HSBC Launches SecureIncome Savings Plans


HSBC has just introduced the SecureIncome savings plans with "guaranteed" returns. Are these just another run-of-the-mill annuity or insurance savings plans?

The SecureIncome plans are akin to a monthly premium saving and insurance scheme, as opposed to Aviva's SecurePlus Plan, which is a single-premium plan.

Basic features:


The scheme yields 1 to 1.5% annually, depending on whether one chooses "SecureIncome 10" or "SecureIncome 55".


The scheme is guaranteed by HSBC Insurance.

How it compares:

The SecureIncome plans have a long tenure (20 years for the "SecureIncome 10") compared to Aviva's SecurePlus Plan and yet have a similar or lower yield than the latter.


The SecureIncome plans have very unattractive yields and there is probably no good reason to buy into such plans. And yes, each of these products is just another run-of-the-mill insurance savings plans, albeit a most uncompelling one.

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Last Updated ( Monday, 23 August 2010 14:55 )