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Venus II is a participating insurance plan that is easy to apply and offers potential long-term wealth growth with just a single payment of premium at the start of the plan. The plan is suitable for people who are looking for long term wealth growth, not only for enjoying the stability of a long term savings plan and the flexibility in withdrawing the cash value of accumulated Reversionary Bonus out of it, the plan also provides options for passing your legacy to the next generations.
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1. The Reversionary Bonus and Terminal Bonus are non-guaranteed and are determined in accordance with the rules set out by Sun Life Hong Kong Limited (“Sun Life”) 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, claims experience, policy expenses, taxes, and policy owner termination experience. The cash value of Reversionary Bonus may not be equal to face value of Reversionary Bonus whilst the cash value of Terminal Bonus is equal to face value of Terminal Bonus. For details of bonuses, please refer to Bonus Philosophy under section Important Information of Venus II’s product brochure and disclosure in this page.
2. The Change of Coverage Option and Change of Insured Option are subject to the prescribed conditions set out in the policy provisions are fulfilled. Please refer to sample policy provisions for details.
3. The maximum and minimum amount of cash withdrawal is subject to the then current administrative rules. The cash value of accumulated Reversionary Bonus is not guaranteed and may be reviewed and adjusted by Sun Life from time to time at Sun Life’s sole discretion. Any withdrawal from the cash value of the accumulated Reversionary Bonus will cause no impact on Guaranteed Cash Value, but it will decrease the face value and cash value of the accumulated Reversionary Bonus and will also reduce the long-term value of the policy.
4. 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.
5. The Designation of Contingent Policy Owner Option is subject to the prescribed conditions set out in the policy provisions, the then current administrative rules, underwriting rules, any other requirements and the approval of Sun Life.
6. Simplified underwriting will be required if the total Notional Amount of Venus II plus total Notional Amount and/or Guaranteed Saving Amount of designated savings products per insured’s life is more than USD2,000,000. The application process is subject to the then current administrative rules determined by Sun Life from time to time.
The above information is a product summary only and it does not include a full policy terms and benefits, please contact your Advisor for details. Please refer to the product brochure and sample Policy Document for details including definitions, full terms and conditions and exclusions including product risks. If there is any conflict between the Policy Document and this product summary, the Policy Document shall prevail.
The below disclosure applies to the bonuses of Venus II illustrated in Product Brochure and Proposal:
The projection of illustrated bonuses is dependent on current and ultimate investment yields. The ultimate investment yields make reference to ultimate interest rate assumptions with an additional margin of prudence adopted by the Company. These assumptions are influenced by actuarial guidance on ultimate risk-free interest rates published by the Canadian Institute of Actuaries, amongst other factors. The actuarial guidance as of July 3, 2019 suggests ultimate risk-free interest rates between 3.5% to 5.5%.
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