Specifically, apart from the guaranteed annual payout, the new savings and protection plan could offer a wide range of insurance products such as appealing payment at maturity, long-term protection with limited pay, and an optional “waiver of premium” benefit against critical illness from the early stage.
Additionally, with the purpose of enhancing clients’ living quality, the new insurance plan allows clients to receive a guaranteed annual payout from the end of the premium term until the maturity date.
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Speaking about the firm’s prominent insurance plans, Larry Madge, chief executive officer of Sun Life Vietnam, noted: “The firm’s product strategy is simply to support clients in obtaining lifetime financial security. As a result, we (Sun Life Vietnam) strongly focused on clients and their needs in order to offer the most suitable products and services.”
Regarding the guaranteed annual payout, clients would receive a notable lump sum payment at maturity. In particular, regarding the 30-year policy term, total savings benefits provided by the new product would comprise guaranteed payout at maturity equivalent to 170 per cent of the total payments and other accumulated additions.
Thanks to the flexibility of the new insurance product, clients would be entitled to select policy terms and premium terms that match their financial situations and demands. For instance, policy holders could benefit from 20-, 24- or 30-year policy terms which double the maturity of the common premium terms of 10, 12 or 15 years.
Founded in 2013, PVI Sun Life Insurance Company Limited, or PVI Sun Life under the management of PVI Holdings (PVI) and Sun Life Assurance Company of Canada (Sun Life), was recognised as one of the insurance sector’s pioneers in delivering pensions for both individual and corporate clients. In November 2016, Sun Life became a wholly-owned subsidiary named Sun Life Vietnam after obtaining the remaining charter capital at PVI.
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