Assuming a parent wants to provide his one-year-old baby boy with an education fund of S$50,000 for a four-year course at a local university when he reaches 21 years of age.
With ChildEnrich, the parent simply needs to set aside S$285.39 a month^ until the child reaches 21 years of age and the plan will provide:
Guaranteed cash payout
S$12,500 annual cash payout for the next four years starting from when the child is 21 years of age. An additional accumulated non-guaranteed interest of S$1,938* will be payable together with the last cash payout on the fourth year when the child reaches 24 years of age.
* Guaranteed cash payout is calculated based on the amount reinvested with HSBC Insurance (Singapore) Pte. Limited at the prevailing interest rate, which is currently at 2.5% per annum. This interest rate is not guaranteed and is subject to change from time to time.
# Currently at 2.5% per annum. This interest rate is not guaranteed and is subject to change from time to time. All accumulated interest will be paid out on the final payout.
+ The revised premium quoted under FlexiPay is based on a guaranteed interest rate of 1.8% per annum. As and when the plan’s original premiums are due, the FlexiPay premiums collected including any accumulated interest will be deducted to pay for the plan. Any premium not deducted will accumulate at a guaranteed interest rate of 1.8% per annum. An early withdrawal of FlexiPay usually involves high costs and the FlexiPay surrender value payable may be less than the total FlexiPay premiums paid. Any withdrawal of FlexiPay will result in the interest earned to be less than 1.8% per annum. The illustration is based on the assumption that premiums for FlexiPay are paid promptly. Any late payment on FlexiPay may render the interest credited under FlexiPay insufficient to pay for future premiums on the original plan.
^ Based on ChildEnrich plan for a one-year-old male, for sum assured of S$50,000 (premium is payable up till when the child reaches 21 years of age). Payment term can range from one year to 15 years if FlexiPay is opted for. The monthly premium of S$285.39 would be revised to S$644 if the eight-year payment term is opted for. The figures are for illustration purposes only. Insurance eligibility and premiums are subject to underwriting.
ChildEnrich is underwritten by HSBC Insurance (Singapore) Pte. Limited (Reg. No. 195400150N), 21 Collyer Quay #02-01 Singapore 049320. It is not an obligation of, deposit in or guaranteed by The Hongkong and Shanghai Banking Corporation Limited.
This webpage contains only general information. It does not constitute an offer to buy or sell an insurance product or service. It is also not intended to provide any insurance or financial advice. A person interested in this product should read and consider the Product Summary and Benefit Illustration in deciding whether to buy this product. You can ask for the Product Summary from our authorised agents or distributors, including The Hongkong and Shanghai Banking Corporation Limited.
Buying a life insurance policy is a long-term commitment. An early termination of the policy usually incurs high cost and the surrender value payable may be less than the total premiums paid.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact HSBC Insurance (Singapore) Pte. Limited or visit the LIA or SDIC web-sites (www.lia.org.sg or www.sdic.org.sg).
HSBC Insurance (Singapore) Pte. Limited's authorised agents and distributors, including The Hongkong and Shanghai Banking Corporation Limited (together "the Agents") are neither underwriter nor broker for the customer. To the fullest extent permissible pursuant to applicable law, the Agents make no warranties or representation as to the accuracy, correctness, reliability or otherwise of the content of this marketing material. Under no circumstances, including, but not limited to negligence, shall the Agents or any party involved in creating, producing or delivering the marketing materials to be liable to you for any direct, incidental, consequential, indirect, or punitive damages that result from the use of, or the liability to use, the information in this web site, even if the Agents have been advised of the possibility of such damages.
The Agents and/or their employees will receive a commission from HSBC Insurance (Singapore) Pte. Limited in respect of this transaction. The Agents are not suppliers of the products and services and will not accept liability in relation hereto.
Issued by The Hongkong and Shanghai Banking Corporation Limited, which is incorporated in the Hong Kong SAR with limited liability.
Call us on 1800-HSBC NOW (4722 669) in Singapore or (65) 6-HSBC NOW (4722 669) from overseas