China Taiping targets the 207k millionaires living in Singapore
China Taiping Insurance (Singapore) has launched its first universal life plan, Infinite Universal, which is tailored to meet the evolving wealth management and protection needs of high net worth individuals (HNWIs), with a minimum sum assured of USD500,000.
“Infinite Universal is a new addition to our Infinite series of products, catering to the high net worth market. It aims to help HNWIs 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. We had previously launched Infinite Legacy and Infinite Harvest focusing on protection and income generation respectively in 2019. With the addition of Infinite Universal, we now have a full suite of solutions to address the different needs of HNWIs. Reports show that there are 207,000 millionaires living in Singapore and they are among the world’s richest 10%. According to the Knight Frank Wealth Report 2019, the number of individuals worth over $30 million in Singapore is forecast to grow between 20 to 25% over the next five years. Therefore the growth potential for wealth management and protection solutions is bright.” – Lance Tay, General Manager, Life Insurance, China Taiping Insurance Singapore.
Infinite Universal is denominated in US dollars. It offers flexibility through various options to better manage your legacy while enjoying high insurance coverage with the following key benefits:
- Offers joint lives option for more effective planning.
- Opens to individuals from as young as 30 days to 80 years old.
- Guaranteed rates of charges throughout the policy term so that you are in control of your wealth.
- Attractive crediting interest rate at 4.25% per annum with a minimum guaranteed credit rate at 2.0% 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.
Infinite Universal is distributed through CTPIS’ partner network which includes international brokers, private banks and financial advisory firms.
