Insurance

Sun Life Hong Kong re-launches 2 x guaranteed return savings plans due to client demand

The volatile interest rate and equity markets has led many clients to be unsure where and when to invest. Leaving many clients on the sideline which is especially problematic in a higher inflationary environment.

As one of the leading Affluent and High Net Worth Insurers in Hong Kong, Sun Life Hong Kong (SLHK) has responded to this opportunity and the demand from clients and partners for attractive Savings Plans, by re-launching their popular 1) Bright UL Wealth Builder Prestige and 2) Vision (2 Year Pay)

Speaking to the General Manager, Life & Health at SLHK, Christine Yeung, she said that having Savings Plans that deliver guaranteed return plus upside to give confidence and security to clients is key to this type of market. These plans can also benefit clients for better long-term wealth planning.

We believe in having a comprehensive suite of Protection, Savings and Health Products that cater for the various needs of our clients. And in a time of uncertainty, we felt it was important we have some leading Savings Plans available for clients and partners that deliver strong guaranteed returns with the opportunity to boost their returns each year. While also providing steady and reliable income.

Chief Partnership Officer – Brokerage of SLHK David Varley stated that we are delighted to see the response of the Hong Kong and International market to the relaunch of 1) Bright UL Wealth Builder Prestige and 2) Vision (2 Pay).

Looking at Bright UL Wealth Builder Prestige (101 Universal Life Savings Plan):

  1. 3.2%pa Current Crediting Interest Rate
  2. 2.8%pa Guaranteed Crediting Interest Rate for first 10 years
  3. Bonus interest on top of the current Crediting Interest Rate starting from 11th year
  4. 87% Day 1 Surrender Value
  5. Potential to break-even at year 4
  6. Penalty free withdrawals in first 10 years (10% Account Value for each of first 5 years & 15% Account Value for each of next 5 years)
  7. Issue age 0-80
  8. Life cover is the higher of 101% account value or total premiums less total withdrawal

 

While Vision (Savings Plan) meets a different client segment:

  1. 2.3%pa of Guaranteed Savings Amount as a year’s payout through Guaranteed Monthly Coupon from 2nd year
  2. Total IRR of 4%+ in medium-long term
  3. Unlimited change of Insured after the 1st Policy Anniversary
  4. 2 years pay or pre-pay by lump sum. 5 and 10 years pay also available.  
  5. Flexible way to plan succession: Change of Insured Option, Change of Coverage Option and Death Settlement Option
  6. Issue age from 0 up to 80

 

Varley also said that one of the things SLHK is proud of is the ability to give clients strong guaranteed return savings plans that provide flexibility and accessibility for the Affluent and HNW client.

 

Speaking to Varley, it is “having a strong Product Proposition across Protection, Savings and Health is key. But given the high levels of uncertainty in the market, having some unique and attractive Guaranteed Savings Plans, has successfully demonstrated SLHK ability to respond quickly to client and partner needs to capture this segment of the market. Especially for the Retirement, Annuity, Savings or Risk Adverse client”.