Payment Method - Sun Life

By /

Note: Initial premium / payment is NOT mandatory. The principal will issue pending for reminding of premium settlement after underwriting decision.

For exchange rate (Updated: 26 Aug 2014)

It can be found at SunLife Financial website http://www.sunlife.com.hk/hongkong/Information+Centre/Interest+Rates?vgnLocale=en_CA  under "Information centre" > "Interest rates"

Payment Mode

Traditional Product (except SunCare)

  • Monthly / Semi-annual / Annual

SunCare

  • Monthly or Annual Mode.

Life Brilliance

  • Prepayment is allowed

SunArchitect (Updated: 23 Nov 2015)

  • Monthly or Annual Mode.​​​​​​​

Initial Premium and Renewal Premium

  • Please submit the Payment Declaration Form ([P1]) if the following condition is met:

    - Bank Draft / Cashier Order / or cheque WITHOUT account holder’s name which is issued by HKMA registered bank. (Updated: 18 Jun 2024)

Payment Amount

(per policy for the last 365 days*)

 Required Document
≤HKD400,000/ ≤USD50,000
  • Bank receipt/ bank statement

OR

  • If client is unable to provide bank receipt/ bank statement, it is accepted to submit the original form of “Payment Declaration Form”.
>HKD400,000/ >USD50,000
  • Bank receipt/ bank statement

-  For overseas bank drafts and other know your clients and AML guidelines requirements, the requirements remain unchanged.

  • For Renewal Premium in Monthly Mode / Autopay selected, please submit Direct Debit Authorization ([D1]) OR Financial Credit Card (CDDA) [SunLife Co-branded card Only]

For more details, kindly refer to SRB – Premium Payment [Eng] / [Chi]

Autopay Debit Date and Redraw Arrangement for Unsuccessful Debit – applicable to traditional policies only

The autopay debit date is pre-determined by Sun Life according to policy date.

Policy Date Debit Date
1-6 1
7 – 14 7
15- 22 15
23 – 28 23
  • For unsuccessful auto-pay debit, notification will be issued to client.
  • Then, Sun Life will debit 2 months’ premium from client’s account on the debit date in next month. (For monthly mode, maximum 2 months’ premium will be debited).

  • DDA redraw for 2 month’s premium is not applicable to investment link policy (Updated: 2 Nov 2015)

Please note that if customers pay premium via PPS or credit card on internet banking and the premium is not due within 30 days, Sun Life will arrange refunding on the same day through the way the customer made the payment.

For The Third Party Payment

Identification and evidence of proof is required according to the following threshold on every transaction: (Updated: 1 Feb 2018)

For WeHealth Certified Plans or Foresight Deferred Annuity Plan, only policy owner’s spouse is accepted as Third Party Payer. (Updated: 19 Jul 2023)

Threshold Require documents
Any amount
  • Complete Payment Declaration Form
  • Policy owner and payer also need sign on Third Party Payment Declaration Form if it is paid by a third party.
  • ID card copy of the third party payer is required regardless of payment amount.
exceeds HKD1, 000,000 Plus relationship proof of Policy Owner and the Third Party Payer

(Sun Life accept birth certificate, marriage certificate, guardianship paper, adoption certificate and notarized affidavit of relationship as relationship proof.)

-  Payment Declaration Form ([P1])

-  Third Party Payment Declaration Form [T3]

  • Bank Draft / Cashier Order / or cheque WITHOUT account holder’s name which is issued by HKMA registered bank. (Updated: 18 Jun 2024)
Payment Amount

(per policy for the last 365 days*)

 Required Document
≤HKD400,000/ ≤USD50,000
  • Bank receipt/ bank statement

OR

  • If client is unable to provide bank receipt/ bank statement, it is accepted to submit the original form of “Payment Declaration Form”.
>HKD400,000/ >USD50,000
  • Bank receipt/ bank statement

- For bank draft, cashier order or cheque without account holder name which is NOT issued by a bank registered in HKMA, regardless amount, copy of bank receipt or bank account statements for payer identification document (e.g., HKID card, passport, etc..) is required. Also, Policy Owner need to complete“Payment Declaration Form”.(Updated: 18 Jun 2024)

-  For overseas bank drafts and other know your clients and AML guidelines requirements, the requirements remain unchanged.

Source of Fund / Wealth

1. If the payment per policy is over HK$8 million or equivalent, source of fund is required eg bank statement etc.

2. If payment per client is over HK$64 million, evidence of source of wealth is required eg tax return etc.

(Updated: 1 Feb 2018)

Sun Life Customer Hotline：21038118 →press "1" → press "2"

Scroll to Top