At this time and age, more and more Singaporeans are becoming savvier when it comes to getting protection and insurance coverage for themselves. That is why routine check-ups and health screenings are seeing more people regularly doing them. Whole life insurance coverage essentially covers and protects the person from death, terminal illness and total permanent disability (TPD).
Whole life insurances today however, are equipped with comprehensive supplementary benefits that further enhances your coverage that covers for premium waiver, early to advance stage critical illness (CI) benefits and even child and special conditions like diabetic complications.
However, perhaps the biggest 2 features that come out of whole life plans in recent years, are the mutliplier and early stage CI coverage rider benefits. And China Taiping i-Secure is taking these 2 biggest features of all time and doing something good about it: making it cheaper, longer and covering even more conditions of the critical illness conditions.
China Taiping i-Secure Killer Product Features
Option of Premium Term
5, 10, 15, 20, 25 years
Despite the extensive list of CIs being covered for (161 of them), the premium for China Taiping’s i-Secure is one of the, if not most competitive in the market across virtually all age group. It even rivals 2 of the most competitive in the market: Aviva and Manulife. In a nutshell this plan is literally cheapest and best in the market.
China Taiping’s purpose?
Very likely to gain market share as they are relatively unknown as a life insurer.
Extensive Multiplier Option
The multiplier for China Taiping’s i-Secure is until age 71 or 86. Having 2 options like that also means the premium will be slightly higher for the age 86 option. Despite this, the premium is still the lowest.
This multiplier to 86 years old is already the highest in the market (next highest is Aviva’s at age 80), and China Taiping makes it even longer by having the default option of extending it to Lifetime. This however, effectively charges an insurance charge called the Cost of Insurance into the cash value.
Comprehensive CI Coverage
A killer feature for the i-Secure is that China Taiping is looking at covering on protection for CI the best they can. Hence, the amount of CI conditions covered for, as well as the premiums, all makes it really comprehensive.
A 2017 Protection gap study commissioned by the Life Insurance Association (LIA) found that Singaporeans are drastically covered for in their critical illness needs, at a low 20%.
Taking that into consideration, China Taiping came up with 2 CI riders for that:
Lump sum payment upon diagnosis of Advanced stage CI – whopping 55 of them, including Advance stage cancer, stroke, heart attack, coma, blindness and more.
Lump sum payment upon diagnosis from Early to Intermediate to Advanced stages of CI. Additionally, it also covers for 12 Juvenile Conditions and 12 Special Conditions.
The purpose for CI coverages/payouts is to replace your income in the event of such CI diagnosis so you don’t have to worry about expenses and incoming incurring costs, so as to enable you to seek the best medical treatment and focus on your path to recovery.
Guaranteed Protect Plus (II)
Critical Illness Breakdown
|Critical Illnesses||Number of conditions Number of conditions|
|Additional Benefits||Number of conditions|
The early critical illness rider covers for a whopping 161 CI conditions across early to intermediate to advance stage CI. This is so far the most comprehensive and most CI coverage in the market and most competitive in terms of premiums.
China Taiping was previously the Tai Ping Insurance Co Ltd Singapore Branch and is in Singapore since 1938. They mainly do general insurance and their business comprises mainly on motor, construction and marine insurance.
They entered the life insurance market in August 2018, regulated by Monetary Authority of Singapore (MAS), becoming one of the 8 composite insurers in Singapore to engage in both life insurance and general insurance.
China Taiping is also owned by China’s fourth largest life insurer, with their parent company being Chinese state-owned and listed on the Hong Kong Stock Exchange since year 2000. Totaling assets are worth 600 billion yuan (S$118.9 billion).
In a nutshell, they are strong and here to stay.
source: Business Times
Waiver Premium Riders Available
What We Like About The Plan
- Multiplier is extensive until 86 years old. Choose to have it until age 71 if you want, and extend the multiplier for life (which is the default option, cost of insurance is charged, reducing the cash value of the plan).
- Early Stage CI payouts is up to a high $350, 000 000 (one of the highest in the market)
- Widest range of CI Coverage – 161 Condition (42 Early Stage, 40 intermediate, 55 Advance Stage, 12 Special & 12Juvenile Conditions)
- Competitive Premium
- Wide range of Multiplier – x1 to x4
What We Don’t Like About The Plan
- Multiplier for life incurs a Cost of Insurance that charges into the cash value.
- Minimum sum assured amount starts at $50, 000. Not the lowest in the market.
- No partial withdrawal/surrender, only upon fully surrendering the plan will you receive the cash value.
- No option to convert the cash value into monthly/annual payouts.
How China Taiping i-Secure Works
About China Taiping
China Taiping Insurance (Singapore) Pte. Ltd. (CTPIS) is a leading composite insurer in Singapore (initially from Tai Ping Insurance co Ltd Singapore Branch ) and has been serving its customers for up to eighty years now, since 1938.
It has a financial strength rating of “A” (excellent) and a long term issuer credit rating of “A” by the A.M. Best. CTPIS is wholly-owned by China Taiping Insurance Holdings Company Limited, which was listed on the Hong Kong Stock Exchange in 2000, making it the first Chinese-funded insurer listed overseas. The brand continues to gain international recognition, having been listed in the “Global Fortune 500 Companies” in 2018.
China Taiping i-Secure Review Conclusion
As with all whole life insurance plans, the suitability of this plan for you will largely depend on your needs and expectations. There are many whole life insurance plans in the market with many strong Insurers. Which one suits you the most?
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