Sun Life subsidiary Sun Life Singapore has rolled out a new offering called SunBrilliance Indexed Universal Life (SunBrilliance IUL).
The new policy is part of the insurer’s efforts to cater to the needs of high net worth (HNW) and ultra-high net worth (UHNW) customers in Singapore.
SunBrilliance IUL’s launch comes amid record-breaking wealth inflows into Singapore and a rise in HNW and UHNW families prioritising asset preservation and succession planning since the pandemic hit, the insurer noted.
The benefits offered by the new policy include lifetime coverage for protection, potential growth through an Indexed Account tied to the performance of the S&P 500 index, and the opportunity for an additional 20% of the index return.
SunBrilliance IUL also provides downside protection with a guaranteed minimum crediting rate of 2.5% per year for the Fixed Account and a 0% per year floor on the return of the Indexed Account.
Furthermore, the death benefit can be distributed over a period of up to ten years in yearly instalments with the Legacy Plus feature.
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Sun Life Singapore chief partnership and marketing officer Michael Wei said: “The decades-long experience of Sun Life as a market leader and pioneer of Affluent, HNW and UHNW insurance in Asia puts Sun Life Singapore at the forefront of this growing segment, and Sun Life Singapore will continue to leverage our expertise to serve the needs of our clients in securing their future for generations to come.”