What is the Sun Wealth Plus?
Sun Wealth Plus is an insurance plan offered through CIMB that helps you to save money. Through this plan, you will enjoy cash payouts every year throughout the term of your policy. You will enrol into a committed plan where you will be saving money regularly with good returns to help you sustain in the future. This is a non-participating plan where your basic premium is assured with added benefits.
What are the premium plans available under Sun Wealth Plus?
Generally, this plan involves a high-premium and short-term savings commitment where you will then enjoy long-term returns for the future. There are 2 options available with this plan which are:
- 5 Pay 15 Term – Where you will pay a premium for a short-term of 5 years and the policy is active for 15 years.
- 8 Pay 20 Term – Where you will pay a premium for 8 years for a 20-year active policy.
What is the Guaranteed Survival Benefit?
With the CIMB Sun Wealth Plus, you will enjoy the GSB or Guaranteed Survival Benefit where your money in the account will grow exponentially each year. This can total up to 270% of your annualized basic premium. The GSB will be paid out from the end of your first policy year all the way until it matures.
- For the 5 Pay 15 Term, the GSB is 5% of the basic annualized premium from years 1 to 5, 6% from years 6 to 10 and 20% from years 11 to 15.
- For the 8 Pay 20 Term plan, the GSB will be 5% from years 1 to 8, 10% from years 9 to 13, 20% from years 14 to 18 and 40% from years 19 to 20.
- In total, you would receive 175% more through the 5 Pay 15 Term and 270% for the 8 Pay 20 Term plans respectively.
What happens when the policy matures?
You will then enjoy the Maturity Benefit where you will receive either the value of your universal account or the percentage payout of your basic annualized payment of 350% for the 5 Pay 15 Term and 580% of the 8 Pay 20 Term plans respectively, whichever is higher.
Do I get any insurance coverage with this plan?
Yes, you do. This plan will cover you in the event of death or TPD (Total and Permanent Disability). In such unfortunate events, you or your beneficiary will receive either the total basic premium paid or 105% of the universal account’s value and any accumulated amount in the account.
Who is eligible for the Sun Wealth Plus?
This plan is catered to any individual from 30 days old. The maximum age for the 2 plans is 70 years old for the 5 Pay 15 Term and 65 years old for the 8 Pay 20 Term plans. The policyholder must be at least 18 years of age to be eligible. It must be noted that the basic annualized premium amount must not be less than RM15,000 or more than RM350,000 per year.