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Whole Life

Introduction

Whole life insurance provides lifelong protection and financial security for your loved ones. The China Taiping i-Secure Legacy (II) is a comprehensive whole life insurance product designed to offer protection against death, terminal illness, and total permanent disability while accumulating cash value over time. With flexible premium payment terms and high coverage options, this policy aims to provide peace of mind and financial stability for you and your family. Let's explore the key features and benefits of this innovative insurance solution.

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Coverage and Benefits

The China Taiping i-Secure Legacy (II) offers a range of comprehensive coverage options and benefits to ensure your financial security. From death benefits to critical illness protection, this policy is designed to provide robust support in various life scenarios. Let's delve into the specific coverage and benefits offered by this product.

High Death Benefit

The policy provides a death benefit that is the higher of: Basic Sum Assured + Guaranteed Benefit or Non-guaranteed Bonuses Basic Sum Assured + Non-guaranteed Bonuses. This ensures substantial financial protection for your beneficiaries.

Guaranteed Cash Value

The policy accumulates a guaranteed cash value over time, providing a stable financial foundation. This cash value grows throughout the policy term, offering a reliable savings component.

Non-Guaranteed Bonuses

Policyholders may receive non-guaranteed annual reversionary bonuses and terminal bonuses. These bonuses can significantly enhance the overall value of your policy over time.

Terminal Illness Coverage

The policy includes a terminal illness benefit, paying out a lump sum from the death benefit upon diagnosis. The maximum terminal illness benefit payable is S$3,000,000.

TPD Protection

Total and Permanent Disability (TPD) benefit is included, providing a lump sum payout of the death benefit as an advance payment. This coverage extends up to age 70, with specific conditions applying at different age ranges.

Critical Illness Benefit

Optional riders can provide coverage for up to 161 critical illness conditions across early, intermediate, and advanced stages. This includes 42 early-stage, 40 intermediate-stage, and 55 advanced-stage critical illnesses.

Investment and Savings Components

The China Taiping i-Secure Legacy (II) not only provides insurance coverage but also offers investment and savings opportunities. The policy's participating fund aims to maximize returns while maintaining an acceptable risk level. Let's examine the key aspects of the investment and savings components of this product.

Balanced Investment Strategy

The participating fund is managed with a balanced investment mix to maximize long-term benefits. As of December 31, 2020, the portfolio included a diverse range of assets to optimize returns.

Historical Performance

While historical data is limited due to the fund's recent launch in December 2018, the investment returns have been positive. In 2019, the net investment return was 9.68%, and in 2020, it was 9.30%.

Projected Value Growth

The policy's value grows through guaranteed cash value accumulation and potential non-guaranteed bonuses. Reversionary bonuses, once declared, become guaranteed and are added to the policy annually.

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Riders

China Taiping i-Secure Legacy (II) offers a range of optional riders to enhance your protection and tailor the policy to your specific needs. These riders provide additional coverage for critical illnesses and premium waivers under various circumstances. Let's explore the available riders and their benefits.

AdvancedCare Rider II

This rider provides coverage for 55 advanced-stage critical illnesses. It offers a lump sum payout upon diagnosis of any covered condition, enhancing your financial protection against severe health issues.

EarlyCare Rider II

This comprehensive rider covers 161 critical illnesses across early, intermediate, and advanced stages. It also includes coverage for 12 special conditions and 12 juvenile conditions, providing extensive protection.

Premium Waiver Riders

Various premium waiver riders are available, including Payer Rider, Early Payer Rider, and Enhanced Payer Rider. These riders waive future premiums in case of death, total and permanent disability, terminal illness, or critical illness of the payer or payer's spouse.

Policy Loan and Surrender Options

The China Taiping i-Secure Legacy (II) offers flexibility through policy loan and surrender options. These features provide access to your policy's value when needed, though it's important to understand their terms and potential impacts. Let's examine the key aspects of policy loans and surrender options available with this product.

Policy Loan Terms

While specific interest rates are not provided in the given information, policy loans are typically available once the policy has accumulated sufficient cash value. These loans allow access to funds without surrendering the policy.

Surrender Value Calculation

Upon surrender, you'll receive a guaranteed surrender value, surrender value on accumulated bonuses, and a non-guaranteed terminal bonus. The total payout may be less than the sum of premiums paid, especially for early surrenders.

Market Comparison

While direct comparisons are not provided, the i-Secure Legacy (II) offers competitive features such as high critical illness coverage (up to 161 conditions) and flexible premium payment terms, which may set it apart from average whole life insurance products.

Claims and Customer Service

China Taiping Insurance (Singapore) Pte. Ltd. is committed to providing efficient claims processing and responsive customer service. To file a claim, policyholders can contact the company directly through their customer service hotline at 6389 6111. For general inquiries or assistance, customers can visit the official website at www.sg.cntaiping.com. The company also maintains a social media presence on platforms like Facebook, where customers can find updates and additional support channels. It's advisable to have your policy details ready when contacting customer service to ensure a smooth and quick resolution to your queries or claims.

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Conclusion

The China Taiping i-Secure Legacy (II) whole life insurance policy is particularly well-suited for individuals seeking comprehensive lifetime coverage with high critical illness protection. It may be an excellent choice for young families looking to secure their financial future, as well as for those who want flexibility in premium payment terms. Additionally, individuals who value the potential for cash value accumulation and non-guaranteed bonuses may find this policy attractive.
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