Insurance Services

Insurance can provide you with financial protection. It can help you maintain your lifestyle in the event of serious illness or accident. It can enable your loved ones to pay their expenses if you can no longer provide for them. It can shield you from losses if you experience an unexpected event like a fire or theft.

You can also use insurance to plan for large expenses that you are anticipating later in life such as your children's education or your retirement. Some insurance plans are even designed to help you meet your financial goals.

Life Insurance Solutions

Term Insurance

These plans are generally considered in the market to be the most affordable life insurance coverage. If you were to pass away, they protect your family when they would be most vulnerable. The sum assured generally stays the same. Such plans do not have an investment component, so you are not exposed to investment returns (or investment losses) if the policy expires before the insured event occurs.

Term insurance plans can be assigned as mortgage protection insurance.

Traditional Life Insurance

Traditional Life Insurance policies include an investment component, which may allow you to achieve financial objectives while at the same time protecting you. While the premiums for Traditional Life Insurance policies are higher than Term Life Insurance, these plans potentially build up a cash value that you can withdraw or borrow against. Your accumulated cash value (if any) usually depends on how long you hold the policy. However, the exact calculation is set by the terms of the policy you purchase.

Some common types of Traditional Life Insurance are Whole of Life, Universal Life and Annuity policies. Depending on your exact protection and investment objectives, you can pick the type of policy that is right for you.

Investment Linked Plans

If your motivation for getting life insurance is geared more towards investment, then Investment-Linked Plans (ILP) may be what you are looking for. These policies combine investment and protection, to help you achieve your financial goals while providing cover at the same time. Premiums are used to buy

  • Life insurance protection and
  • Investment units in professionally managed investment-linked funds, which may be managed by the insurer or external fund managers.

Policies do not provide guaranteed cash values because the value of ILPs depends on the price and performance of the underlying fund units and in some cases, the value could be zero. Fees and expenses for ILPs are paid out of the premium or the sale of purchased units.

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Speaking Up

Standard Chartered Bank (the “Bank”) is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. As part of this commitment, the Bank has a ‘Speaking Up’ programme through which genuine concerns in this regard can be raised. Members of the public can securely raise Speaking Up concerns through this hyperlink, which is hosted on behalf of the Bank by a third party ‘InTouch’. Examples of concerns that can be raised through this website are concerns that relate to accounting, internal accounting controls or auditing matters and concerns relating to bribery or banking and financial crime. Concerns received will be forwarded to the Bank’s investigations team for review. Complaints relating to SCB banking services should not be raised through this site in the first instance, but through the SCB branch network, contact centres, Relationship Managers or the ‘Contact Us’ webpage.

Disclaimer

Please note that this hyperlink will bring to you to another website on the Internet, which is operated by InTouch, an independent company appointed by the Bank to support its Speaking Up programme. Please be mindful that when you click on the link and open a new window in your browser, you will be subject to the additional terms of use of the website that you are going to visit.

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