SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) has launched a new peso-denominated, single-pay investment-linked insurance product, it said on Monday.
Sun Peso Maximizer (ProIncome) offers an annual income payout of 4.3% for seven years, the life insurer said in a statement.
Those who avail of the policy will be paid back their full single premium by policy maturity or at the end of the seven-year holding period.
The product also offers life insurance coverage with a guaranteed benefit of at least 125% of the one-time premium payment.
“With the Sun Peso Maximizer, clients can enjoy regular earnings even prior to the maturity of their policy. This will provide them with extra income to address various needs such as growing their wealth while preserving their capital,” Sun Life Philippines Chief Distribution Officer Al Quitangon said.
“It’s a complete financial solution. With the life insurance protection component, clients can have peace of mind that no matter what happens, a bright future is guaranteed for their loved ones,” he said.
Sun Life’s premium income stood at P13.21 billion in the first quarter of 2023. Its net income was at P2.94 billion in the same period. — AMCS