China Taiping Insurance (Singapore) (CTPIS) has added a universal life plan to its Infinite range, to help clients with “legacy planning, estate planning and business continuity”.
It is tailored to meet the evolving wealth management and protection needs of high net worth individuals with a minimum investment of $500,000 ($651,000, €584,000).
Lance Tay, general manager of life insurance at CTPIS, said: “Infinite universal is a new addition to our Infinite series of products, catering to the high net worth market.
“It aims to help high net worth individuals preserve and transfer their wealth seamlessly to the next generation.
“In terms of business continuity, it ensures that businesses remain operational in the event of an unexpected loss of key business partners.”
Details
Infinite Universal is denominated in US dollars.
Features of the life plan include:
- Joint lives option for effective planning;
- Open to individuals from as young as 30 days-to-80 years old;
- Crediting interest rate at 4.25% per annum with minimum guaranteed credit rate at 2% per annum;
- No-lapse guarantee privilege which enables the policy to remain in force for the first five years, even when the account value is insufficient to cover the monthly charges; and,
- Quit smoking incentive to encourage and reward clients for leading a healthy lifestyle. It allows the life insured, who is a smoker, to enjoy non-smoker rates for the first three policy years and further enjoy these rates thereafter, if, he or she quits smoking for at least 12 consecutive months by the end of the third policy year.
The plan is distributed through CTPIS’ partner network which includes international brokers, private banks and financial adviser firms.
Anniversary
At the end of its first year of operation, Yang Yamei, chief executive at China Taiping Insurance Singapore, said: “Within a short span of one year, we have launched six life insurance products targeted at the mass affluent and high net worth markets.
“Our suite of products have been well received by our distribution partners and customers.
“Our life insurance business has hit our targets for the first year of operation, securing total gross premiums of S$151m (£86m, $112m, €101m) in 2019.
“The launch of Infinite universal is another key milestone and in line with our group’s broader strategy and vision to build an international and state-of-the-art financial and insurance group.
“We are well positioned to ride the rising tide of wealth accumulation in Asia with more innovative solutions to meet the needs of our growing customer base.”
