Sun Life Singapore has launched its first product, a whole of life insurance plan, since setting up in the sovereign island city state in 2020.

Called Future - S", the plan is aimed at high net worth and ultra-HNW clients to enabling a transfer of clients' personal and business assets in this lifetime and generations beyond, Sun Life Singapore said.

The plan gives clients the freedom to pay through a single premium payment, or a multi-payment option over five years or 10 years; a high guaranteed cash value at up to 85% of premiums paid, and cash value growth, delivered via additions, which are determined by two types of non-guaranteed additions: annual additions and a one-time final addition.

Toronto-headquartered Sun Life Financial, a global life insurer and asset manager, announced it had opened a branch in Singapore on 7 August 2020 to offer life insurance solutions to high-net-worth clients, after getting final license approval from the Monetary Authority of Singapore in May 2020.

At that time, Belinda Au, previously general manager of distribution and marketing at Sun Life Hong Kong, was named chief executive of Sun Life Singapore.

Au said, "As a leading international financial centre, Singapore is home to many high net worth individuals. I am very excited for this new opportunity and look forward to helping our Clients in Singapore to achieve their wealth goals and create a lasting legacy through their entire lifetime and beyond."

Sun Life said it has more than 23 million clients in Asia, offering life, health and wealth management solutions through a multi-channel distribution approach. In the past four years, Sun Life's business in Asia has grown to support 11.5 million new clients and its underlying net income has grown at a CAGR of 15%.