CIMB Bank Berhad (“CIMB”) recently launched Sun Income Secure, to enable its customers to enjoy protection, investment and a guaranteed yearly income in a single plan to facilitate retirement planning. The plan is the latest addition to CIMB’s suite of insurance solutions developed by its bancassurance partner, Sun Life Malaysia Assurance Berhad (“Sun Life Malaysia”).
Samir Gupta, CEO, Group Consumer Banking, CIMB Group said, “For the past five years, CIMB has partnered with Sun Life Malaysia to deliver a range of innovative solutions that help facilitate our customers’ financial planning. Sun Income Secure is yet another innovative solution that provides protection, investment and savings in one simple plan to help our customers achieve their dream retirement. This forms part of CIMB’s holistic offerings to support and forward all our clients’ financial dreams and ambitions, backed by a digital proposition to deliver a delightful customer banking experience.”
Raymond Lew, CEO & President/Country Head, Sun Life Malaysia said, “Our promise to Malaysians is to provide them with lifetime financial security. We help them build savings and protect themselves and their families through innovative, insightful and relevant products. With Sun Income Secure, we now have a full suite of solutions to meet the lifecycle needs of our customers, in partnership with CIMB, from life protection, to medical coverage, investment returns, education plans, and now – a plan for a desired retirement.”
Sun Income Secure is a regular premium investment-linked insurance and savings plan with a guaranteed yearly income, all in a single product to make it simple for customers to achieve their dream retirement. Its key benefits include:
|–||Guaranteed yearly income stream for up to 20 years. Clients can decide on the desired yearly income they wish to receive starting from their predetermined retirement age.
The predetermined retirement age is flexible where clients can choose their desired retirement age ranging from 50, 55, 60 or 65.
|–||Additional 50% of the GYI amount will be payable on an annual basis for the first 3 years, immediately following the life assured’s predetermined retirement age.|
|Protection Coverage||–||Lump sum payment in the event of Death or Total and Permanent Disablement.|
|Potential investment return||–||Potential upside returns through investment in a series of professionally managed investment-linked funds.|