CIMB Bank and Sun Life Launch Limited Pay Insurance Savings Plan with Wealth Protection and Guaranteed Benefits
17 November 2016
Combination of savings and guaranteed annual cash payout prove popular, with RM21 million sales since soft launch
Kuala Lumpur: CIMB Bank Berhad (“CIMB” or “the Bank”) today rolled out Sun Wealth, its latest limited pay insurance savings plan that combines protection with guaranteed benefits for its customers. The insurance plan is developed exclusively for CIMB Bank by its bancassurance partner, Sun Life Malaysia Assurance Berhad (Sun Life Malaysia).
Sun Wealth is a unique non-participating universal life plan that provides guaranteed wealth preservation of the basic premium while offering potential growth from investment returns. The guaranteed acceptance feature also makes the application and enrolment hassle-free for customers.
Speaking at the launch of Sun Wealth, Samir Gupta, Chief Executive Officer, Group Consumer Banking, CIMB Group said, “We are pleased to once again partner with Sun Life Malaysia to deliver value to our customers through this innovative product combining protection and savings. This product is the latest in our range of insurance solutions with Sun Life Malaysia, where we strive to fulfil our customers’ aspirational needs for protection, investment and wealth creation.”
“With 8 million customers throughout Malaysia, CIMB Bank believes that there will be a high demand for Sun Wealth as it is designed specifically to help our customers achieve their financial goals regardless of their life stage. As of 31 October 2016, just over four months after Sun Wealth’s soft launch, CIMB Bank has already sold RM21 million worth of premiums,” Samir added.
"With improved technology and healthcare, people are living longer than ever before and we are here to help them prepare financially for the lifestyle they aspire to achieve. Life insurance is an essential medium in the area of wealth management – for savings, for investing, to protect customers’ financial lifestyles or for legacy planning. The versatility of Sun Wealth gives CIMB Bank advisors the flexibility to assist customers to embark on a safe and secure wealth creation plan," said Raymond Lew, Deputy CEO, Sun Life Malaysia.
“The partnership with CIMB Bank and continued product innovation from this partnership complement our vision of offering lifetime financial security to Malaysians. Through Sun Wealth, customers can enjoy peace of mind as they plan ahead for their financial milestones in life,” Lew added.
Sun Wealth offers customers flexible premium paymentterms, where customers can choose from three short premium payment terms of 3, 5 or 8 years tailored to their specific needs. For example, the ‘3 Pay 15 Term’ plan option allows customers to pay premiums for just three years while enjoying protection coverage and additional benefits for 15 years. The plan also offers easy enrolment with guaranteed acceptance which means no underwriting and medical check-up required for all applications of up to RM350,000 annual premium per life assured. An optional term life rider with sum assured up to RM300,000 per life assured is also available with no underwriting or medical check-up.
With Sun Wealth, customers can also look forward to receiving guaranteed returns through the Guaranteed Survival Benefit (GSB) and Guaranteed Maturity Benefit (GMB). GSB provides guaranteed yearly payouts of up to a total of 642% of the basic annualised premium while GMB pays a lump sum of up to a total of 228% of the basic annualised premium when the policy matures. More importantly, customers can receive additional insurance protection up to RM300,000 in the event of death as well as total and permanent disability by including the optional term life rider.
Sun Wealth is now available at all CIMB Bank branches nationwide.
"Stacking up" the benefits of Sun Wealth at the launch ceremony today were Samir Gupta, Chief Executive Officer, Group Consumer Banking, CIMB Bank Berhad (second from left); Raymond Lew, Deputy Chief Executive Officer, Sun Life Malaysia Assurance Berhad (second from right); Gary Yong, Head, Wealth Management, CIMB Bank Berhad (far left) and Martin Fortier, Chief Risk Officer/Chief Actuary, Sun Life Malaysia Assurance Berhad.
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