HSBC Credit Shield Insurance for Credit Cards in UAE

What is HSBC Credit Shield Insurance? 

Credit Shield is an optional insurance cover with HSBC credit cards in UAE. It financially supports you in unfortunate circumstances if you’re unable to pay the outstanding balance on your card. It covers the outstanding amount in the following events —

• Death or Loss of Life 
• Critical Illness
• Permanent Total Disability 
• Temporary Total Disability (TTD) – (for self-employed customers)
• Involuntary Loss of Employment (ILOE) (for salaried customers)

HSBC Credit Shield Insurance Coverage Limit

HSBC Credit Shield insurance coverage differs as per the card. Let’s take a look at the cover across major card categories —  

Premium Rates of HSBC Credit Shield Insurance

To use this service, you have to pay 0.141% of your monthly card balance. Note that there is no fee if you don’t have any unpaid balance on the card. You will get the total bill on your monthly statement issued by the bank. 

Eligibility Criteria for HSBC Credit Shield Insurance

To access this facility, you need to meet the following eligibility criteria —

• You must be the primary cardholder 
• Your age should be between 18 and 64 years
• You must be a UAE resident with a valid visa 

Note: This service is for individuals only — corporate cardholders cannot access this facility.

Documents for HSBC Credit Shield Insurance Claims

Depending on the scenario, different types of documents are required for claims related to HSBC Credit Shield. 

Note: You may need to submit some additional documents if requested by the bank or MetLife, the insurer. 

How to Apply for HSBC Credit Shield Insurance?

Applying for HSBC Credit Shield insurance is easy. You can do it at the time of your card activation. You’ll stay covered under this coverage for as long as you keep your HSBC credit card and pay the monthly premiums, which are added to your card bill. Moreover, once you turn 65, your coverage will end. In this case, you’ll need to inform HSBC so they can stop charging premiums.

Remember that a waiting period applies for certain benefits before you can make a claim. This period is 30 days for involuntary loss of employment and total temporary disability, 12 months for permanent total disability, and 90 days for critical illness.

How to Make an HSBC Credit Shield Insurance Claim?

Filing an HSBC Credit Shield insurance claim is quite easy. Simply follow the steps given below —  

• Notify HSBC of the incident within 90 days
• Provide all the requested information and documents promptly, as per the event type
• HSBC will coordinate with MetLife (the insurer) or refer you directly to them
• Get the claim amount once it is settled by MetLife

Note 

• To connect with HSBC to start the claim process, you can dial +971 4 390 6081 between 8 am and 4pm from Saturday to Thursday
• MetLife is solely responsible for claim assessment and payment
• Report claims and submit documents as early as possible to avoid delays

FAQs