Yahoo Finance Sun Life Singapore launches Indexed Universal Life policy amid strong wealth inflows
Sun Life Singapore has also introduced its inaugural Philanthropic Pledge in partnership with Community Chest.
Sun Life Insurance Company of Canada Singapore Branch has launched the SunBrilliance Indexed Universal Life (SunBrilliance IUL) to cater to the different needs of the affluent, high-net-worth (HNW) and ultra-high-net-worth (UHNW) client segments in Singapore.
The launch comes amid record wealth inflows into the nation, and as a growing number of HNW and UHNW families are prioritising their wealth preservation and succession planning needs since the pandemic struck.
“Recognising this opportunity, we have developed the SunBrilliance Indexed Universal Life which is designed to appeal to the investment-savvy Affluent, HNW and UHNW clients. We have an innovative solution that offers a good balance of both long-term security and protection, as well as the ability to take advantage of market upsides and achieve potential attractive returns by benchmarking the S&P 500 index,” says Sun Life Singapore’s chief partnership and marketing officer, Michael Wei.
The key benefits of SunBrilliance IUL include a first to market feature Legacy Plus, which allows the death benefit to be paid out in annual instalments up to 10 years.
In conjunction with the launch of SunBrilliance IUL, Sun Life Singapore has also introduced its inaugural Philanthropic Pledge in partnership with Community Chest.
With every purchase of SunBrilliance IUL plan, Sun Life Singapore will donate up to 0.5% from the premiums received, with a cap of US$20,000 per policy. This initiative marks the first time across the industry where donations are given upfront upon policy inception, rather than upon death benefit payout, which typically occurs years later, says Wei.
Community Chest chairman Chew Sutat says the Philanthropic Pledge will be part of the Change for Charity initiative, which makes it easy for people to donate regularly by providing opportunities at various touch points across Singapore.
“Such innovative partnerships will enable HNW and UHNW segments to give back in a sustainable manner and empower communities in need to achieve their full potential, despite the challenges they face,” says Chew.
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