Sun Life Singapore has launched two new Indexed Universal Life (IUL) products for high net worth and ultra-high net worth clients.
These products are the SunBrilliance IUL II and SunBrilliance Indexed Savings. The launch follows the success of its flagship IUL introduced in 2023.
The enhanced SunBrilliance IUL II offers higher protection benefits such as:
- Higher multiplier factor at 125%, as compared to 120% in the SunBrilliance IUL product;
- Higher cap rate for Optimum Indexed Account to maximise upside growth (10.80% p.a. vs 10.20% p.a.);
- New guaranteed loyalty bonus from policy year 11 onwards to increase account value; and
- Waiver of fund charge and penalty-free partial surrender of policy (up to a limit from policy year 11 onwards),
It retains features such as instalment-based death benefits and a philanthropic pledge where 0.5% of premiums go to charity, capped at US$20,000 (S$25,648.10) per policy.
The new SunBrilliance Indexed Savings plan, which focuses on wealth accumulation and inter-generational transfer, features:
- Two Indexed Accounts linked to S&P 500 index performance to meet different investment and risk appetites;
- Flexible inter-generational wealth transfer with the option to change policy owner and life insured, appoint a Contingent Owner and a Contingent Insured, or split one’s policy into multiple policies to be shared across generations;
- Longer maturity term of 150 years to support legacy planning across life stages and multiple generations;
- Guaranteed loyalty bonus (from policy year 11 to 100) and continuity bonus to boost account value; and
- Legacy Plus to allow death benefit payout in annual instalments of up to 10 years.
Mr Christopher Albrecht, Chief Executive Officer, Sun Life Singapore, said: "At Sun Life Singapore, we're not just keeping pace with the market - we're setting the standard for innovation in insurance. The growing demand for IUL products reflects our clients' increasing financial sophistication and desire for greater investment control.”