Last Updated on by Tree of Wealth
Pregnancy is a time of happiness and excitement. There are many things to expect and to prepare for, and for mothers, they will be going through many ups and downs during these period. It is important to take care of one’s body and mind, and at the same time, to safeguard against any form of complications during this amazing journey.
HSBC Life’s maternity coverage provides a number of amazing features. Let’s take a look.
Features At a Glance
There are 2 types of bundled plan that HSBC Life provides, mainly HSBC Life HappyMummy and HSBC Life HappyFamily.
For HSBC Life HappyMummy:
- HSBC Life EmpoweredMum: HSBC Life’s maternity coverage
- Bundled choice: Choice of HSBC Life Flexi Protector or HSBC Life Life Treasure (II)
(This coverage is to cover for the mother, and have a choice to pass on to the new born child later after birth)
For HSBC Life HappyFamily:
- HSBC Life EmpoweredMum
- Bundled choice of the following plans:
- HSBC Life SavvySaver(II)
- HSBC Life Life Treasure (II)
- HSBC Life Wealth Accelerate
- HSBC LifePulsar
- HSBC LifeFlexi Protector
- HSBC Life Wealth Harvest
- HSBC Life Term Protector/ Term Protector Prime
- HSBC Life Super CritiCare
(This coverage can be purchased to cover the father, mother or the new born child’s siblings)
- Further protection for the new born child (*OPTIONAL*): Choice of HSBC Life Flexi Protector or HSBC Life Life Treasure (II)
Let’s take a deeper look at how the maternity coverage (HSBC Life EmpoweredMum) works.
Death Benefit for Mother
In the event of death of the mother during the policy term, 100% of the sum assured will be paid out.
In the event that death occurs during the pregnancy term, the payout will happen and the plan will terminate. However, as this plan is a single plan that covers both the mother and the child, if death occurs after the child is born, the payout will happen, and the remaining benefits under the policy for the child will continue.
Pregnancy Complications Benefit for Mother
In the event if the mother is diagnosed with the following conditions mentioned below during the period from the policy start date to 60 days from the birth of the child, 100% of the sum assured will be paid out:
- Abruptio Placentae
- Amniotic Fluid Embolism
- Choriocarcinoma and Malignant Hydatidiform Mole
- Disseminated Intravascular Coagulation
- Fatty Liver of Pregnancy
- Gestational Diabetes Mellitus Resulting in Foetal Macrosomia and Neonatal Hypoglycaemia
- HELLP Syndrome
- Incompetent Cervix leading to preterm birth
- Miscarriage due to Accident
- Placenta Increta or Percreta
- Postpartum Haemorrhage requiring Hysterectomy
- Pre-Eclampsia with severe features or Eclampsia
- Still Birth
- Uterine Rupture
- Vasa Previa
Hospital Care Benefit for Mother
If the mother is hospitalised due to any pregnancy complications as listed under the Pregnancy Complication Benefit or any events as mentioned below, this benefit will pay out 2% of the sum assured for each day of hospitalisation stay, up to a maximum of 30 days (or 60% of sum assured):
- Due to any of the pregnancy complications listed under the Pregnancy Complications Benefit
- Complications of Lactational Mastitis
- Inpatient Psychiatric Treatment
- Post-natal Anaemia
- Puerperal Pyrexia
- Pulmonary Embolism
- Repair of 4th Degree Perineal Tear
- Septic Pelvic Thrombophlebitis
- Surgical Site Infection following Caesarean Section
- Uterine Infection or Transfusion due to Retained Placenta following Childbirth
Early Delivery by Caesarean Section Benefit for Mother (1stin market)
In the event that the mother has gone through a delivery by caesarean section before week 36 of gestation, 15% of the sum assured will be paid out from this benefit.
For this benefit, it must be deemed medically necessary by the treating doctor who is a Registered Medical Practitioner or a Specialist in the respective medical discipline, before the pay out happens.
This benefit is only applicable for mothers who are having singleton pregnancies and HSBC Life is the first insurer in the market to provide this coverage.
Death Benefit for Child
In the event of death for the new born child during the period from birth to the expiry of the policy, 100% of the sum assured will be paid out.
For the child benefits of this plan, in the event if the mother has more than 1 foetus in the same pregnancy, these benefits will apply to each child separately. The mother would only require 1 plan to cover multiple foetuses.
Congenital Illnesses Benefit for Child
In the event if the child is diagnosed with the following conditions mentioned below during the period from birth to the end of the policy, 100% of the sum assured will be paid out:
- Absence of Two Limbs
- Anal Atresia
- Atrial Septal Defect
- Biliary Atresia
- Cerebral Palsy
- Cleft Palate or Cleft Lip
- Club Foot
- Coarctation of the Aorta
- Congenital Abnormalities of the Kidney and Urinary Tract (CAKUT)
- Congenital Blindness
- Congenital Cataract
- Congenital Deafness
- Congenital Diaphragmatic Hernia
- Congenital Dislocation of Hip
- Congenital Hypertrophic Pyloric Stenosis
- Development Dysplasia of the Hip
- Down’s Syndrome
- Infantile Hydrocephalus
- Patent DuctusArteriosus
- Retinopathy of Prematurity
- Spina Bifida
- Tetralogy Fallot
- Trancheo-Esophageal Fistula or Esophageal Atresia
- Transposition of Great Vessel
- Ventricular Septal Defect
Hospital Care Benefit for Child
If the child is hospitalised due to any events as mentioned below, this benefit will pay out 2% of the sum assured for each day of hospitalisation stay, up to a maximum of 30 days (or 60% of sum assured):
- Admission into ICU or HDU
- Avian Influenza A (H7N9) and (H5N1)
- Chikungunya Fever
- Creutzfeldt-Jakob Disease
- Dengue Haemorrhagic Fever
- Hospitalisation as an inpatient due to Hand, Foot and Mouth Disease
- Incubation of the newborn Child for more than three consecutive days immediately following birth
- Japanese Encephalitis
- Nipah Virus Encephalitis
- Phototherapy or blood transfusion for severe neonatal jaundice
- Premature birth requiring neo-natal ICU or HDU
- Severe Measles
- Typhoid Fever
- Zika Virus
Developmental Delay Benefit for Child
If the child is diagnosed with developmental delay in gross motor or speech development during the period from 28th month to the expiry of the policy coverage, this benefit will pay out 15% of sum assured, capped at $3,000.
The gross motor or speech development delay means the inability to perform the following either tasks from 28months or older onwards:
- Unable to walk up several steps of staircase by himself or herself unaided by a person or unable to walk without aid over 2 metres of distance.
- Unable to say at least 3 words other than “Papa/Mama” or unable to speak simple words, or use spontaneous 2-word phrases.
The child must undergo at least 3 months of specific remedial therapy in order for the claim to be payable.
Additional Bundled Benefit
Additional free HSBC Life Shield Plan B Cover (1st in market)
For HappyMummy: You can apply for the free first year HSBC Life Shield Plan B cover (plan only, rider is not inclusive) for the child within 60 days of birth.
For HappyFamily: You can apply for the free first year HSBC Life Shield Plan B cover (plan only, rider is not inclusive) for the child within 60 days of birth, in the event you choose to enhance theprotection for the new born child by adding the HSBC Life Flexi Protector or HSBC Life Life Treasure (II). The add-on is optional for the child but the compulsory bundled choice is applicable for the father, mother or the new born child’s sibling only.
Transferrable Protection under HSBC Life HappyMummy
For the bundled choice of either HSBC Life Flexi Protector or HSBC Life Life Treasure (II), the mother will be required to purchase it to protect herself first. Upon the birth of the child, the mother can choose to transfer the protection (along with the plan’s riders, if any) to the child without underwriting. The maximum no underwriting limit is $300,000.
Option To Enhance Coverage for Newborn under HSBC Life HappyFamily
As mentioned earlier, there is an option to further enhance protection coverage for the new born child by adding on either the HSBC Life Flexi Protector or HSBC Life Life Treasure (II), on top of the bundled plan. No medical underwriting is required if the application is within 60 days upon child’s birth, and the maximum no underwriting limit is $300,000 as well.
How The HSBC Life HappyMummy & HappyFamily Works
HSBC Life HappyMummy or HappyFamily is Suitable if You:
- Comprehensive top-to-bottom maternity coverage for you and your family
- Extensive transfer of coverage to the new born child, giving them a head start in life
- In-depth maternity coverage, such as Early Delivery by Caesarean Section Delivery Benefit and Development Delay Benefit.
Conclusion for HSBC Life HappyMummy and HappyFamily
Life can be unpredictable in many ways, and the best gift anyone could have is to have a head start advantage. When it comes to safeguarding, early coverage and protection could mean a huge impact on the child’s life in the future.
If you do not have a protection policy yet, or if you are unsure of what kind of plan is suitable, this is a great time to check out the different insurance providers and see what they are offering.Get in contact with us right now to have a quick assessment and updates on the latest happenings in the market.
Drop us an inquiry below and our friendly professional licensed FA advisor will be getting in touch with you shortly!