Sun Life Singapore has launched an indexed universal life policy for high net worth (HNW) and ultra high net worth (UHNW) clients in Singapore.
The SunBrilliance policy includes lifetime coverage for protection and allows the death benefit to be paid out in annual instalments over up to 10 years.
The policy is Sun Life Singapore’s latest addition to their affluent, HNW and UHNW solutions on the back of their Future – S Whole of Life policy.
There is greater flexibility aimed at enabling premiums to be allocated among the investment options based on preference and to reallocate the balance among the accounts based on clients’ investment perspective.
The insurer said it also had high potential for growth through an indexed account linked to the S&P 500 index performance, with the possibility of an additional 20% of the index return and downside protection with 0% per annum floor on the indexed account return and a minimum guaranteed 2.5% per annum crediting rate for the fixed account in the first 20 years.
Michael Wei, chief partnership and marketing officer at Sun Life Singapore, said: “Across Sun Life’s integrated High Net Worth platforms in Singapore, Hong Kong and Bermuda, we observed an increased interest in exploring alternative life insurance protection solutions amid a backdrop of volatile macro-economic conditions and a global rise in interest rates.
“There’s also been a growing trend of investment savviness where clients are seeking investment elements within their policies while wanting to enjoy lifetime coverage.
“Singapore has proven itself as Asia’s pre-eminent wealth hub, bolstered by its favourable business and financial environment, and stable geopolitical landscape.
“This has led to an increase in demand for wealth planning solutions with insurance growing in popularity as a key tool for estate planning and wealth transfer in recent years.
“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.”