Savings Insurance
life goals while protecting you and your family against
unforeseen circumstances.
Savings Insurance
Our savings insurance plans help you to achieve your life goals while protecting you and your family against unforeseen circumstances. Take comfort knowing that you are financially secured at every stage of your life. Save and watch your money grow with our attractive savings insurance plans.
With our range of savings insurance plans, we are here to help you realise your financial goals and ensure a financially secured future for you – whether you are saving for your child’s education or enhancing your wealth for retirement in Singapore.
i-CashLife
A whole life insurance plan that offers yearly cashbacks until age 120. Be rewarded with a guaranteed loyalty cashback on the 20th policy anniversary and every 10 years thereafter.
i-WealthSaver
A savings insurance plan that provides you the flexibility to grow your wealth for your various needs at all life stages.
i-Saver8
An 8-year savings plan with only two years of premium commitment. Enjoy rewards with up to 3.13% p.a. upon policy maturity. This savings insurance plan assures you and your family are protected as you save.
i-CashLife (II)
i-WealthSaver
A savings insurance plan that provides you the flexibility to grow your wealth for your various needs at all life stages.
i-Saver8
An 8-year savings plan with only two years of premium commitment. Enjoy rewards with up to 3.13% p.a. upon policy maturity. This savings insurance plan assures you and your family are protected as you save.
Useful Tips
How can a savings insurance plan in Singapore help meet my financial needs?
A savings insurance plan is designed to help you build up savings over time while providing life insurance coverage. Whether you’re setting aside money for your child’s university education, preparing for a major life milestone or planning for a comfortable retirement, a savings insurance plan helps you work towards these goals through disciplined and consistent saving.
Depending on the plan you choose, you can grow your savings over time and receive benefits through regular cash payouts, accumulated savings or a lump sum at maturity.
With the right savings insurance plan, you can build towards your financial goals while enjoying the added reassurance of life protection for those who matter most.
How is a savings insurance plan different from a regular savings account?
A regular savings account provides flexibility and easy access to your money, making it useful for everyday expenses and short-term needs. However, the interest rates offered by banks may fluctuate over time.
A savings insurance plan, on the other hand, offers guaranteed benefits with the potential to earn additional bonuses that could increase your overall returns. While these bonuses may not be guaranteed, the regular premium payments encourage consistent saving to help you build your wealth over time. It also comes with nominal insurance protection in the event of premature death.
Savings insurance is designed with a medium- to longer-term focus. By committing to a defined premium payment period and policy term, it encourages you to save consistently and stay on track towards your financial goals.
A savings insurance plan can complement your bank savings account as part of your overall financial plan, helping you balance your immediate financial needs with your long-term financial goals.
How can I choose a savings insurance plan based on my financial goals?
Start by considering what you’re saving for, how much you can comfortably set aside and when you would like to receive your savings. Whether you prefer a lump sum for a future milestone or regular cash payouts to supplement your income, choosing the right plan depends on your financial needs and priorities.
China Taiping Singapore offers different savings insurance plans to suit your goals:
- i-Saver8 is suitable for those looking to build their savings over a shorter period, with a lump sum payout and capital guaranteed at maturity.
- i-WealthSaver offers flexibility in choosing your savings duration, helping you grow your wealth towards a lump sum payout for future milestones.
- i-CashLife (II) provides yearly cash payouts until age 120, offering an additional source of income to support your lifestyle throughout your working years and retirement.
A Financial Representative can help you explore the available options and choose a savings insurance plan that aligns with your financial priorities.
How much should I set aside for a savings insurance plan?
You should consider your income, daily expenses, existing financial commitments, and savings goals before deciding on an amount for a regular premium savings plan. The key is to choose a premium amount that fits comfortably within your budget and that you can maintain throughout the payment period.
The MoneySense Basic Financial Planning Guide recommends maintaining emergency savings equivalent to at least 3 to 6 months' worth of expenses. This is an important consideration when planning your budget and deciding how much you can comfortably allocate towards a savings insurance plan.
A Financial Representative can help you review your budget and explore a suitable savings insurance plan.
How long do I need to pay premiums for a savings insurance plan?
The number of years you need to pay premiums depends on the savings insurance plan you choose. Some plans allow you to complete your payments over a shorter period while continuing to enjoy the benefits of your policy.
For example, i-Saver8 requires just 2 years of premium payments, with a lump sum payout at the end of its 8-year policy term. i-WealthSaver offers premium payment options of 5, 10, 15 or 20 years, alongside policy terms of 10, 15, 20 or 25 years. i-CashLife (II) allows you to complete your premium payments in just 3 or 5 years before receiving yearly cash payouts until age 120.
With different premium payment periods available, you can choose a savings insurance plan that fits your budget and preferred savings timeline.
When can I access my savings under a savings insurance plan?
When you can access your savings depends on the plan you choose. Some savings insurance plans offer regular cash payouts, while others provide a lump sum when the policy matures.
With different payout structures available, you can select a plan based on when you would like to receive your savings, whether it’s for a specific life milestone, a future financial goal or a regular source of income.
A Financial Representative can help you understand the payout options and choose a savings insurance plan that best suits your financial needs and preferred timeline.
Are savings insurance payouts taxable in Singapore?
Generally, payouts from personal savings insurance plans in Singapore are not subject to income tax. This includes regular cash payouts and lump sum maturity benefits, as insurance payouts are generally considered non-taxable under Singapore's tax rules.
However, the tax treatment may differ in certain circumstances, such as when a policy is funded through the Supplementary Retirement Scheme (SRS). For more information, refer to the Inland Revenue Authority of Singapore (IRAS) guidance on annuity payouts.
What happens to my savings insurance if I pass away?
Savings insurance plans offer life protection alongside wealth accumulation, providing financial support for your loved ones should the unexpected happen. If you pass away while your policy is in force, your loved ones will receive a lump sum death benefit, depending on the terms of your savings insurance plan.
China Taiping’s i-CashLife (II) allows you to appoint a loved one to continue the policy and enjoy future yearly cash payouts after your passing, subject to the policy terms and conditions.
A Financial Representative can help you understand the available protection benefits and how your savings insurance plan can support your loved ones’ financial future.