As we journey through life, the prospect of retirement often brings a mix of excitement and concern. Did you know that according to recent studies, many Singaporeans worry about having enough savings for their retirement? This is where HSBC Life Retirement Income II comes in, offering a solution to help you plan for the retirement you've always promised yourself and your loved ones.
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HSBC Life Retirement Income II is a comprehensive retirement plan designed to provide you with guaranteed monthly payouts and potential monthly cash bonuses during your retirement years . This plan allows you to tailor your policy to your specific needs, helping you get closer to fulfilling your retirement aspirations.
Choose from 55, 60, 65, or 70 years old
Start from as low as S$300 per month
Select 10, 15, 20 years, or up to age 99
Pay in a single lump sum, or over 5 or 10 years
Use cash or monies from your Supplementary Retirement Scheme account (for single premium payment)
Complements existing government and private retirement plans
Let's break it down with two scenarios:
Mr. Chan, a 40-year-old non-smoker, wants to retire at 60. Here's how HSBC Life Retirement Income II helps him: br>b>• Guaranteed monthly payout: S$1,500br>• Premium term: 5 yearsbr>• Income payout period: 15 yearsbr>• Annual premium: S$23,395.50 br>br>Benefits for Mr. Chan:br>a) Flexibility: He can choose his guaranteed monthly payout, premium term, and income payout period.br>b) Monthly Income: After retiring, he receives S$2,571 monthly (S$1,500 guaranteed + S$1,071 non-guaranteed bonus).br>c) Total Payout: Over 15 years, Mr. Chan will receive a total of S$462,780.
Mr. Lee, also 40 and a non-smoker, wants a sustainable and protected retirement income. Here's his plan: br>b>• Guaranteed monthly payout: S$1,500br>• Premium term: 10 yearsbr>• Income payout period: 15 yearsbr>• Annual premium: S$23,395.50 br>br>Additional Benefits for Mr. Lee:br>a) Chronic Illness Care Benefit: At 65, Mr. Lee is diagnosed with severe dementia. He receives an additional S$1,500 monthly, increasing his total monthly income to S$4,071.br>b) Mobility Care Benefit: At 71, Mr. Lee is diagnosed with osteoporosis with fractures. He receives a lump sum of S$25,000.br>c) Total Payout: Mr. Lee will receive a total of S$667,780 over the course of his plan.
Receive an additional 100% of the guaranteed monthly payout if diagnosed with:br>• Loss of independencebr>• Idiopathic Parkinson's diseasebr>• Alzheimer's disease/severe dementiabr>• Major head traumabr>br>Maximum payable: S$6,000 per month, per life (S$3,000 for loss of independence)
Receive a lump sum payout of 20 times the guaranteed monthly payout (up to S$25,000)br>Applicable for diagnoses of osteoporosis with fractures or severe rheumatoid arthritis
Defer premium payments for up to 365 days if you lose your job due to redundancy or business reorganization
All future premiums waived if you or your spouse is diagnosed with Total and Permanent Disability, or if your spouse passes away
The cost of HSBC Life Retirement Income II depends on various factors, including:br>• Your age when you start the policybr>• Your chosen retirement agebr>• The guaranteed monthly payout amountbr>• The premium termbr>• The income payout period
In the examples provided:br>• Both Mr. Chan and Mr. Lee pay an annual premium of S$23,395.50br>• Mr. Chan's total premium commitment over 5 years: S$116,977.50br>• Mr. Lee's total premium commitment over 10 years: S$233,955
It's important to note that these figures are for illustration purposes only. Your actual premiums may differ based on your specific circumstances and choices.
The potential returns from HSBC Life Retirement Income II depend on the illustrated investment rate of return. Using Mr. Lee's scenario as an example:
At 3.00% p.a. illustrated investment rate of return: br>• Total payout: S$552,220
At 4.25% p.a. illustrated investment rate of return: br>• Total payout: S$667,780
These figures include the guaranteed monthly payouts, non-guaranteed monthly bonuses, additional payouts from the Chronic Illness Care Benefit, and the lump sum from the Mobility Care Benefit.
Flexible retirement planning options
Guaranteed monthly payouts
Potential for additional non-guaranteed bonuses
Extra protection against chronic illnesses and mobility issues
Unemployment and disability protection
Long-term commitment required
Non-guaranteed bonuses may fluctuate based on investment performance
Early termination may result in significant financial loss
You should check with HSBC Life about the flexibility to adjust your plan after purchase.
Early termination usually incurs high costs, and the surrender value may be zero or less than the total premiums paid.
While it offers many benefits, it's important to assess your personal financial situation and goals. Consulting with a financial planner is recommended.
These bonuses depend on the performance of HSBC Life's participating fund and are not guaranteed.
Yes, it is protected under the scheme administered by the Singapore Deposit Insurance Corporation (SDIC).
HSBC Life Retirement Income II offers a comprehensive solution for those looking to secure their financial future in retirement. With its flexible options, guaranteed payouts, and additional protection against health issues, it provides a robust framework for retirement planning. However, as with any financial decision, it's crucial to carefully consider your personal circumstances and consult with a professional before making a commitment.
Remember, the best retirement plan is one that aligns with your specific needs, goals, and financial situation. While HSBC Life Retirement Income II offers many attractive features, it's important to compare it with other options and ensure it fits into your overall financial strategy.
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