Living Benefit Rider (LBR)

Transcription

1 Face Amount 300, Insurance Coverage 600, , Rider (LBR)

2 Life Insurance Proposal In the Philippines, insurance products are being offered through Sun Life of Canada (Philippines), Inc., a member of the Sun Life Financial group of companies. In this proposal, you and your refer to the policy owner while we, us, our and the Company refer to Sun Life of Canada (Philippines), Inc. Proposal Information On the Life of : Male Age Last Birthday : Currency : Philippine Peso Basic Plan Face Amount Annual Premium SUN Smarter Life Elite Peso Regular Pay - Non-Smoker Ps 300, Ps 26, ( equals 200% of Face Amount) Supplementary s Rider* F R E E Annual Premium Ps 26, * Rider - This is a benefit that provides an advance payment of up to 60% of the basic Face Amount, subject to the prior deduction of any outstanding advances (loans) with interest, if the life insured is diagnosed to be terminally ill with a life expectancy of 12 months or less. The sum of all Amounts payable on all Sun Life policies of the life insured shall not exceed Ps. 2 Million. Interest is charged on advances, including the amount paid, at a specified rate of interest as declared by the Company. The following caveats shall apply to the succeeding pages of this proposal illustration: (i) (ii) (iii) (iv) (v) (vi) The succeeding tables are only summary illustrations of the major benefits of your policy. You should refer to your advisor or the Company for more information or, if appropriate, a more detailed proposal. The illustration assumes that all premiums are paid in full when due and you will have no loans/advances on the policy. The amount of total premium(s) may differ slightly from the total of the premiums payable in the policy due to rounding differences. Under the Summary of s, there are two scenarios illustrated: (1) Based on current dividend scale and current accumulation rate; and (2) Based on interest rate which is 40 basis points lower than the current interest rate used for computing the annual dividends and accumulation rate which is 40 basis points lower than the current accumulation rate. You can leave the amount of projected dividends to purchase additional paid-up insurance. Paid-up Additions themselves are participating. These projected dividends are not guaranteed. You can also cash all or part of the amount of cash value of accumulated paid-up additions without affecting the Face Amount but the values shown in the table will be reduced accordingly. If the assumed dividend scales remain unchanged throughout your policy term, then the future premiums can be paid out of the cash value of accumulated paid-up additions from policy year 40th onwards. This is not guaranteed; a change in the projected dividend scale may require you to pay additional premiums to maintain the policy. The scale of dividends and accumulation rates, however, are likely to change during your policy's lifetime. As the changes will affect the figures, we prepared this proposal for information purposes only, to demonstrate the features of the recommended policy. This does not form part of any policy that may be issued. It is neither an estimate nor a guarantee of the future policy performance. While we have made every effort to ensure accuracy, errors and omissions may have occurred in the preparation of this proposal. For more information on the dividends, please refer to the Dividend Information page. Declaration I confirm having read and understood the disclosures in this proposal illustration. Applicant's Name: Signature: Date: Prepared By : wiljohn tantongco Date : 14 October 2013 Branch : ivy Attachment : Paid-Up Addition Option APs r (P 18 ; M 14) Page 1 of 6 *0PROP.07.4*

3 Face Amount : Ps 300, Annual Premium : Ps 26, Summary of s ( ) End of Year Att Age of Accum. Scenario 1 Current Dividend Scale Accumulation Rate at 4.40% ,000 50, , , ,000 65,496 24,074 2,209 91,779 1, , ,000 80,982 50,440 4, ,298 3, , ,000 97,050 79,361 8, ,092 6, , , , ,128 13, ,334 9, , , , ,067 20, ,509 14, , , , ,531 28, ,471 19, , , , ,905 37, ,339 25, , , , ,608 49, ,015 32, , ,000 97,050 79,361 8, ,092 6, , , , ,494 24, ,661 16, , , , ,608 49, ,015 32, ,186 End of Year Att Age of Accum. Scenario 2 Dividend Scale Accumulation Rate at 4.00% ,000 50, , , ,000 65,496 24,053 1,572 91,121 1, , ,000 80,982 50,159 3, ,602 2, , ,000 97,050 78,524 6, ,719 4, , , , ,376 9, ,525 6, , , , ,967 14, ,385 9, , , , ,686 17, ,497 11, , , , ,567 19, ,053 13, , , , ,466 26, ,515 17, , , , ,980 34, ,550 22, , ,000 97,050 78,524 6, ,719 4, , , , ,686 17, ,497 11, , , , ,980 34, ,550 22, ,064 is the sum of, and of. is the sum of, and 200% of. The will be payable in accordance with the hierarchy of beneficiaries as stated in the contract. APs r Page 2 of 6

4 Face Amount : Ps 300, Annual Premium : Ps 26, Premium Offset Illustration (Paid-Up Addition Option) Premium Offset is a method of letting a policy "pay its own premiums". Dur Annual Premium () of Accum. 1 26, , , , ,065 34, , , ,065 50, , , ,065 67,416 1,274 68, , ,065 65,496 2,209 24,074 91,779 1, , ,065 82,548 3,492 25, ,174 2, , ,065 80,982 4,876 50, ,298 3, , ,065 98,340 6,791 52, ,791 4, , ,065 97,050 8,681 79, ,092 6, , , ,633 11,336 82, ,822 7, , , ,409 13, , ,334 9, , , ,614 17, , ,944 11, , , ,089 20, , ,509 14, , , ,394 24, , ,661 16, , , ,562 28, , ,471 19, , , ,768 33, , ,206 22, , , ,467 37, , ,339 25, , , ,062 44, , ,355 28, , , ,253 49, , ,015 32, , * 450, ,356 1,099,809 1,772, ,001 1,947,811 ***** Age55 26,065 97,050 8,681 79, ,092 6, ,612 Age60 26, ,394 24, , ,661 16, ,089 Age65 26, ,253 49, , ,015 32, ,897 * If the assumed dividend scales remain unchanged throughout your policy term, then the future premiums can be paid out of the cash value of accumulated paid-up additions from policy year 40th onwards. This is not guaranteed; a change in the projected dividend scale may require you to pay additional premium to maintain the policy. APs r Page 3 of 6

5 Face Amount : Ps 300, Annual Premium : Ps 26, Premium Offset Illustration (Paid-Up Addition Option) Premium Offset is a method of letting a policy "pay its own premiums". Dur of Accum. - Annual Premium = Net of Accum. Net + of Year-End Div = Accum. at Year-End , ,648 2, ,510 3, ,574 4, ,797 6, ,251 8, ,870 11, ,756 13, ,808 17, ,131 20, ,595 24, ,339 28, ,229 33, ,399 37, ,695 44, , ,353 26,065 * 213, ,918 5, ,001 ***** Age55 4,797 6,791 Age60 14,131 20,353 Age65 28,695 44,404 * If the assumed dividend scales remain unchanged throughout your policy term, then the future premiums can be paid out of the cash value of accumulated paid-up additions from policy year 40th onwards. This is not guaranteed; a change in the projected dividend scale may require you to pay additional premium to maintain the policy. APs r Page 4 of 6

6 Face Amount : Ps 300, Annual Premium : Ps 26, Early Fully Paid-Up Insurance Option (Paid-Up Addition Option) Based on current interest rate used in computing paid-up insurance, your policy can be converted to Fully Paid-Up Insurance in 18 years if the guaranteed cash values, accumulated endowment benefits and cash values of accumulated paid-up additions are maintained intact. Upon conversion to a Fully Paid-up Insurance, all riders will be discontinued. Although no further premiums are payable after the 18th year, your policy will continue to accumulate guaranteed cash values. Assuming continuation of the current dividend scale, you will be entitled to: a) cash bonus of Ps 15,901.79, inclusive of the cash values of paid-up additions and accumulated endowment benefits, if any, which you may withdraw; b) paid-up additions on each policy anniversary; c) guaranteed endowment benefit of 8.00% of the sum of the Face Amount and the prior year's illustrative accumulated paid-up additions, starting at the end of the 20th year and every two years thereafter, which will continue to accumulate and still be covered for life. Below are the illustrations of the cash value of paid-up additions, endowment benefits and guaranteed cash values after your policy has become Fully Paid-up Insurance. (a) End of Year (b) (c) CV of Accum. (d) (e) (f) (b)+(c)+(e) (g) (h) 2(FA)+2(g) , , , ,237 5, ,169 3, , ,702 11,905 24,307 24, ,914 7, , ,510 18,526 25, ,412 11, , ,042 24,585 24,941 51, ,061 15, , ,898 31,922 53, ,517 19, , ,532 38,080 25,593 81, ,265 24, , ,450 46,161 85, ,856 28, , ,179 52,433 26, , ,872 32, , ,084 61, , ,695 36, , ,808 67,664 26, , ,050 41, , ,616 77, , ,198 45, ,828 ***** Age65 456,702 11,905 24,307 24, ,914 7, ,947 Interest rate used in computing paid-up insurance may change at time of conversion. APs r Page 5 of 6

7 Face Amount : Ps 300, Annual Premium : Ps 26, Dividends Dividend Information Sun Life Philippines will allot as a dividend once a year that part, if any, of Sun Life Philippines' surplus as may be distributed to the policy except when the policy is being continued as paid-up term insurance. Dividends will be applied to buy paid-up additions if no other option is elected. The dividend accumulations may be withdrawn by the owner on written request to pay any advances with interest or any unpaid premium. Dividends are not guaranteed and our Board of Directors also has the discretion to raise or lower the Company's dividend scale. Options You have a choice of several dividend options depending on your chosen participating product. You may change the policy's dividend option anytime upon request. The current dividend options available are: 1. Paid-Up Additions Dividends are used to purchase additional Paid-Up Insurance. Paid-up Additions themselves are participating. 2. Premium Reduction Dividends are applied towards the payment of your current amount due. 3. Dividend Accumulation Dividends left with the company accumulate at the rate we declare. We will not pay any dividend accumulation for the period between the withdrawal date and the previous policy anniversary. 4. Dividends are paid yearly to you in cash. I acknowledge that: Acknowledgement of Variability I have applied with Sun Life of Canada (Philippines), Inc. for a SUN Smarter Life Elite Peso Regular Pay policy, and have reviewed the illustration(s) that shows how a life insurance policy performs using the company's assumptions based on Insurance Commission's guidelines on accumulation rates. I understand that only those values described as guaranteed, if any, are guaranteed. All other policy values can change and may probably be different from those illustrated to me. Actual values may be higher or lower depending on the dividend rates actually earned. I understand that dividend rates change from year to year since these are affected by the company's mortality experience, investment returns, expenses, and taxes, and that Sun Life of Canada (Philippines), Inc. will advise me of the actual amount of the dividend, if any. I understand that the illustration(s) given to me will not become part of any issued policy, as these are provided only to show how policy benefits would change over time under a specific set of assumptions. Applicant's Signature over Printed Name Date APs r Page 6 of 6