Name of insurance product:
Credit Protect Plus

 

Type of insurance product
Group credit insurance providing Life, Accidental Death and Dismemberment Benefit and Total and Permanent Disability Benefit

 

The Underwriter
Credit Protect Plus is underwritten by Pru Life UK and is marketed by HSBC Insurance Brokers (Philippines) Inc.

 

Introduction
Some words used in this guide have special meanings.  These words are shown in italics and are defined in the section titled “definition of terms.”

 

Benefits
Life Insurance
Insurer shall pay an amount equal to the Total Outstanding Balance on the date of your death subject to the maximum benefit limit and conditions. This benefit is payable except for suicide and death due to a pre-existing condition for the first 12 months.

 

Accidental Death and Dismemberment
Insurer shall pay an amount equal to the Total Outstanding Balance on the date of your accidental death and dismemberment subject to the maximum benefit limit and conditions.

 

Total & Permanent Disability
Insurer shall pay an amount equal to the Total Outstanding Balance on the date of your total and permanent disability subject to the maximum benefit limit and conditions.

 

Life Events Benefit
Unauthorized and fraudulent transactions against the HSBC Credit Card account for which the Insured Cardholder is legally responsible up to Php50, 000.00, provided that:
a)    Registered credit card was lost;
b)    Time of fraudulent transaction is not more that twenty four (24) hours from card loss notification.
c)    Losses are not due to Insured Cardholders’ fraudulent use, including but not limited to voluntary disclosure of Personal Identification Number (PIN) or any personal information; and

d)    Transaction is not a cash advance made from the credit card.

 

Lost Card Protection
Insurance Company shall pay the monthly minimum charges not to exceed 5% of outstanding balance of the credit card accounts of the Insured Cardholder upon the occurrence of any of the covered life events benefits enumerated hereunder. Benefit payables shall not exceed three (3) months and same cardholder cannot claim for more than one event on the same policy period.

 

a)    Involuntary Unemployment – if the cardholder become unemployed due to redundancy or office closure. PGAI will pay benefits provided that:
i.    Cardholder has worked for the same employer for at least 12 months as a regular/permanent employee; and
ii.    Cardholder did not voluntarily apply for the redundancy separation.

b)  Hospitalization – if the cardholder is confined in a hospital for more than 10consecutive days, PGAI will pay the benefit stated above. 

c)  Legal Separation – if a cardholder's separation from his/her spouse is legalized by the Courts in the Philippines within the policy period, PGAI will pay the benefit stated above.

d)  Dwellings – if a cardholder suffered a total loss of his permanent residence (owned or rented) due to fire, lightning, typhoon, tornado, earthquake, flood, landslide, tsunami, subsidence, and volcanic eruption during the policy period, PGAI will pay the benefit as stated above.

e)  Bereavement - in the event that cardholder lost an immediate family member due to accident, PGAI will pay the benefit as stated above. Immediate family members as referred herein means as follows:

i.  For married cardholder
-     spouse
-     children
ii. For single cardholder
-     parents
-     unmarried siblings
-     children

 

NOTE:  All benefits will not include any charges/transactions incurred after the date of the event giving rise to a claim under the Policy.

 

Terms and Conditions
1.    Credit Protect Plus provides cover if you are:
•    an HSBC credit cardholder and you have an active HSBC credit card;
•    aged 18 years or older and less than 64 years of age at the Effective Date of the Policy;
Credit Protect Plus covers the primary cardholder and one HSBC credit card.   If you have another credit card with HSBC of which you are the primary cardholder, you may take up a separate Policy to cover that credit card.

 

2.    Amount of insurance coverage
The coverage amount is the amount of Life Insurance, Accidental Death and Dismemberment Insurance and Total and Permanent Disability Benefits equal to the total outstanding balance of your HSBC credit card including interest, fees and charges which remains unpaid at the time of your death or total and permanent disability up to a maximum of Php400,000.

 

3.    Designating a beneficiary
Benefits, if any, are payable to HSBC or to pay-off your HSBC card outstanding balance. Anything in excess shall be payable to the person or persons then surviving in the following order of preference: a) widow or widower; b) surviving children; c) surviving parents; d) surviving brothers and sister; e) executors or administrators.

4.    The Premiums - What do the Benefits Cost
Premiums are payable each month and are computed at Php0.65 cents per Php100 of your total outstanding balance. Premiums are automatically debited to the HSBC credit card covered under the Policy.  If you do not have an outstanding balance on your previous month’s statement of account, no premiums will be charged to you.

 

5.    Effective Date of the Policy
Your insurance coverage comes into effect on the date you became eligible for Insurance upon enrollment via Telemarketing or submission of written request for insurance.

 

6.    Termination of Individual Insurance
Your Policy will be cancelled and cover will cease when:
a)    You die;
b)    On the date of your Death or Permanent Disability;
c)    You reach the age of 65 years;
d)    Either you or HSBC terminate your credit card;
e)    You terminate this Policy.

7.    Reinstatement

Your coverage will be reinstated effective when your Credit Protect Plus has been billed successfully. You will not be protected for any benefit that begins or occurs during the time that your coverage in Credit Protector is suspended. 

The Policy Exclusions- What is Not Covered
Insurer will not pay for any claim resulting from any event or circumstance indicated in the following table:
(a)    Persons below 18 years and those who have attained the age of 60.
(b)    war invasion, act of foreign enemy hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power or direct participation in riot strike or civil commotion;
(c)    any violation or attempted violation of the law or resistance to arrest;
(d)    attempted suicide or self-inflicted injuries while sane or insane;
(e)    pregnancy, childbirth, miscarriage or any complications thereof;
(f)    pre-existing physical or mental defect or infirmity;
(g)    arising from the use of any kind of power driven woodworking machinery except portable tools applied by hand and used solely for private purposes without reward;
(h)    engaging in or taking part in professional sports, scuba-diving, racing of any kind, aerial   flights (including bungee jumping, hang-gliding, ballooning, parachuting and ski-diving) other than as a crew member of or as a fare-paying passenger on a licensed passenger-carrying commercial aircraft operating on a regular scheduled route or any hazardous activities or sports, unless agreed by special endorsement;
(i)    narcotic or drug unless taken as prescribed by a qualified registered medical practitioner;
(j)    the   existence  of  Acquired  Immune  Deficiency  Syndrome  or the presence of any Human Immuno-deficiency virus infection in the  Insured.

Additional Information

How to Make a Claim
Call, email or write to HSBC Insurance Brokers (Phils) Inc claims administration team to obtain a claim form.
You need to complete the claim form as soon as possible and provide the required supporting documentation Insurer will process your claim as soon as it is received.
To make a claim, or if you have any queries or you would like to register a complaint about your claim, contact:
Claims Administration Team
HSBC Insurance brokers (Philippines) Inc
The Enterprise Center, Tower 1, 6766 Ayala Avenue corner Paseo de Roxas, Makati City 1200 Philippines
Tel: (632) 830 5788
Fax: (632) 830 5176

 

Important Definitions
1.    Accidental Death means death which is caused solely and directly by violent, accidental, external and visible means and results solely and directly and independently of any other cause.
2.    Death means death arising from accident or illness while the Insured Debtor’s insurance coverage is effective except as may be excluded under the Policy.
3.    Dismemberment coverage provides benefits if the Insured sustained bodily injuries effected directly and independently of all other causes through external, violent and accidental means. And as a result of such injuries has sustained, within one hundred eighty (180) days after such injuries
4.    HSBC credit card means the HSBC credit card issued by HSBC to you which the Policy applies.
5.    Policy means the contract of insurance between you and Insurer which contains the terms and conditions of cover.
6.    Premium – the cost to you of cover under this policy, which is notified to you on or before the effective date of policy.
7.    Total and permanent disability means the inability of an insured Debtor to engage in each and every occupation or employment for compensation or profit for which he is reasonably qualified by reason of his education, training or experience, as a result of accidental bodily injury, sickness or disease. Such disability should have existed continuously for at least six (6) months.
8.    Total outstanding balance means the sum of the total amount due and your remaining installment amount (if any).
9.    We, Us, Our and Insurer means Insurer, as the underwriter of Credit Protector.
10.    You, Your and Yourself means the primary cardholder of the HSBC credit card covered under the Policy who has agreed to pay the premiums.

This Product Guide is issued by Pru Life U.K.(Insurer). 
25/F, Tower 1, The Enterprise Center, 6766 Ayala Avenue corner Paseo de Roxas and Dela Rosa Sts, Makati City
Tel. No.: 884-8484

 

Pru Life UK is one of the top-rated life insurers in the country today.  It’s parent company, Prudential, is a UK-based, 161-year old financial brand that is respected and trusted all over the world, where it manages over $530 billion under an extensive network life insurance and mutual funds operations. 
In Asia, Prudential’s presence spans more than 70 years through 11 countries including Hong Kong, Singapore, Malaysia, China, Taiwan, Japan, Thailand, Vietnam, Indonesia, India, Korea and the Philippines.

 

Credit Protect Plus is an obligation of Insurer and it is not a deposit with, or product or obligation of, nor is it guaranteed by, HSBC, HSBC Insurance Brokers or any of their subsidiaries or affiliates.