Last Updated on by Tree of Wealth
This plan has been withdrawn and replaced by the China Taiping i-Saver8.
Read about our comparison here: Best Short-Term Savings Plans in Singapore: China Taiping i-Saver8 VS NTUC Income Gro Power Saver
The importance of savings is almost impossible to argue out and most people would actually like a plan that matures at the shortest period possible. Savings also help a great deal in the event of any emergency. The future is quite unpredictable but we have power over how much and when to start saving.
About i-Wealth Builder
Launched on the 2nd of January, 2019, the i-Wealth builder is a savings plan that offers you a policy term of 8 years, providing 6 guaranteed yearly cashback after only 2 years of premium payment. Also guaranteed is a 100% payment of total premiums paid with returns of up to 3.2% p.a, upon maturity of the policy. The 3.2% rate is based on the Illustrated Investment Rate of Return (IIRR) of 4.75% p.a.. The potential return includes non guaranteed bonuses and the actual amount payable may vary according to the future performance of the participating fund.
Features And Benefits Of The i-Wealth Builder Plan
The features of this savings plan are listed below:
- Guaranteed Capital with Strong Returns
The i-Wealth builder plan guarantees you 100% of the total paid premiums, along with a heavy return rate of up to 3.2% p.a upon maturation of the policy.
- Guaranteed Cash Benefits Annually
The plan ensures you receive cashback annually which is equivalent to 8% of the basic sum assured for 6 years after the second annual premium payment. You may however decide to reinvest the cashback to earn interest. Currently, the non guaranteed interest rate is 3.5% p.a but in the event when it is subjected to change, it will be with a 30 day prior written notice.
- Simplified Application Process
The usual traditional application process is known to be tedious and demanding. The i-Wealth Builder plan has its application process particularly designed to be smooth and fast for all applicants as there is no medical checkup required – so you can start your savings almost instantly.
- Death Protection
Enjoy protection and financial security for your family with the death benefit of 105% of your total yearly premiums paid, on top of a non-guaranteed bonus, as you save.
You may be the breadwinner of your family, and would like to ensure their financial security even in the event of your death. Take note that this refers to the sum of all yearly premiums for the basic plan on an annual payment mode basis. Total yearly premiums exclude any interest paid for loans and reinstatement on the policy, only when applicable.
Other Benefits:
Maturity Benefit
The maturity benefit is a guaranteed amount equivalent to 120% of
basic sum assured; and a non-guaranteed maturity bonus.
Any guaranteed yearly cashback deposited with CTPIS plus interest up to the maturity date will also be paid.
Terminal Bonus
This is a one off non guaranteed terminal bonus, payable upon death.
Surrender Benefit
This is only available after 1 full year’s premium and after the 1st policy year. Either full or partial surrender is allowed and a guaranteed surrender value is payable. Any guaranteed yearly cashback deposited with CTPIS plus interest up to the date of surrender will also be paid.
It is important to note that there is no terminal bonus upon surrender.
Death Benefit
When death occurs, 105% of paid up Total Yearly Premiums along with a non-guaranteed terminal bonus will be paid out. Any cashback that has been deposited back and re-invested with China Taiping and the interest that is up to the date of death, will be paid out as well.
“”Total Yearly Premiums” refers to the total annual premiums paid for the basic plan regardless of the premium payment mode, excluding any interest paid for loans and reinstatement (if applicable) on the policy.”
Source : China Taiping
Policy Issuance and Administration
The minimum earned premium for this plan can be paid either yearly or half yearly. The minimum premium paid annually is $10,000 and that paid half yearly is $5,188. The maximum basic sum assured is $250,000. (Currency is in Singapore Dollars)
Who Is More Suited To This Savings Plan?
The i-Wealth builder is a short term savings plan.
This is suitable for you if:
- You want to grow and do not want to leave it to devalue in bank accounts with bank interest rates.
- You want to grow this sum preferring over a short premium commitment period.
- You are looking for cash liquidity for savings plans.
- You would like a hassle free application with no medical underwriting.
It would however be less suitable if:
- You are looking for a high protection cover.
- You are looking for regular cash payouts that last a lifetime.
About China Taiping
i-Wealth Builder is a savings plan under China Taiping Insurance (Singapore) Pte. Ltd. (CTPIS). 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.
Is China Taiping’s iWealth Builder suitable for me?
This savings plan is a great plan if you want to have a very short period of 2 short years as your premium term. CTPIS has made the process much easier and affordable for you.
With a premium term of only 2 years, maturing in another 6 years, making it a short 8 years savings plan, this is one of the shortest endowment plan with one of the highest returns made available (in just 8 years!).
Some people may compare it with Fixed Deposits. While Fixed Deposits are even shorter (usually 1 to 3 years), their interest returns may not stay the same after the put in period. Which means the growth will not be as much as a savings plan. You may have set yourself a huge financial goal to achieve. This may be overwhelming to think about if large sums are involved. A savings plan will help you break things down into simpler achievable steps. A savings plan is basically an investment in which individual contributes money on a regular basis in order to reach a financial goal on a short or long term basis.
As there are so many different variations and the specific details when it comes to a simple savings plan, why not contact and let us sort out the nitty gritty details for you?
Drop us a message by using the form below as we work with a panel of Professional Financial Advisers whom will advise based on your needs accordingly. All our financial restructuring reviews and advices are of no obligations and are 100% free of charge.
