With the support he needs to make his wishes and dreams come true - support that you will have provided through HSBC's Child Savings plan. This insurance plan takes care of your child's future, simply, as it provides a vehicle for regular savings.
And we help by making use of our 147 years of international experience, and the knowledge acquired from our longstanding presence in Greece – enabling us to design products that meet your needs as these evolve. To this end we work with Allianz, one of the world's leading insurance companies. With 80 million customers around the world, Allianz holds a leading position in the financial and insurance services sector, providing secure and reliable services to its trusted customers for more than 120 years.
With the Child Savings plan you can insure your child from birth to coming of age. Also, in the event of death during the premium-payment period, our associates at Allianz undertake to pay out 100% of the premiums paid, minus the accrued dividends, while in the event of death during the period in which a monthly income is being paid, they undertake to pay out the full redemption value immediately. Moreover, the plan allows you to waive the premiums in case of loss of life or permanent total disability.
For a child aged two, with an initial premium of €100 (5% annual premium adjustment) and a 20-year policy, the guaranteed lump-sum payment on maturity is €42.107,46, whilst the guaranteed monthly income payments will be €920,32, payable for 4 years (total guaranteed payments of €44.175,36).
During the life of the policy you will have paid €39.878, realizing a total tax benefit of €3.802 over the same period in accordance with the current legislation (April 2012) (*)..
* The tax saving is calculated using the example of a male policyholder aged 35, with an annual taxable household income of €40.000, annual gross premiums of €1.206 (net premium of €100 per month), with an annual 5% adjustment, and 35% tax rate (for lower brackets the applicable rate will range from 10% to 25%).