RM100m in pre­mi­ums from Sun Wealth in 2017

> That’s what CIMB-Sun Life Malaysia ex­pects from the new in­sur­ance prod­uct

The Sun (Malaysia) - - SUNBIZ - BY WAN ILAIKA MOHD ZAKARIA

KUALA LUMPUR: CIMB Bank Bhd ex­pects its part­ner­ship with Sun Life Malaysia As­sur­ance Bhd (Sun Life Malaysia) to rake in RM100 mil­lion in pre­mi­ums next year, through the launch of new in­sur­ance prod­uct, Sun Wealth.

CIMB CEO of group con­sumer bank­ing Samir Gupta said at the of­fi­cial launch of Sun Wealth yes­ter­day that it has man­aged to se­cure RM21 mil­lion worth of pre­mi­ums through 700 clients as of Oct 31, 2016 since the prod­uct’s soft launch in July.

“We are tar­get­ing to achieve RM30 mil­lion pre­mi­ums by the end of this year.”

Samir said with eight mil­lion cus­tomers na­tion­wide, the bank be­lieves that there will be a high de­mand for the prod­uct, not­ing it is de­signed to help cus­tomers achieve their fi­nan­cial goals.

Sun Wealth, which is de­vel­oped by Sun Life Malaysia, of­fers flex­i­ble pre­mium pay­ment terms, where cus­tomers can choose from three short pre­mium pay­ment terms of three, five or eight years tai­lored to their spe­cific needs.

For ex­am­ple, the “Three Pay 15 Term” plan op­tion al­lows cus­tomers to pay pre­mi­ums for three years while hav­ing pro­tec­tion cov­er­age and ad­di­tional ben­e­fits for 15 years.

In ad­di­tion, the plan of­fers easy en­rol­ment with guar­an­teed ac­cep­tance, where no un­der­writ­ing and med­i­cal check-up re­quired for all ap­pli­ca­tions of up to RM350,000 an­nual pre­mium per life as­sured.

Mean­while, Sun Life Malaysia deputy CEO Ray­mond Lew said de­spite the cur­rent eco­nomic un­cer­tainty, the in­sur­ance provider be­lieves there is still a de­mand for life in­sur­ance prod­ucts.

“Dur­ing the un­cer­tain time, peo­ple usu­ally will spend more to get pro­tec­tion. Plus, life in­sur­ance prod­ucts are GST (Goods and Ser­vices Tax) ex­empted. So we can see that the num­ber of peo­ple buy­ing health and med­i­cal in­sur­ance in­creas­ing slightly.

Lew ex­pects the in­sur­ance in­dus­try to re­main chal­leng­ing in 2017.

Formed in 2013, Sun Life Malaysia is a joint ven­ture of Sun Life Fi­nan­cial Inc with Khaz­anah Na­sional Bhd and the CIMB Group. It of­fers a com­pre­hen­sive range of life in­sur­ance and taka­ful prod­ucts and ser­vices to Malaysians na­tion­wide.

On another is­sue, Samir said the weak­en­ing of the ring­git is un­likely to af­fect the bank’s con­sumer lend­ing, not­ing that it still sees growth in its con­sumer port­fo­lio. “At the mo­ment, we are grow­ing and we will con­tinue to grow (in the con­sumer side). How­ever, we re­main watch­ful.”

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