Anyone has China Taiping life insurance plan?

Hi Shulingg, as an IFA Rep, I do carry China Taiping's full range of products. And currently they have a few. From shorter term flexi endowments, to single premium annuity/legacy plan, and now their latest traditional participating regular pay whole life plan, I-Secure.

Currently, for any young adults looking to buy a Whole Life plan with Early CI cover, CTPIS and Aviva are my two go to companies to recommend.

CTPIS is currently the cheapest option with the most conditions covered, while Aviva pays cash value upon claim during the multiplier period.

Some setbacks to CTPIS currently is the lack of a track record for their par fund. Since most of the coverage after the multiplier period is based on the performance of the par fund, this can be a little worry some as we aren't sure if they'll be able to provide 100% of the projected bonuses.

But they have added a feature that would almost negate this potential problem.

1) Having a multiplier last till age 86.

2) Allowing you to extend this guaranteed benefit for life, net sum at risk the cash value at that time.

This means truly whole life cover at really affordable rates without needing to worry about the lack of a par fund record for the time being.

For China Taiping's traditional whole life policy, part of your money is placed into the policy's participating fund. At this point, it will be important to understand how a participating fund works and its track record.

What is a Participating Fund: https://www.blog.pzl.sg/what-is-a-participating...

Unfortunately, a quick search on Google did not return any results for its participating fund. According to one of their product summary, the participating fund was set up in December 2018. With zero track record, you will have to make a sound judgement here, especially on the expense ratio (cost to maintain a new fund).

Smoothing of bonus will not work as well since you will be the first batch of clients. As a result, even if the fund exceed expectation, it is unlikely to be rewarded in like manner.

How Smoothing of Bonus work: https://www.blog.pzl.sg/smoothing-of-bonuses-si...

Having mentioned that, the only redemption here is part of your money is protected by SDIC up to the agreed limit.

For the Death benefit, Total & Permanent Disability benefit, the definition are pretty standard across the industry. Hence, there is not too much of a concern here.

If you opted for Critical Illness coverage, I will suggest for you to speak with a professional who is capable to analyse through the condition for payout with you. This is because not all insurance companies adopt the same definition for the critical illness conditions - some has more strict criteira while other adopt a more broad definition. As a result, this may make the claim more complicated than it needs to be.

Above all, do your own research and ensure that money is spent on the right coverage.

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