Sun Life unveils suite of enhanced savings insurance plans
SunJoy Global Insurance Plan II, SunGift Global Insurance Plan II and Stellar Multi-Currency Insurance Plan II offer market-leading flexible Death Benefit Settlement Solution, multiple Contingent Policy Owner Arrangement and Interim Policy Owner Arrangement
HONG KONG SAR - Media OutReach Newswire - 3 July 2025 - Sun Life today announced the launch of an upgraded suite of savings insurance products. The upgraded products – SunJoy Global Insurance Plan II, SunGift Global Insurance Plan II, and Stellar Multi-Currency Insurance Plan II – are among Sun Life's most popular offerings. Key enhancements include the introduction of a market-leading1 mix of multiple Death Benefit Settlement Options, multiple Contingent Policy Owner2 and Interim Policy Owner Arrangement2. These upgrades are designed to help Clients capture wealth growth while seamlessly planning their wealth legacy.Christine Yeung, General Manager, Life and Health of Sun Life Hong Kong Limited, said: "At Sun Life, we're committed to putting our Clients at the centre of everything we do. We understand their evolving needs in wealth accumulation and legacy planning for both the present and the future. The innovative and flexible design of the SunJoy Global and SunGift Global series, along with the Stellar Multi-Currency Insurance Plan, plays a pivotal role in helping Clients shape their wealth legacy and meet increasingly diverse needs. These three upgraded savings insurance plans are equipped with brand-new wealth legacy features, empowering Clients to achieve their financial goals while offering unparalleled flexibility in passing on their wealth to future generations. Moving forward, we will continue to drive product innovation, offering pioneering protection and wealth planning solutions to help the public achieve lifetime financial security."
The three upgraded savings plans are participating insurance plans. The two major enhancements include:
Market-leading flexible Death Benefit Settlement Option
- Policy owners can mix and match multiple death benefit payout patterns with a Flexible Option, moving beyond package-based death benefit payment options.
- Policy owners can design their own payout patterns for each beneficiary or choose a designated lump-sum payout upon designated life events of the beneficiary – such as graduating from university, getting married or having a child.
- If the Designated Insured passes away, the Continuation Option3,4 allows the Original Policy to immediately terminate and a New Policy to be formed, with a beneficiary becoming both the New Insured and the new policy owner5 (if applicable).
- Policy owners can designate up to three Contingent Policy Owners and designate up to three Interim Policy Owners for one of the Contingent Policy Owners6 in sequence, ensuring the policy's value and wealth is seamlessly passing on to future generations.
- Interim Policy Owners will hold the policy on behalf of the Contingent Policy Owner until he/she attains the designated age or until the specified date is reached. They will have Restricted Administrative Rights to manage the policy, ensuring the wealth is transferred according to the policy owner's plan.
| Upgraded Product Features |
| Early Value Lock-in Option7: Starting from the 5th policy anniversary, the policy owner can apply to transfer 10%-50% of the policy's value to the Value Lock-in Account each policy year. |
| Whole life protection: The benefit term is extended to the whole life of the current insured (for single life) or the younger insured (for joint life). |
| Enhanced Guaranteed Death Benefit: 105%*/105%-120%** of total premium paid. [*Only applicable to SunJoy Global Insurance Plan II and SunGift Global Insurance Plan II] [**Only applicable to Stellar Multi-Currency Insurance Plan II] |
| Extended Incapacity Benefit coverage8: In addition to being diagnosed as mentally incapacitated, policy owners diagnosed with coma9, major head trauma10 or paralysis11 can have a family member appointed as the Incapacity Benefit Recipient to file a claim. |
| Extended Waiver of Premium Benefit: If the insured, who is also the policy owner, is diagnosed as suffering from Total Permanent Disability due to Injury or Sickness before age 70, Client can enjoy Waiver of Premium Benefit12. If the policy owner, who is not the insured, passes away or is diagnosed as suffering from Total Permanent Disability before age 70 due to Injury or Sickness, Client can enjoy Payor Benefit12. |
| Academic Achievement Awards: An award is paid based on the insured's academic achievement in the Hong Kong Diploma of Secondary Education Examination, TOEFL, IELTS, International Baccalaureate Diploma Program, Mainland Gaokao, SAT, or upon receiving an unconditional offer of admission to a full-time undergraduate program of the world's top 10 universities. [Only applicable to Stellar Multi-Currency Insurance Plan II] |
| Flexible choice of withdrawal currency: SunWallet supports currency exchange in up to 17 currencies, enabling easier 24/7 policy management |
From now until July 31, 2025, Clients successfully apply upgraded series of savings insurance products can enjoy the following offers:
- SunJoy Global Insurance Plan II/SunGift Global Insurance Plan II (5-pay) - Up to 74% of the annualized first year premium#;
- SunJoy Global Insurance Plan II/SunGift Global Insurance Plan II (2-pay) - Up to 10% of the annualized first year premium#;
- Stellar Multi-Currency Insurance Plan II - Up to 93% of the annualized first year premium^.
1 "Market-leading" refers to the services provided by Sun Life, the data of savings plans of new policies offered by composite and long-term insurers on the Register of Authorised Insurers of the Insurance Authority, and market conditions as of July 1, 2025.
2 This is an administrative arrangement and is not part of the product features. Please see the relevant leaflet and prescribed form for more details on the policy owner rights and the restrictions applicable to the designation of Contingent Policy Owner and the designation of Interim Policy Owner for the Contingent Policy Owner.
3 If this option is selected, the beneficiary must be a living individual.
4 Requests are subject to our approval. The New Policy will take effect from the Continuation Option Effective Date.
a. The Policy Date and the policies years of the New Policy will be the same as the Original Policy.
b. The Notional Amount, total premiums due and paid, outstanding amount of any loans and interest, and the policy values of the Original Policy, including Guaranteed Cash Value, accumulated Reversionary Bonus (if any), Terminal Bonus (if any) and the amount in the Value Lock-in Account (if any) will be allocated to the New Policy according to the designated percentage to the corresponding beneficiary according to the policy owner's instructions.
c. There is no cooling-off period for the New Policy, and
d. For the purpose of counting the applicable period under the Incontestability provision, the relevant period will commence from the Continuation Option Effective Date for the New Insured.
5 The beneficiary will become both the New Insured and the new policy owner if (i) the designated insured who is also the policy owner has died; or (ii) the designated insured is not the policy owner, and the policy owner and the designated insured die at the same time; or (iii) the policy owner dies within 14 days after the death of the designated insured.
6 He/she must be the Designated Insured.
7 The Notional Amount after the Value Lock-in Option is exercised cannot be less than the minimum amount requirement.
8 The irrevocable beneficiary(ies) (if any) and the assignee (if any) must agree in writing to the requested designation of (a) the Incapacity Benefit Recipient; and (b) the Incapacity Benefit Percentage. Any existing Incapacity Benefit Recipient will be automatically revoked when (a) the policy owner designate a new Incapacity Benefit Recipient and the policy owner's request is approved by us; (b) the policy owner is changed; (c) Sun Life HK has been notified that there is a guardian or committee appointed under the Mental Health Ordinance (Cap. 136 Laws of Hong Kong SAR) (or if there is a guardian or committee appointed under similar laws in another jurisdiction); or (d) Sun Life HK has been notified that the policy owner has an enduring power of attorney covering the policy. In the event that there is a dispute between the Incapacity Benefit Recipient and any other person, including but not limited to the insured's guardian, committee, attorney, beneficiary(ies), assignee or in our reasonable belief that there is such a dispute, Sun Life HK reserves the right to withhold the payment of the Incapacity Benefit until such dispute is resolved.
9 Coma means a state of unconsciousness with no reaction to external stimuli or internal needs persisting continuously with the use of life support systems for a period of at least 1 week and resulting in a neurological deficit, which in our medical officer's opinion is of a permanent nature.
10 Major Head Trauma means major trauma to the head with disturbance of the brain function confirmed by definite diagnosis by a consultant neurologist acceptable to us. The disturbance must result in a permanent bedridden situation or the inability to perform without assistance 3 or more Activities of Daily Living.
11 Paralysis means permanent loss of muscular power of both arms or both legs due to the disorder of the brain and nervous system and confirmed by a Specialist in the relevant medical field.
12 This benefit is subject to maximum amount, terms and conditions, pre-existing conditions and exclusions listed in the policy document.
# It includes basic rebate and green offer (guaranteed prepayment interest rate applies and only applicable to policies in United States Dollars). Terms and conditions apply. Please refer to the promotional leaflet for details.
^ It includes basic rebate, Enhanced Rebate and green offer (guaranteed prepayment interest rate applies and only applicable to policies in United States Dollars). Terms and conditions apply. Please refer to the promotional leaflet for details.
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About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2025, Sun Life had total assets under management of $1.55 trillion. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.
