Wed, Apr 01, 2009 - Page 11 News List

HSBC Life launches corporate insurance services in Taiwan

By Joyce Huang  /  STAFF REPORTER

HSBC Life (International) Ltd in Taiwan yesterday launched corporate insurance services offering, among other things, protection for businesses in case of losing top employees to sudden death. The services are the first of their kind on the domestic market.

The British company will offer five insurance policies for businesses, initially targeting the banking group’s 17,400 corporate clients.

Two of the policies concern maintaining corporate development when top talent at a company is lost to sudden death or disabilities, it said in a press statement.

An additional two policies concern incentives for retaining top talent by seeking capital-guaranteed or endowment-based plans with a maturity of up to 20 years that can be used later to pay for an employee’s bonuses or retirement.

A fifth policy will provide major shareholders with a capital cushion to control the fate of their stakes in case of death, allowing, business partners to make pre-agreed arrangements for stockholding to ensure ownership sustainability.

The company’s managing director Lee Wood said the corporate insurance products had been popular in Hong Kong, mostly among private companies, in the past three years.

Policyholders in Hong Kong seemed to favor endowment-based plans, which can retain a cash value on their balance sheets, he said.

HSBC Life, which sells its own life insurance products through 33 banking outlets, has vowed to remain profitable over the next 12 months.

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