children, Self & Spouse & Children etc) and the travel destination but it is not guaranteed to remain unchanged. We reserve the right to adjust premiums for particular categories of insured persons if considered to be necessary. We will, however, give you sufficient written notification in advance.

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A11: How can I manage my policy?

You can call (852) 2867 8678 should you have any queries about your policy, or manage your policy at ease by e-Policy Servicing after logging on to HSBC Internet Banking if you are a HSBC internet banking customer. This online service provides you with 24-hour access to your policy details and allows you to submit policy service requests without hassle.

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Motor Insurance

A1:

 

Which documents make up my Insurance Policy?

Your Application Policy Schedule and Policy Wording together make up your insurance policy. Please read the related documents together to make sure you know what covered is provided and any terms and conditions that may apply. Also, the Certificate of Insurance in the pack should always be kept with you in your car as proof of insurance.

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A2:

 

How do I make a change to my Policy?

You have to inform AXA if there are any changes of the insured items or personal details of the policyholder and insured. You may call AXA at (852) 2867 8678 or email axa.bank.gi@axa.com.hk.

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A3:

 

What is No Claim Discount (NCD)?

No Claim Discount (NCD) is a reward to you (the insured) for no claim is made to the policy during any of the periods of insurance specified below. You will earn a 10% discount on the renewal premium with a maximum of 60% discount if no claim is made for 5 consecutive years with the details as below:

(Application to Private Car only)

Period of InsuranceNo claims Discount
(On Renewal Premium)
One year20%
2 consecutive years30%
3 consecutive years40%
4 consecutive years50%
5 or more consecutive years60%

If a claim is made or being claimed during a period of insurance of which you are entitling NCD 40% or less, your NCD will be forfeited and resume from 0% at the renewal year.

If a claim is made or being claimed during a period of insurance of which you are entitling NCD 50% or 60%, your NCD will be reduced to 20% or 30% at the renewal year respectively. However, if you make more than one claim or being claimed , your NCD will be forfeited and resumed from 0% at the renewal year.

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A4:

 

What is M.I.B.?

M.I.B. ("Motor Insurers' Bureau of Hong Kong") is a company incorporated in Hong Kong and limited by guarantee. All motor insurance policies issued in Hong Kong must contribute a levy based on the policy premium to M.I.B., this M.I.B. surcharge will be included and shown in the premium breakdown on Policy Schedule. It provides compensation to victims of traffic accidents where the drivers concerned are uninsured or untraceable, or the insurers concerned are insolvent.

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A5:

 

Why sum insured is not required during application?

AXA gives you a hassle free to assess the car value every year. AXA will indemnify you against loss of or damage to your car based on the Market Value of the insured car at the time of loss. Market Value means the cost of replacing the insured car with one of the same make and model, of similar condition, specification and age as prevailing immediately before the accident. Thus, sum insured is not required for this.

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A6:

 

What is "Excess"? What kind of "Excess" applies to me?

Excess is the amount of that you have to contribute towards the cost of a claim, it will be applicable depending on the type of claim made as well as the person is driving the insured car at the time of the accident.

General Excess is applicable to the loss of or damage to the insured car for Comprehensive Cover only.

Third Party Property Excess is applicable to any claim for indemnity against liabilities for third party property damage.

Young Driver Excess is applicable if the person, who is driving the insured car at the time of accident, is below the age of twenty five (25) years old. 

Inexperienced Driver Excess is applicable if the person, who is driving the insured car at the time of accident, has held a valid driving license for a period less than 2 years.

Unnamed Driver Excess is applicable if the person, who is driving the insured car at the time of accident, is not named in the Policy Schedule or Certificate of Insurance but who is authorized by the policyholder to drive the insured car.

Theft Loss Excess is applicable to the insured car if a claim is arising out of theft or attempted theft.

Parking Damage Excess is applicable to the insured car if the loss or damage occurs whilst the insured car is parked.

If the insured driver is aged 25 below, holding a valid driving license less than 2 years and not named in the Policy Schedule at the time of accident, where Young Driver Excess, Inexperience Driver Excess and Unnamed Driver Excess are all applicable at the same time, these three excesses will be calculated cumulatively in addition to General Excess or Third Party Property Excess whichever is applicable.

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A7:

 

Why the Policy Schedule is not given?

If the Vehicle Registration Number is not provided, you will only receive the Certificate of Insurance at the time of policy issuance. Please contact AXA at (852) 2867 8678 or email to axa.bank.gi@axa.com.hk within 14 days of policy issuance to provide your Vehicle Registration Number. AXA will email you the Policy Schedule, updated Certificate of Insurance and other related documents.

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A8:

 

What is NCD Protection (applicable to Comprehensive Cover only)?

Under No Claim Discount (NCD) Protection, if the total claims in aggregate during the current Period of Insurance do not exceed the amount of HKD60,000 or 30% of the insured car's reasonable market value (whichever is the lesser) then you will be entitled to the same NCD upon renewal. However, NCD Protection does not apply if NCD is to be transferred to any other insurance company for whatever reason including non-renewal by both parties. In addition, NCD Protection also does not apply if your insured car falls under the Car Grouping 99 as set out in the Policy Schedule.

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A9:

 

What is Rental Car (applicable to Comprehensive Cover only)?

When your car is being repaired exceeding 48 hours due to a car accident necessitating immobilized, or being stolen and not found within 48 hours, AXA will reimburse the cost of rental car given the make and model of the rental car is identical or similar to your car, and not better nor more expensive than your car; however you have the named driver has to bear 20% of the rental costs.

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A10:

 

If I take "Third Party Only" Cover and also select Add-on benefit of "Personal Accident to the Named Driver", will this optional cover apply to all named drivers of my policy?

Add-on benefit "Personal Accident to the Named Driver" under "Third Party Only" Cover only applies to the named driver, who aged between 18 and 70 years old at the time of accident sustains bodily injury.

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A11:

 

Can I change the policy details after the policy has been issued?

You can change the policy details (eg. addition of named driver) but premium, terms and conditions may be different from originally given. Please call our insurance services hotline at (852) 2867 8678 or email to axa.bank.gi@axa.com.hk for enquiry.

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A12:

 

Is the premium guaranteed to remain unchanged during the period of insurance and upon policy renewal?

The premium is based on a number of factors including the type of cover, the Add-on benefits you choose, the car to be insured and driver profiles but it is not guaranteed to remain unchanged. AXA reserve the right to adjust premiums if considered to be necessary.

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A13:

 

Can non Hong Kong resident apply for Motor Insurance?

No. We only accept application from Hong Kong resident who has valid HKID and Hong Kong Driving License.

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A14:

 

How can I manage and renew my Motor Insurance policy?

You can call our insurance services hotline (852) 2867 8678 or email to axa.bank.gi@axa.com.hk should you have any queries about your policy and may receive your insurance renewal notice email at least 1 month before your policy expiry date. This will contain your next year's premium and terms and conditions.

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A15:

 

Can I cancel my Motor Insurance policy?

You can cancel your policy at any time by giving AXA a 7-days in-advance notice (provided no claim has arisen during the current Period of Insurance and the Current Certificate of Insurance has been returned to AXA on or before the date of cancellation). You shall be entitled to a pro-rata refund of premium for the period the Policy is not in force subject to a minimum non-refundable premium of amount HKD$500 (not including M.I.B. surcharge) for policy cancellation.

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A16:

 

What do I do in the event of an accident?

In the event of a traffic accident, please remember to:

  • Keep clam and report to the Police immediately;
  • Obtain the third party driver's particulars including name, contact number and insurer (if known);
  • Record the registration number of third party's vehicle;
  • Record the damage condition (by taking photo);
  • If there are any witnesses, note their names and contact numbers;
  • Call our 24-hour assistance hotline at (852) 2851 1990 if you need our assistance including emergency roadside assistance^, towing of the motor car^, rental vehicle^, general information of traffic regulation, advice on claim procedure, etc.;
  • Call 24-hour accident assistance hotline at (852) 2851 1990 to have your repairs at AXA Premium Workshops;
  • Inform AXA as soon as possible with full particulars;
  • Immediately notify AXA or forward to AXA every letter, claim, writ, summons and process. Please do not answer by yourself.

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A17:

 

How do I make a claim?

In order to get your claim processed promptly, please provide AXA the following:

  • a completed duly signed claim form;
  • a copy of the valid Vehicle Registration Document (both sides) of the insured car;
  • a copy of the insured driver's HKID and Driving Licence;
  • a Personal Data (Privacy) Ordinance Data Access Request Form and Letter of Authorization signed by the driver;
  • repair quotation from the repairer, if applicable;
  • a copy of the Screening Breath Test Result Form, if applicable;
  • Police Correspondence, including Notice of Intended Prosecution, police statements, etc.;
  • copy of any third party correspondence, summons or writs.

Submit to AXA by:

  1. Mail to: P.O. Box No. 91012 Tsim Sha Tsui Post Office, Kowloon, Hong Kong;
  2. Fax to: (852) 2285 6237;
  3. Email to: motor.claims@axa.com.hk;
  4. Fill out HSBC online claim form.

Pay attention:

  1. Notify AXA within 7 days of the accident;
  2. Do not admit liability, make any offer, promise anything or make payment to any other party without AXA's written consent;
  3. Notify AXA immediately if you know about any impending prosecution, inquest or fatal inquiry in connection with the accident.

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HomeSurance

A1:

 

I already have a Fire insurance policy. Why do I need HomeSurance?

These two policies are different. HomeSurance protects household contents inside the house, such as furniture, electrical appliances, improved fixtures and fittings, etc, and personal belongings that you take when you're out of home.

Fire insurance covers the building structure such as walls, windows, ceiling, floor, pipes and the property's original fixtures and fittings. Fire insurance claims can be made for damage caused by fire and other named perils such as typhoon and landslide, explosion, etc.

Therefore, the covers are complementary. For comprehensive protection you should consider buying both insurance policies.

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A2:

 

What will be covered if a water pipe bursts? Will the policy cover my personal liability if the water damages another property such as the apartment downstairs?

In the event of a burst pipe, HomeSurance will cover:

  • loss or damage of your household contents;
  • cost of reasonable temporary accommodation whilst your home is uninhabitable due to damage of your household contents;
  • cost of temporary storage of furniture.

If the pipe is your own improvement to the original fixture and its bursting is caused by accidental damage not specifically excluded under the policy, the relevant repair cost will also be covered.

If the water from the burst pipe damages another property, your personal liability for such damage will also be covered if you are held legally liable for the situation.

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A3: Will the interior decoration of my house be covered?

Scenario 1: Interior decoration is provided by developer

  • as a landlord - cannot be covered under HomeSurance, it should be covered under your Fire Insurance.
  • as a tenant - can be covered under HomeSurance if it is specified under the tenancy agreement that you are responsible for it.

Scenario 2: Interior decoration has been improved by you

  • as a landlord or tenant - can be covered under HomeSurance as it is your own improvement.

Scenario 3: Interior decoration is bought from developer at additional cost as a package

Provided that the claimant can furnish evidence to prove such interior decoration was bought from the developer at extra costs:

  • as a landlord - can be covered under HomeSurance. We will regard the decoration, fixture and fitting and furniture paid by additional money as part of your own improvement.
  • as a tenant - can be covered under HomeSurance if it is specified under the tenancy agreement that you are responsible for it.

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A4: Most of my electrical appliances are fairly old. Will they be covered?

HomeSurance provides cover for accidental loss of or damage to household contents regardless of whether the insured items are new or old. Regarding the indemnity of the loss, they are covered on a "New For Old" basis, without any deduction for depreciation. If the appliances are stolen or beyond repair, they will be replaced by a new article of the same kind which is of similar but not better quality.

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A5: In the event of falling window frame, does HomeSurance cover me?

If someone is injured or their property is damaged by a window frame falling from your home, HomeSurance will indemnify you against your personal liability if you are held legally liable for the situation not being excluded under the policy. The personal liability benefit covers you against liability up to HK$10,000,000 in the event that the negligence of yourself, your family or your domestic helper results in accidental injury to a third party or damage to third party property.

For the damage of the window frame:

  • if it is your own improvement and the falling is proved to be an accident not being excluded under the policy, such loss will be covered under HomeSurance;
  • if the window is an original fixture, you can make a claim under Fire Insurance provided that the falling is caused by the named perils.

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A6: What isn't covered under this policy? Are there any excesses for claims?

General policy exclusions:

  • Theft or malicious damage if your home is unoccupied for more than 30 consecutive days;
  • Theft in your home if any part is let;
  • Loss of or damage to spectacles, contact lenses, portable/mobile phones, pagers, records, recording tapes, laser discs, sports equipment while in use, etc;
  • Theft from any unattended, convertible or open vehicle;
  • Belongings in or on verandas, balconies, patios, terraces and forecourts which are generally in the open;
  • Fixtures and fittings except tenants/leasehold/landlord improvements;
  • Loss or damage due to wear and tear, moths, woodworm, beetle or other insects and vermin;
  • Loss or damage due to fungus, rot, damp, rust, corrosion or any other atmospheric or climatic condition;
  • Loss or damage due to misuse or use contrary to manufacturer's instructions;
  • Loss or damage due to scratching of glass faces on watches or clocks;
  • Loss or damage due to any process of cleaning, dyeing, alteration, repairing, maintaining, renovation or restoring.

Excess where applicable:

1. Household Contents and Worldwide 'All Risks' Benefits:

  • Water damage claim: the first HK$1,000 of each claim (apart from Additional Covers "Alternative Accommodation", "Storage of Furniture" and "Removal of Debris").
  • Non-water damage claim: Plan A - the first HK$300 of each claim; Plan B and Plan C - the first HK$500 of each claim (apart from Additional Covers "Alternative Accommodation", "Storage of Furniture" and "Removal of Debris").

2. Golfer Insurance: the first HK$500 of each claim (not applicable to "Hole in One" benefit).

3. Loss of Rent Insurance: the first two weeks' rent.

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A7: How do you determine the value of my possessions when I submit the claim?

The claim payment for loss of contents follows the "New For Old" basis under which any property which is stolen or damaged beyond repair will be replaced with a new article of the same kind which is of similar but not better quality. The cost of repairing any damaged property is also covered. It will be easier to determine the value if you can provide us the purchase invoices, receipts or the repair quotations of the possessions.

If an article which is part of a pair or set is lost or damaged, the measure of loss shall be a reasonable and fair proportion of the total value of the pair or set, giving consideration to the importance of the article.

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A8: Is the premium guaranteed to remain unchanged?

The premium depends on the plan level (Plan A / Plan B / Plan C), the optional cover and the gross floor area of your home but it is not guaranteed to remain unchanged. We reserve the right to adjust premiums for particular categories of insured homes if considered to be necessary. We will, however, give you sufficient written notification in advance.

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A9: How can I manage my policy?

You can call 2867 8678 should you have any queries about your policy, or manage your policy at ease by e-Policy Servicing after logging on to HSBC Internet Banking if you are a HSBC internet banking customer. This online service provides you with 24-hour access to your policy details and allows you to submit policy service requests without hassle.

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AccidentSurance

A1: How do you classify an incident as an Accident?

An accident is an unexpected, unforeseeable and external event, such as a fall or a car crash, which causes physical injury like a broken limb or torn muscle. A disease or an illness is not classified as an accident.

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A2:

 

What types of medical expenses are covered under this plan? Can I claim for outpatient expenses incurred through sickness?

If you sustain an accidental injury, such as a broken arm, this insurance plan will cover you for any necessary and reasonable expenses incurred for in-hospital and outpatient medical, surgical or nursing treatment, including the costs of medical supplies, ambulance hire or professional home-nursing fees. However, the cost of dental care and treatment is not covered unless such treatment is an emergency and is caused by accidental injury to sound natural teeth.

As sickness is not classified as an accident, the medical expenses incurred cannot be covered under this plan.

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A3: My son is planning to study abroad for a few years. Can he be covered under the policy?

The insured person must be resident in Hong Kong at the time of their application. If they subsequently live abroad for a continued period or study overseas, they will still be covered under AccidentSurance.

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A4:

 

I'm now working for the Hong Kong Police Force as an internal supporting staff. Will I be covered during working hours? Will the protection be continued if I take up an operational role later? Should I report when I change my occupation?

Yes, supporting staff of the Hong Kong Police Force are covered under the plan during working hours provided that they are carrying out clerical duties. However, if you take up an operational role, you will no longer be covered for any accident incurred at the time of carrying out duties.

You are not required to inform us of any change of occupation. However we advise you to review whether your new job is classified as one of the excluded occupations under the policy exclusion.

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A5: Is any proof required when I submit a claim?

You are required to fill in a claim form and submit documentary evidence (at your expense) to support the claim:

  • For claims of accidental death or injury benefits, the claimant has to submit reports such as medical reports, attending physician's report, police reports, death certificate, the coroner's report and other related documents;
  • For claims of medical expenses or Chinese bonesetter expenses, the claimant has to submit full medical evidence, original receipts and other related documents of medical treatment.

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A6:

 

If any medical expenses or Chinese bonesetter expenses have been fully paid by another insurer or employer, can I also claim reimbursement under AccidentSurance?

No, we will only be liable for the excess of the amount recoverable from another source. However, the cash benefit for accidental death and disability will not be affected by other insurance covers.

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A7:

 

I suffered an injury when riding on a motorcycle as a passenger. Can I be covered under AccidentSurance?

No, AccidentSurance excludes accidental injury or accidental death directly or indirectly caused by or resulting from motorcycling and other listed hazardous activities.

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A8: Does AccidentSurance cover acupuncture, Chinese herbal treatment and dental treatment costs?

The insurance plan provides cover for Chinese bonesetter expenses and emergency dental treatment caused by accidental injury to sound natural teeth only, but does not cover the cost of acupuncture and Chinese herbal treatment.

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A9: Is the premium guaranteed to remain unchanged?

The premium depends on the coverage options (Self, Self & Spouse, Self & Children, Self & Family) and plan level (Plan 1 / Plan 2), and generally does not increase with age or be affected by your health condition. However, we reserve the right to adjust premiums for particular categories of insured persons if considered to be necessary. We will, however, give you sufficient written notification in advance.

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A10: How can I manage my policy?

You can call 2867 8678 should you have any queries about your policy, or manage your policy at ease by e-Policy Servicing after logging on to HSBC Internet Banking if you are a HSBC internet banking customer. This online service provides you with 24-hour access to your policy details and allows you to submit policy service requests without hassle.

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Fire Insurance

A1: What will be covered by Fire Insurance? What if the damages incurred from some other natural hazards like typhoon, flood etc., will it be covered?

Fire Insurance covers your home structure, or fixing and fittings, against hazard and provides you with the financial resources to replace what you have lost.
There are two plans for selection, one is Standard Cover and the other is Comprehensive Cover.

Here outlines the features of Standard Cover:
- Fire and lightning
- Explosion
- Typhoon, windstorm and flood
- Landslide and subsidence
- Earthquake

Here outlines the features of Comprehensive Cover:
- Fire and lightning
- Explosion
- Typhoon, windstorm and flood
- Landslide and subsidence
- Earthquake
- Damage caused by aircraft
- Vehicle impact (caused by a third party's vehicle)
- Riot and strike
- Malicious damage
- Burst or overflow of water tanks, apparatus & pipes

The above information is intended as a general summary. Please refer to the policy wording for exact terms and conditions and details of the exclusions.

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A2:

 

Will the damage of the electrical machines be covered?

Damage to any electrical machine or apparatus arising from its own over-running, excessive pressure, short-circuiting, self-heating, arcing or leakage of electricity arising from whatever cause (lightning included) will not be covered under this Policy.

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A3: Can I still apply the Fire Insurance if my mortgage loan is not with HSBC?

Fire Insurance is underwritten by AXA General Insurance Hong Kong Limited which is authorised and regulated by the Commissioner of Insurance of the Hong Kong SAR. The Hongkong and Shanghai Banking Corporation Limited is registered in accordance with the Insurance Companies Ordinance as an insurance agent of AXA General Insurance Hong Kong Limited for distribution of general insurance products in the Hong Kong SAR. This Policy will still be accepted even your home mortgage loan is not provided by HSBC.

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A4:

 

How can I apply Fire Insurance?

You can apply for Fire Insurance through our public website or logging on to the HSBC Personal Internet Banking if you have a HSBC Personal Internet Banking account. Or visit our branch.

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A5: How can I manage my insurance policy?

You can call Insurance Service Hotline at (852)2867 8678 should you have any queries about your policy, or manage your policy at ease by e-Policy Servicing after logging on to HSBC Internet Banking if you are a HSBC internet banking customer. This online service provides you with 24-hour access to your policy details and allows you to submit policy service requests without hassle.

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A6:

 

Is the premium guarantee to remain unchanged?

The premium of Fire Insurance depends on the sum insured amount and plan chosen which is not guarantee to remain unchanged. AXA General Insurance Hong Kong Limited reserves the rights to adjust premiums for particular categories of the insured home if considered to be necessary. AXA General Insurance Hong Kong Limited will, however, give you sufficient written notification in advance.

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A7:

 

My property is more than 40 years of age, does it fulfill the application requirement?

Underwriting will be required if the age of property is 40 years old or above.

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A8: I'm the owner of a Café located in a building, can I apply the Fire Insurance for my café?

The insured property must not be used for any commercial purposes and is situated in a permanent residential building in Hong Kong SAR.

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A9: I'm the tenant of my apartment, can I apply Fire Insurance for this property?

Under this Policy, you must be/will be the legal owner of this insured property by the Policy Commencement Date, the tenant of the property does not qualified and does not need to apply this Policy.

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A10: I already have a Home Insurance Policy, do I still need the Fire Insurance?

These two policies are different. Home Insurance protects household contents inside the house, such as furniture, electrical appliances, improved fixtures and fittings, etc, and personal belongings that you take when you're out of home.
Fire Insurance covers the building structure such as walls, windows, ceiling, floor, pipes and the property's original fixtures and fittings. Fire Insurance claims can be made for damage caused by fire and other named perils such as typhoon and landslide, explosion, etc. Therefore, the covers are complementary. If you need comprehensive protection, you may consider buying both insurance policies.

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A11: How much of the sum insured I should purchase for this Policy?

The insured can select the original mortgage loan value, property reinstatement cost, or current mortgage loan value (provided it is not below the property reinstatement cost) as the sum insured for the fire insurance policy. If the insured has chosen the current mortgage loan value or property reinstatement cost option, the insurance coverage will be subject to change according to the annual property valuation and the insured will need to pay a valuation and administration charge of HKD700 at inception and upon each policy renewal. Such charge will be debited together with the insurance renewal premium. The policy is subject to a minimum non-refundable premium of HKD 400.

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A12: Can I use credit card with monthly premium payment for my Fire Insurance policy?

Fire Insurance is an annual policy with annual premium payment and the premium payment account must be HSBC credit card or savings/current account(for Internet Banking only).

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Helper Insurance

A1:

 

What will be covered by Helper Insurance?

Helper Insurance provides domestic helper coverage with extra benefits in excess of your legal obligations as a responsible employer.

There are two plans for selection, one is Basic Plan and the other is Comprehensive Plan. The Annual premium for Basic Plan is HKD 585.00 and Comprehensive Plan is HKD 860.00.

Here outlines the features of Basic Plan:
- Employee's compensation
- Hospital expenses
- Repatriation expenses
- Personal effects

Here outlines the features of Comprehensive Plan:
- Employee's compensation
- Hospital expenses
- Clinical expenses
- Dental expenses
- Repatriation expenses
- Personal accident(at home)
- Replacement of helper
- Infidelity (loss due to fraud and dishonesty)
- Personal liability
- Temporary helper allowance
- Unauthorised use of IDD
- Personal effects
- Lock replacement (due to infidelity or repatriation of helper)

The above information is intended as a general summary. Please refer to the policy wording for exact terms and conditions and details of the exclusions.

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A2: Will suicide, self-inflicted injuries or pregnancy be covered?

Suicide, self-inflicted injuries or pregnancy will not be covered under this Policy.

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A3: How can I apply Helper Insurance?

You can apply through HSBC public website or logging on to the Personal Internet Banking if you have a HSBC Personal Internet Banking account.

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A4:

 

How can I manage my insurance Policy?

You can call Insurance Service Hotline at (852)2867 8678 should you have any queries about your policy, or manage your policy at ease by e-Policy Servicing after logging on to HSBC Internet Banking if you are a HSBC internet banking customer. This online service provides you with 24-hour access to your policy details and allows you to submit policy service requests without hassle.

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A5: Is there any age restriction to helper under this Policy?

This Policy does not cover any insured helpers who are:
(a) Not aged between 18 and 59 on inception of the Insured Helper's insurance or
(b) Aged above 64 on subsequent insurance renewal.

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A6: I have employed two domestic helpers, do I apply a Policy to each of them or can one Policy cover both helpers?

Each Helper Insurance policy covers one insured helper only.

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A7: What will happen to this Policy if my existing insured helper will be resigned and a new helper will become her replacement? Shall I apply a new Helper Insurance policy for the new employed helper?

During the Period of Insurance, same benefits shall be payable for any new Insured Helper replacing an existing Insured Helper named in the Schedule less any amount already paid in respect of loss or damage sustained by the existing Insured Helper. To change of insured helper, new application is not required, you may replace the existing helper's information by completing and sending the "General Insurance Amendment Request Form" to AXA General Insurance Hong Kong Limited.

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A8: Does the coverage include injury cost outside Hong Kong, for example Philippines?

This Policy covers the following geographical area:
(a) Hong Kong
(b) Worldwide when accompanying the Policyholder or the Policyholder's family members on oversea trips.

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A9: My existing insured helper has resigned before the Policy period expires, can I cancel the Policy and get the refund of the premium?

The Policyholder may at any time cancel this Policy by delivering to AXA General Insurance Hong Kong Limited a seven day's prior notice in writing. Provided no claims has arisen during the Period of Insurance, the Policyholder shall be entitled to a partial refund of the total premium paid during the current Period of Insurance as follows:

Period Covered Before Cancellation (not exceeding) Premium Refund
4 months 50% of total premium paid
5 months 40% of total premium paid
6 months 30% of total premium paid
8 months 20% of total premium paid
Over 8 months Nil

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A10: Is the premium guarantee to remain unchanged?

The premium of Helper Insurance depends on the plan chosen and it is not guarantee to remain unchanged. AXA General Insurance Hong Kong Limited reserves the rights to adjust premiums for particular categories of insured helper if considered to be necessary. AXA General Insurance Hong Kong Limited will, however, give you sufficient written notification in advance.

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HospitalSurance

A1:

 

Why are pre-existing conditions not covered? Why are some sicknesses excluded during the first year and some excluded during the first six months?

Pre-existing conditions are commonly excluded in medical and hospitalisation policies because it is not the insurer's intention to cover the cost of an existing condition. Therefore, it is usual to exclude injuries or sicknesses which occur, exist, commence or present signs or symptoms before the commencement of the policy coverage. The definition of pre-existing condition is defined in the policy document. Please refer to the policy for details.

The sickness listed as exclusions are mostly common chronic illnesses which normally require a development period ranging from six months to one year. Some diseases require a longer range of development cycle to develop symptoms than others. In general, those illnesses excluded during the first year are believed to have a longer development period (e.g. Tumours of internal organs).

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A2: What is the waiting period?

Medical insurance normally has a term "waiting period" which means no coverage on any illnesses will be offered during that period. To provide you with instant protection, our HospitalSurance does not have waiting period. However, for illnesses that are identified as exclusion at the inception of policy will not be covered at any time within the policy period.

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A3: Why is hospitalisation covered only if there is treatment involved?

The plan aims to cover those who are hospitalised due to sickness or injuries and therefore treatment must be involved.

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A4:

 

Can I claim my surgical expenses if they have been fully reimbursed by my employer or another insurance policy?

If your surgical expenses have been fully reimbursed by a third party, you will not receive further reimbursement from HospitalSurance under surgical benefit. However, you are still entitled to daily hospital cash benefit if you are hospitalised due to a covered medical condition.

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A5: Is medical examination required?

Applying for HospitalSurance is simple and easy. You are not required to have medical check-up which means you are free from any additional medical check-up fee.

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A6: How do I get my 30% no claim bonus?

If you have not made a claim for five consecutive years, you will receive a cash refund of 30% of the premiums you have paid. This refund will be credited automatically to the account which you have used to pay your premiums.

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A7: Does the coverage include hospitals outside Hong Kong?

If you are away from Hong Kong for less than 90 days at the time of your hospitalisation, you will be covered at any hospital anywhere in the world as long as the hospital is legally constituted and registered.

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A8: Is hospitalisation in relation to pregnancy covered under the policy?

No. Any claims in respect of pregnancy, childbirth (including diagnostic tests for pregnancy and surgical delivery), miscarriage, abortion and pre-natal or postnatal care are excluded

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A9: Is the premium guaranteed to remain unchanged?

The premium depends on the plan level (Plan A / Plan B / Plan C / Plan D) and your age at entry but it is not guaranteed to remain unchanged. We reserve the right to adjust premiums for particular categories of insured persons if considered to be necessary. We will, however, give you sufficient written notification in advance.

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A10: How can I manage my policy?

You can call 2867 8678 should you have any queries about your policy, or manage your policy at ease by e-Policy Servicing after logging on to HSBC Internet Banking if you are a HSBC internet banking customer. This online service provides you with 24-hour access to your policy details and allows you to submit policy service requests without hassle.

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Refundable HospitalSurance

Q1:Can the same Insured Person apply for more than one Refundable HospitalSurance policy?

Each Insured Person can only apply for ONE Refundable HospitalSurance or HospitalSurance policy.

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Q2: Can I apply for a family plan?

Family plan is not available under Refundable HospitalSurance. However, as applicant, you can apply for your spouse or children with each insured person covered under an individual Refundable HospitalSurance policy.

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Q3:Is there any waiting period before the Insured can enjoy the protection?

There is no waiting period. Application is instantly approved and the Insured can enjoy immediate protection. However, the policy contains provision on pre-existing medical conditions, please refer to the policy for details.

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Q4:How does the premium waiver work?

If an Insured Person unfortunately suffers total permanent disability and remains disabled for over 183 days, he/she can continue to enjoy the protection for the remaining policy period with premium waived. If the Insured Person is a child, premium waiver will apply if the policyholder suffers total permanent disability.

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Q5:Will the refund amount be affected if the Insured has made claims?

The premium refund will not be affected whether the Insured has made any claims or not. Upon policy termination/maturity, the calculation of refund amount will be based on the policy in-force period and the relevant refund % as stated in the policy.

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Q6: If the policy is surrendered at times during a policy year, e.g. 6 years and 2 months, how will the premium refund be calculated?

The premium refund is calculated as a % of total premium paid according to the premium refund schedule. If an Insured Person terminates the policy any time during the policy year, the % will be determined by the latest policy year that the policy has completed before termination. In this case, the cash refund will be 35% (completed 6th year) of the total premium paid.

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Q7:Is the renewal guaranteed?

Renewal is not guaranteed. Renewal notice will be sent to applicant before policy expiry. The renewal decision will be subject to the Insurance Company's underwriting decision.

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Q8: If I would like to replace my existing HospitalSurance with Refundable HospitalSurance, do I need to undergo any underwriting?

Please note that underwriting will be required for application of the Refundable HospitalSurance even as replacement for the existing HospitalSurance and any pre-existing conditions upon application will be excluded.

An Insured Person can only be insured under either HospitalSurance or Refundable HospitalSurance. You are suggested to review your own protection needs and the condition of no claims refund of HospitalSurance before making any policy replacement. For customers who replace their existing HospitalSurance with Refundable HospitalSurance, there will be no pro-rata payment of the no claims refund under HospitalSurance.

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FirstCare Medical Insurance

A1: Will I be guaranteed to renew my plan even if I have made a claim? Is the premium guaranteed unchanged?

Plans are guaranteed lifetime renewable, except where there has been, overdue payments or shortfall arising from a claim or fraudulent claims. However, the premium rates and age range of each group are not guaranteed. The premium payable upon renewal and the terms of the renewed policy may not be the same as the existing policy and will be determined by AXA. Please refer to the premium table as shown in the enclosed insert for details of the premium rates for different plans and options, which may be changed from time to time by AXA without prior notification.

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A2: How do I enrol my family members?

Simply enrol your immediate family members (i.e. spouse or children) by filling in their details on the amendment form. Then select different plan and optional benefits for your family members under the same policy to meet their individual medical needs. If any of the Optional Supplementary Major Medical Benefi ts is / are selected, the plan selected must be the same as the core Hospital and Surgical Benefits.

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A3: Does overseas inpatient coverage only apply to emergencies? What if I emigrate to another country?

Overseas treatment is covered under Hospital and Surgical Benefits, except in the case of the Optional Supplementary Major Medical Benefits where it will cover only accident or emergency situations. The cover is intended for occasional visits overseas, and different countries have different treatment costs. If you emigrate to another country you may need to see if the coverage is adequate for you, and this is likely to depend upon the country you have chosen.

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A4: Do I need to settle the medical bill first and claim reimbursement later if I am hospitalised out of Hong Kong?

If you receive treatment out of Hong Kong, then you will have to settle the bill fi rst and claim reimbursement from us. For detailed procedures, please refer to the policyholder user guide which will be provided to you together with the policy contract after your policy takes effect.

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A5: If I feel unwell and my doctor refers me to a hospital for further investigation, will this be covered by the policy?

The policy does not cover medical expenses arising from hospitalisation primarily for investigation or physiotherapy. For it to be a legitimate claim, you must receive therapeutic treatment during the hospitalisation in addition to the investigation.

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A6: Do I need to renew my FirstCare policy before it expires each year? What if I decide to cancel the policy?

A renewal notice will be sent to you around one and a half month before the current policy term expires. If you decide not to renew the policy, you will need to inform us in writing one month before policy expires, or the policy will be renewed automatically.

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A7: How long must I have to stay in the hospital for a claim to be eligible?

It depends on the nature of the hospital treatment. For surgical cases, no minimum confinement is required; in other cases, you are required to register as an inpatient in the hospital for at least 12 consecutive hours.

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A8: Is there any cover for laser or plastic surgery?

FirstCare does not cover cosmetic or plastic surgery. However, laser treatment to cure illnesses of covered disabilities will be covered.

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A9: How can I get the latest designated mainland China hospitals list?

You may check the latest designated mainland China hospitals list at here or call our Insurance Service Hotline on (852) 2867 8678, or Worldwide emergency and medical helpline on (852) 2862 0199.
As the designated mainland China hospitals list may change from time to time, please be advised to confirm the availability of your selected hospital prior to admission.

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A10: How can I manage my policy?

You can call (852) 2867 8678 should you have any queries about your policy, or manage your policy at ease by e-Policy Servicing after logging on to HSBC Internet Banking if you are an HSBC internet banking customer. This online service provides you with 24-hour access to your policy details and allows you to submit policy service requests without hassle.

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Cancer Care Insurance Plan

A1: Is medical check-up required?

Application for Cancer Care is easy with no medical check-up is required.

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A2: Is my family member entitled to be covered under the same benefit level as I am?

Yes. The benefit level of your family member can be the same as or lower than your selected benefit level. For example, if you select Plan B - Essential, your family member can select either Plan B - Essential or Plan A - Basic.

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A3: Will I be guaranteed to renew my policy even if I have made a claim? Is the premium guaranteed unchanged?

Your policy is renewable up to 79 years old at each policy anniversary upon payment of premium on or before the premium due date and subject to the availability of the policy.

However, the premium rates are not guaranteed. Premium will be adjusted based on the attained age of the insured person on each policy anniversary. AXA reserves the right to revise the benefits, review and adjust the premium rates upon policy renewal.

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A4: Do I need to renew my policy before the policy anniversary each year? What if I decide to cancel the policy?

A renewal notice will be sent to you 45 days before the policy anniversary. If you decide not to renew the policy, you will need to inform us at least 30 days before the policy anniversary, or the policy will be renewed automatically for another year subject to the payment of the renewal premiums before the due date as determined by us.

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A5: Is there any waiting period for Cancer Care?

Yes, the waiting period is 90 days from the original commencement date of the policy or the effective date of last reinstatement (whichever is later). All benefits shall not be payable at any time under the policy for any cancer, carcinoma-in-situ and early stage cancer, diagnosed or with the signs or symptoms of which first occurred within the waiting period.

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A6: How can I manage my policy?

You can call (852) 2867 8678 should you have any queries about your policy, or manage your policy at ease by e-Policy Servicing after logging on to HSBC Internet Banking if you are an HSBC internet banking customer. This online service provides you with 24-hour access to your policy details and allows you to submit policy service requests without hassle.

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WholeLife Protection Plan

A1:

 

Is WholeLife Protection Plan a saving plan with free insurance coverage?

No. WholeLife Protection Plan is a life insurance plan that gives you protection for the whole of your life. In addition, it has a savings element that provides you with a guaranteed cash return to help you achieve your target savings.

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A2:

 

When do I get my return and what happens if I need to access some cash?

The policy is paid up at maturity and you can access its cash value when the policy matures. However, you are allowed to withdraw any accumulated dividends whenever you want. In addition you can borrow from the plan before it reaches maturity, provided that the amount does not exceed 90% of the total value of the plan, less any previous unpaid borrowed amount. The interest rate will be advised at the time of the borrowing.

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A3:

 

How much can I get back if I surrender the policy?

You can get back the guaranteed cash value plus any dividends accrued (plus the balance of a single payment subject to a surrender charge for single payment policies). Please note that If you cash in or surrender your policy before the maturity date, the amount you get back may be less than the premiums you have paid.

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A4:

 

How much is the insurance charge of the policy?

The insurance charge is determined according to your age, gender and whether you smoke or not.

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A5:

 

How is the dividend determined? Is it guaranteed?

The dividend is declared by us annually, based on the insurance company's overall business performance and investment return. Therefore it is not guaranteed.

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A6:

 

What documents should I take note of?

Our Wealth Management Manager / Premier Relationship Manager will go through the following documents before you apply for the plan. It is important to read these documents and understand the product before making your purchase:

  • A product brochure which describes the key benefits and features of the plan
  • A proposal illustration which shows both the guaranteed and non-guaranteed cash value and the required premiums of the plan
  • A Financial Planning Report with suggested plan and rationale for the recommendation
  • The Terms and Conditions of the policy.

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A7:

 

What if I change my mind after purchasing the plan?

As with all life insurance plans, you can review your policy and decide whether the plan is suitable for your needs within the cooling-off period. If you decide not to take out the plan within the cooling-off period, we will refund all premiums you have paid. In the case of a single payment policy, the refund will be adjusted by the amount by which the value of the investment for this single payment has fallen at the time your cancellation letter is received by us.

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A8:

 

If I choose to pay with a single payment, can I withdraw the balance of the single payment during the term?

The single payment option allows you to pay all the required premiums at a discounted value. The money will be locked into an investment to ensure the premiums paid together with the projected investment return will be sufficient for future payments. Therefore you cannot withdraw the balance of a single payment unless you surrender the policy, for which a surrender charge will be imposed before the refund. You are recommended to choose the payment term which best fits your financial arrangement.

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A9:

 

What happens if I miss a premium payment?

There is a 30-day grace period for premiums that are due. If you cannot make the payment within the grace period, we will then treat the cash value of your policy as a policy loan to cover the payment. When the net cash value is not enough to cover the outstanding premiums and no other available option is chosen, the policy will then change to Extended Term Insurance and all extra protection and optional benefits will terminate. The policy will terminate at the end of the term of the Extended Term Insurance.

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A10:

 

How can I keep track of my plan?

You will receive an annual statement showing updated policy values. You can also access the details of your policy and submit policy service requests online at www.hsbc.com.hk if you are a HSBC internet banking customer, or call 2583 8000.

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A11:

 

Can I change the frequency of payment after the policy becomes effective, e.g. monthly to annually or vice versa?

Yes. You can change your payment frequency when the payment is due.

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Income Goal Insurance Plan

A1: How is Income Goal Insurance Plan different from other pure savings plans?

Income Goal Insurance Plan is specially designed for customers who want to have an effective plan to meet their personal goals. It differs from a pure savings plan in that it includes life insurance cover throughout the policy term and provides a stream of Monthly Annuity Payments during the annuity period. In the event of the death of life insured, the total amount that we have to pay to you in the form of guaranteed monthly annuity payment(if any) together with the amount that we will pay to the beneficiary(ies) as death proceeds is at least equal to the Total Premiums Paid1.

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A2: How is Terminal Bonus different from dividend?

Terminal Bonus and Dividends are the non-guaranteed amounts to be declared by the Company at its absolute discretion.
Dividends, if any, are declared and credited to the policy on each policy anniversary throughout the policy term and the amount of the dividends will not change once declared.
Terminal Bonus, if any, is declared by the Company at the commencement of the annuity period. During the accumulation period, the Company will update you the amount of the Terminal Bonus, if any, on the annual statement of each policy anniversary. Such amounts as shown on the annual statement(s) may be higher or lower than those illustrated on the earlier annual statement(s) issued during the accumulation period as the actual amount of Terminal Bonus, if any, is only declared and becomes payable at the commencement of the annuity period.

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A3: During the annuity period, is the Monthly Annuity Payment guaranteed? If I withdraw any accumulated dividends under my policy during the policy term, how does this affect my Monthly Non-guaranteed Annuity Payment portion?

The Monthly Annuity Payment consists of Monthly Guaranteed Annuity Payment plus Monthly Non-guaranteed Annuity Payment.


The Monthly Non-guaranteed Annuity Payment is mainly derived from the accumulated dividends and projected dividends. Any adjustment affecting the dividends and Terminal Bonus, which may include but not limited to dividend withdrawals, change of dividend scale or Terminal Bonus scale or applicable interest rate on the accumulated dividends balance, will trigger re-calculation of the Monthly Non-guaranteed Annuity Payment.

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A4: What happens if I miss a premium payment?

There is a 30-day grace period for premium payments that are due. If you cannot make the payment by the end of the grace period and the sum of the guaranteed cash value and accumulated dividends, if any, calculated as at the date immediately preceding the due date of the relevant unpaid premium is sufficient to pay the relevant unpaid premium, an automatic premium loan equivalent to the amount of the unpaid premium will be granted and applied to pay such premium. Interest will apply on the principal of all policy loans (including automatic premium loan) made under the policy and you will be advised of such rate of interest at that time, which can be adjusted by the company from time to time. Please note that the Monthly Annuity Payment will only be paid on each monthiversary during the annuity period provided that all premiums are paid when due during the premium payment period.

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A5: How much can I get back if I surrender the policy?

If you surrender the policy at any time during the accumulation period, you will receive the surrender value of the policy, which is equal to the sum of the guaranteed cash value, accumulated dividends (if any), and Terminal Bonus2 (if any), less indebtedness (if any).


If you surrender the policy at any time during the annuity period, you will receive the surrender value of the policy, which is equal to the sum of the guaranteed cash value, any accumulated Monthly Annuity Payments and any accumulated dividends, less indebtedness, if any.


Please note that early surrender of the policy may result in you getting back a lesser amount than the total premiums you have paid into the policy.

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A6: How can I keep track of my plan?

You will receive an annual statement showing updated policy values. You can also contact us on 2583 8000.


1Total Premiums Paid refers to the total amount of premiums due under the basic plan (whether or not actually paid) as of the date of death of the life insured. Please refer to the policy for detailed terms and conditions.

2The amount of Terminal Bonus is not guaranteed and subjected to the Company's absolute discretion.

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Target Protection Plus

A1:

 

Is Target Protection Plus a saving plan with free insurance coverage?

No. Target Protection Plus is a life insurance plan. It provides you with a higher savings element and a guaranteed cash return to help you achieve your saving target over a certain period. The plan also provides you with life protection so you can save with peace of mind.

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A2:

 

When do I get my return, and what happens if I need to access some cash?

The policy is paid up at maturity and you can access its cash value when the policy matures. However, you are allowed to withdraw any accumulated dividends whenever you want. In addition you can borrow from the plan before it reaches maturity, provided that the amount does not exceed 90% of the total value of the plan, less any previous unpaid borrowed amount. The interest rate will be advised at the time of the borrowing.

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A3:

 

How much will I get back if I surrender the policy before maturity?

You will get the guaranteed cash value plus any dividends accrued (plus the balance of the single payment subject to a surrender charge for single premium policies). Please note that If you cash in or surrender your policy before the maturity date, the amount you get back may be less than the premiums you have paid.

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A4:

 

How is the dividend determined? Is it guaranteed?

The dividend is declared by us annually, based on the insurance company's overall business performance and investment return. Therefore it is not guaranteed.

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A5:

 

What documents should I take note of?

Our Wealth Management Manager / Premier Relationship Manager will go through the following documents before you apply for the plan. It is important to read these documents and understand the product before making an application:

  • A product brochure which describes the key benefits and features of the plan
  • A proposal illustration which shows both the guaranteed and non-guaranteed cash value and the required premiums of the plan
  • A Financial Planning Report with suggested plan and rationale for the recommendation
  • The Terms and Conditions of the policy.

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A6:

 

What if I change my mind after purchasing the plan?

As with all life insurance plans, you can review your policy and decide whether the plan is suitable for your needs within the cooling-off period. If you decide not to take out the plan within the cooling-off period, we will refund all premiums you have paid. In case of a single payment policy, the refund will be adjusted by the amount by which the value of the investment for this single payment has fallen at the time when your cancellation letter is received by us.

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A7:

 

If I choose to pay with a single payment, can I withdraw the balance of the single payment during the policy term?

The single payment option allows you to pay all the required premiums at a discounted value. The money will be locked into an investment to ensure the premiums paid, together with the projected investment return, will be sufficient for future payments. Therefore you cannot withdraw the balance of a single payment unless you surrender the policy for which a surrender charge will be imposed before the refund. You are recommended to choose the payment term which best fits your financial arrangement.

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A8:

 

What happens if I miss a premium payment?

There is a 30-day grace period for premiums that are due. If you cannot make the payment within the grace period, we will then treat the cash value of your policy as a policy loan to cover the payment. When the net cash value is not enough to cover the outstanding premiums and no other available option is chosen, the policy will then change to Extended Term Insurance and extra protection and optional benefits riders will terminate. The policy will terminate at the end of the term of the Extended Term Insurance.

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A9:

 

How can I keep track of my plan?

You will receive an annual statement showing updated policy values. You can also access the details of your policy and submit policy service requests online at www.hsbc.com.hk if you are a HSBC internet banking customer, or call 2583 8000.

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Goal Access Universal Life Plan (Protection)

A1:

 

How is Goal Access Universal Life Plan (Protection) different from other insurance plans?

Goal Access Universal Life Plan (Protection) is specially designed for customers who want to have an insurance plan to meet their protection and legacy planning needs with a high degree of flexibility. Not only it offers protection and great flexibility in growing and managing your savings, but also it allows you to adjust your sum insured to meet your changing needs over time.

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A2:

 

Will my coverage under Goal Access Universal Life Plan (Protection) end before reaching age 99?

In order to keep the policy in force, you must pay all Planned Premiums and any supplemental benefit premiums when due and the Account Value must be sufficient to cover the policy charges. Your policy will lapse when the Account Value is not sufficient to cover policy charges for 45 consecutive days or when Planned Premium and any supplemental benefit premiums have been overdue for 65 consecutive days.

To avoid policy lapses, you should pay all Planned Premiums and any supplemental benefit premiums when due and ensure that the Account Value is sufficient to cover the policy charges. Should you fulfil the criteria mentioned above, the policy will mature at the policy anniversary at which the life insured's age next birthday is 99.

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A3:

 

Can I pay premium into the plan anytime?

The plan consists of the following premium types: Planned Premium and Unscheduled Premium.

Planned Premium - all Planned Premium must be paid in accordance with the premium payment period selected upon policy application. The policy will lapse when the Planned Premium and any supplemental benefit premiums have been overdue for 65 consecutive days.

Planned Premium is determined according to the age and gender of the life insured, sum insured, payment term, policy currency and a variety of health and lifestyle factors.

Unscheduled Premium - you can contribute Unscheduled Premium to the policy while the policy is in force. You can choose the amount of Unscheduled Premium to contribute, subject to a minimum amount of USD625 per transaction, which may be changed by the Company from time to time. The acceptance of the Unscheduled Premium is at the Company's discretion.

Both the Planned Premium and Unscheduled Premium will be allocated to Account Value after deduction of Policy Premium Charge. Should there be supplemental benefits attached to the policy, the premiums for such supplemental benefits will also be allocated to Account Value after deduction of Policy Premium Charge.

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A4:

 

When can I withdraw from the policy? Are there any requirements, restriction and charges involved?

If you need money to cope with any unexpected or planned life events, for a regular premium policy, you can withdraw from the policy account after the end of the premium payment period. For a single premium policy, you can withdraw from the policy account on or after the first policy anniversary. Withdrawals are subject to (i) a Surrender Charge applicable in the first 10 policy years ranging from 1% to 45% depending on the policy year and premium payment period; (ii) a minimum amount of USD625 per withdrawal; and (iii) a minimum Account Value balance of USD2,500 after withdrawal.

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.

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A5:

 

How much can I get back if I surrender the policy?

You may surrender (i.e. terminate) the policy at any time by submitting a written request in the form specified by the Company which is available at www.hsbc.com.hk.

Upon surrender, the policy will be terminated and you will receive the Account Value minus any applicable Surrender Charge in the first 10 policy years and any outstanding charges. Due to the deduction of policy charges and Surrender Charge, the amount you get back may be significantly less than what you have paid.

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A6:

 

How can I keep track of my plan?

You will receive quarterly statements showing updated Account Values. You can also contact us on 2583 8000.

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Goal Access Universal Life Plan (Education)

A1:

 

How is Goal Access Universal Life Plan (Education) different from other insurance plans?

Goal Access Universal Life Plan (Education) is specially designed for customers who want to have an insurance plan to meet their needs for protection and education fund of their children with a high degree of flexibility. Not only it offers protection and great flexibility in growing and managing your savings, but also it allows you to adjust your sum insured to meet your changing needs over time.

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A2:

 

Is my child's coverage under Goal Access Universal Life Plan (Education) guaranteed to last till age 22?

In order to keep the policy in force, you must pay all Planned Premiums when due and the Account Value must be sufficient to support the policy charges. Your policy will lapse when the Account Value is not sufficient to cover policy charges for 45 consecutive days or when Planned Premium has been overdue for 65 consecutive days. To avoid policy lapses, you should pay all Planned Premiums when due and ensure that the Account Value is sufficient to cover the policy charges. Should you fulfil the criteria mentioned above, the policy will mature at the policy anniversary at which the insured's age next birthday is 22.

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A3:

 

Can I pay premium into the plan anytime?

The plan consists of the following premium types: Planned Premium and Unscheduled Premium.

Planned Premium - all Planned Premium must be paid in accordance with the premium payment period selected upon policy application.

The policy will lapse when the Planned Premium and any supplemental benefit premiums have been overdue for 65 consecutive days.

Planned Premium is determined according to the age and gender of the life insured, sum insured, payment term, policy currency and a variety of health and lifestyle factors.

Unscheduled Premium - you can contribute Unscheduled Premium to the policy while the policy is in force. You can choose the amount of Unscheduled Premium to contribute, subject to a minimum amount of USD625 per transaction, which may be changed by the Company from time to time. The acceptance of the Unscheduled Premium is at the Company's discretion.

Both the Planned Premium and Unscheduled Premium will be allocated to Account Value after deduction of Policy Premium Charge.

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A4:

 

4. When can I withdraw from my policy? Are there any requirements, restriction and charges involved?

If you need money to cope with any unexpected or planned life events, for a regular premium policy, you can withdraw from the policy account after the end of the premium payment period. For a single premium policy, you can withdraw from the policy account on or after the first policy anniversary. Withdrawals are subject to (i) a Surrender Charge applicable in the first 8 policy years ranging from 1% to 55% depending on the policy year and premium payment period; (ii) a minimum amount of USD625 per withdrawal; and (iii) a minimum Account Value balance of USD2,500 after withdrawal.

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.

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A5:

 

How much can I get back if I surrender the policy?

You may surrender (i.e. terminate) the policy at any time by submitting a written request in the form specified by the Company which is available at www.hsbc.com.hk.

Upon surrender, the policy will be terminated and you will receive the Account Value minus any applicable Surrender Charge in the first 8 policy years and any outstanding charges. Due to the deduction of policy charges and Surrender Charge, the amount you get back may be significantly less than what you have paid.

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A6:

 

How can I keep track of my plan?

You will receive quarterly statements showing updated Account Values. You can also contact us on 2583 8000.

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Lifestyle Wealth Protection Plus

A1:

 

Is Lifestyle Wealth Protection Plus a saving plan with free insurance coverage?

No. It is a life insurance plan that gives you protection for the whole of your life, with a savings element.

  • Lifestyle Wealth Protection Plus provides a periodic payments of a guaranteed cash bonus from 6th to 24th policy anniversary that help to build up savings providing you with a guaranteed cash return to achieve your goals.

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A2:

 

What makes the plan different from a traditional whole of life plan?

It is a whole of life plan with a higher savings element. It provides accessible guaranteed savings that can be withdrawn once paid.

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A3:

 

When do I get my return and what happens if I need to access some cash? Can I withdraw some of my cash bonus periodically?

You can access the policy's cash value when the policy matures at the policy anniversary at which the insured reaches the age of 99 (the age at your next birthday). You are also able to withdraw any accumulated cash bonus (which consists of (1) guaranteed cash bonuses plus (2) accumulated non-guaranteed interest earned on the cash bonuses) and/ or accumulated dividends whenever you want. In addition you can borrow from the plan before it reaches maturity provided that the amount borrowed (including any previous unpaid borrowed amount) does not exceed 90% of the total cash value of the plan. The interest rate will be advised at the time of the borrowing.

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A4:

 

How much can I get back if I surrender the policy?

You can get back the guaranteed cash value plus any dividends accrued plus any guaranteed cash bonus accured (plus the balance of a single payment subject to a surrender charge on this amount for single payment policies). Please note that if you surrender your policy before the maturity date, the amount you get back may be less than the premiums you have paid.

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A5:

 

What is the difference between a cash bonus and a dividend?

Cash bonuses are guaranteed according to the payment schedule. Dividends are not guaranteed and may change from time to time.

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A6:

 

How is the dividend determined? Is it guaranteed?

The dividend (if any) is declared by us annually, based on the insurance company's overall business performance and investment return. Therefore it is not guaranteed.

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A7:

 

What documents should I take note of?

Your Premier Relationship Manager will go through the following documents before you apply for the plan. It is important to read these documents and understand the product before making your purchase:

  • A product brochure that describes the key benefits and features of the plan
  • A proposal illustration that shows both the guaranteed and non-guaranteed cash value (e.g. dividends and interest) and the required premiums of the plan
  • A Financial Planning Report with suggested plan and rationale for the recommendation
  • The Terms and Conditions of the policy.

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A8:

 

What if I change my mind after purchasing the plan?

As with all life insurance plans, you can review your policy and decide whether the plan is suitable for your needs within the cooling-off period. If you decide not to take out the plan within the cooling-off period, we will refund all premiums you have paid. In the case of a single payment policy, the refund will be adjusted by the amount that the value of the investment for this single payment has fallen by the time your cancellation letter is received by us.

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A9:

 

If I choose to pay with a single payment, can I withdraw the balance of the single payment during the term?

The single payment option allows you to pre-pay all the required premiums at a discount. The prepaid amount after deducting the premiums due will be locked into an investment to ensure the premiums paid and the projected investment return will be sufficient for future payments, thus you cannot withdraw the balance of a single payment unless you surrender the policy; a surrender charge* will be imposed on the balance of single payment portion before the refund. You are therefore advised to choose at the time of application the payment term that best fits your financial circumstances.


Please be aware that if you choose the pre-payment of regular premiums option, none of the associated embedded benefits will apply. Furthermore, you should only choose this option if you are sure you can afford to leave your pre-paid lump sum in the plan, given the surrender charges that would apply if the pre-payment is withdrawn early.


* The surrender charge may change from time to time at our discretion, and also applies to the balance of single payment portion.

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A10:

 

What happens if I miss a premium payment?

There is a 30-day grace period for premiums that are due. If you cannot make the payment within the grace period, we will treat the cash value of your policy as a policy loan to cover the payment. When the net cash value is not enough to cover the outstanding premiums and no other available option is chosen, the policy will then change to Extended Term Insurance and all embedded benefits and optional benefits will terminate. The policy will terminate at the end of the term of Extended Term Insurance.

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A11:

 

How can I keep track of my plan?

You will receive an annual statement showing updated policy values. You can also access the details of your policy and submit policy service requests online at www.hsbc.com.hk if you are a HSBC internet banking customer, or call 2583 8000.

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EarlyIncome Annuity Plan

A1:

 

How is an EarlyIncome Annuity Plan different from other pure savings plans?

EarlyIncome Annuity Plan is specially designed for customers who want to have an effective plan for retirement. It differs from a pure savings plan in that it includes life insurance cover throughout the policy term and provides a stream of monthly annuity during the annuity period. In the event of death, the total amount that we have paid to you (if any) together with the amount that we will pay to your beneficiary(ies) is at least equal to the Total Premium Paid1.

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A2:

 

During the annuity period, is the Monthly Annuity Payment2 guaranteed?

The Monthly Annuity Payment consists of Monthly Guaranteed Annuity Payment (Monthly Guaranteed Base Annuity3 plus Monthly Guaranteed Additional Annuity4) plus Monthly Non-guaranteed Annuity Payment.5

The amount of the Monthly Non-guaranteed Annuity Payment5 may vary as a result of any dividend withdrawal or any adjustment affecting the dividends.

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A3:

 

If I withdraw any accumulated dividends under my policy during the policy term, how does this affect my Monthly Non-guaranteed Annuity Payment?

The Monthly Non-guaranteed Annuity Payment is mainly derived from the accumulated dividends and projected dividends. Any adjustment affecting the dividends, which may include but is not limited to dividend withdrawal, change of dividend scale or applicable interest on the accumulated dividends balance, will trigger re-calculation of the Monthly Non-guaranteed Annuity Payment5 and the future dividends to be credited in the policy may be adjusted accordingly.

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A4:

 

What happens if I miss a premium payment?

There is a 30-day grace period for premiums payment that are due. If you cannot make the payment by the end of the grace period, the cash value will be borrowed from your policy as a policy loan to cover the payment if the cash value is sufficient to pay the premium. Interest will apply on the principal of all policy loans made under the policy and you will be advised of such rate of interest at that time, which can be adjusted by us from time to time.

Please note that the Monthly Annuity Payment2 will only be paid on each policy monthiversary, provided that all premiums due up to such monthiversary have been fully paid.

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A5:

 

If I choose to pay with a single payment, can I withdraw the balance of the single payment during the policy term?

As the single payment option allows you to pre-pay all the required premiums at a discount, the pre-paid amount after deducting the premiums due will be locked into an investment to ensure the premiums are paid and the projected investment return will be sufficient for future premiums.

If you cancel the policy or partial surrender, the balance of single payment will be paid subject to a surrender charge to be determined at the Company's discretion from time to time.

Please be aware that if you choose the single payment option, you should ensure that you can afford to leave your pre-paid lump sum in your plan. You are therefore advised to choose at the time of application the premium payment method that best fits your financial circumstances.

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A6:

 

How much can I get back if I surrender the policy?

If you surrender the policy at anytime during the policy term, you will receive the surrender value of the policy, which is equal to the sum of the guaranteed cash value, any accumulated Monthly Annuity Payment2 and any accumulated dividends.

If this is a single payment policy, the surrender value will be paid together with the balance of the single payment subject to a surrender charge to be determined at the Company's discretion from time to time.

Please note that early surrender of the policy may result in you getting back a lesser amount than the total premiums you have paid into the policy.

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A7:

 

How can I keep track of my plan?

You will receive an annual statement showing updated policy values. You can also contact us on 2583 8000.

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1 Total Premiums Paid refers to the total amount of premiums due (whether or not actually paid) as of the date of death of the life insured. Please refer to the policy for the detailed terms and conditions.
2 Monthly Annuity Payment means Monthly Guaranteed Annuity Payment plus Monthly Non-guaranteed Annuity Payment.
3 Monthly Guaranteed Base Annuity means the total annual premiums payable during the premium payment period divided by the number of Monthly Annuity Payments during the annuity period, subject to rounding adjustment.
4 Monthly Guaranteed Additional Annuity equals to the guaranteed percentage (guaranteed rate) of Monthly Guaranteed Base Annuity3, subject to rounding adjustment. The guaranteed rate, which depends on the life insured's issue age, accumulation period and annuity period chosen, is determined by the Company upon the issuance of the policy.
5 The Monthly Non-guaranteed Annuity Payment is determined by the amount of dividends accumulated by the end of the accumulation period and any projected dividend payable during the annuity period. The amount is not guaranteed and may vary if there is any adjustment affecting the dividends. Such adjustment may include but is not limited to dividend withdrawal, change of dividend scale or applicable interest on the accumulated dividends balance.

Term Protection Plan

A1:

 

What is the protection period of the policy?

You can define the policy term from 1 to 61 years (up to age 80). The policy will then be renewed automatically at the end of the policy term, until you reaches the age of 80. All ages refer to the age at your next birthday.

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A2:

 

Is the premium level guaranteed not to be changed?

Premium is fixed at the start of the plan and guaranteed not to be changed within the policy term. Renewal premium will base on the attained age (the age at your next birthday) at the time of renewal.

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A3:

 

What documents should I take note of?

Our Wealth Management Manager / Premier Relationship Manager will go through the following documents before you apply for the plan. It is important to read these documents and understand the product before making your purchase:

  • A product brochure which describes the key benefits and features of the plan
  • A proposal illustration which shows the required premiums of the plan
  • A Financial Planning Report with suggested plan and rationale for the recommendation
  • The Terms and Conditions of the policy.

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A4:

 

What if I change my mind after purchasing the plan?

As with all life insurance plans, you can review your policy and decide whether the plan is suitable for your needs within the cooling-off period. If you decide not to take out the plan within the cooling-off period, we will refund all premiums you have paid.

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A5:

 

What happens if I miss a premium payment?

There is a 30-day grace period for missed premiums. If you cannot make the payment within the grace period, we will terminate your policy accordingly.

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A6:

 

How can I keep track of my plan?

You will receive an annual statement showing updated policy values. You can also access the details of your policy and submit policy service requests online at www.hsbc.com.hk if you are a HSBC internet banking customer, or call 2583 8000.

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Answers: HSBC Comprehensive Critical Illness Protection Plan

A1: Is HSBC Comprehensive Critical Illness Protection Plan (the "Plan") a saving plan with free insurance coverage?

No. HSBC Comprehensive Critical Illness Protection Plan is an insurance plan that gives you protection against 60 critical illnesses. In addition, the Plan provides annual dividends, if any, which you can cash out or accumulate at an interest rate as determined by HSBC Life (International) Limited (the "Company") from time to time.

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A2: What benefits do I get and what happens if I need to access cash?

The benefit will be paid if the Life Insured is diagnosed with any one of the 60 covered Critical Illnesses under Basic Plan before the age of 99 or any one of the 68 covered Early Stage Critical Illnesses (optional supplementary benefit) before the age of 85 (if applicable) in any of the two illness groups (ie Cancer Illness Group and Non-Cancer Illness Group) by a Registered Medical Practitioner. However, you are allowed to withdraw any accumulated dividends (if any) pursuant to the benefit terms of the Basic Plan and also in accordance with the Company's procedure. You may also consider borrowing from the Plan provided that the amount borrowed (including any previous unpaid borrowed amount) does not exceed 90% of the Net Surrender Value of the Policy. You will be advised of the prevailing rates of interest of Policy Loan from time to time.

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A3: How much can I get back if I surrender the Policy?

You can get back the Net Surrender Value, which is an amount equal to the positive balance of the Surrender Value less Total Claim Paid, plus any accumulated dividends with interest (if any). Please note that if you cash in or surrender the Policy before the benefit cessation date, the amount you get back may be less than the premiums you have paid.

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A4: How much is the insurance premium of the policy?

The insurance premium is determined according to your age, gender and whether you smoke or not.

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A5: How is the dividend determined? Is it guaranteed?

The dividend is declared by us annually, based on the insurance company's overall business performance and investment return. It is not guaranteed.

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A6: What documents should I take note of?

Our Wealth Management Manager / Premier Relationship Manager will go through the following documents before you apply for the Plan. It is important for you to read these documents and understand the product features and its exclusions before making your purchase:

  • A product brochure and the relevant factsheets which describes the key benefits and features of the Plan and the optional supplementary benefits
  • A proposal illustration which shows both the guaranteed and non-guaranteed Surrender Value and the required premiums of the Plan
  • A Financial Planning Report with suggested plan and rationale for the recommendation
  • The policy provisions together with the supplementary benefit's provisions (where applicable)

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A7: What if I change my mind after purchasing the Plan?

As with all life insurance plans, you can review the Policy and decide whether the Plan is suitable for your needs within the cooling-off period. If you are not satisfied with the Policy, you have a right to cancel it and obtain a refund of any premium(s) paid, subject to any market value adjustment (applicable to single premium policies), by giving written notice.

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A8: What happens if I miss a premium payment?

There is a 30-day grace period for premium payments that are due. If you cannot make the payment by the end of the grace period, the policy will lapse with effect from the due date of the first unpaid premium unless the Net Surrender Value calculated as the date immediately preceding the due date of the relevant unpaid premium is greater than zero and you have elected a non-forfeiture option which will then take effect; or if no non-forfeiture option is elected and the amount of Net Surrender Value is sufficient to pay the relevant unpaid premium, an automatic premium loan equivalent to the amount of the unpaid premium will be granted and applied to pay such due premium. Interest will apply on the principle of all Policy Loans (including automatic premium loan) made under the Policy and you will be advised of such rate of interest at that time, which may be adjusted by the Company at its discretion from time to time.

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A9: How can I keep track of my plan?

You will receive the annual statement together with the policy benefit illustration annually, showing updated projected policy values based on the current dividend scales at the time. You can also access the details of the Policy and submit policy service requests online at www.hsbc.com.hk if you are a HSBC internet banking customer, or call 2583 8000.

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A10: Can I change the frequency of payment after the policy becomes effective, e.g. monthly to annually or vice versa?

Yes. With one month's written notice, and subject to the Company's consent, you can change your payment frequency at any Policy Anniversary. It is not applicable for Single premium policy.

For more information on the Plan, please refer to the product brochure

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