Sun Life Hong Kong Launches New Insurance Plan - Vital

HONG KONG,July 8,2021 -- Sun Life Hong Kong Limited ("the Company" or "Sun Life Hong Kong") today announced the launch of a new participating insurance plan,Vital,which offers whole-life protection and potential long-term wealth growth through the Guaranteed Cash Value and non-guaranteed Reversionary Bonus and Terminal Bonus[1]. Vital is an eligible life insurance plan under the Policy Reverse Mortgage Programme ("PRMP")[2]. Under PRMP,clients who are aged 60 or above can apply for policy reverse mortgage loans.

Clement Lam,Chief Executive Officer,Sun Life Hong Kong Limited,believes that Vital helps clients create financial freedom for their loved ones.

With a minimum Notional Amount of USD20,000 (or HKD160,000) and with premium payment terms of 15 years,20 years and 25 years,Vital is eligible for clients aged 60[3] or under. From now until September 30 2021,eligible clients of Vital may enjoy a premium rebate of up to 8% on the Annualized First Year Premium upon successful application[4].

Clement Lam,said,"Planning ahead is of paramount importance to achieve a fruitful lifestyle in retirement.As a trusted partner for Hong Kongers on their retirement journey,Sun Life Hong Kong is committed to providing diversified life protection and wealth management products that support our clients in managing their retirement savings. The newly launched Vital is designed to cater to clients' retirement planning needs,providing the basis for an enduring financial foundation that their loved ones can count on. As an eligible life insurance plan under PRMP,Vital provides clients with an option to support their life in retirement with a stable income. Alongside Life Brilliance,another eligible life insurance plan under PRMP,we seek to offer clients a variety of choices in line with their needs."

One of the unique features of Vital is itsDealth Benefit,which offers extra financial aid to the family. If the insured unfortunately passes away before the policy anniversary on or immediately following the insured's 69th birthday or the 34th policy anniversary (whichever is earlier),an additional amount[5] of up to 70% of the sum assured will be paid as part of the Dealth Benefit,providing additional support to tide over the loved ones of the insured during this difficult period.

In addition,under the Unemployment Benefit[6] of Vital,clients who remain unemployed[7]for at least 30 consecutive days between the age of 18 and 65 can apply to extend their grace period[8]by up to 365 days. Cover will remain in effect throughout this period,enabling clients to focus on their next career move.

Note to Editors

The Reversionary Bonus and Terminal Bonus are non-guaranteed and are determined in accordance with the rules set out by the Company from time to time. The Reversionary Bonus and Terminal Bonus may vary based on the performance of a number of experience factors,with the investment return normally being the main determinant. Other factors include,but are not limited to,claim experience,policy expenses,taxes,and policy owner termination experience. The cash value of Reversionary Bonus and Terminal Bonus might not be equal to their own face value. For details of bonuses,please refer to Bonus Philosophy under section Important Information and the Company's website (www.sunlife.com.hk).

Please note that Vital is an eligible life insurance plan under PRMP,but it does not necessarily mean that your PRMP application will be approved. The eligibility of this product under the PRMP is based on the features of the product. Therefore,clients and their life insurance policy are still required to meet all the eligibility requirements under PRMP before they apply for the policy reverse mortgage loan. Any general information provided on PRMP is for their reference only,and they should not make any decisions based on such information alone. Clients should always seek for advice from professional bodies if they have any doubts. Please note that the information provided is subject to change including the eligibility criteria for PRMP. The Company does not take any responsibility to inform clients about any changes and how they may affect them. The Policy Reverse Mortgage Programme is operated by HKMC Insurance Limited,a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited. For further information,please refer to The Hong Kong Mortgage Corporation Limited website: www.hkmc.com.hk.

Only applicable to policy under the 15 years premium payment term.

The offer is only applicable to successful application(s) of Vital (the "Relevant Policy(ies)"). The application(s) of the Relevant Policy(ies) must be submitted between July 6,2021 and September 30,2021 both days inclusive,and such policy(ies) must be issued by the Company on or before November 30,2021. Subject to other terms and conditions. Refer to promotion leaflet or www.sunlife.com.hk for details.

Occurrence of the insured's death

Additional

amount payable

Before the 30th policy anniversary or the policy anniversary on or immediately following the insured's 65th birthday,whichever is earlier ("Designated Anniversary")

70% of Sum Assured

Within the 1st policy year from the Designated Anniversary

56% of Sum Assured

Within the 2nd policy year from the Designated Anniversary

42% of Sum Assured

Within the 3rd policy year from the Designated Anniversary

28% of Sum Assured

Within the 4th policy year from the Designated Anniversary

14% of Sum Assured

Within the 5th policy year from the Designated Anniversary and thereafter

0% of Sum Assured

This is a one-time option that may be exercised after the 2nd policy anniversary. Subject to other terms and conditions. Please refer to Policy Document for details.

The unemployment is not caused by resignation,retirement,voluntary redundancy or termination by the employer due to misconduct,negligence of duties,dishonesty or commitment of any unlawful act and you are not self-employed or employed by relatives.

At the end of the extended grace period,unpaid premiums during the grace period will need to be repaid,with no interest.

About Sun Life

Sun Life is a leading international financial services organization providing insurance,wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide,including Canada,the United States,the United Kingdom,Ireland,Hong Kong,the Philippines,Japan,Indonesia,India,Mainland China,Australia,Singapore,Vietnam,Malaysia and Bermuda. As of March 31,2021,Sun Life had total AUM of CAD$1,304 billion. For more information,please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX),New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada.Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.

This press release is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or a solicitation to buy or provision of any products of Sun Life Hong Kong Limited outside Hong Kong. Please refer to a sample Policy Document,which will be provided upon request,for details including definitions and full terms and conditions. If there is any conflict between the Policy Document and this press release,the Policy Document shall prevail.