HSBC Credit Shield Insurance for Credit Cards in UAE

Best HSBC Credit Card

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 —

Credit Card	Coverage
Classic Cards	AED 50,000
Gold Cards	AED 100,000
Platinum Select Card	AED 200,000
Advance Card	AED 200,000
Black or Jade Card	AED 200,000
Platinum Card	AED 200,000
Premier Card	AED 200,000
Cashback Card	AED 200,000
Zero Card	AED 200,000

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.

Situation	Required Documents
Loss of Life	Death certificate of the cardholder Identity proof
Permanent Total Disability	Identity proof such as Emirates ID or passport Detailed medical report (nature, onset date, accident/risk factors, degree of disability) Employer’s letter stating start date, termination date, and cause of termination Complete address and contact number Relevant X-rays/CT scans/MRIs/lab tests and reports Police report (in case of an accident)
Critical Illness	Medical evidence of a specified critical illness from a specialist physician Identity proof
Temporary Total Disability	Identity proof Proof of being in a registered occupation on the first day of disability Certificate from a registered physician (cause, probable duration) Evidence of disability allowance payments from the National Insurance Scheme (if any)
Involuntary loss of employment	Dismissal/redundancy letter from employer (date, cause, effective date) ID proof, such as a passport and a visa

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

Ans: HSBC Credit Shield insurance claims are usually settled within 15 working days.

Ans: No, if you fail to pay your HSBC card bill, your credit shield insurance coverage will be terminated. In this case, you will no longer be eligible for any benefits.

Ans: Yes, you can cancel this coverage plan by directly calling HSBC using their phone banking service.

Ans: Credit Shield, an optional insurance cover for HSBC cards, covers the outstanding payments in cases of death, disability, critical illness, job loss, or temporary inability to work. It helps you financially during tough times.

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