WealthSave (Renminbi) Protection Plan

What is WealthSave (Renminbi) Protection Plan?

WealthSave (Renminbi) Protection Plan is a 10-year insurance plan that offers savings with Renminbi exposure, to help you accumulate wealth.

A 10-year life protection and saving plan in Renminbi
Guaranteed cash value at maturity equivalent to 115% of the total premium paid in Renminbi terms
Potential payments of non-guaranteed annual dividends and a non-guaranteed maturity dividend
Life protection throughout the policy term with a death benefit equivalent to 101% of the total premium paid in Renminbi terms or 101% of the guaranteed cash value (whichever is higher), plus any non-guaranteed accumulated dividends
An additional accidental death benefit equivalent to 50% of the total premium paid in Renminbi terms
Other embedded benefits include unemployment benefit and terminal illness benefit
The plan currency is Renminbi but there is a choice of paying annual premiums in Renminbi or Hong Kong dollars at a market-based prevailing exchange rate
Annual premium payment over 3 years
Benefit payments would be in Renminbi or, at the sole discretion of HSBC Life (International) Limited, Hong Kong dollars at a market-based prevailing exchange rate

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Notes:

All ages mentioned refer to the age of the insured at the next birthday
WealthSave (Renminbi) Protection Plan is underwritten by HSBC Life (International) Limited which is authorised and regulated by the Commissioner of Insurance of the Hong Kong SAR. The Hong Kong and Shanghai Banking Corporation Limited is an insurance agent authorised by HSBC Life (International) Limited.
The Renminbi payment option is only applicable to policyholders who are HKID cardholders. The initial premium and all subsequent premiums must be paid in same currency.
Due to exchange rate fluctuation, there is a risk that in Hong Kong dollar terms, if the Renminbi appreciates then the second and third annual premiums would be higher than the initial premium; likewise you could lose a substantial portion of your benefit value, in Hong Kong dollar terms, if the Renminbi depreciates substantially against the Hong Kong dollar.
HSBC Life (International) Limited reserves the right to accept or decline any application subject to the availability of this plan and based on the information provided by the applicant and/or the life insured during the application.