Malaysian lender CIMB Group has rolled out a new retirement insurance plan that offers protection, investment and a guaranteed annul income to policyholders.

Dubbed, Sun Income Secure, the premium investment-linked insurance and savings policy is the latest addition to CIMB’s suite of insurance solutions.

The product has been developed in collaboration with Sun Life Malaysia Assurance.

Launching the product, CIMB group consumer banking CEO Samir Gupta said: “Sun Income Secure is another innovative solution that provides protection, investment and savings in one simple plan to help our customers achieve their dream retirement.

“This forms part of CIMB’s holistic offerings to support the financial dreams and ambitions of our clients, backed by a digital proposition to deliver a delightful customer banking experience.”

The policy provides a guaranteed annual income stream of up to 20 years. The policyholders can select their fixed retirement age, which ranges from 50 years to 65 years.

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In the event of demise of the policyholder or total and permanent disability, the nominee will get a lump sum payment. Additionally, customers can get benefit from a potential investment return through investment in a series of professionally managed investment-linked funds.