China Taiping Insurance (Singapore) ("CTPIS") has launched its first universal life plan, Infinite Universal, on the first anniversary of its life insurance business.
The plan is designed to meet the evolving wealth management and protection needs of high net worth individuals (HNWIs), with a minimum sum assured of US$500,000.
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 US$30million in Singapore is forecast to grow between 20 to 25% over the next five years, said Mr Lance Tay, General Manager, Life Insurance, China Taiping Insurance Singapore.
He said, “Infinite Universal 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.”
With the previous launches of Infinite Legacy and Infinite Harvest focusing on protection and income generation respectively in 2019. It now has “a full suite of solutions to address the different needs of HNWIs”.
Sharing the performance of its life insurance business in its first year of operations, Mr Yang Yamei, Chief Executive, China Taiping Insurance Singapore, said: “Our Life Insurance business has hit our targets for the first year of operation, securing total gross premiums of S$151 million in 2019.” It represents 105% of its GWP goal. Other key indicators include hitting 117% of its APE goal and 152% of its VNB goal.
So far, its life insurance business has established distribution agreements with 17 FA partners, five international brokers and two bank partners. In his reply to Asia Advisers Network on its focus this year on the distribution front, Lance said that securing the agreements and partnerships is an important first step, and this year’s focus would be on deepening the relationships with its partners.
Nominate and recognise the best financial advisers here.
Key features of Infinite Universal
Infinite Universal is denominated in US dollars. It offers flexibility through various options to better manage 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.
- Crediting interest rate at 4.25% per annum for one year with a minimum guaranteed credit rate at 2.0% per annum for lifetime.
- 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.
Recommended for you:
Charge up for a better 2020
Podcast to learn and grow
Videos for the visual you
P.S: Download you copy today The Best of Asia Advisers Network - Volume II