LIFE INSURANCESAVINGS

SunJoySunJoy2

SunJoy“

SunJoy is a participating insurance plan
designed to offer potential long-term
wealth growth and flexible options
for clients with withdrawal needs.

”

3

SunJoy

Wouldn’t it be great if
you can fulfil life’s every
possibility with joy andefficiency
In pursuit of a better world, there has been an
increasing discussion over the environmental,
s ocial , and gover nance (E SG) topic s and i t sinterconnectedness with the financial performanceof a company. Sun Life as a global insurer and a
responsible investor, sustaining investing could
be one of the options that creates value for ourpeople, society and environment, and delivers longterm outperformance.

4

SunJoyThis is where Sun Life steps in – your trusted partner
for life’s jour ney and achieving life’s dreams.
SunJoy is one of our ESG-focused savings plansthat ac tively integrates ESG concepts into its
own investment strategies, managing the risks
and optimizing oppor tunities through focusing
investment on those assets with high ESG rating.
With Sun Life’s over 130 years of long-history ofexpertise in the insurance industry, not only you
can trust our dedications in managing and growing
your wealth, you can rest assured that your care of
our globe is also well taken care of.

5

SunJoy

Key Features:

1.

Short Premium Payment Term: 2-Pay and 5-Pay

2.

ESG-focused savings plan that offers long-term savings and wealth growthpotential up to age 120 with early breakeven year

3.

Enjoy flexibility of withdrawals to support the financial needs

4.

Provide free protection against accident with Accidental Caring Plus Benefit
First-in-market1

5.

Act as a comprehensive legacy solution by offering:• Free Policy Split Option to execute when you are alive or upon death of insured,
the designated beneficiary could automatically become the New Insured whichfacilitates uninterrupted legacy planning• 6 Comprehensive Death Benefit Settlement Options that can tailor to eachbeneficiary, including a First-in-market option that allows partial payment byinstallments till the designated age of beneficiary• Unlimited change of insured when needed to easily pass on to yournext generations

6.

Embed with financial flexibility by offering:• Designation of Contingent Policy Owner Option which allows designatedContingent Policy Owner to automatically become the new policy owner, andensure the inheritance of wealth from generation to generation• Waiver of Premium Benefit, Payor Benefit and Premium Holiday Option withno extra charge
5-Pay only

Remark:1 This is based on market conditions as of December 31, 2022 and comparison among other savings plans for new Composite
and Long Term Businesses as defined by the Insurance Authority in the Register of Authorized Insurers.
6

SunJoy

How can SunJoy help you?
SunJoy is a participating insurance plan with short payment
periods as 2-Pay and 5-Pay. With the focuses on investing
assets that excel in ESG qualities, we offer you long-term
wealth growth potential up to age 120 with a vision to build yourwealth that makes a positive impact to the environment andsociety. What’s more, this plan also embeds a First-in-market1
Accidental Caring Plus Benefit when the insured is unable
performing designated daily living activities due to accident,
providing monetary support shall you and your family need it.
Further, the plan comes with flexible options for clients withwithdrawal needs, whenever you need to fund your living
expenses, children education, income stream during retirement
or pay medical plan premiums, whilst leaving behind a legacy
for future generations, SunJoy enables you to fulfill life’s every
possibility with joy and efficiency.

7

SunJoy

Learn more about ESG

E
refers to Environmental,
which covers areas such as
climate change, resource scarcity
and environmental pollution.

S

G

refers to Social,which focuses on topics likelabour issues, public healthand cyber security.

refers to Governance,
which is about factors such asboard diversity, structure andcompany policies.

Broadly speaking, ESG is a tool to analyze sustainability of a company. You can expect a more sustainable
return and lower risk from companies with outstanding ESG rating. For those companies with higher ESG
rating, it is expected to expose to a lower potential risk resulting from incidents such as worker strikes,
litigation and negative publicity, which may cause lower future returns. As such, monitoring such ESG ratingof an investment can probably lead to better risk-adjusted return. ESG rating can be regarded as intangible
assets of a responsible company such as Sun Life and it is an important indicator of our commitment onsustainable development.

8

SunJoy

Highlights of ESG investment strategies for SunJoy
In tune with Sun Life’s unwavering commitment to sustainable global environment, SunJoy supports
allocation to sustainable investments including, but are not limited to:

Sustainablebuildings
Energytransition

RenewableenergyGreen bonds

Cleantransportation

ESG
Investment
Strategies
for SunJoy

Water andwaste
management

Socialinfrastructure
projects

Further, we are aware of carbon profile and selectively invest in assets with relatively lower carbon intensity,
aiming to build a greener world which is truly everlasting.
As such, our investment process of the assets supporting the investment strategy is embedded within an
ESG framework developed proprietarily by Sun Life or by recognized third-party ESG data providers, withpreference in high ESG rating issuers for investment associated with fixed income assets or equities. This isachieved by having strong internal governance with a team of professionals from our senior management
and representatives of affiliated companies forming committee and council, and closely monitoring the risks
and opportunities of our investments. For details, please refer to the section on Investment Philosophy
under Important Information in this product brochure.
9SunJoy

Key features of SunJoy

1.

Possess long-term savings and wealth growth potential up to age
120With only 2 or 5 years of premium payment, starting from the 3rd policy year until age 120,
SunJoy offers you steady return in the form of Guaranteed Cash Value for your peace of mind.
Also, you can enjoy a long-term growth potential of your savings with 2 types of non-guaranteedbonuses – the Reversionary Bonus and Terminal Bonus.

Guaranteed
portion
Guaranteed Cash Value• Guaranteed until the insured
reaches the age of 120• Payable upon surrender orpolicy maturity

Non-guaranteed
portionReversionary Bonus2

Terminal Bonus2

Allocation
On an annual basis

Allocation
On a one-off basis

Face value of the bonus

Face value of the bonus• Non-guaranteed, but
guaranteed once declared• Non-guaranteed• The declared portion will be
accumulated in policy• Payable upon the death of
the insured• Payable upon the death of
the insured• Declared annually

Cash value of the bonus

Cash value of the bonus• Non-guaranteed, but
guaranteed once declared• Non-guaranteed• The declared portion will be
accumulated in policy• Payable upon surrender orpolicy maturity• Payable upon withdrawal,
surrender or policy maturity• Declared annuallyYour wealth grows as SunJoy’s Guaranteed Cash Value andnon-guaranteed bonuses grow.

Remark:2 Reversionary Bonus and Terminal Bonus are non-guaranteed and are determined in accordance with the rules set out
by Sun Life Hong Kong Limited (“Sun Life”) 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 not limited to, claims experience, policy expenses, taxes, and policy ownertermination experience.
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SunJoy

Projected total Surrender Value for
SunJoy(2-Pay)

End ofpolicy
year

1

5

10

15

20

25

30

35

40

Projected total Surrender Value for
SunJoy(5-Pay)

End ofpolicy
year

1

5

10

15

20

25

30

35

Total premiums paid during the premium payment term

Non-guaranteed cash value of accumulated Reversionary Bonus

Guaranteed Cash Value

Non-guaranteed cash value of Terminal Bonus40

The above diagram showing the projected total Surrender Value at the time of surrender is for illustrative purposes only.
The actual amounts of the cash value of accumulated Reversionary Bonus and cash value of Terminal Bonus payable
may be higher or lower than the above illustrated figures. Under some circumstances, the actual amounts of thesebonuses may be zero. The Reversionary Bonus and Terminal Bonus may vary based on the performance of a numberof experience factors, with the investment return normally being the main determinant. Other factors include, but notlimited to, claim experience, policy expenses, taxes, and policy owner termination experience. For details, please refer toBonus Philosophy under Important Information section. If you want a proposal that fits your needs, please contact yourAdvisor.
11

SunJoy2.

Enjoy flexibility of withdrawals to support the financial needs
Accumulating your wealth long term in general allows your wealth to grow, leaving your legacy tothe next generation. However, we understand that different needs may arise from one life stage
to the next. To give you sufficient financial flexibility, SunJoy offers the option to withdraw allor part of the cash value of the accumulated Reversionary Bonus3 (if any) to meet your needs.
If you opt to withdraw the cash value of the accumulated Reversionary Bonus, the accumulated
Reversionary Bonus and the long-term value of the policy will be reduced accordingly.

Remark:
3 The maximum and minimum amount of cash withdrawal is subject to the then current administrative rules.
The Notional Amount after withdrawal must be subject to the minimum Notional Amount requirement of thecorresponding premium payment term in the then current administrative rules; however, after the 5th policy year, theremaining Notional Amount cannot be less than the minimum amount of USD500.
12SunJoy

3.

Free protection against Accident with Accidental Caring Plus Benefit
First-in-market1
Accidents can come all of a sudden. Apart from physical and mental sufferings, financial hardship may
come alongside, placing a financial burden on the whole family. To ease the financial worries, if theinsured is diagnosed as suffering Loss of Independent Existence due to Accident during the age of
18 to 65, SunJoy offers one-time additional 1,000% of the Notional Amount (which is equivalent tototal annual premiums)4 . This benefit comes with no extra cost to you.
Loss of Independent Existence5 means the total or complete inability to perform at least 3 of the following
Activities of Daily Living even with the aid of special equipment, for a continuous period of at least
6 months after Accident and leading to a permanent inability to perform the same, including•

bathing,•

dressing,•

using the lavatory,•eating, and•moving in or out of a bed or a chair.

Remarks:
4 Accidental Caring Plus Benefit could only be claimed once under the Basic Plan. The maximum amount for this benefit
is up to USD1,250,000 per life and it covers all policy(ies) of this product and any other products with the same
Accidental Caring Plus Benefit issued by Sun Life for the same insured.
5 Accident must be happened while the Basic Plan is in effect, and any condition resulted Loss of Independent
Existence must first occur while the basic plan is in effect and after the issue date, last reinstatement date of thebasic plan, the effective date of change of policy owner, the effective date of the Change of Insured or theContinuation Option Effective Date, whichever is the latest. Please refer to a sample Policy Document for details
including definitions of capitalized terms and full terms and conditions of coverage.
13

SunJoy

4.

Free Policy Split Option to execute when you are alive or upon deathof insured, the designated beneficiary could be automatically become
the New Insured, which facilitates uninterrupted legacy planning
On or after the 5th policy anniversary, the plan offers Policy Split Option6 that allows you to adjust
your wealth planning in a timely manner and pre-allocate policy value for wealth inheritance.
Through splitting the original policy to two or more new policies, you can preserve your wealthand pass on your legacy to your designated loved ones seamlessly. The Split Policy will be effectiveon the policy anniversary. And no extra cost will be charged for exercising this option.
Further, if you opt for Continuation Option7,8 as the Death Benefit Settlement Option9, upon thedeath of insured, a New Policy will be formed after termination of the Original Policy. And thedesignated beneficiary will become the new policy owner (if applicable) and the new insured. Even
if the insured accidentally passes away, the policy can still be passed on in the form of a new policy
to the next generations, ensuring your legacy will be passing on uninterruptedly.

Remarks:
6 The application for Policy Split Option can be made once per policy year only. Upon approval of the Policy Split, thepolicy year, maturity date, policy owner and insured(s) of the Split Policies etc. will be same as Original Policy and no
cooling-off period is available for Split Policies. The Notional Amount of Split Policies cannot be less than the minimum
amount requirement as required by the then current administrative rules. The application for the Policy Split cannot
be withdrawn or changed once the Policy Split is approved and completed.
7 If this option is selected, the beneficiary must be a living individual.
8 Provided the beneficiary can pass the then current administrative rules and other rules imposed by Sun Life, upon the
New Policy takes effect from the Continuation Option Effective Date,a. The Policy Date and the policies years of the New Policy will be the same as the Original Policy;b. The Maturity Date of the New Policy will be changed to the Policy Anniversary on or immediately following the New
Insured’s 120 th birthday;c. The Notional Amount, the total premiums due and paid and the outstanding amount of any loans and interestand the policy values of the Original Policy, including Guaranteed Cash Value, accumulated Reversionary Bonus(if any), Terminal Bonus (if any) will be allocated to the New Policy according to the designated percentage to thecorresponding beneficiary as stated in the relevant prescribed form;d. There is no Cooling-off Period for the New Policy; ande. For the purpose of counting the applicable period under the Incontestability provision, the relevant period willcommence from the Continuation Option Effective Date for the New Insured.
9 The Death Benefit Settlement Option may be exercised subject to a minimum amount of Death Benefit and the thencurrent administrative rules determined by Sun Life from time to time.
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SunJoy

5.

Comprehensive Death Benefit Settlement Options that can tailor
to each beneficiary and let your love sustain, includinga First-in-market option to help your beloved to ease the difficult
moments and pass on your wealthIn the unfortunate event that the insured passes away, a Death Benefit will be paid to thebeneficiary. SunJoy offers comprehensive 6 types of Death Benefit Settlement Options 8 for eachbeneficiary to provide greater flexibility in your wealth allocation. You can leverage these payout
options to secure the well-beings of your beloved ones in different life stages, or even to allow
your legacy to grow.

Full payment in a lump-sum

Full payment by installments
Full amount to be paid in monthly or annual mode ranging
from 2-50 years

Partial payment installments
Partial amount to be paid in lump-sum first and the remaining
to be paid by installments

Partial payment by installments till the designated
age of beneficiary7 First-in-market10

Before designated age

Designated age

Partial amount to be paid by installments before thedesignated age of the beneficiary and the remaining (if any)
to be paid in lump-sum when the beneficiary reaches thedesignated age

Full payment by increasing installments

3% incremental p.a.

First installment to be paid in monthly or annual mode and thesubsequent installments with 3% p.a. incremental rate until
the Death Benefit is paid up

Continuation Option7,8
This option will be automatically exercised upon the deathof the insured once registered using the prescribed form
and approved by Sun Life. A New Policy will be formed
after termination of the Original Policy. And the designatedbeneficiary will become the New Policy Owner (if applicable)
and the New Insured. Even if the insured accidentally passes
away, the policy can still be passed on in the form of a New
Policy to the next generations

Remark:10 The “First-in-market” item is based on market conditions as of July 31, 2022 and comparison among other savings
plans for new Composite and Long Term Businesses as defined by the Insurance Authority in the Register ofAuthorized Insurers.
15

SunJoy

6.

Unlimited Change of Insured Option

7.

Safeguard your wealth through Designation of Contingent Policy
Owner Option which allows designated Contingent Policy Owner
to automatically become the new policy owner, and ensure theinheritance of wealth from generation to generation

SunJoy offers you flexibility for your legacy planning without interruption. Whenever necessary,
you can also opt for the Change of Insured Option11 to change insured according to your need.
Unlike other estate planning tools with high transaction costs, we charge no extra fee for therequest of relevant changes. There is no limit on the frequency of exercising these options, you
can transfer your wealth according to your changing needs in a hassle-free process.

If you decide to prepare a policy for your loved ones under the age of 18, you can ensure
your policy will endure beyond your lifetime by exercising the Designation of Contingent
Policy Owner Option12.
By appointing a Contingent Policy Owner, you can ensure that your policy will endure even in theworst of circumstances. Should the policy owner pass away unexpectedly before the insured turn18, policy ownership will be transferred to the Contingent Policy Owner to ensure your policy isreliably taken care of and you can fulfill your promise.

Remarks:
11 The new insured must have insurable interest with the existing policy owner at the time of change of insured which
is subject to the then current administrative rules, underwriting rules, any other requirements and the approval of
Sun Life. If the benefit term is extended due to the change of insured, the amount of Guaranteed Cash Value beyond
the original maturity date will not be less than the amount on the original maturity date before the change. The
Change of Insured Option is subject to the prescribed conditions set out in the policy provisions being fulfilled. Pleaserefer to sample policy provisions for details.
12 The Designation of Contingent Policy Owner Option is subject to the prescribed conditions set out in thepolicy provisions being fulfilled, the then current administrative rules, underwriting rules, any other requirements andthe approval of Sun Life.
16

SunJoy8.

Waiver of Premium Benefit, Payor Benefit and Premium Holiday
5-Pay only
Option with no extra charge
We understand you might worry about the premium payment arrangement in caseany sudden events happen, therefore, SunJoy(5-Pay) offers you Waiver of Premium Benefit,
Payor Benefit and Premium Holiday Option to ease your financial worries and accompany you towalk pass the difficult times.
• Waiver of Premium Benefit13
If the insured, who is also the policy owner, is diagnosed as suffering from Total Permanent
Disability due to Injury before his/her age 65, we will waive the future premiums payable
immediately for the plan until the end of premium payment term at the issuance of the policy,
while a 2-year waiting period is required if it is due to Sickness14. This benefit is subject to a
Maximum Waiver Amount15 of USD200,000.
• Payor Benefit13
If the policy owner is diagnosed as suffering from Total Permanent Disability or passes away before
the age 65 due to Injury and the insured is aged under 18, we will waive the future premiums
payable immediately for the plan until the end of premium payment term at the issuance of thepolicy, while a 2-year waiting period is required if it is due to Sickness14. This benefit is subject to a
Maximum Waiver Amount15 of USD200,000.
• Premium Holiday Option16
On or after the 2nd policy anniversary, as long as your policy do not have any loan, you can apply
to suspend premium payment (“Premium Holiday”) for 1 year to accommodate your financial
planning while the policy is in force. It can be taken for a maximum of 2 years consecutively or
separately. The Premium Holiday will start right away on the premium due date immediately
following our approval and you do not need to worry about the immediate termination of policy.

Remarks:
13 This is subject to the then current administrative rules and approval by Sun Life.
14 2-year waiting period counts from the issue date, last reinstatement date of the basic plan, the effective date ofchange of policy owner, the effective date of the Change of Insured or the Continuation Option Effective Date (applicableto Payor Benefit only), whichever is the latest.
15 Maximum Waiver Amount USD200,000 under all policy(ies) of SunJoy and any other products with the same Waiverof Premium Benefit and Payor Benefit issued by Sun Life for the same policy owner. The benefits could only beclaimed once under each policy, once either Waiver of Premium Benefit or Payor Benefit become payable, we willcease to provide both this Waiver of Premium Benefit and Payor Benefit under the policy. After the waived premiumof the basic plan reaches the Maximum Waiver Amount, the policy owner should pay the remaining premium.
Otherwise, the automatic premium loan will be applied, or the policy will be terminated. We will not pay any Waiverof Premium Benefit and Payor Benefit under any existence of pre-existing conditions. Please refer to a sample Policy
Document for details including definitions of capitalized terms and full terms and conditions of coverage.
16 The Premium Holiday Option is subject to the prescribed conditions set out in the policy provisions being fulfilled,
the then current administrative rules, underwriting rules, any other requirements and the approval of Sun Life. Upon
approval of Premium Holiday, Sun Life will not declare any face value and cash value of Reversionary Bonus under
the policy and the Guaranteed Cash Value, face value and cash value of the accumulated Reversionary Bonus (if any)
will be maintained at the level immediately before the Premium Holiday Period starts. Please refer to a sample Policy
Document for details including definitions of capitalized terms and full terms and conditions of coverage.
17

SunJoy

SunJoyCase Study 1

Mr. A
Age 305-Pay – Passing the legacy to your joyful family

Annual premium:		
Total premiums paid/Notional Amount:Premium Payment Term: 		

USD25,000
USD125,000
5 years

Mr. A has a loving family and he works very hard to give his family the best education and living environment.
As he understands that early preparation could help realise his dream at ease, Mr. A decides to take up
SunJoy(5-Pay) at his age 30. SunJoy offers potential long-term wealth growth and multiple flexible optionsin legacy planning, such that his wealth accumulation process can go uninterrupted even when the mostunfortunate thing happened.

With Continuation Option, the new policy
continues to accumulate wealth even after
Mr. A has passed away.
Year 1

Year 3

Mr. A (age 30) purchases
SunJoy(5-Pay).

Year 5

Mr. A (age 32) chooses
to take 2 year s ofPremium Holiday for
financial flexibility.

Premium Payment

Premium Holiday

Year 10

Mr. A (age 34) suffers from Loss of
Independent Existence and unable
to perform 3 Activities of Daily Living
due to a car accident. SunJoy offers:

Mr. A passes away. And he has selected different Death Benefit Settlement Options for 3 different
beneficiaries.

Waiver of Premium Benefit15(The upcoming outstanding
3 year of premiums =USD75,000 is waived)
Mrs. AAge 35
Accidental Caring Plus Benefit4:
USD1,250,000(1,000% of the Notional Amount)

End ofPolicy Year

Mr. A elder son
Age 6

Mr. A younger son
Age 2

Continuation Option
Mrs. A has become the policy owner and insured of the New
Policy.

Partial payment by installments till the designated age(Age 30) of beneficiary
For supporting daily expense and allowing the son to use thelegacy only until he is matured and reaches age 30

Full payment by increasing installments
For supporting daily expense with 3% p.a. incremental rate until
the Death Benefit is paid up

The above diagram is for illustrative purposes only.

18

19

SunJoy

SunJoyCase Study 2

2-Pay – Flexible cash withdrawals starting from early years for fulfilling
multiple purposes in life

Mr. B
Age 30

Annual premium:		
Total premiums paid/Notional Amount:Premium Payment Term: 		

USD150,000
USD300,000
2 years

Mr. B is married and is welcoming his baby boy. He wants to get a plan that can act as an education fund forhis son and fulfil his own retirement needs at the same time. He then purchases SunJoy(2-Pay), a plan thatoffers flexible option to withdraw all or part of the cash value of the accumulated Reversionary Bonus (if any)
from the plan in early years, could help catering his needs in different stages in life.

Surrender Value+

Death Benefit

Guaranteed Cash Value:

USD126,900

USD295,253

USD311,584

USD334,779

Projected cash valueof non-guaranteed
Reversionary Bonus andTerminal Bonus:

USD177,632

USD425,740

USD1,083,333

USD3,274,844

USD304,532~

USD720,992^

USD1,394,917#

USD3,609,621!

Projected total amount(VS total premiums paid)(102%)(240%)(465%)

Withdraws USD10,000
yearly.
Year 1 Year 2

Mr. B purchases
SunJoy(2-Pay).

Year 6

Mr. B finishes paying
all premiums.

Withdraws USD10,000
yearly.
Year 22

Mr. B’s son attends overseas school from age 6-22.
To fund the tuition fee, Mr. B withdraws USD10,00017
at the end of each policy year for 17 years, totaling
USD170,000.

+

The projected total Surrender Value refers to the sum of Guaranteed Cash Value, projected non-guaranteed cash value ofaccumulated Reversionary Bonus and projected non-guaranteed cash value of Terminal Bonus.

~

Assume USD10,000 was successfully withdrawn from the end of 6th policy year.

^

Assume accumulated USD170,000 was successfully withdrawn from the end of 6th to 22nd policy year.

#

Assume accumulated USD170,000 was successfully withdrawn from the end of 6th to 22nd policy year and USD10,000 was
successfully withdrawn from the end of 31st policy year.

!

Assume accumulated USD170,000 was successfully withdrawn from the end of 6th to 22nd policy year and accumulated
USD150,000 was successfully withdrawn from the end of 31st to 45th policy year.

Remark:17 Any withdrawal which exceeds the remaining balance of cash value of accumulated Reversionary Bonus will be
deducted from the Guaranteed Cash Value and the cash value of Terminal Bonus, which in turn will reduce the
Notional Amount of the policy and be deemed as partial surrender and will also reduce the long-term value of thepolicy.
20(1,203%)

Year 31

Mr. B is get ting old, he decides to withdraw
USD10,000 17 at the end of each polic y year
for 15 years for retirement expenses, totaling
USD150,000.

Year 45

End ofPolicy Year

Mr. B passes away and the policy end. Mr. B
withdraws a total of USD320,00017 during thewhole policy term.

The above diagram is for illustrative purposes only. All figures shown in the case are rounded to the nearest whole
number. The projected withdrawal amount and returns stated in the example are based on Sun Life’s bonus
scales determined under current assumed investment return and are not guaranteed. The actual amountsof the cash value and face value of accumulated Reversionary Bonus and cash value and face value of Terminal Bonus
payable may be higher or lower than the above illustrated figures. Under some circumstances, the actual amountsof these bonuses may be zero. The Reversionary Bonus and Terminal Bonus may vary based on the performance ofa number of experience factors, with the investment return normally being the main determinant. Other factors include,
but not limited to, claim experience, policy expenses, taxes and policy owner termination experience. For details, pleaserefer to Bonus Philosophy under Important Information section.
21

SunJoy

SunJoyCase Study 3

5-Pay – Projected countless withdrawals to create continuous income
stream across generations

Mr. C
Age 30

Annual premium:		
Total premiums paid/Notional Amount:Premium Payment Term: 		

USD40,000
USD200,000
5 years

Mr. C is married and is welcoming his baby boy. He wants to lay the foundation for a prosperous financial
future for his family by wisely accumulating wealth over the long term. Mr. C purchases SunJoy(5-Pay) as hebelieves that the plan could offer him long-term wealth growth and flexible option to withdraw all or part ofthe cash value of the accumulated Reversionary Bonus (if any) to meet his and his loved one’s changing life needs.

106,917%of total premiums paid

Projected total
Surrender Value:
USD50,345+

Year 1

Year 5

Projected total
Surrender Value:
USD1,003,996+

Year 30

Year 45

Stage 1

Stage 2

Mr. C funds his son
education and daily
expense.

Mr. C funds his
own medical planat his old age.

Projected total
Surrender Value:
USD213,833,815+

Year 75

Year 120

Mr. C passes the policy to his son18. And his
son exercises Change of Insured Option18 tochange his daughter as the insured.

End ofPolicyYear

Mr. C’s son passes the policy to
his daughter 18 . And his daughter
exercises Change of Insured Option18
to change her son as the insured.

Stage 3

Stage 4

Mr. C’s son funds his daughter overseas studies
and daily expenses.

Mr. C’s granddaughter funds her own
retirement expense.

Policy owner:

Policy owner:

Policy owner:

Mr. C (Age 30-75)

Mr. C's son (Age 45-75)

Mr. C's granddaughter (Age 45-90)

Insured:Insured:Insured:Mr. C’s son (Age 0-45)

Mr. C's granddaughter (Age 15-45)

Mr. C's great grandson (Age 15-60)

The projected total Surrender Value refers to the sum of Guaranteed Cash Value, projected non-guaranteed cash value ofaccumulated Reversionary Bonus and projected non-guaranteed cash value of Terminal Bonus after the withdrawal at theend of respective policy year.

Remarks:
17 Any withdrawal which exceeds the remaining balance of cash value of accumulated Reversionary Bonus will be
deducted from the Guaranteed Cash Value and the cash value of Terminal Bonus, which in turn will reduce the
Notional Amount of the policy and be deemed as partial surrender and will also reduce the long-term value of thepolicy.
18 Any request for exercising the Change of Insured Option or change of policy owner is subject to the prescribed
condition set out in the policy provisions being fulfilled, the then current administrative rules, underwriting rules, anyother requirements and the approval of Sun Life.
22

Projected total
Surrender Value:
USD7,518,753+

Starting from the end of 5th policy year, Mr. C and his family withdraw USD10,000 at the end of each policy year17 (5% of the total premiums paid)
until the end of 120th policy year, the projected total withdrawal amount: USD10,000 x 116 years = USD1,160,000 (5.8 times of total premiums paid)
to fund the expenses at different stages of life.

Total premiums paid:
USD200,000+

Projected total
Surrender Value:
USD453,732+

The above diagram is for illustrative purposes only. All figures shown in the case are rounded to the nearest whole
number. The projected returns stated in the example are based on Sun Life’s bonus scales determined under current
assumed investment return and are not guaranteed. The actual amounts of the cash value and face value of accumulated
Reversionary Bonus and cash value and face value of Terminal Bonus payable may be higher or lower than the above
illustrated figures. Under some circumstances, the actual amounts of these bonuses may be zero. 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 not limited to, claim experience, policy expenses,
taxes and policy owner termination experience. For details, please refer to Bonus Philosophy under Important Information
section.
23

SunJoy

Key Product Information

Plan
Premium Payment Term

SunJoy2 years

5 years

Minimum AnnualPremium

USD15,000

USD3,000

Issue AgeAge 0-80

Age 0-75

Currency

USD

Benefit Term
Premium Payment Mode
Premium Structure

To age 120
Annually/Semi-annually/Monthly
Premium is level and guaranteed,calculated based on the Notional Amount
Guaranteed Cash Valueany cash value of accumulated Reversionary Bonus

Maturity Benefit/
Surrender Valueany cash value of Terminal Bonus
any other amounts left with Sun Life
the amount of any loans with interest
The higher of:
Guaranteed Cash Value on
the date of death of the insured

Total premiums due and paid

Death Benefit

any cash value of accumulated
Reversionary Bonus withdrawnor

any face value of accumulated
Reversionary Bonus
any face value of Terminal Bonus

any other amounts left with Sun Life
the amount of any loans with interest

24

SunJoy

Important Information
Bonus Philosophy:
Life insurance involves the transfer of risk from an individual
to a life insurer, and the pooling of risks across large groupsof policies. With participating insurance, a portion of theserisks is borne by the policyholders or shared between thepolicyholders and the insurer. In return, policyholders may
receive policyholder bonuses in the form of reversionary/terminal/special bonuses. These bonuses are not guaranteed
and can vary from year to year.
In general, bonuses on these policies reflect the experience,over time, of the group to which they belong. Bonuses will
typically vary based on the performance of a number offactors, with the investment return*, including the impactof asset defaults and investment expenses, normally being
the main determinant of bonus performance. Other factors^
include, but are not limited to, claims experience, taxes,
expenses and policyholder persistency experience.
Favourable and unfavourable experience may be smoothed
out over time to provide more stable bonuses topolicyholders. For products with a terminal/special bonus
feature, adjustments to terminal/special bonus scales passthrough experience normally with less smoothing applied.
The bonus allocation process seeks to achieve reasonable
equity among groups of policies and among policies
issued at different times, to the extent practicable. Upondeclaration of reversionary bonus or pay-out of terminal/
special bonus to policyholders, shareholders will also beentitled to a share of the distribution.

* Investment return includes investment income and changes
in asset value of the backing portfolio. Performance of
the investment return is affected by interest earnings
and other market risk factors including, but not limited
to, interest rate or credit spread movements, credit
events, price fluctuations in non-fixed income assets, andforeign exchange fluctuations. Please see the Investment
Philosophy for more details on the investment policies,
objectives and strategy in relation to the investments ofthe backing portfolio.
^

Claims experience represents the experience of mortality
and morbidity. Persistency experience includes policy
lapse/maturity and partial surrender experience; and thecorresponding impact on investments. The expense factor
includes maintenance expenses only, where it is charged
to the participating fund at the level Sun Life Hong Kong
Limited expects to be required over the foreseeable future.
Policyholders will share the impact of any changes, overtime, to the expected level of expenses required for thethen foreseeable future. Any deviations on a year toyear basis of the expenses actually incurred from thethen expected level required, will be absorbed by theshareholders.

Please refer to Sun Life Hong Kong Limited’s website(www.sunlife.com.hk/dividendhistory_eng) for bonuses
fulfillment ratios details.

At least annually, the Board of Directors of Sun Life
Hong Kong Limited determines the amount of bonus to
be declared or paid to participating policyholders. This
determination is based on the advice of Sun Life Hong Kong
Limited’s appointed actuary, who applies accepted actuarial
principles and practices. Management of participating
business is also governed by Sun Life Hong Kong Limited’sinternal policies, as well as advice by the internal Par
Governance Committee.

25

SunJoy

Investment Philosophy (Policies, Objectives, and Strategy)
The investment strategy supporting this product is intended
to optimize long-term value to the policyholders with asuitable level of risk, while focusing on assets that exhibit
Environmental, Social and Governance (“ESG”) qualities.
The main objective is to deliver a fair chance of meeting
the illustrated non-guaranteed benefits in addition to theguaranteed benefits.

The current long-term target mix for the assets supporting
this product is shown below:

Our investment process of the assets supporting theinvestment strategy is embedded within an ESG framework
developed proprietarily by Sun Life or by recognized thirdparty ESG data providers. We have preference towards
assets with high ESG quality and relatively lower carbon
intensity. The assets span a diversified range of fixed income
assets such as sovereign bonds, corporate bonds andcorporate loans; as well as non-fixed income assets which
are equity-like investments and may include public equities,
private equities and so on. The credit portfolio largely
invests in investment grade fixed income instruments. A
small quantity of below investment grade assets may bepresent in the portfolio due to unexpected credit rating
downgrades. However, exposure to below investment grade
assets is controlled by the credit risk limits and investment
policies.

We invest globally to achieve geographical diversification
benefits and intend to have a higher relative allocation in
the US and Asia-Pacific. Diversifying between asset classes
results in a more stable investment return over the long term.
The actual asset mix percentages and geographicalallocation may fluctuate depending on market conditions,diversification needs and economic outlook.

We support an allocation to sustainable investments
including, but not limited to, green bonds, renewable energy,
energy transition, sustainable buildings, clean transportation,water & waste management, and social infrastructure
projects.
We adopt an actively managed investment strategy tomanage the policyholder’s risk profile of the fund in
response to changing market conditions and opportunities.
If at any time the policyholder’s risk profile of the fund wereto increase, then a lower exposure to non-fixed income
assets might be held to de-risk the fund, and vice versa.

26

Asset Class

Target Asset Mix

Fixed Income Assets

25%-80%Non-Fixed Income Assets

20%-75%

We may pool the investment returns with other long term
insurance products with similar plan features (excluding
investment-linked assurance schemes and pension
schemes) to optimize the investment performance andthe return will subsequently be allocated with reference
to the target asset mix of each product.
If the currency of the fixed income assets is not in the same
currency as the underlying policies, appropriate hedging
instruments (where available) is generally used to minimise
impacts from fluctuating foreign exchange rates. For nonfixed income assets, there is greater investment flexibility
to invest in those assets that are not denominated in thesame currency as the underlying policies thereby providing
diversification in risks and markets. Derivatives may be
used to hedge against market risks but are not intended
to bring the risk profile beyond established risk tolerances.
The investment strategy noted above may be subject tochange, subject to a rigorous internal review and approval
process. We will notify the policyholders upon any materialchanges.

SunJoy

Key Product Risks
1. You need to pay the premium for this basic plan
according to the selected premium payment term. If
you do not pay a premium on or before the premiumdue date, a grace period of 31 days from its due date
will be allowed for the payment, during which time
this policy will continue in effect. Any unpaid premiumby the date on which the grace period expires will be
paid automatically by a loan from us. If the amountavailable for a loan under this policy is less than theunpaid premium, the policy will lapse automatically on
the due date.

5. The cost of living in the future is likely to be higher
than it is today due to inflation, so the benefit may beinsufficient to meet your needs even if we meet ourcontractual obligation. Hence, you should consider the
impact of inflation when you plan the benefit.

2. Please note that if you terminate this policy early orcease paying premiums early, you may receive anamount significantly less than the total premiums paid
towards your policy.

7. We have the right to terminate the basic plan upon theearliest of the following:

3. Any transaction involving conversion between policy
currency and other currencies would be exposed
to foreign exchange risks such as the fluctuation in
exchange rate against policy currency.
4. This basic plan may make certain portion of its investment
in non-fixed income assets. Returns of non-fixed income
assets are generally more volatile than fixed income
assets. You should note the long-term target mix forthe assets supporting this basic plan as disclosed in thisbrochure, which will affect the bonus on this basic plan.
The savings component of this basic plan is subject torisks and the actual return may be lower than projected
return.

6. This basic plan is an insurance policy issued by Sun Life
Hong Kong Limited and your benefits are subject to thepaying ability of Sun Life Hong Kong Limited. In theevent that we become insolvent and unable to meetthe contractual obligation under the policy, you may
lose all or part of your premiums paid and benefits.

a. accumulated policy loans and interest exceeds thesum of Guaranteed Cash Value and cash value ofaccumulated Reversionary Bonus (if any) and anyother amounts left with us;
b. neither premium is paid nor loanable by us andthe grace period expires unless Premium Holiday isin effect;c. the Original Policy before Split will be terminatedwhen the Policy Split Option is exercised;d. the insured passes away; ore. the basic plan reaches its maturity.

27

SunJoy

Exclusions for Waiver of Premium Benefit, Payor Benefit
and Accidental Caring Plus Benefit
With respect to Waiver of Premium Benefit, Payor Benefit
and Accidental Caring Plus Benefit, we will not pay any
claim of Total Permanent Disability and Accidental Caring
Plus Benefit directly or indirectly caused by or resulting
from any of the following:a. suicide or self-inflicted injury, while sane or insane;b. a criminal offence or participating in any brawl; orc. take or absorb, accidentally or otherwise, any
intoxicating liquor, drug, narcotic, medicine, sedativeor poison, except as prescribed by a Doctor.

28

We will not pay any claim of Waiver of Premium Benefit
and Payor Benefit directly caused by or resulting from
Pre-existing Conditions. The above list is for reference only.
Please refer to the Policy Provisions for the complete list
and details of exclusions.

SunJoy

Important Note

Cancellation Right

Effective from January 1, 2018, all policy owners are
required to pay a levy on their insurance premium for
all new and inforce policies collected by the Insurance
Authority through insurance companies. The applicablelevy rate will be determined by reference to the policy
date or policy anniversary date. For levy details, please visit
our website at www.sunlife.com.hk/levy_eng or Insurance
Authority’s website at www.ia.org.hk.

By giving us a written request, your policy will then becancelled and any premium and levy paid will be refunded,
provided that: (1) your written request for cancellationmust be signed by you and received directly by our office(G/F, Cheung Kei Center Tower B, No. 18 Hung Luen Road,
Hunghom, Kowloon) or through email (hk_csd@sunlife.com)
within 21 calendar days after the delivery of the policy or
issue of a notice informing you/your representative about
the availability of the policy and the expiry date of thecooling-off period, whichever is the earlier; and (2) norefund can be made if any payment from the Company
under the policy has been made prior to your request forcancellation.

This brochure is for reference only. Please refer to asample Policy Document for details including definitions ofcapitalized terms and full terms and conditions of coverage.

29

Growing Brighter with Brilliant Awards

10LifeThe Hong Kong Insurance Awards
2022 by the Hong Kong Federationof Insurers

Life Insurer of the Year

Most Innovative Product / Service Award
Life Insurance (Wealth)

Now Business News Channel
Leadership Business Award 2022
Greater Bay Area Financial InsuranceAward of Excellence

GBA Corporate Sustainability Awards
2022 – Metro FinanceiMoney Enterprise Brand Awards
2022 – iMoney

Corporate Brand Awards of Excellence
2022 – Hong Kong Economic Journal

Excellence in Green Sustainability(Climate Action)

Best Green Insurance(Financial Service Category)Insurance Services and Client Experience

Excellence in Social Sustainability(Sustainable Cities and Communities)

Most Caring Society Insurance(Financial Service Category)

GBA Insurance Awards 2022 –Metro FinanceSing Tao Service Awards 2021 –Sing Tao Daily

The Hong Kong Council of Social
Service

Outstanding Voluntary Health
Insurance Scheme Award

Deferred Annuity Policy

Caring Company 20th consecutive year
(2002-2022)

MPF

Digital Innovation Insurance Service

MPF Awards"The 2022 MPF Awards" by MPF Ratings• Gold Rated Scheme• 1 Year Consistent Performer - Bond Fund (Global)• Three Bronze Rated
Schemes• 5 Year Consistent Performer - Mixed Asset Fund
(61-80% Equity)• 5 Year Consecutive Gold
Rating• 10 Year Consistent Performer - Mixed Asset Fund
(21-40% Equity)• Fast Mover• 10 Year Consistent Performer - Mixed Asset Fund
(41-60% Equity)• Socially Responsible• 10 Year Consistent Performer - Mixed Asset Fund
(61-80% Equity)• 10 Year Consistent Performer - Equity Fund (Asia)

Hong Kong 2022 Refinitiv Lipper Fund Awards• Best Group Award - Overall• Best Group Award - Equity• Mixed Asset HKD Aggressive- 3, 5 and 10 years• Mixed Asset HKD Balanced- 10 years

The awards recognize mutual funds and fund families
from across all asset classes, including equity,bond, mixed-asset, commodity and alternatives,with additional awards presented to pension funds
and exchange-traded funds in specific fund award
universes.

• Mixed Asset HKD Conservative- 10 years

30

For more details, please refer to www.sunlife.com.hk/award

Welcome to the World of Sun Life Hong Kong
Sun Life Hong Kong is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.
Since February 22, 1892, Sun Life Hong Kong has been here to helping Hong Kong shine brighter
over 130 years by providing excellent products and services.
Sun Life Hong Kong is a leading international financial services organization providing a diverse
range of products and services to individuals and corporate clients through our professionaland experienced distributors. We provide total solutions to address your life and healthprotection, wealth management, and retirement planning needs. Besides offering a wide rangeof products, we are also an experienced group benefit and third party administrator in thepension administration business.
We truly understand the needs of your various life stages, and offer a wide range of products
including Savings & Protection, Health & Accident, Universal Life, and Investment-Linked
Assurance Schemes. SunJoy is part of Sun Life’s Savings & Protection series, providing afinancial solution for you.

Sun Life Product Portfolio

Savings &Protection

Health & Accident

What’s next?
You can find out more:
Website: sunlife.com.hk
Client Service Hotline: 2103 8928
Please contact your Advisor

Investment-Linked
Assurance Schemes(ILAS)

Universal Life

This brochure is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or asolicitation to buy or provision of any products of Sun Life Hong Kong Limited outside Hong Kong. Please referto 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 brochure, the Policy Document
shall prevail.

Sun Life Hong Kong Limited(Incorporated in Bermuda with limited liability)
Client Service Centre
G/F, Cheung Kei Center Tower B,
No. 18 Hung Luen Road, Hunghom, Kowloon

9010278-E/01-2023

Client Service Hotline: 2103 8928
Fax: 2103 8938
sunlife.com.hk
A member of the Sun Life group of companies.
Head Office in Toronto, Canada.
Printed in January 2023
Issued by Sun Life Hong Kong Limited