This rider may only be availed if attached to an Group Yearly Renewable Term Policy.

Fund for Retirement Needs
Upon receipt of satisfactory certification of an Employee's retirement (or termination) (or resignation) from employment, Sun Life Philippines will pay the Policyholder that portion of the Employer's Accumulation for Retirement Needs (EARN) Fund corresponding to such Employee. The EARN Fund amount for the Employee is equivalent to the retirement benefit amount of the Employee under his company's retirement program plan attached to the Policy.

In the event of death of an Employee, the Fund accumulated in respect of such Employee will be left on deposit to further accumulate interest, unless otherwise stated in the company's retirement program plan attached to the Policy.

Non-Contributory
The deposits under this rider shall be funded solely by the Employer.

Fund Accumulation and Interest
Deposit of not less than the minimum and not more than the maximum required by Sun Life Philippines for each policy year may be made to the Fund as an accumulation account for Employee's retirement needs.

Such deposit will accrue interest at an interest rate declared by Sun Life Philippines for each policy year but never less than the sum of the lowest interest rate prevailing on savings accounts in banks plus 1%. Only whole policy months shall be considered in crediting interest on the deposits made to the fund.

Fund Management Fee
Sun Life Philippines shall levy a fund management fee for each policy year, the amount of which shall be determined from time to time, and shall be deducted from the amount of deposit for each such policy year.

 

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