Sun Life HK launches new participating insurance plan

Vital offers whole-life protection and potential long-term wealth growth.

Sun Life Hong Kong has launched a new participating insurance plan which offers whole-life protection and potential long-term wealth growth, an announcement read. 

Vital is an eligible life insurance plan under the Policy Reverse Mortgage Programme (PRMP). Under PRMP, clients aged 60 or above can apply for policy reverse mortgage loans.

With a minimum notional amount of $20,000 (HK$160,000) and with premium payment terms of 15 years, 20 years, and 25 years, the plan is eligible for clients aged 60 or under. Until 30 September 2021, eligible clients may enjoy a premium rebate of up to 8% on the annualised first-year premium upon successful application.

If an insured passes away before the policy anniversary on or immediately following their 69^th birthday or the 34^th policy anniversary (whichever is earlier), an additional amount of up to 70% of the sum assured will be paid as part of the benefit.

In addition, clients who remain unemployed for at least 30 consecutive days between the age of 18 and 65 can apply to extend their grace period by up to 365 days. The cover will remain in effect throughout this period.

Vital also offers wealth growth through a guaranteed cash value and non-guaranteed reversionary bonus and terminal bonus.