Sun Life Hong Kong has introduced a new participating insurance plan called SunJoy Global, aiming to offer long-term savings and growth potential with a focus on investment opportunities that excel in their environmental, social, and governance (ESG) qualities.
This plan is an enhanced version of their existing SunJoy product and comes with either a short 2-Pay or 5-Pay premium payment term.
The plan allows for the change of the insured individual, as well as switching between single life and joint life policies. This flexibility aids in legacy planning. Policyholders can also allocate inheritance through the policy split option and continuation option, designed to enable wealth accumulation across generations.
From the third policy year, policyholders can benefit from the guaranteed cash value and the potential for long-term savings growth through two types of non-guaranteed bonuses – the reversionary bonus and terminal bonus. The accumulated reversionary bonus becomes guaranteed once declared. Additionally, an overseas transfer service is available, allowing clients to transfer cash withdrawals to an overseas bank account, with the bank charges for such a transfer waived once per year.
The plan also features a mental incapacity benefit, permitting clients to appoint a family member to file a claim on their behalf in case they are incapacitated. It also has an Accidental Caring Plus benefit, the first-in-market benefit offers protection against major accidents, providing up to 10 times the notional amount of the basic plan in benefits.
Lastly, the plan includes options to defer or waive future premiums in case of a mishap, helping clients ease financial burdens.
In terms of business performance, Sun Life Hong Kong has experienced significant growth in annual premium equivalent (APE). The company saw a 135% increase in APE in Q2 compared to Q1, and a 52% increase in Q3 compared to Q2 in 2023, marking the highest quarter-on-quarter growth percentages in the market for two consecutive quarters.
The success is attributed to the strong performance of agency and broker channels, as well as the recent bancassurance partnership with Dah Sing Bank, established in July 2023. This diversification in distribution channels has enhanced customer accessibility to Sun Life Hong Kong’s range of life insurance products and services.
The onshore business of Sun Life Hong Kong also recorded an APE growth of 100% in Q3 year-to-date compared to the same period last year, reflecting the company's commitment to the Hong Kong market.
In other recent developments, Sun Life Singapore has also announced the appointment of Christopher Albrecht as the new chief executive officer.
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