ChildEnrich

Child savings plan with insurance, for the best start in life

Benefits and features

A brighter future for your child
Protect and save for your child's future - fully paid for by the time your child reaches 18 or 21 years of age.
Guaranteed cash payout at 18 or 21 years of age
Receive a guaranteed cash payout of 100% of the initial sum assured when your child reaches 18 or 21 years of age for your child's educational needs.
Flexible cash payout options
Choose from one of three flexible payout options:
- Withdraw the guaranteed cash payout in one lump sum when your child reaches 18 or 21 years of age.
- Reinvest the guaranteed cash payout in the plan and accumulate interest at the prevailing interest rate*. You can choose to withdraw the full amount in one lump sum at any time thereafter until your child reaches 99 years of age.
- Withdraw the guaranteed cash payout as follows when your child reaches 18 or 21 years of age:
- One-third of the sum assured every year for the next three years, or
- 25% of the sum assured every year for the next four years.
Any amount that has not been paid out will accumulate interest at the prevailing interest rate.^# .
Double protection upon adulthood
Life insurance protection that advances as your child approaches the next life stage. Provides guaranteed life cover at 100% of the initial sum assured for your child before your child reaches 18 or 21 years of age, and 200% of the initial sum assured thereafter until your child reaches 99 years of age
Increasing life cover
Coverage against death is increased each year as reversionary bonus is added to the sum assured.
Opportunity to enhance your coverage
Option to add a child-related critical illness benefit, payor benefit and other supplementary benefits to your plan for a more comprehensive coverage.
Flexible premium payment options
Choose your premium payment to match your comfortable level of commitment:
- Spread your financial commitment over the full payment term up to 18 or 21 years of age.
- Opt for FlexiPay⁺ to convert your payment term to an even shorter tenure of your choice.

How it works

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.

Life cover

S$50,000 guaranteed life cover before the child reaches 21 years of age.
S$100,000 guaranteed life cover for the child from 21 years of age till 99 years of age.

Act now

Call 1800-HSBC NOW (4722 669)
Make an appointment with us today

* 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.

Important notes

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.