Dementia cover offered in new annuity planBusiness | 23 Jul 2019 4:57 pm
HSBC Life announced two insurance products for health and wealth needs – the new HSBC Health Goal Insurance Plan and HSBC Early Income Annuity Plan with a dementia protection rider.
With a focus on the top three fatal diseases in Hong Kong – cancer, heart disease and stroke - HSBC Health Goal Insurance Plan offers cash benefit of up to three times additional claim payments, without affecting the policy value.
As for the annuity plan, HSBC Life has added a new dementia protection rider. It offers an additional 100 percent in monthly guaranteed annuity payments to customers diagnosed with severe dementia, payable until age 99 years, or the death of the life insured.
Edward Moncreiffe, chief executive, Hong Kong, HSBC Life, said two qualifying deferred annuity policies have drawn 7,500 applications by end June. Those signing up are about 45 years old on average.