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Hong Kong, July 8 , 2021 – Sun Life Hong Kong Limited (“the Company” or “Sun Life Hong Kong”) today announced the launch of a new participating insurance plan, Vital, which offers whole-life protection and potential long-term wealth growth through the Guaranteed Cash Value and non-guaranteed Reversionary Bonus and Terminal Bonus1. Vital is an eligible life insurance plan under the Policy Reverse Mortgage Programme (“PRMP”)2. Under PRMP, clients who are aged 60 or above can apply for policy reverse mortgage loans.
With a minimum Notional Amount of USD20,000 (or HKD160,000) and with premium payment terms of 15 years, 20 years and 25 years, Vital is eligible for clients aged 603 or under. From now until September 30 2021, eligible clients of Vital may enjoy a premium rebate of up to 8% on the Annualized First Year Premium upon successful application4.
Clement Lam, Chief Executive Officer, Sun Life Hong Kong Limited, said, “Planning ahead is of paramount importance to achieve a fruitful lifestyle in retirement. As a trusted partner for Hong Kongers on their retirement journey, Sun Life Hong Kong is committed to providing diversified life protection and wealth management products that support our clients in managing their retirement savings. The newly launched Vital is designed to cater to clients’ retirement planning needs, providing the basis for an enduring financial foundation that their loved ones can count on. As an eligible life insurance plan under PRMP, Vital provides clients with an option to support their life in retirement with a stable income. Alongside Life Brilliance, another eligible life insurance plan under PRMP, we seek to offer clients a variety of choices in line with their needs."
One of the unique features of Vital is its Dealth Benefit, which offers extra financial aid to the family. If the insured unfortunately passes away before the policy anniversary on or immediately following the insured’s 69th birthday or the 34th policy anniversary (whichever is earlier), an additional amount5 of up to 70% of the sum assured will be paid as part of the Dealth Benefit, providing additional support to tide over the loved ones of the insured during this difficult period.
In addition, under the Unemployment Benefit6 of Vital, clients who remain unemployed7 for at least 30 consecutive days between the age of 18 and 65 can apply to extend their grace period8 by up to 365 days. Cover will remain in effect throughout this period, enabling clients to focus on their next career move.
Photo Caption: Clement Lam, Chief Executive Officer, Sun Life Hong Kong Limited, believes that Vital helps clients create financial freedom for their loved ones.
Note to Editors
|Occurrence of the insured’s death||Additional amount payable|
|Before the 30th policy anniversary or the policy anniversary on or immediately following the insured’s 65th birthday, whichever is earlier (“Designated Anniversary”)||70% of Sum Assured|
|Within the 1st policy year from the Designated Anniversary||56% of Sum Assured|
|Within the 2nd policy year from the Designated Anniversary||42% of Sum Assured|
|Within the 3rd policy year from the Designated Anniversary||28% of Sum Assured|
|Within the 4th policy year from the Designated Anniversary||14% of Sum Assured|
|Within the 5th policy year from the Designated Anniversary and thereafter||0% of Sum Assured|
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2021, Sun Life had total AUM of CAD$1,304 billion. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.