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News releases

August 23, 2022

Sun Life Hong Kong launches upgraded Stellar (18-pay) First-in-market Death Benefit Settlement Option to cater to the needs of comprehensive legacy planning

Hong Kong, August 22, 2022 – Sun Life Hong Kong Limited (“Sun Life Hong Kong” or “the Company”) announced the launch of Stellar (18-pay), adding new Death Benefit Settlement Options1 to cater to clients’ needs for more comprehensive legacy planning.

Following its successful launch, Stellar, the first ESG-focused savings plan in the market2, received significant positive client feedback. The plan actively integrates environmental, social and governance (ESG) concepts into its own investment strategies, managing the risks and optimizing opportunities through focusing investment on those assets with high ESG rating.

The upgraded Stellar (18-pay) serves as a comprehensive legacy solution tool. New features include Waiver of Premium Benefit3, Payor Benefit3, Premium Holiday Option4 and free Policy Split Option5.

More importantly, Stellar (18-pay) provides comprehensive Death Benefits Settlement Options1 for each beneficiary, including a first-in-market6 partial payment by installments till the designated age of beneficiary 7. Clients can also choose the full payment by increasing installments or Continuation Option7,8 to enjoy greater flexibility in wealth allocation and easily make financial arrangements, passing down wealth through the generations.

Christine Yeung, General Manager, Life and Health of Sun Life Hong Kong Limited, said, “In view of the increasing demand for ESG investing, we are launching the upgraded Stellar (18-pay) to respond to market needs. Clients can make use of the comprehensive Death Benefit Settlement Options to make appropriate financial arrangements for their loved ones. Compared with  legacy planning tools that involve higher costs, an insurance policy is relatively cost-effective and flexible as a legacy solution tool that enables both the affluent and the broader general public to plan their legacy.

This year marks our 130th anniversary and we are pleased to have continuously led the market in providing a diverse range of life protection and wealth management products. As a trusted partner to Hong Kongers on their retirement journey, we are committed to helping clients achieve lifetime financial security and live healthier lives.”

From now until September 30, 2022, if clients successfully apply for Stellar (18-pay) and such policy is issued by October 31, 2022, 15% premium rebate9 will be entitled to Annualized First Year Premium (“AFYP”). Furthermore, an extra 3% premium rebate on AFYP will be entitled to Stellar (18-pay), i.e. a total of 18% premium rebate9 on AFYP if clients fulfill the above requirements and apply for WeHealth Prestige, WeHealth Preferred or WeHealth Plus with the same policy owner on or before September 30, 2022 and such policy is issued by November 30, 2022.

Sun Life Hong Kong also announced the launch of the SaveFast Endowment Plan, a USD-denominated10 non-participating savings plan. For a short premium payment period of 2 years, clients can enjoy 5 years of saving protection. Along with life protection, when the policy matures at the end of the 5th policy year, clients are entitled to receive a maturity benefit in the form of a guaranteed annualized return of 3%11. Alternatively, clients can choose to pre-pay12 the second year’s premium at the outset with a guaranteed prepayment interest rate of 3% per annum during the 1st policy year. The plan13 is limited subject to availability.

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1.       The Death Benefit Settlement Option may be exercised subject to a minimum amount of Death Benefit and the then current administrative rules determined by Sun Life from time to time.

2.       This is based on market conditions as of April 12, 2022 and comparison among other savings plans for new Composite and Long Term Businesses as defined by the Insurance Authority in the Register of Authorized Insurers.

3.       If your chosen coverage is Joint Life, both insureds must reach age 18 or above for Waiver of Premium Benefit; while one of the insureds must age under 18 for Payor Benefit. This is subject to the then current administrative rules and approval by Sun Life.

4.       The Premium Holiday Option is subject to the prescribed conditions set out in the policy provisions being fulfilled, the then current administrative rules, underwriting rules, any other requirements and the approval of Sun Life. Upon approval of Premium Holiday, Sun Life will not declare any face value and cash value of Reversionary Bonus under the policy and the Guaranteed Cash Value, face value and cash value of the accumulated Reversionary Bonus (if any) will be maintained at the level immediately before the Premium Holiday Period starts. Please refer to a sample Policy Document for details including definitions of capitalized terms and full terms and conditions of coverage.

5.       The application for Policy Split Option can be made once per policy year only. Upon approval of the Policy Split, the policy year, maturity date, policy owner and insured(s) of the Split Policies etc. will be same as Original Policy and no cooling-off period is available for Split Policies. The Notional Amount of Split Policies cannot be less than the minimum amount requirement as required by the then current administrative rules. The application for the Policy Split cannot be withdrawn or changed once the Policy Split is approved and completed.

6.       The “First-in-market” item is based on market conditions as of July 31, 2022 and comparison among other savings plans for new Composite and Long Term Businesses as defined by the Insurance Authority in the Register of Authorized Insurers.

7.       If this option is selected, the beneficiary must be a living individual.

8.       Provided the beneficiary can pass the then current administrative rules and other rules imposed by Sun Life, upon the New Policy takes effect from the Continuation Option Effective Date,

a. The Policy Date and the policies years of the New Policy will be the same as the Original Policy;

b. The Maturity Date of the New Policy will be changed to the Policy Anniversary on or immediately following the New Insured’s 120th birthday;

c. The Notional Amount, the total premiums due and paid and the outstanding amount of any loans and interest and the policy values of the Original Policy, including Guaranteed Cash Value, accumulated Reversionary Bonus (if any), Terminal Bonus (if any) will be allocated to the New Policy according to the designated percentage to the corresponding beneficiary as stated in the relevant prescribed form;

d. There is no Cooling-off Period for the New Policy; and

e. For the purpose of counting the applicable period under the Incontestability provision, the relevant period will commence from the Continuation Option Effective Date for the New Insured.

9.       The promotion offer is subject to relevant terms and conditions.

10.   This basic plan is denominated in USD. Premium payments and benefits are calculated and paid in USD. However, clients may choose to pay premiums and to receive benefits in HKD at an exchange rate determined by the Company from time to time at its sole discretion.

11.   The guaranteed annualized return is based on the condition that clients hold this policy until maturity. In the event of surrender before maturity, clients may suffer substantial losses and the cash value clients receive may be less than the premium paid.

12.   Any prepayment for 2nd year premium will be accrued with guaranteed interest of 3% per annum for the first policy year. In the event of withdrawal of prepayment for 2nd year premium during the first policy year, the withdrawal must be made in full amount including any accrued interest, and the total amount withdrawn will be subject to a withdrawal charge of 3%. Clients will suffer a loss in the event of withdrawal of prepayment for 2nd year premium.

13.   The availability of this basic plan is limited. The Company reserves the right to withdraw the offer of this basic plan at any time without prior notice. The receipt of premium by the Company does not represent the acceptance of clients’ application for this basic plan. At any time during the approval process of clients’ application, the Company may withdraw the offer of this basic plan without prior notice; or if the application is declined, the original amount of premium and levy paid at the time of application will be refunded without any interest in clients’ payment currency.

Photo Caption: Sun Life Hong Kong launches Stellar (18-pay) and SaveFast Endowment Plan to cater to different financial needs. (Pictured: Christine Yeung, General Manager, Life and Health).

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 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 June 30, 2022, Sun Life had total assets under management of C$1.26 trillion. For more information, please visit  

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. 

Media Contact

Weber Shandwick

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Sun Life Hong Kong Limited

Kathy Lee

Tel: (852) 2103 8922