Singapore, January 26, 2021: China Taiping Insurance Singapore Pte. Ltd. ("CTPIS") today announced the launch of two term insurance plans with 100% refund of premiums when no claim is made at the end of the policy term.
- i-Assure MoneyBack provides death coverage.
- i-Assure MoneyBack (CI) provides coverage for death and the five most common critical illnesses (CIs) – Major Cancer, Heart Attack of Specified Severity, Stroke with Permanent Neurological Deficit, Coronary Artery By-pass Surgery and End Stage Kidney Failure.
Both plans offer 100% refund of the Total Yearly Premiums1 paid at the end of the selected policy term if no claim is made. Policy owners can choose a coverage period of 20 or 30 years or up to age 65 or 70. At the end of the selected policy term, they also have the option to extend death coverage on a yearly basis up to age 100 without medical examination.
Mr. Lance Tay, General Manager, Life Insurance, China Taiping Insurance Singapore said, “Our i-Assure MoneyBack and i-Assure MoneyBack (CI) plans offer two promises – protection and 100% refund of premiums. Unlike a typical term insurance that has no surrender value, our new term plans offer guaranteed surrender values from the 10th policy anniversary onwards and 100% refund of premiums at the end of the policy term.”
Tay added, “Singaporeans have an 80% CI protection gap2 with an average of only $60,000 of CI coverage for an economically active adult. i-Assure MoneyBack (CI) is designed for individuals who are looking to boost their CI coverage. With this in mind, we make this CI plan application simple with just a few health questions. It is also cost effective as it focuses on the five major CIs that make up more than 90% of the CI claims3.”
i-Assure MoneyBack and i-Assure MoneyBack (CI) are available via our Financial Advisory and bank partners. More information about the new plans can be found at https://www.sg.cntaiping.com.
(1) It refers to the sum of all premiums paid for the plan, regardless of the actual premium payment mode. Total Yearly Premiums exclude any interest paid for loans and reinstatement (if applicable) on the policy.
(2) Protection Gap Study by Life Insurance Association 2017.
About China Taiping Insurance Singapore
China Taiping Insurance (Singapore) Pte. Ltd. (“CTPIS”) is a leading insurer for both life and general insurance businesses. Established in Singapore since 1938, CTPIS has a financial strength rating of A- by S&P and A by A.M Best. We have been assuring our customers in Singapore with financial peace of mind for over 80 years.
CTPIS is wholly-owned by China Taiping Insurance Holdings Company Limited, which has been listed on the Hong Kong Stock Exchange since 2000, making it the first Chinese-funded insurer listed overseas. China Taiping Insurance Group Limited is a large transnational financial and insurance group with business network in Mainland China, Hong Kong, Macau, North America, Europe, Oceania, East and Southeast Asia. The brand has gained international recognition over the years and successfully made the rankings in the “Global Fortune 500 Companies” since 2018.
China Taiping Insurance (Singapore) Pte. Ltd.
Tel: (65) 6389 6158