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News releases

July 08, 2021

Sun Life Hong Kong Launches New Insurance Plan – Vital

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.

END

 

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 

  1. The Reversionary Bonus and Terminal Bonus are non-guaranteed and are determined in accordance with the rules set out by the Company from time to time. The Reversionary Bonus and Terminal Bonus may vary based on the performance of a number of experience factors, with the investment return normally being the main determinant. Other factors include, but are not limited to, claim experience, policy expenses, taxes, and policy owner termination experience. The cash value of Reversionary Bonus and Terminal Bonus might not be equal to their own face value. For details of bonuses, please refer to Bonus Philosophy under section Important Information and the Company’s website (www.sunlife.com.hk).
  2. Please note that Vital is an eligible life insurance plan under PRMP, but it does not necessarily mean that your PRMP application will be approved. The eligibility of this product under the PRMP is based on the features of the product. Therefore, clients and their life insurance policy are still required to meet all the eligibility requirements under PRMP before they apply for the policy reverse mortgage loan. Any general information provided on PRMP is for their reference only, and they should not make any decisions based on such information alone. Clients should always seek for advice from professional bodies if they have any doubts. Please note that the information provided is subject to change including the eligibility criteria for PRMP. The Company does not take any responsibility to inform clients about any changes and how they may affect them. The Policy Reverse Mortgage Programme is operated by HKMC Insurance Limited, a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited. For further information, please refer to The Hong Kong Mortgage Corporation Limited website: www.hkmc.com.hk.
  3. Only applicable to policy under the 15 years premium payment term.
  4. The offer is only applicable to successful application(s) of Vital (the “Relevant Policy(ies)”). The application(s) of the Relevant Policy(ies) must be submitted between July 6, 2021 and September 30, 2021 both days inclusive, and such policy(ies) must be issued by the Company on or before November 30, 2021. Subject to other terms and conditions. Refer to promotion leaflet or www.sunlife.com.hk for details. 
  5. 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

  6. This is a one-time option that may be exercised after the 2nd policy anniversary. Subject to other terms and conditions. Please refer to Policy Document for details.
  7. The unemployment is not caused by resignation, retirement, voluntary redundancy or termination by the employer due to misconduct, negligence of duties, dishonesty or commitment of any unlawful act and you are not self-employed or employed by relatives.
  8. At the end of the extended grace period, unpaid premiums during the grace period will need to be repaid, with no interest. 

 

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.