Insurance

Sun Life Hong Kong launches Venus II – the much-anticipated financeable savings plan to complement their “V” series HNW savings plans

Sun Life Hong Kong Limited (“Sun Life Hong Kong”) has focused heavily in recent years on being a High Net Worth market leader in savings plans through insurance brokers, private banks and EAM’s.

Their “V” savings series has proved very popular in the Hong Kong and international marketplace and brought in over USD 1B in premiums in the past 2 years.

Some clients have gravitated to the Sun Life Hong Kong’s “Vision” coupon savings plan with a guaranteed coupon of 2.3% of the Guaranteed Saving Amount each year, plus the upside of the non-guaranteed Reversionary Bonus and Terminal Bonus.

Other clients like the higher equity return from the “Victory” Savings Plan, which by using the Dynamic Investment Strategy of Sun Life is expected to give IRR’s of 5.5%+p.a. 

It has led to Sun Life Hong Kong being a strong player in both a) HNW protection with “Generations II” guaranteed whole of life, and now with the b) “V” savings series plans according to Clement Lam, Sun Life Hong Kong Chief Executive Officer.

 

“We have adapted our product strategy in these COVID-19 times to attract client’s looking for retirement, annuity or income type solutions from a strong AA- Standard and Poors rated insurer” says Lam.

 

The company’s latest product release is Venus II, the single pay PAR savings plan, that is designed for higher savings upside, with many banks also finance these type of High Day 1 Cash Value Savings Plans

 

“Venus in 2020 was one of the hottest products in the HNW market in Hong Kong and Asia, and Venus II has been much anticipated” says Chief HNW Officer David Varley. “Venus II has an 88% guaranteed day 1 cash value, strong total IRR from year 10 onwards, and supported by our sophisticated dynamic investment strategy, run by our Investment and ALM teams. Combined with features such as the ability to change insured and policy owner, and also with the Death Benefit Settlement Option, the “V” savings series plans of Venus II, Vision and Victory, continue to grab a large market share. Especially as issue age flexibility is from 0 years old, up to 80 years old.”

 

Venus II is now available, and combined with Vision and Victory, the company sees significant growth ahead in helping HNW individuals with savings, retirement, annuity and education planning, as well as asset diversification and wealth structuring.

 

Sun Life Hong Kong Limited is a company incorporated in Bermuda with limited liability. For information on Sun Life Hong’s Products, please refer to a sample Policy Document, which will be provided upon request, and give details including definitions and full terms and conditions and key product risk.