China Taiping i-WealthSaver Savings Endowment Plan Review

China Taiping i-WealthSaver Savings Endowment Plan Review
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Last Updated on by Tree of Wealth

The i-WealthSaver is an endowment savings plan that matures at the end of the policy’s term, choosing from 10, 15, 20 and 25 years in total to save. Premium terms are also flexible in a wide range of one time single premium or across 5, 10, 15 as well as 20 years. For the premium term that is chosen, the maturity term needs to be minimum 5 years more.

It is essentially a straight forward savings plan to help you grow your wealth in a steady and safe environment.

Features At a Glance for China Taiping i-WealthSaver

Premium & Policy Term Versatility

  • Premium Term – One Time Single Premium or over 5, 10, 15 or 20 years
  • Policy Term – Choose from 10, 15, 20 or 25 years. Minimum 5 years more than the premium term chosen.

Principal Guaranteed

  • 100% of your total premiums paid is guaranteed:
  • Single Premium is Guaranteed on the 5th year
  • Regular Premium of 5, 10, 15 and 20 years is Guaranteed on the 5th year after premium term

Premium Term

Single premium End of 5th policy year
5 years End of 10th policy year
10 years End of 15th policy year
15 years End of 20th policy year
20 years End of 25th policy year

Source: China Taiping

Upon breaking even, the Guaranteed Principal amount will continue to grow thereafter.

Partial Surrender

There is partial surrendering of the cash value, subjected to the minimum basic sum assured. This will also affect the  maturity amount as well as the death payout amount.

Secondary Life Insured (SLI) Option

The SLI feature has been on the rise recently for endowment plans. It is a good feature to actually extend and continue the policy in the event of death of the primary policy holder to even longer period of time and to create legacy planning.

Who can be appointed as an SLI?

  • Policyowner
  • Spouse
  • Child below 18 years old
  • Entry age has to have a minimum of “75 less premium payment term” years when being included as an SLI at the point of appointment

Up To 3.60% p.a. Upon Maturity

Upon maturity of the policy, together with the non-guaranteed bonus projection of 4.25%, receive up to 3.60% pa.a.. This is based on the permutation of S$25, 000 single premium over a policy term of 25 years.

The actual lump sum upon maturity may differ as there are guaranteed and non-guaranteed future returns of the participating fund.

Interested to learn more?

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Guaranteed Death Protection

In the event of death, there will be coverage to protect the wealth accumulated as well as protecting the capital amount being put in a few ways:

  • 105% of the Total Premiums paid
  • 101% of Guaranteed Surrender Value including the accumulated reversionary bonus and non-guaranteed terminal bonus

Whichever is higher.

If death occurs within the 1st year from the date of issuance of the policy, the total premiums paid will be refunded without any interests.

No Medical Underwriting (Guranteed Issuance)

Application is hassle free & simple, and acceptance is guaranteed regardless of your health condition. No medical questionnaires nor health check-up required.

How China Taiping i-WealthSaver Works

how China Taiping i-WealthSaver works 1 - Children's education
source: China Taiping

Interested to learn more?

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how China Taiping i-WealthSaver works 2 - planning retirement with secondary life insured (SLI)
source: China Taiping
how China Taiping i-WealthSaver works 3 - Retirement with Single Premium Option
source: China Taiping

 

China Taiping i-WealthSaver May Be Suitable

  • Flexible Premium Terms
  • Lump sum payout upon maturity for retirement, children education planning
  • Low risk endowment instrument
  • Secondary Life Insured continues a longer form of wealth accumulation and growth
  • Secondary life Insured feature makes it a good plan for wealth legacy planning
  • Wealth Growth with protection functions
  • Ease of application, no medical underwriting
  • No fluctuation on premiums

Interested to learn more?

Fill in the form below and we will get back to you!

China Taiping i-WealthSaver would however be less suitable if you would like:

  • High Payout that covers Death, TPD, Terminal Illness, Critical Illness of all stages including Early to intermediate to advance stage for a low premium.
  • Multiple Payout for CI across all stages including Early to intermediate to advance stage for a low premium.
  • High returns of more than 10%
  • An Investment plan
  • Immediate Break Even on Capital

Conclusion for China Taiping i-WealthSaver

We hope this review helps you in understanding the pros and cons of China Taiping i-WealthSaver and gives you a better consideration if it meets your savings objectives. All endowment savings plans have their own advantages and disadvantages and it is recommended that you choose one that is within your objectives and liquidity needs to ensure you get the best possible value.

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