Singapore, 13 January 2020: China Taiping Insurance (Singapore) Pte. Ltd. (“CTPIS”) 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.
With the rapid rise in HNWIs and their burgeoning demand for wealth management and protection, Infinite Universal serves three main needs, namely those of legacy planning, estate planning and business continuity.
Mr. Lance Tay, General Manager, Life Insurance, China Taiping Insurance Singapore said, “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.”
He added, “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.”
Commenting on prospects ahead, Mr. Tay added, “Reports1 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 USD30million in Singapore is forecast to grow between 20 to 25% over the next five years2. Therefore the growth potential for wealth management and protection solutions is bright.”
Mr. Yang Yamei, Chief Executive, China Taiping Insurance Singapore said, “Within a short span of one year, we have launched six life insurance products targeted at the mass affluent and high net worth markets. This is a notable achievement and kudos to Mr. Tay and our experienced Life Insurance team. Our suite of products have been well received by our distribution partners and customers. Our Life Insurance business has hit our targets for the first year of operation, securing total gross premiums of S$151 million in 2019!”
He added, “The launch of Infinite Universal is another key milestone and in line with our Group's broader strategy and vision to build an international and state-of-the-art financial and insurance group. We are well positioned to ride the rising tide of wealth accumulation in Asia with more innovative solutions to meet the needs of our growing customer base.”
About Infinite Universal
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 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 advisors firms.
Footnote:
Source1: Credit Suisse's Wealth report - https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html
Source1: "Half of Singapore is in the world’s richest 10% – and 226,000 people are among the elite 1%" - Business Insider Singapore - Nov 1, 2019
Source2: Knight Frank Wealth Report 2019 - https://content.knightfrank.com/resources/knightfrank.com/wealthreport/2019/the-wealth-report-2019.pdf
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.
Media Contact
China Taiping Insurance (Singapore) Pte. Ltd.
Cindy Cheng
Head, Marketing
Tel: (65) 6389 6158
cindy.cheng@sg.cntaiping.com