CIMB-Sun Life offers retirement savings plan with guaranteed yearly income

KUALA LUMPUR: CIMB Bank Bhd and its bancassurance partner Sun Life Malaysia Assurance Bhd today launched Sun Income Secure, a regular premium investment-linked insurance and retirement savings plan with a guaranteed yearly income.
“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,”said CIMB group consumer banking CEO Samir Gupta.
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” he added.
The plan offers a guaranteed yearly income (GYI) stream of up to 20 years and clients will be able to choose their predetermined retirement age, which ranges from 50, 55, 60 or 65.
On top of that, an additional 50% of the GYI will be paid on annual basis for the first three years immediately after the predetermined retirement age.
The plan also offers a lump sum payment in the event of death or total and permanent disablement as well as potential upside returns through investment in a series of professionally managed investment-linked funds.