China Taiping i-Protect [2021] Review: Cheapest Term Plan!
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China Taiping i-Protect Review

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china taiping iprotect review

The China Taiping i-Protect is a non-participating regular premium term insurance that covers death and terminal illness (TI). It offers guaranteed renewability, convertibility options, and the option to enhance your coverage with optional riders which covers 161 conditions.

Criteria

  • Minimum sum assured of 200k.
  • Coverage up to age 85.

 

Product Features

Policy terms

Flexible policy terms ranging from 11 to 40 years or when the insured reaches 65, 75, or 85 years of age. The plan also offers guaranteed renewability with either a 5 or 10-year policy term up till the age of 85.

Premium Payment Terms & Options

The China Taiping i-Protect is only available as a regular premium plan with level and guaranteed premiums throughout the policy term. The premium upon renewal will be based on the age on the next birthday of the insured.

Although there is no minimum premium payment, there is a minimum sum assured. Factors such as your age, gender, smoker or non-smoker, sum assured, policy, and premium duration term has an effect on your final premium amount.

The following table illustrates an example of premium payment and policy coverage for a 30-year-old non-smoking male.

Plan Coverage Period Sum Assured Monthly Premium
China Taiping i-Protect 40-year policy $500,000 $41.50

Protection

The China Taiping i-Protect term insurance provides death and TI coverage, with TPD as a rider.

Death Benefit

Upon the death of the insured, the sum assured will be paid out after deduction of any payables.

Terminal Illness (TI) Benefit

The TI benefit is payable once upon the diagnosis of the life insured with TI certified a medical practitioner. The TI benefit will be paid up to the TI limit from the death benefit after the deduction of any payables.

The maximum terminal illness benefit inclusive of all other policies issued by all insurance companies is SGD 3,000,000 (TI limit). A different limit might apply to policyholders residing outside of Singapore.

To qualify for the TI benefit, a conclusive diagnosis needs to be made with an illness that is expected to result in death within 12 months of the insured.

The diagnosis needs to be carried out and certified by a specialist and confirmed by a medical practitioner appointed by Taiping. HIV infection does not qualify for the TI benefit.

TI benefit will reduce the basic sum assured due to it being an accelerated payment of the death benefit.

Total and Permanent Disability (TPD) Benefit

The TPD benefit is payable under the Disability Care Rider – which is a regular premium rider with a renewable term.

It offers policyholders financial protection against total and permanent disability. If you opt for this optional rider, you can choose to have it automatically renewed every 5 or 10 years, together with the basic i-Protect Plan, until the age of 85.

The maximum disability benefit inclusive of all other policies issued by all insurance companies is SGD 5,000,000 (TPD limit). A different limit might apply to policyholders residing outside of Singapore.

TPD benefit will reduce the basic sum assured due to it being an accelerated payment of the death benefit.

To qualify for the TPD benefit payout, the life insured must meet the below requirements:

If the following is met before the insured reaches the age of 18

 

Disablement as a result of an accident or illness continuously for 6 months, certified permanent by a medical practitioner appointed by China Taiping leading to:

  1. Home, hospital, or other institution confinement,
  2. Requiring constant care and medical attention.
If the following is met when the insured’s next birthday falls between 18-65

 

Disablement as a result of accident or illness continuously for 6 months, certified permanent by a medical practitioner appointed by China Taiping leading to:

  1. The inability to generate any income or profit from occupation, business, or any other related activities.
  2. The inability to carry out 3 of the 6 “Activities of Daily Living” even with the presence of assistive devices, requiring another person to physically assist for the entire duration of the activity.

 

If the following is met when the insured’s next birthday is 65, and before next birthday of 70

 

Disablement as a result of accident or illness continuously for 6 months, certified permanent by a medical practitioner appointed by China Taiping leading to:

The inability to carry out 2 of the 6 “Activities of Daily Living” even with the presence of assistive devices, requiring another person to physically assist for the entire duration of the activity.

If the following is met at any age.

 

Certified totally and permanently disabled in the following areas by a medical practitioner appointed by China Taiping:

  • Blind in both eyes.
  • Severance or inability to use any 2 limbs at or above the wrist or ankle.
  • Loss of sight in one eye and any 1 limb at or above the wrist or ankle.

The following are the Activities of Daily Living:

  1. Transferring: Moving from a bed to an upright chair or wheelchair.
  2. Mobility: Moving indoors from room to room on level surfaces.
  3. Toileting: Ability to control bowel and bladder needs contributing to overall personal hygiene.
  4. Dressing: Ability to put on, take off, secure and unfasten clothings, braces, artificial limbs, surgical appliances.
  5. Washing: Ability to get in and out of bath or shower to carrying out washing activities so as to maintain personal hygiene.
  6. Feeding: Ability to feed oneself with the presence of already prepared food.

 

Additional Features and Benefits

Guaranteed Renewability Benefit

At the end of your selected coverage term, the i-Protect will be automatically renewed with the same coverage plan as previously up to the age of 85.

If the insured is reaching the age of 85 soon, the coverage term of the last renewal will be adjusted to a shorter-term so that it expires by the time the insured turns 85.

The policyholder is entitled to the guaranteed renewability benefit without additional medical evidence or insurability provided he or she fulfils the following:

  • The basic plan is still valid at the end of each coverage term and after every renewal.
  • The policyholder is below the age of 85 at their next birthday.
  • There were no claims made prior under the basic plan.

 

Convertibility Option

China Taiping’s i-Protect allows policyholders to convert their basic plan in part or in full to a whole life insurance plan – with both endowment and investment-linked options available for selection.

The policy value is calculated in Singapore Dollars at the time of conversion.

The policyholder is entitled to the convertibility option benefit without additional medical evidence or insurability provided he or she fulfils the following:

  • The basic plan is still valid at the end of each coverage term and after every renewal.
  • There is no overdue premium or payables.
  • The policyholder is 65 years old or below at their next birthday.
  • The remaining coverage term of the basic plan is at least 5 years.
  • The life insured’s name is non-transferable. Has to be the same person for the renewed policy.
  • The guaranteed death benefit of the new policy cannot exceed the basic sum assured.
  • The remaining basic sum assured, if any, cannot fall below the minimum sum assured of 200k. If this requirement is not fulfilled, the full conversion option will be carried out.
  • There were no claims made prior under the basic plan.

 

Add-on Riders

There are optional riders to provide enhancement to your coverage and provide protection against 161 conditions. The following riders are offered:

DisabilityCare Rider

As a result of total and permanent disability, you will receive an accelerated lump sum payment.

AdvancedCare Rider

A lump sum payout is paid if the patient is diagnosed with one of 55 advanced critical illnesses.

China Taiping AdvancedCare Rider 1 China Taiping AdvancedCare Rider 2

EarlyCare Rider

When you are diagnosed with any of the 149 conditions at any stage – early, intermediate, or advanced – as well as 12 special conditions, you’ll receive a lump sum payout.

EarlyCare Rider

My take on China Taiping’s i-Protect Term Insurance Plan

With reference to the table below, the China Taiping i-Protect term insurance is one of the most affordable and value for money term insurance plans.

China Taiping i-Protect Aviva MyProtector-Term Plan II AIA Secure Flexi Term Tokio Marine Term Assure (II) Manulife ManuProtect Term(II) PRUActive Term NTUC Term Life Solitaire
Annual Premium (SGD$) 498 535 536 545 637 685 733
Total Premium (SGD$) 19,920 21,400 21,440 21,800 25,480 27,400 29,320

Premiums are estimated based on a 30-year-old non-smoking male who opts to have $500K in insurance. For all premiums, the policy and premium term is 40 years with the exception of AIA Secure Flexi Term, which is for a premium and policy term of 35 years.

The China Taiping i-Protect term insurance embodies the following benefits:

  1. This policy option is cheaper. Across the major insurance companies in Singapore, monthly term insurance policy premiums for China Taiping’s i-Protect Plan is $41.50 which is one of the lowest premium sums in the market. (based on $500,000 assured for a 40-year term). This sum is generally more affordable as compared to whole life insurance policies.
  2. Offers flexibility with policy terms ranging from 11 to 40 years or until the policyholder is 65, 75, or 85 years of age.
  3. Offers the option for guaranteed renewal from 5 or 10 policy term until the age of 85.
  4. Offers the convertibility option to any of China Taiping’s other life insurance plans.
  5. The availability of optional riders which safeguards against 161 conditions.

 

It is also important to take note that, even though the China Taiping i-Protect Plan being one of the cheapest insurance policies in the market, it only protects till age 85, while other policies that are slightly higher in premiums provide coverage up till the age of 99.

For instance, Aviva’s MyProtector Term II is the cheapest plan in the market that offers renewability, convertibility, level, and covers up to 99 years of age.

If you’re looking to counter inflation, AXA’s Term Protector is also relatively affordable while covering you up to 99 years old!

It is also useful to take note that certain other insurance policies offer the total permanent disability (TPD) coverage as part of their basic plan or a compulsory rider, but in the case of China Taiping’s i-Protect Plan, the TPD coverage is listed under an optional rider.

However, the calculation above is inclusive of TPD coverage – just to be fair.

Despite that, the China Taiping i-Protect is still listed as one of the best term life insurance plans in Singapore based on our comparisons.

After all, whatever I mentioned here are just my personal opinions and shouldn’t be construed as any form of advice. Always talk to someone qualified before making any decisions.

Need some assistance in selecting the best term policy suited for your needs? Contact a licensed financial advisor. They will provide you with an unbiased view and opinion based on your needs to help you find the right term policy best suited for you.

References

Product Summary

https://www.sg.cntaiping.com/en/personals/landing-life-wealth/life/term/i-protect.html

https://www.sg.cntaiping.com/media/attachments/2021/06/30/fa_ct091-i-protect-a4_r4–web.pdf

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Singapore Financial Planners and its affiliated parties is not meant to be construed as financial advice. Singapore Financial Planners shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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