HSBC Credit Shield Insurance for Credit Cards in UAE

HSBC is one of the leading banking solutions providers in the world. The bank owns a database of more than 40 million customers in over 64 countries in Asia, Europe, Africa, North America, The Middle East, North America, and Latin America. 

HSBC established its presence in the UAE in 1946 and introduced banking products and services for both individual and corporate customers. Among all the banking products, HSBC offers five different types of credit cards with a wide range of benefits for travel, lifestyle, dining, entertainment, and much more.

HSBC Credit Cards also provide protection benefits for cardholders. These benefits include credit shield insurance, purchase protection, etc. HSBC Credit Shield Insurance provides cardholders with coverage against non-payment of credit card debts in the events like loss of employment, temporary total disability or permanent total disability, critical illness or death. 

Policy Coverage for HSBC Credit Shield Insurance

Here is the insurance coverage that the HSBC Credit Shield Insurance facility offers.

• Total Temporary Disability: HSBC Credit Shield Insurance offers coverage in the event of total temporary disability of the insured HSBC credit cardholders. To avail of this service, the insured person needs to work at a registered firm and have a fixed term of the contract on the first day of disability. The cardholder must not be disabled on the day when they took the CSP cover.
• Involuntary Loss of Employment: HSBC Credit Shield Insurance also offers coverage in the event of involuntary loss of employment. The policyholders can only claim for a total of 6 months in any 12 months period. In addition, as per the policy term, there must be at least 6 months of continuous employment after the term of a first claim.
• Critical Illness: With HSBC Credit Shield Insurance, the insured cardholders get coverage for critical illnesses or diseases, including stroke, kidney failure, heart attack, major organ transplantation, coronary artery diseases that need surgery, multiple sclerosis, etc. They get 100 percent of the credit card outstanding balance of their HSBC Credit Card. The maximum cover for the same may vary for different types of credit cards.
• Permanent Total Disability: HSBC Credit Shield Insurance offers coverage in the event of permanent total disability. The bank provides 100 percent of the credit card outstanding balance for the cardholders on their HSBC Credit Card. However, the maximum cover may vary for different types of credit cards.
• Loss of Life: HSBC Credit Shield Insurance offers coverage for the policyholders in the event of their untimely death. The bank provides 100 percent of the credit card outstanding balance for the cardholders on their HSBC Credit Card. The maximum cover for the same may vary for different HSBC credit cards.

Coverage Limits of HSBC Credit Shield Insurance in UAE

Premium Cost of HSBC Credit Shield Insurance

HSBC Credit Card members need to pay 0.141 percent of their outstanding monthly balance on HSBC credit cards to avail of this service. If they do not have any outstanding amount, there will be no charge for this service for that specific month. The billed amount will be reflected on the monthly credit card statement.

Eligibility Criteria for HSBC Credit Shield Insurance for Credit Card

Here are the criteria the HSBC Credit Card members need to meet to become eligible for HSBC Credit Shield Insurance.

• The applicant must be a primary HSBC credit cardholder for the card issued in the UAE.
• The applicant needs to be an individual and not a representative of a corporation.
• The applicant must be between the age of 18 and 64.
• The applicant must hold a valid residency visa issued in the United Arab Emirates.

Documents Required for HSBC Credit Shield Insurance for Credit Card

Here are the documents required to apply for HSBC Credit Shield Insurance.

Loss of Life

• An identity document of the insured HSBC credit cardholder
• Death certificate of the insured HSBC credit cardholder
• Other additional documents requested by the insurance company

Permanent Total Disability

• A detailed medical report with details, nature and date of the accident, risk factors, ailment, and degree of disability
• A reference document from the existing/previous employer stating the start and end date of employment with the cause of termination of employment
• Passport or ID card of the insured HSBC credit cardholder – original and a copy 
• Complete address and contact number of the insured HSBC credit cardholder
• All relevant CT scans, x-rays, MRIs, laboratory tests, and other medical tests and diagnosis reports
• A police report in the case of an accident - original and a copy
• Other additional documents requested by the insurance company

Critical Illness

• Critical illness diagnosis report made by the specialist physician who diagnosed it and medical evidence related to the critical illness reported
• Insured HSBC credit cardholder’s official personal identity document
• Other additional documents requested by the insurance company

Temporary Total Disability

• Valid evidence of the insured HSBC credit cardholder working in a registered occupation on the first day of the reported period of disability
• A detailed diagnosis report made by the registered physician who prescribed the absence from work due to accident or sickness, indicating the cause and probable duration for the same
• Valid evidence of payment of disability allowances for a work injury or sick leave, if paid by the National Insurance Scheme
• Insured HSBC credit cardholder’s official personal identity document
• Other additional documents requested by the insurance company

Involuntary Loss of Employment

• A letter notifying the redundancy or dismissal of the cardholder by their employer. The document must include the date, the cause and the effective date of termination of services.
• Passport with residency visa or ID card of the insured HSBC credit cardholder – original and a copy 
• Other additional documents requested by the insurance company

UAE Nationals shall furthermore provide

• A certificate of registration of unemployment with Tanmia
• Valid evidence of allowances payment for total unemployment by Tanmia

The cardholder must submit all the required documents to MetLife within 90 days of the date of loss. They must answer all the questions from the insurance company fully and accurately. If someone else is filling out the forms on behalf of the insured person, that person must be authorized to do so. 

The cardholder must submit all the documents in English or Arabic language. An official public translator must translate the documents into other languages before submission.

All the medical documents and diagnosis reports must carry the patient’s name and the date they were taken on. The insurance company may reject the claim if the mentioned terms and conditions are not met. The insurance company reserves the right to medically examine the insured person if it has reason to suspect that a claim is not genuine.

How to Apply for HSBC Credit Shield Insurance?

The primary cardholders of HSBC credit cards do not need to apply for HSBC Credit Shield Insurance separately. All the cardmembers are already registered for the credit shield insurance scheme until they cancel the membership for the same. If any of the HSBC credit cardholders do not want to avail of the service, they can call the bank anytime and opt out of the service. Usually, the bank cancels the credit shield insurance membership within three months.

Based on the terms and conditions, the HSBC credit cardmembers get a Credit Shield Insurance scheme offered by an American Life Insurance Company, MetLife Insurance. 

Terms & Conditions for HSBC Credit Shield Insurance for Credit Card

Here are the general and special terms and conditions of HSBC Credit Shield Insurance, followed by its exclusions. 

Involuntary Loss of Employment (ILOE):

The insurance coverage terminates at the earliest of the following events.

• If the insurance claim is no longer required or justified 
• In case of Disability/Death
• If the cardholder resumes working, including part-time as well
• Early retirement or on the date of regular retirement
• If the maximum term of benefit reaches
• When the cardholder turns 65 years old
• In case the HSBC credit card gets canceled
• If the cardholder no longer claims the Tanmia unemployment benefit – for UAE Nationals only

The cardholders can claim the insurance coverage for a total of 6 months in any 12 month period. The condition applies even if the cardholder goes through multiple ILOE claims in the same 12 month period.

To become eligible for another claim, the cardholder must have regular employment of at least 6 months after the term of a first claim where they availed of all the insurance benefits. The valid employments include a permanent term of employment and temporary or a fixed-term contract.

Here are the eligibility criteria for the cardholders to make an Involuntary Loss of Employment claim.

• The cardholder must be less than 65 years old based on the insurance company records.
• The cardholder must have a valid HSBC credit card on the notification of unemployment.
• The cardholder must have at least six continuous months of permanent term/contract of employment of not less than 30 hours per week. The employer must be the same for the whole six months in the private/public sector prior to the claim date.
• The cardholder’s unemployment must meet the terms of consequence of redundancy or dismissal and should not be due to a reason of misconduct.

The above eligibility criteria apply to the cardholders’ circumstances as at the point they make an Involuntary Loss of Employment claim, irrespective of what their circumstances were when they applied for CSP cover.

Total Temporary Disability (TTD):

To make a claim for Total Temporary Disability, the state of the credit cardholder’s disability must be diagnosed by a professional medical expert designated/appointed by MetLife.

The insurance coverage terminates at the earliest of the following events.

• If the insurance claim is no longer required or justified or where the claim is no longer supported based on the basic condition
• In the event of policyholder’s death or Permanent Total Disability
• When the credit cardholder turns 65 years old
• If the cardholder resumes working, including a part-time contract of employment
• Early retirement or on the date of regular retirement
• If the cardholder no longer claims the Tanmia unemployment benefit – for UAE Nationals only.

The cardholders can claim the insurance coverage for a total of 6 months in any 12 month period. The condition applies even if the cardholder goes through multiple ILOE claims in the same 12 month period.

To become eligible for another claim, the cardholder must have regular employment of at least 6 months after the term of a first claim where they availed of all the insurance benefits. The valid employments include a permanent term of employment and temporary or a fixed-term contract.

Here are the eligibility criteria for the cardholders to make a Total Temporary Disability claim:

• The cardholder must be in a registered occupation on the first day of their disability. They can report the claim while working under a permanent or fixed-term contract of employment or being self-employed.
• The cardholder must not be disabled when they got registered for CSP cover.
• If the cardholder needs to stop working totally due to sickness or accident and they were still unable to start working when the claim was reported.

If the cardholder reports Total Temporary Disability twice within the gap of two months, the insurance benefits will be paid as if only one claim was made. 

Exclusions

Loss of Life (Death Exclusions)

• Abuse of alcohol or drugs
• Suicide while sane or insane
• Illnesses directly or indirectly related to HIV or AIDS 
• Riot, war, acts of terrorism, or civil commotion
• Flight in a non-scheduled aircraft
• Radioactive contamination
• Services while in war or active armed forces (excluding policemen who die in their day-to-day course of duty)
• Criminal activity / Illegal act
• Participation in rallies, sport involving a motor engine, parachuting or hang-gliding, boxing, professional sports, mountain climbing, scuba/skin diving, or horse racing
• Events like war, civil war, an act of foreign enemy, invasion or warlike operations, hostilities, revolt, mutiny, riots, strike, rebellion, revolution, insurrection, civil commotion, act of terrorism, any kind of training or any assignment involving the use of explosives or ammunition of any kind

Permanent Total Disability

• The Death Exclusions (as mentioned above)
• Any mental/nervous disorder or psychiatric illness 
• Self-inflicted bodily injury while sane or insane
• Disability attributed by the insured credit cardholder to subjective complaints not detectable with biochemical means and/or imaging, microbiological, or laboratory measurement
• The policyholder’s failure to undergo any medical treatment advised by a legally qualified medical practitioner

Critical Illness

• Claims registered within 90 days from the date the cardholder took the Credit Shield cover
• Self-inflicted injuries
• Pre-existing conditions
• Infection by HIV, a medical condition related to AIDS - unless a professional medical practitioner certifies that the condition solely prevents the cardholder from working
• Radioactive contamination
• Solvent, drug and alcohol abuse
• Back related conditions unless radiologically proven
• Injuries or other medical conditions arising from treatments or operations which are not medically necessary, including beauty or cosmetic treatments 
• Depression, stress, anxiety or any mental or nervous disorder until a professional psychiatrist certifies that the policyholder can’t work due to the condition

Total Temporary Disability for self-employed cardholders

• The Permanent Total Disability exclusions 
• Abuse of alcohol or drugs
• Mental conditions such as depression, anxiety, nervous breakdown, or other stress-related condition
• Backache and other related illnesses and conditions are not covered unless a professional medical specialist identifies and defines specific clinical findings. For example, the radiological medical evidence of abnormality

Involuntary Loss of Employment for salaried cardholders

• The Total Temporary Disability exclusions (as mentioned above) 
• The cardholders can avail of this service only until they reach the age of 65 years. They need to inform the insurance company or the HSBC Bank about the same to stop paying the premiums as the cover will be discontinued. 
• Early retirement 
• Natural expiry of the term of employment or an interim contract
• If cardholders are unable to claim the Tanmia unemployment benefit – applicable for UAE Nationals only
• Self-employment
• Redundancy or dismissal of employment services when the cardholders are one of the shareholders or board of directors of the company
• Redundancy or dismissal of employment services when the employer is cardholder’s family or spouse
• Voluntary redundancy or resignation due to rejection of another available suitable role in the company during organisational changes
• Dismissal of employment services by reasons such as strikes, misconduct, unlawful acts, lockouts, strikes or other organised labour disputes
• Seasonal, partial or casual employment

Claim Procedure for HSBC Credit Shield Insurance for Credit Card

The insured HSBC credit cardholders can enjoy Credit Shield Insurance coverage for the duration of time they are holding an HSBC credit card. They need to continue paying the premiums on their credit card bills to avail the service. The day they reach 65 years, they need to notify HSBC to stop paying premiums as the insurance company will disconnect the coverage from that age. 

HSBC credit card members or their beneficiaries can file the insurance claim in two simple ways. 

• Via Phone: The insured HSBC credit cardholders can call the helpline at +971 4 390 6081 from Saturday through Thursday, between 08:00 AM and 04:00 PM, to contact the bank and file the claim without any hassle. The bank may directly handle the claim or refer the cardholder to the insurance company to get the claim approved. 
• Visit the Branch: The insured HSBC credit cardholders can also visit the bank’s branch to report the credit shield insurance claim. They need to fill the claim form and submit the same with the essential documents.

Once the claim gets registered, the insurance company will allocate the claim number to the insured cardmember. Please note if all the documents are in place, it takes around 15 to 30 business days from the date of the event for the insurance company to process the claim. 

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