HSBC Life Singapore unveils universal life plan for affluent clients

It offers both life insurance and investments.

HSBC Life Singapore has launched HSBC Life Diamond Prestige IUL, an indexed universal life plan for the affluent segment.

It offers both life insurance protection and investments for the high net worth (HNW) and ultra-high net worth (UHNW) segments.

“The plan is designed for clients looking to balance continued growth potential with security in the legacy gift they are preparing for loved ones,” HSBC Life Singapore said in a press release.

The new insurance product comes as the number of HNW and UHNW in the Lion City is expected to double to 600,000 individuals by 2026. 

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More than US$18.3t in wealth is also forecasted to be transferred by 2030, of which US$2.5t are in Asia.

HSBC Life Diamond Prestige IUL includes benefits and incentives pegged to health improvements and positive habits, such as a discount on insurance charges and lower policy charges of a standard non-smoker for insured smokers for the first three years.