HSBC and Zurich Insurance have launched a new wealth product named SavingsPlus in the Middle East, as part of their 10-year partnership agreement to distribute life and general insurance products.

The new product is expected to address medium to long-term savings needs of clients in terms of insurance benefits, flexible contributions and value compared to other contractual savings products.

SavingsPlus offers flexibility of payment options, a variety of funds to match customers’ investment and risk appetites, and protection against death and disability.

The new wealth product offers customers a ‘Waiver of Premium’ feature, where Zurich Insurance will pay premiums on behalf of customers’ in case of a disability.

In addition, the product also offers ‘life cover’ option, which provides customers very low cost protection in case of death where beneficiaries will receive five times the annualized first regular premium, up to a maximum of $250,000.

Zurich International Life CEO of Middle East & Africa, Jawed Barna said the newly launched proposition is another step in the journey of providing the company’s mutual Middle East-based customers with solutions to their financial planning needs.