Mini retirements spur HSBC indexed income plan launch

Payments can continue up to age 120.

HSBC Life Singapore launched a new indexed universal life (IUL) plan which aims to provide lifetime income, wealth accumulation and protection.

The product, called HSBC Life Indexed Flexi Income, allows policyholders to receive income for life once payouts are activated, with payments continuing up to age 120. 

Customers can choose when to start income, from as early as the 25th policy month, and can pause or resume payouts as their needs change over time.

HSBC Life said the launch comes as Singapore’s population continues to age, with citizens aged 65 and above projected to account for around one in four people by 2030. 

At the same time, retirement patterns are shifting, with nearly half of affluent Singaporeans planning to take at least one “mini retirement” during their lifetime, based on HSBC research. 

Confidence in financing these breaks remains lower in Singapore at 62%, compared with the global average of 74%.