Sun Life Grepa Financial Inc., the bancassurance venture of insurer Sun Life of Canada and Rizal Commercial Banking Corp., has launched a new variable unit-linked (VUL) product targeting sophisticated investors seeking global opportunities.
The new product, Sun Grepa Peso Asset Builder, is a limited offer, single-pay, peso-denominated, investment- linked life insurance product that provides coverage for seven years and allows holders to potentially grow money through global investment opportunities. This product is also being pitched as a way to preserve one’s wealth.
With a minimum one-time payment of P300,000, an investor will enjoy annual income payout (terms and conditions apply) for six years and receive at least the full single premium at the end of the seven-year holding period.
Sun Grepa Peso Asset Builder is available only up to Feb. 26, 2019.
“We are excited to offer this new product for experienced and sophisticated clients,” Sun Life Grepa president Richard Lim said in a statement. “We want to give them the chance to potentially boost their money’s growth and income while aiming for wealth preservation” Lim continues.
“This product is ideal for people with excess liquid assets who have a seven-year investment horizon and are willing to accept more risk in exchange for potentially higher returns,” he said.
The product uses a systematic investment approach by tapping into the performance of the Goldman Sachs Prime Momentum Optimization Strategy, described as a “transparent and systematic strategy that allows a flexible shift in allocation positions among global equities, bonds, commodities, real estate and cash, subject to preestablished allocation limits.”
VUL, a hybrid between a mutual fund and life insurance, becomes variable as investment returns depend on the market performance of the fund where the premium is invested.
“Through Sun Grepa Peso Asset Builder, we want to help more Filipinos expand their knowledge in life insurance with investments as we hope to guide them towards financial freedom and secured lives,” Lim said.
The product also offers a hassle-free application and policy approval process through the “guaranteed insurability offer,” subject to the limits of Sun Life Grepa. Such an offer is a life insurance rider that allows the owner of a life insurance policy to buy additional life insurance in specified increments at specified times without having to prove insurability again.